Total Assets 39,000 Total Liabilities & Equity 39,000 Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question. Jan 25. Issue $80,000 in stock Jan 26. Borrow $65,000 from a bank Jan 27. Receive payment of $12,000 owed by a customer What is the final amount in Total Assets? Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars. Please specify your answer in the same units as the balance shee

Total Assets 39,000 Total Liabilities & Equity 39,000 Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question. Jan 25. Issue $80,000 in stock Jan 26. Borrow $65,000 from a bank Jan 27. Receive payment of $12,000 owed by a customer What is the final amount in Total Assets? Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars. Please specify your answer in the same units as the balance shee

Name: Lightspeed IndustriesBalance SheetAs of January 24, 2023(amounts in t
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Description: Lightspeed IndustriesBalance SheetAs of January 24, 2023(amounts in thousands)CashAccounts ReceivableInventoryProperty Plant &EquipmentOther AssetsTotal Assets14,100 Accounts Payable3,200 Debt4,900 Other Liabilities16,300 Total Liabilities500 Paid-I

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: January 9 February 12 April 25 May 6 July 15 September 10 October 31 November 20 December 30 Provide storage services for cash, $135, 100, and on account, $52, 700. Collect on accounts receivable, $51, 600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9, 400. Pay property taxes, $8,600. Pay on accounts payable, $11,500. Pay salaries, $124, 600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders.Prepare an unadjusted trial balance.
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1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4
Complete the General Ledger based on the recorded journal entries. Remember to: write the date, explanation, and fill out the value in the corresponding DR or CR column. Your explanation should only contain the other account names as per your journal entries, separated by a "/" where necessary.
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Beginning Balance A. D. Total Ending Balance Deposits $7,500 350 7,850 Bank Statement. Checks 101 102 103 106 Bank service charges C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. Bank Statement balance $ 600 250 125 242 1,307 Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. $0 E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. 1. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107. Assume no bank errors. Lavender Company Bank Reconciliation…
Post the following general journal entries to the general ledger?
Requirements: 1. Journalize each transaction including explanations. 2. The accounts listed in the trial balance, together with their balances as of March 31,2024, have been opened for you in T-account form. Post the journal entries to the ledger (use T-account format). 3. Prepare the trial balance of Harper Service Center as of April 30, 2024. More info Apr. 2 Borrowed $45,000 from the bank and signed a note payable in the name of the business. Apr. 4 Paid cash of $40,000 to acquire land. Apr. 9 Performed services for a customer and received cash of $5,000. Apr. 13 Purchased office supplies on account, $300. Apr. 15 Performed services for a customer on account, $2,600. Apr. 18 Paid $1,200 on account. Apr. 21 Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400. Apr. 25 Received $3,100 from a customer on account. Apr. 27 Received a $200 utility bill that will be paid next month. Apr. 29 Received $1,500 for services to be…
Required information Skip to question [The following information applies to the questions displayed below.]The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,600 August 2 $ 120 13,480 August 3 $ 9,300 22,780 August 4 220 22,560 August 5 160 22,400 August 9 530 21,870 August 10 130 21,740 August 15 3,100 24,840 August 21 220 24,620 August 24 15,500 9,120 August 25 5,650 14,770 August 30 620 14,150 August 30 Interest earned $ 20 14,170 August 31 Service charge 10 14,160 Cash (A) Debit Credit August 1 Balance 13,600 Deposits Checks written August 2 9,300 120 August 1 August 12 3,100 220 August 2 August 24 5,650 160 August 3 August 31 4,100 130 August 4 530 August 5 200 August 15 280 August 17 620 August 18 220 August 19…
The following selected transactions for Kingbird, Inc. are presented in journal form. Date May 5 12 15 5/12 5/15 5/5 Accounts Receivable 5/5 Service Revenue (Billed for services performed) 5/15 Account Titles and Explanation Cash Accounts Receivable (Received cash in payment of account) Ending Bal. Cash Service Revenue (Received cash for services performed) Ending Bal. Post the transactions to T-accounts. Make one T-account for each item and determine each account's ending balance. (Post entries in the order displayed in the problem.) Ending Bal. 2120 3000 5120 Cash 5080 Accounts Receivable 3680 Ref. Debit 5,080 5080 3000 Service Revenue 8080 2,120 5/12 3,000 J1 Credit 5,080 2,120 JUML 3,000 1590
Prepare The Journal Entries..!