Transactions and events during 2021 (summarized in thousands of dollars) follow:a. Borrowed $12 cash on March 1 using a short-term note.b. Purchased land on March 2 for future building site; paid cash, $9.c. Issued additional shares of common stock on April 3 for $32.d. Purchased software on July 4, $10 cash.e. Purchased supplies on account on October 5 for future use, $18.f. Paid accounts payable on November 6, $13.g. Signed a $25 service contract on November 7 to start February 1, 2022.h. Recorded revenues of $144 on December 8, including $32 on credit and $112 collected in cash.i. Recognized salaries and wages expense on December 9, $77 paid in cash.j. Collected accounts receivable on December 10, $16.Data for adjusting journal entries as of December 31:k. Unrecorded amortization for the year on software, $8.1. Supplies counted on December 31, 2021, $10.m. Depreciation for the year on the equipment, $6.n. Interest of $1 to accrue on notes payable.o. Salaries and wages earned but not yet paid or recorded, $12.p. Income tax for the year was $8. It will be paid in 2022.Required:5. Prepare an adjusted trial balance. (Enter your answers in thousands of dollars.)

Adjusted trial balance is the statement which is prepared by the entity to show the summarized form…

Answered: Transactions and events during 2021…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Below is a summary of all transactions of Dreamworks Bedding Supplies for the month of August 2021.Cash TransactionsCash collections from: Customers $ 80,400 Sale of unused land 15,700 Issuance of common stock 30,000 Interest earned on savings account 300Cash payments for: Employee salaries (47,100) Delivery truck (34,500) Advertising expense (5,900) Office supplies (3,800) Repayment of borrowing (9,000) Bedding material (13,000)Noncash TransactionsSales to customers on account 12,300Purchase of materials on account 8,400Purchase equipment with promissory note to pay later 92,000Required: Prepare a statement of cash flows for the month of August, properly classifying each of the transactions into operating, investing, and financing activities. The cash balance at the beginning of August is $8,300.
PARTI: The following transactions occurred for Murphy Delivery Service during December 2020: Dec. 1 Murphy Delivery Service began operations by receiving $22,000 cash and a truck with a fair value of $15,000 from Russ Murphy. The business issued Murphy shares of common stock in exchange for this contribution. 1 Paid $4,080 cash for a one-year insurance policy. The policy begins on December 1. 4 Paid $1,400 cash for office supplies. 12 Performed delivery services for a customer and received $4,800 cash. 15 Completed a large delivery job, billed the customer, $11,400, and received a promise to collect the $11,400 within one week 18 Paid employee salary, $3,600. 20 Received $7,850 cash for performing delivery services. 22 Collected $6,400 in advance for delivery service to be performed later. 25 Collected $11,400 cash from a customer on account. 27 Purchased fuel for the truck, paying $750 on the account. (Credit Accounts Payable) 28 Performed delivery services on account, $5,750. 29 Paid…
The Accounting Cycle Begin with the following account balances for University Street Parking Garage (assume all accounts have normal balances) at December 31, 2019: Accounts payable $16,700 Accounts receivable 39,200 Accumulated depreciation (equipment) 36,800 Cash 6,700 Common stock (20,000 shares) 100,000 Depreciation expense (equipment) 12,300 Dividends 6,300 Equipment 269,500 Income taxes expense 2,700 Income taxes payable 1,100 Interest expense 16,500 Interest payable 0 Interest income 4,100 Inventory 4,900 Investments 35,000 Notes payable (due May 2, 2025) 160,000 Prepaid rent (4 months) 36,400 Rent expense 94,400 Retained earnings, 12/31/2018 43,000 Service revenue, parking 224,600 Service revenue, repair 208,100 Supplies expense 36,900 Wages expense 233,600 Wages payable 0 Required: 1. For the following transactions, provide the necessary adjusting entries and update the account balances to appropriately reflect these…
Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…
Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 Paul Barney invested Php 150, 000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipment purchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting to Php 45,000.Sept. 17 Paid salaries to employees, Php16,000
Domingo Company started its business on May 1, 2019. The following transactions occurred during the month of May and the following entries were recorded. A. The owners invested $1,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,200, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $800, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $75, miscellaneous expense $55. Cash on hand $18. Check #106. J. Increased petty cash by $30, check #107. A. Cash 1,000 Domingo, Capital 1,000 В. Rent Expense 500 Cash 500 C. С. Petty Cash 500 Cash 500 D. Cash 1,000 Services Income 1,000 Е. Office Supplies 158 Cash 158 F. Computer Equipment…
On December 31, 2018, the balance sheet of Roberts Realty reported total assets of $200,000. The following transactions occurred during the month of January 2019: 1. The business purchased land for $250,000, paying $100,000 cash and issuing a note payable for the balance. 2. The business collected accounts receivable totaling $45,000. 3. The business sold land (which had cost $50,000) for $60,000 cash. 4. The business paid off $50,000 of Notes Payable. What is the amount of the company's total assets on January 31, 2019? Select one: a. $460,000 b. $455,000 c. $310,000 d. $365,000
On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit CreditCash $23,800 Accounts Receivable 5,200 Supplies 3,100 Land 50,000 Accounts Payable $3,200Common Stock 65,000Retained Earnings 13,900Totals $82,100 $82,100 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $6,000 ($500/month).January 9 Purchase additional supplies on account, $3,500.January 13 Provide services to customers on account, $25,500.January 17 Receive cash in advance from customers for services to be provided in the future, $3,700.January 20 Pay cash for salaries, $11,500.January 22 Receive cash on accounts receivable, $24,100.January 29 Pay cash on accounts payable, $4,000. The following information is available on January 31. Rent for the month of January has expired.Supplies remaining at the end of…
Please help +
Presented below is selected information related to Sultan Company at December 31, 2020. Sultan reports financial information monthly. Office Furniture $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Drawings 4,000. Instruction: (a) Determine the total assets of Sultan Company at December 31, 2020. (b) Determine the net income that Sultan Company reported for December 2020.
prepare a working paper of cash flows. 12. Fay Fedor started a delivery service, Fed Deliveries, on July 1, 2019. The following transactions occurred during the month of July. July She contributed P100,000 cash. 84 1 2 Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance Paid P15,000 for office rent for the month. 3 5 Delivery services amounted to P44,000, half on account. Cash of P2,000 withdrawn by May. 9
Required information Skip to question On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,400 Accounts Receivable 6,800 Supplies 4,700 Land 66,000 Accounts Payable $ 4,800 Common Stock 81,000 Retained Earnings 17,100 Totals $ 102,900 $ 102,900 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $10,800 ($900/month). January 9 Purchase additional supplies on account, $5,100. January 13 Provide services to customers on account, $27,100. January 17 Receive cash in advance from customers for services to be provided in the future, $5,300. January 20 Pay cash for salaries, $13,100. January 22 Receive cash on accounts receivable, $25,700. January 29 Pay cash on accounts payable, $5,600.…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS