Transactions; Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of $31,000 in exchange for common stock. b. Purchased supplies on account, $3,110. c. Paid creditor on account, $1,970. d. Earned sales commissions, receiving cash, $31,710. e. Paid rent on office and equipment for the month, $6,220. f. Paid dividends, $10,000. g. Paid automobile expenses for month, $2,980, and miscellaneous expenses, $1,430. h. Paid office salaries, $3,740. i. Determined that the cost of supplies on hand was $1,050; therefore, the cost of supplies used was $2.060.

Transactions; Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of $31,000 in exchange for common stock. b. Purchased supplies on account, $3,110. c. Paid creditor on account, $1,970. d. Earned sales commissions, receiving cash, $31,710. e. Paid rent on office and equipment for the month, $6,220. f. Paid dividends, $10,000. g. Paid automobile expenses for month, $2,980, and miscellaneous expenses, $1,430. h. Paid office salaries, $3,740. i. Determined that the cost of supplies on hand was $1,050; therefore, the cost of supplies used was $2.060.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 3E: Place a check mark next to any account(s) requiring adjustment. Explain why those accounts must be...

See similar textbooks

Similar questions

Choose only one answer as well as state their reasons/rationale for the answer chosen. 8) A data entry application control that is designed to ensure that the total debits in a journal entry equal the total credits is called aa. Sign checkb. Hash totalc. Reasonableness checkd. Zero-balance checke. Financial total
Please do not give answer in image formate
Please provide the formulas used to find these missing amounts in the T-Accounts. Please do not use an Excel sheet. If you could type out the formula that would make it easier for me to understand. 1) Find Missing CR amount Left Side of T-Account Beginning Balance 4800 Transaction A Transaction B 6000 Transaction E 8700 Right Side of T-Account Transaction C-amount unknown Transaction D 1200 Transaction F 4200 2) Find Beginning Balance on DR Side Debit Side of T-Account Beginning Balance-Unknown Transaction B 5000 Ending Balance 65000 Right Side of T-Account Transaction A 2000 Transaction C 25000 3) Find Missing CR Amount Debit Side of Account Beginning Balance 0 Transaction A 1500 Transaction B 6000 Transaction C 8700 Ending Balance 14700 Credit Side of Account Transaction D-Unknown 4) Find Missing Ending Balance Amount on DR side Left Side of T-Account Beginning Balance 0 Transaction A 1500 Transaction B 2000 Ending Balance-Unknown Rigth Side of T-Account-No Transactions
Described below are certain transactions of Splish Corporation. The company uses the periodic inventory system. On February 2, the corporation purchased goods from Martin Company for $67,500 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 1. 2. 3. On April 1, the corporation bought a truck for $47,000 from General Motors Company, paying $5,000 in cash and signing a one-year, 10% note for the balance of the purchase price. On May 1, the corporation borrowed $82,400 from Chicago National Bank by signing a $91,040 zero-interest-bearing note due one year from May 1. 4. On August 1, the board of directors declared a $307,900 cash dividend that was payable on September 10 to stockholders of record on August 31.
The withdrawals account is normally closed by debiting it. Group of answer choices True False
Complete the general ledger entries in the first picture using the transactions from the purchases and cash payments journal (in that order) in the second image. For accounts with a $0 balance after posting an event, enter a "0" on the normal side of the account. If a line is not used in the table, leave the line empty; do not select a label or enter a zero. Abbreviations used: CR = Cash Receipts Journal, CP = Cash Payments Journal, J. = General Journal, P = Purchases Journal, S = Sales Journal.
Errors can occur in posting debits and credits from the journal to the ledger. One way to detect errors is by transferring the balances in each account to summary report called the _____________________ and by adding the debit column and the credit column to see if the totals equal (or balance). Group of answer choices ledger journal balance sheet trial balance
Bramble Corporation was organized on January 1, 2022. It is authorized to issue 10,500 shares of 8%, $100 par value preferred stock, and 477,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. Issued 75,500 shares of common stock for cash at $4 per share. Issued 5,650 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $86,500. The fair value of the land was $83,000. Issued 84,500 shares of common stock for cash at $4.25 per share. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $41,000 for services performed in helping the company organize. Issued 10,000 shares of common stock for cash at $6 per share. 1 Issued 2,500 shares of preferred stock for cash at $111 per share. Sept. Nov. 1 1 1
Need asap. Please see below.
When the Account Title column is not used to record a transaction, what character or symbol is used to indicate that nothing is recorded in the column? A. a checkmark B. a dash O C. a forward slash I E ||||| B
Which of the following is/are true regarding the T-account? a. the name or title of the account appears on the horizontal line. b. dates and other information can appear in T-accounts. c. one side of the space formed by the vertical line records increases in the item and the other side records decreases. d. all of the above Select one: A. dates and other information can appear in T-accounts. B. one side of the space formed by the vertical line records increases in the item and the other side records decreases. C. all of the above D. the name or title of the account appears on the horizontal line.
Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2025. Wildhorse had the following transactions related to notes payable Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $13,200 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Wildhorse uses a perpetual inventory system) Recorded accrued interest for the Pippen note. Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $24,000 note and paid $7,600 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and…