Transactions for Pharoah Company for the month of June are presented below.June 1 Issues common stock to investors in exchange for $4,950 cash.2 Buys equipment on account for $1,200.3 Pays $600 to landlord for June rent.12 Bills Wil Wheaton $730 for welding work done.Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented whenamount is entered. Do not indent maually. Record journal entries in the order presented in the problem.)Account Titles and ExplanationCreditDebitDateJune 1June 2June 3June 12 +

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Answered: Transactions for Pharoah Company for…

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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The company determines that the interest expense on a note payable for the period ending December 31 is $700. This amount is payable on January 1. Journalize these transactions for December 31 and January 1. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Jan. 1 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12
The ledger of Larkspur Company at the end of the current year shows Accounts Receivable $92,000, Credit Sales $850,000, and Sales Returns and Allowances $37,000. (a) (b) (c) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the entry if on July 7 Larkspur determines that Matisse company's $900 balance is uncollectible. Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful Accounts has a credit balance of $1,500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful…
T.J. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $118,000 balance Joumalize the following transactions for T.J. Race: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) March 13, 2018: Wrote off S. Rose's account for $1,800. Journal Entry Date Mar. 2018 13 Accounts PR Dr. Cocom Cr. More info 2018 Mar. Apr 2019 Nov. Dec. Ded 13 Wrote off S. Rose's account for $1,800, 14 Wrote off P. Soy's account for $650 8 P. Soy paid bad debts of $650 that was written off April 14, 2018 7 Wrote off J. Minor's account as uncollectible, $300. 12 Wrote off D. Lovejoy's account for $350 due from sales made on account in 2018 Print Done
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Prepare a journal entry on August 13 for cash received for services rendered, $10,150. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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Prepare a journal entry on December 23 for the withdrawal of $22,500 by Graeme Schneider for personal use. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
answer in text form please (without image), Note: .Every entry should have narration please
Assume that the employees are paid from the company's regular bank account check numbers 981 and 982 prepare the entry to record and pay the payroll in general journal from September 30th if required round amounts to the nearest cent if an amount does not require an entry leave it blank. College accounting 13th edition
Ainsley Emporium sells gift cards to customers. In December, customers purchased $10,000 of gift cards. During December, the gift card recipients used gift cards to purchase $3,000 of goods. Prepare Ainsley’s entry for (1) the sale of the gift cards and (2) the year-end adjusting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record cash received for goods to be provided at a later date) (To record the sale of merchandise using a gift card)
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
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