Use the following account heading:100 Cash; 110 Supplies; 120 Accounts Receivable; 130 Prepaid Rent; 140 Officeequipment; 150 Building; 1600 Land; 200 Accounts Payable: 300 Norina,Capital; 310 Norina, Drawings; 500 Service Revenue; 600 Salaries Expense; 610Utilities expènse; 620 Repairs expense; 630 Janitorial expensesRequirements:1. Record the above transactions using the chart of account of the Company2. Post the transactions to its individual ledger3. Prepare Trial Balance Problem 6: The following are the transactions of NS Company, owned by NorinaSalvador, for the month of September 2017.Sept. 1kuporКибката4сл7911152/NNorina invested P550,000 cash and building and land worth1,000,000 and 750,000 respectively.Hired an accountant with a monthly salary of P20,000 memo entryPurchased computer equipment worth 30,000 paying half and thebalance on account. Jacets. PayoublePurchased supplies on credit, P450.Paid xent for the whole year P24,000. Whih year (prepaid) ((advenveBilled client for services on credit, P50,000.Paid half month salary of the accountant18 Norina provided services and received cash amounting to P5,750.21 Paid janitorial expense for the month amounting to P11,43523 Norina withdrew P10,000 for personal use.2527Received payment from customer previously billed P20,000Received billing from Meralco amounting to P7,200.Paid half month salary of the accountant30

Name: Use the following account heading:100 Cash; 110 Supplies; 120 Account
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Description: Use the following account heading:100 Cash; 110 Supplies; 120 Accounts Receivable; 130 Prepaid Rent; 140 Officeequipment; 150 Building; 1600 Land; 200 Accounts Payable: 300 Norina,Capital; 310 Norina, Drawings; 500 Service Revenue; 600 Salaries Expe

Journal entries recording is the first step in accounting cycle process, under which atleast one…

Business

Accounting

Use the following account heading: 100 Cash; 110 Supplies; 120 Accounts Receivable; 130 Prepaid Rent; 140 Office equipment; 150 Building; 1600 Land; 200 Accounts Payable: 300 Norina, Capital; 310 Norina, Drawings; 500 Service Revenue; 600 Salaries Expense; 610 Utilities expense; 620 Repairs expense; 630 Janitorial expenses Requirements: 1. Record the above transactions using the chart of account of the Company 2. Post the transactions to its individual ledger 3. Prepare Trial Balance

Use the following account heading: 100 Cash; 110 Supplies; 120 Accounts Receivable; 130 Prepaid Rent; 140 Office equipment; 150 Building; 1600 Land; 200 Accounts Payable: 300 Norina, Capital; 310 Norina, Drawings; 500 Service Revenue; 600 Salaries Expense; 610 Utilities expense; 620 Repairs expense; 630 Janitorial expenses Requirements: 1. Record the above transactions using the chart of account of the Company 2. Post the transactions to its individual ledger 3. Prepare Trial Balance

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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For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following partial chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601); and Landscaping Expense (696). On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $7,000 in cash along with equipment having a $3,000 value in exchange for common stock. On May 21, Elegant Lawns purchases office supplies on credit for $500. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.
The controlling account in the general ledger that summarizes the debits and credits to the individual accounts in the customer's ledger is entitled A. Accounts Receivable B. Accounts Payable C. Sales D. Purchases
Simplifying the ABC System: TDABC Golding Bank provided the following data about its resources and activities for its checking account process: Time per Unit Traditional Interest-Bearing Resources Activities Driver of Activity Account Account Supervision $70,000 Processing accounts No. of accounts 0.20 hr. 2,000 1,000 Phone and supplies 90,000 Issuing statements No. of statements 0.10 hr. 60,000 10,000 Salaries 275,000 Processing transactions No. of transactions 0.05 hr 160,000 120,000 Computer 25,000 Answering customer inquiries No. of inquiries 0.15 hr. 1,500 1,500 Total $460,000 At practical capacity, Golding uses 25,000 check processing hours. Required: 1. Calculate the capacity cost rate for the checking account process. Round your answers to the nearest cent. 18.4 V per hour Calculate the activity rates for the four activities. Round your answers to the nearest cent. Processing accounts 3.68 V per account Issuing statements 1.84 V per statement Processing transactions 0.92 V per…
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For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan
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The following is information related to Blossom Company for its first month of operations. Jan, 7- 15 23 Credit Sales Austin Co. Diaz Co. Noble Co. $11,800 7,300 11,100 Balance of Accounts Receivable Jan. 17 24 Austin Co. 29 Cash Collections Austin Co. Diaz Co. Noble Co. $7,900 4,900 Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. 11.100 Subsidary Ledger Diaz Co, $ Noble Co. General Led
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