Use your accounting categories sheet to complete the following. do "t" accounts for the debit and credit entries for each transaction 1-2. Wellco paid $14,500 in cash for a delivery truck 3-4. Wellco paid in cash its 13 full-time employees $523.14 each and its 9 part-time employees $287.12 each.
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Use your accounting categories sheet to complete the following. do "t" accounts for the debit and credit entries for each transaction
1-2. Wellco paid $14,500 in cash for a delivery truck
3-4. Wellco paid in cash its 13 full-time employees $523.14 each and its 9 part-time employees $287.12 each.
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- Here is the partial work sheet for Eckland Stereo. Eckland Stereo Work Sheet For Year Ended December 31, 20-- BALANCE SHEET ACCOUNT NAME DEBIT CREDIT Cash 14,622.00 Notes Receivable 7,529.00 Accounts Receivable 29,036.00 Merchandise Inventory 51,103.00 Prepaid Property Taxes 2,202.00 Prepaid Insurance 1,739.00 Land 17,153.00 Building 54,966.00 Accumulated Depreciation, Building 15,470.00 Computer Equipment 7,111.00 Accumulated Depreciation, Computer Equipment 6,116.00 Store Equipment 7,054.00 Accumulated Depreciation, Store Equipment 4,530.00 Delivery Equipment 4,689.00 Accumulated Depreciation, Delivery Equipment 3,299.00 Notes Payable 5,380.00 Accounts Payable 27,818.00 Mortgage Payable (current portion) 3,020.00 Mortgage Payable 67,945.00 M. J. Eckland, Capital 57,665.00 M. J. Eckland, Drawing 23,205.00 Wages Payable 2,011.00 220,409.00 193,254.00 Net Income…The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,050. 15 Paid employee salaries $1,110. 17 Performed $570 of services in exchange for cash. 20 Paid $1,980 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 31 Paid utilities $320.Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records of Marx: Accounts receivable, January 1 $ 106,000 Accounts receivable, December 31 75,000 The cash received from customers was: Multiple Choice $545,000. $651,000. $589,000. $620,000.
- Bank 'n' Roll, Inc. pays its employees once a month and records the expense at the time of payment. On May 31, Bank 'n' Roll, Inc. paid its employees $10,000 for work performed in May. The entry to record the payment includes a (Check all that apply.) Check all that apply. debit to Cash for $10,000 credit to Wages Expense for $10,000 credit to Wages Payable for $10,000 debit to Wages Expense for $10,000 credit to Cash for $10,000Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 116,000 Allowance for doubtful accounts 12,700 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $258,000. Sold merchandise to Abbey Corp; invoice amount, $42,000. Sold merchandise to Brown Company; invoice amount, $53,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $56,000. Collected $119,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $48,400. Cavendish paid its account in full after the…
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- The following journal entry was included in the accounting records of Ostrosky Corporation on March 20: Debit Accounts payable $4,000, Credit Merchandise Inventory $40, Credit Cash $3,960 Based on this journal entry, it is likely that the company: A. Sold inventory for cash B. Collected cash for the inventory sold on credit and recorded a 1% sales discount C. Purchased inventory for cash D. Paid for the inventory purchased on credit and took advantage of the 1% purchase discount1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?Record all transactions in appropriate T-accounts (costs by nature), close all accounts and prepare an Income Statement.a) The company recorded an invoice for rubbish disposal in the current month; value 400.b) The company recorded bank fees; value 50.c) The company sold goods worth 2 000 for 3 500 on deferred payment.d) Goods were delivered to a customer – transport cost 500 and additional insurance cost of 200, both paid by bank money transfer..