Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unad-justed trial balance on July 31, 2014, is shown below.Valley RealtyUnadjusted Trial BalanceJuly 31, 2014DebitBalancesCreditBalances11 Cash...52,50012 Accounts Receivable...13 Prepaid Insurance.14 Office Supplies .16 Land......21 Accounts Payable .100,10012,6002,80021,00022 Unearned Rent23 Notes Payable ....31 Cindy Getman, Capital32 Cindy Getman, Drawing..41 Fees Earned....51 Salary and Commission Expense52 Rent Expense .....53 Advertising Expense. .54 Automobile Expense59 Miscellaneous Expense87,50044,800591,500385,00049,00032,20015,7505,250700,000700,000The following business transactions were completed by Valley Realty during August 2014:Aug.1. Purchased office supplies on account, $3,150.2. Paid rent on office for the month, $7,200.3. Received cash from clients on account, $83,900.5. Paid insurance premiums, $12,000.9. Returned a portion of the office supplies purchased on August 1, receiving full credit fortheir cost, $400.17. Paid advertising expense, $8,000.23. Paid creditors on account, $13,750.29. Paid miscellaneous expenses, $1,700.30. Paid automobile expense (including rental charges for an automobile), $2,500.31. Discovered an error in computing a commission during July; received cash from thesalesperson for the overpayment, $2,000.31. Paid salaries and commissions for the month, $53,000.31. Recorded revenue earned and billed to clients during the month, $183,500.31. Purchased land for a future building site for $75,000, paying $7,500 in cash and giving anote payable for the remainder.31. Withdrew cash for personal use, $1,000.31. Rented land purchased on August 31 to a local university for use as a parking lot duringfootball season (September, October, and November); received advance payment of$5,000.Journalize the following transactions and then prepare the adjusted trial balance.

To record company transactions in accounting records, a journal entry is created. Following the…

Answered: Valley Realty acts as an agent in…

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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Strong Quote Intense Q...Subtle Ref.. Intense R.. Styles மேg PB2. Piedmont Inc. has the following transactions for the month of July. Jul. 1 Sold merchandise for $4,000 to Pinetop Inc. (account number PT152) and offered terms of 1/10, n/30, on July 1, invoice # 1101 Sold merchandise to Sherwood Inc. (account number SH 224), Invoice # 1102 for $2,450 cash on July 5 Sold merchandise, invoice #1103, to Cardinal Inc. (account number CA 118) for S5,000, and offered tems of 3/10, n 30 Received payment from Pinetop Inc. Received payment from Cardinal Inc. after expiration of the discount period Received a refund check in the amount of $120 from the insurance company (credit Insurance Expense, account number 504) Jul. 5 Jul. 9 Jul. 9 Jul. 22 Jul. 30 A. Record the transactions for Piedmont Inc. in the proper special journal, and post them to the subsidiary ledger and general ledger account. Solution SALES JOURNAL Page 79 DR COGS CR Merchandise Inventory DR Accts. Invoice No. Receivable CR Sales…
am. 107.
Current Attempt in Progress Kingbird, Inc's trial balance at the end of its first month of operations reported the following accounts and amounts with normal balances: Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $18240 O $35910 O $37050 O $36480 O $37620 570 2850 2280 3420 5700 570 25080 14250 Total credits on Kingbird, Inc's trial balance are
10.2.3 ACCOUNTING 1: ASSIGNMENT 2 QUESTION ONE Samke Limited sells new equipment and repairs equipment for their regular customers. The following information was extracted from the accounting records for the financial year ended 30 June 2021 1. Extracted from the Pre-Adjustment Trial Balance at 30 June 2021: R Fixed deposit Inventory: Trade goods Debtors control Machinery Accumulated depreciation: Machinery Long term borrowing: Finhouse Sales Debtors allowances Cost of sales Service fee income (in respect of repair services) Rent income Interest income Salaries and wages Audit fees Directors fees Consumable stores Bank charges Travel and entertainment - Directors 2. 2.1 2.2 2.4 auditors are owed a further R28 000 in audit fees. Bank charges of R310 reflected on the June 2021 bank statement have not yet been entered in the books. 2.3 The stock count on 30 June 2021 revealed the following on hand: • Inventory: Trade goods; R202 000 • Consumable stores; R900 2.5 Adjustments and additional…
Open with Google Docs The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Debit RM Particulars Credit RM 12,250 9,150 3,600 Office equipment Motor vehicles Fumiture Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Fumiture 2,450 1,373 1,060 3,632 29,608 6,860 Account receivables and account payables Сapital 6% loan to Rara Purchases and sales Discount Advertising Cash in hand Provision for doubtful debts 2,500 19,110 31,560 215 175 4,250 1,630 300 740 8,000 700 Commission received 6% loan from Afina Bank (taken from 1 May 2020) 1,200 1,900 1,260 4,005 1,000 5,270 210 250 610 915 110 Rent Drawings Maintenance and petrol Staff's wages Insurance Cash at bank Carriage inwards Carriage outwards Telephone and electricity Duties on purchases Returns 112 3.415 Inventory as at 1 January 2020 79.710 79.710 TOTAL Page 718 РОСО SHOT ON POCO F2 PRO
G the ir G Whe G A me a Qu QL Q Acco O acco Unit QAcco O acco Acco sinment takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%=false I Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The cost of the merchandise is $550. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 July 5 2. 3 July 8 3. 4 4. 5 July 12 6. 6. 7 Jul15 7. 8 9 July 22 6. 10 10 2. Journalize the…
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Valley Realty acts as an agent in buying, selling, renting. justed trial balance on July 31, 2014, is shown below. Valley Realty Unadjusted Trial Balanc July 31, 2014 11 Cash.....