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

See similar textbooks

Similar questions

Pass Journal entries of attached picture
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…
В E H. 1 Use the following adjusted trial balance and additional information to complete the requirements: Company XYZ Adjusted Trial Balance December 31, 2020 4. 19,200 51,000 6. Cash Merchandise Inventory Store Supplies Equipment 10 Accumulated depreciation, equipment Accounts payable Salaries payable Claire Smith, Capital 7 8. 950 6. 43,500 15,400 8,950 1,200 68,000 11 12 13 14 Claire Smith, Withdrawals 7,000 15 Interest Income 400 16 Sales 326,000 Sales Discounts 6,100 4,000 150,000 3,850 1,600 28,300 29,800 13,500 27,000 5,750 17 18 Sales Returns and Allowances 19 Cost of Goods Sold 20 Depreciation expense, store equipment 21 Depreciation expense, office equipment 22 Sales salaries expense Office salaries expense 23 24 Insurance expense Rent expense (70% is store, 30% is office) Store supplies expense 27 Advertising expense 25 26 28,400 419,950 28 Totals 419,950 29
Problem The trial balance of the Mabilis Repair Shop appears below at the end of its calendar period: pplies y Cash on hand Accounts Receivable Estimated uncollectible accounts hable Mabilis Repair Shop Trial Balance December 31, 19A Notes Receivable Shop equipment Accum. Depreciation-Shop equipment Furniture and Fixture Accum. depreciation-fur. and fixt. Accounts payable Notes payable Leynes, Capital Leynes, Drawing Service Income Salaries expense Rent expense Supplies expense Taxes and licenses Light and water expesne Additional information: Debit P10,000 25,000 1,000 - Interest inne 8,000 8,000 4,000 1,500 3,000 P105,500 7,000 30,000 8,000 145 Credit P750 2,000 5,000 11,000 12,000 44,750 30,000 P105,500 1. Unpaid taxes P600 2. Accrued salaries, P3,000 3. Accrued interest on notes payable P200. 4. Unpaid light and water, P500 5. Supplies on hand, P1,000. 6. Bad debt expense is estimated to be 5% of Accounts Re- ceivable. 7. Fixed assets have estimated useful life of 10 years without…
Post the folowing using T-Accounts
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…
Please give answer only question number 3 qnd provide right journal entry
Subject: acounting

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

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.....