You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting. You must do the closing entries in order to complete this. Please close the appropriate accounts using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in balance after the closing is finished. Continue to use the Excel templates provided. Account Debit Credit Cash Accounts Receivable Equipment Accumulated Depreciation Inventory Accounts Payable common stock COGS Sales Sales returns Sales Discounts Rent Expense Electric Expense Depreciation Shipping Expense Act. # 100640.00 3000.00 10100.00 850.00 750 500.00 60.00 2000.00 100.00 210.00 200.00 210.00 11700.00 100000.00 6500.00

You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting. You must do the closing entries in order to complete this. Please close the appropriate accounts using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in balance after the closing is finished. Continue to use the Excel templates provided. Account Debit Credit Cash Accounts Receivable Equipment Accumulated Depreciation Inventory Accounts Payable common stock COGS Sales Sales returns Sales Discounts Rent Expense Electric Expense Depreciation Shipping Expense Act. # 100640.00 3000.00 10100.00 850.00 750 500.00 60.00 2000.00 100.00 210.00 200.00 210.00 11700.00 100000.00 6500.00

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 following are selected 2020 transactions of Culver Corporation. Sept. Purchased inventory from Encino Company on account for $46,800. Culver records purchases gross and uses a periodic inventory system. 1 Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct. 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date tember 1 Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. tember 1 V er 1 Account Titles and Explanation Purchases Accounts Payable Accounts Payable Notes Payable Cash Discount on Notes Payable Notes Payable Debit 46800 46800 46800 3120 Credit 46800 46800 49920
PLEASE NOTE THAT ALL THE LETTERS IN THE PICTURE MUST BE ANSWERED, TYSM
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The following are the job cost related accounts for the law firm of Cullumber Associates and their manufacturing equivalents: Law Firm Accounts Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Cost data for the month of March follow. 1. 2. 3. 4. 5. 6. Manufacturing Firm Accounts Raw Materials Factory Wages Payable Manufacturing Overhead Work in Process Cost of Goods Sold Purchased supplies on account $2,400. Issued supplies $1,680 (60% direct and 40% indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $89,600 (80% direct and 20% indirect). Operating overhead costs incurred for cash totaled $51,200. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $96,000.
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Pharoah Stores is a new company that started operations on March 1, 2024. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Pharoah Stores purchases $9,200 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB shipping point. Mar. 1 2 The correct company pays $140 for the shipping charges. 3 21 22 23 30 31 Pharoah returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Pharoah a $1,100 credit on its account. Pharoah Stores purchases an additional $11,500 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB destination. The correct company pays $160 for freight charges. Pharoah returns $500 of the merchandise purchased on March 21 because it was damaged. Octagon gives Pharoah a $500 credit on its account. Pharoah paid Octagon the amount owing for the merchandise purchased on March 1. Pharoah paid Octagon the amount owing for the…
Week 6 Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. a) Purchased inventories on credit b) Sales of inventory on credit c) Received payment of a customer's account d) Payment of monthly rent by cheque e) End of period closing entries !
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.
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What is the purpose of a Bill Payment in QuickBooks Online? Select an answer: to track purchases of products and services based on when they are rendered and delivered. to close the accounts payable cycle by recording payments made to vendors via a Bill in the past to create an expense today that will be paid in the future. to enter customer payments related to open invoices.