Chapter 1, Problem 7E

The following transactions occurred for the Microchip Company. 1. On October 1, 2024, Microchip lent $84,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $7.500 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $13,500 in advance rent from another company that is renting a portion of Microchip's factory. The $13,500 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $5,000 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,500. The company records vacation pay as salaries expense. 5. Microchip began the year with $2,500 in its asset account, supplies. During the year, $7,000 in supplies were purchased and debited to…

On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: AccountsDebit CreditCash$24,400     Accounts Receivable 5,800     Supplies 3,700     Land 56,000     Accounts Payable    $3,800 Common Stock     71,000 Retained Earnings     15,100 Totals$89,900  $89,900   During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,800 ($650/month).January 9 Purchase additional supplies on account, $4,100.January 13 Provide services to customers on account, $26,100.January 17 Receive cash in advance from customers for services to be provided in the future, $4,300.January 20 Pay cash for salaries, $12,100.January 22 Receive cash on accounts receivable, $24,700.January 29 Pay cash on accounts payable, $4,600. 5. Prepare a classified balance sheet as of January 31, 2021.I am stuck because it says my answer is incomplete but I have added everything up there.

The following transactions occurred during December 31, 2024, for the Microchip Company. 1. On October 1, 2024, Microchip lent $102,500 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $4,400 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $8,800 in advance rent from another company that is renting a portion of Microchip's factory. The $8,800 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $3,300 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $6,800. The company records vacation pay as salaries expense. 6. Microchip began the year with $1,600 in its asset account, supplies. During the year, $5,700 in supplies were…

Compact Electronics is a leading manufacturer of digital camera equipment. Assume the following transactions occur during the year ended December 31, 2021. Required: Record any amounts as a result of each of these contingencies. 1. Accounts receivable were $29 million (all credit) at the end of 2021. Although no specific customer accounts have been shown to be uncollectible, the company estimates that 3% of accounts receivable will eventually prove uncollectible. 2. Compact Electronics is the plaintiff in a $5 million lawsuit filed against a supplier. The suit is in final appeal, and attorneys advise it is virtually certain that Compact Electronics will win and be awarded $3.5 million.3. In November 2021, Compact Electronics became aware of a design flaw in one of its digital camera models. A product recall appears probable and would likely cost the company $600,000. 4. Compact Electronics is the defendant in a patent infringement lawsuit brought by a competitor. It appears reasonably…

The following transactions occurred during 2024 for the Beehive Honey Corporation: February 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31, 2025. April 1 Paid $3,600 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $2,800 on account. At the year-end on December 31, 2024, supplies costing $1,250 remained on hand. November 1 A customer borrowed $6,000 and signed a note requiring the customer to pay principal and 8% interest on April 30, 2025. Required: Record each transaction in general journal form. Prepare any necessary adjusting entries at the year-end on December 31, 2024. No adjusting entries were recorded during the year for any item.

Katerina's Boutique is a business registered for GST and it lodges its Business Activity Statement (BAS) at the end of each quarter. For the quarter ending June 30, 2022, Katerina's Boutique recorded the following transactions: Transactions The owners withdrew cash from the business bank account $ 39,660 185,889 66,000 95,150 Sold inventories to customers. 80% was paid in cash with the remainder on credit. Paid an amount to suppliers for inventories purchased in the previous month Purchased equipment on credit from Generic Kettle Ltd Total gross salary for employees before PAYG deduction Total net salary paid to employees after PAYG deduction Paid for various operating expenses (excluding wages) Paid off a loan amount owed to Rocket Bank. 78,350 58,850 54,340 107,800 Paid Generic Kettle Ltd the amount owed on equipment. Received an amount due from credit customers for services provided on 1 May 2021 95,150 104,280 Additional information: The above amounts include GST where appropriate.…

The accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?

In addition to the above accounts, VGC’s chart of accounts includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense. The January transactions are shown below: Received $50,000 cash from customers on 1/1 for subscriptions that had already been earned in 2017. Purchased 10 new computer servers for $33,500 on 1/2; paid $10,000 cash and signed a three-year note for the remainder owed. Paid $10,000 for an Internet advertisement run on 1/3. On January 4, purchased and received $3,000 of supplies on account. Received $170,000 cash on 1/5 from customers for service revenue earned in January. Paid $3,000 cash to a supplier on January 6. On January 7, sold 15,000 subscriptions at $15 each for services provided during January. Half was collected in cash and half was sold on account. Paid $378,000 in wages to employees on 1/30 for work done in January. On January 31, received an electric and gas utility bill for $5,350 for January utility…

Blossom Inc's general ledger at April 30, 2021, included the following: Cash $4.000: Supplies $300; Equipment $20,000; Accounts Payable $2,100, Deferred Revenue (from gift certificates) $1.000; Bank Loan Payable $10,000; Common Shares $5,000; and Retained Earnings $6,200. The following transactions occurred during May: Paid rent for the month of May, $1.000. Paid $1.100 of the account payable outstanding at April 30. Issued gift certificates for future services for $1.500 cash. Received $2.000 from customers for services performed to date. Paid $1.200 in salaries to employees. Customers receiving services worth $700 used gift certificates in payment. May 1 7 15 15 17 18 Paid the remaining accounts payable from April 30, Purchased supplies of $700 on account. Received a bill for advertising for $500. This bill is due on June 22. Received and paid a utilities bill for $400, 22 24 25 28 Received $2.100 from customers for services performed. Customers receiving services worth $600 used…