Missing amount from an account On August 1, the supplies account balance was $1,025. During August, supplies of $3,110 were purchased, and $1,324 of supplies were on hand as of August 31. Determine supplies expense for August.
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- Using the allowance method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145 Supplies…Missing Amount from an Account On July 1, the cash account balance was $42,830. During July, cash payments totaled $132,500 and the July 31 balance was $33,850. Determine the cash receipts during July. %24Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit CreditSupplies $2,000Prepaid Insurance 8,000Salaries Payable $11,000Deferred Revenue 3,000The following information is known for the month of December:1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500.2. No insurance payments are made in December. Insurance cost is $2,000 per month.3. November salaries payable of $11,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $16,000.4. On November 1, a tenant paid Golden Eagle $4,500 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.Required:Show the adjusting entries that…
- Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.balance of Pharoah Exposure Inc. had these balances for the following select accounts: Supplies $3,950, Unearned Service Revenue $8,900, and Prepaid Rent $1,710. At the end of the period, a count showed $820 of supplies on hand. Services of $3,750 had been performed related to the unearned revenue account, and one month's worth of rent, worth $570, had been consumed by Pharoah Exposure. Record the required adjusting entries related to these events. (List all debit entries before credit entries. 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 the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. 3. (To record supplies used) (To record revenue for services performed) (To record rent expired) Debit CreditEXERCISE (All exercise would be saved in one record) Journalize the following transactions for the month of February 1: Sold merchandise on account for $10,000 (other income, other receivable,); Cost of Goods Sold $3,000 (Inventory, Cost of Sale) Received the utilities bill for $250.00 (accrued expense, utilities expense) Salaries for the week are $3,300 (salaries expense, wages payable) Received an invoice of $100 for advertising. Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000. Prepare the Customer List Report only for your account, include a column for term conditions and credit limits. (February 5) Prepare a sales order (15 units of any product). In the Sales Order Register include a column with the name of the vendor. (February 7) The invoice from the sales order above was delivered completely (February 9) (Prepare an Invoice Register) Prepare an Income Statement (February 28) Prepare a Balance Sheet (February 28)…
- On 1st June order has been given for supplies RO 10,000 and the department received supplies worth RO 6000 on 10th June along with the voucher. Department approved the voucher but paid RO 5000. Which one of the following entries records the supplies expenditure paid? a. Accounts payable Account Dr. RO 1,000, Bank Account Cr RO 1,000 b. None of the options c. Accounts payable Account Dr. RO 11,000, Bank Account Cr RO 11,000 d. Accounts payable Account Dr. RO 6,000, Bank Account Cr RO 6,000Account Balances a. During February, $79,920 was paid to creditors on account, and purchases on account were $102,300. Assuming that the February 28 balance of Accounts Payable was $34,370, determine the account balance on February 1.$fill in the blank 1 b. On October 1, the accounts receivable account balance was $49,900. During October, $434,100 was collected from customers on account. Assuming that the October 31 balance was $57,400, determine the fees billed to customers on account during October.$fill in the blank 2 c. On April 1, the cash account balance was $18,770. During April, cash receipts totaled $285,300 and the April 30 balance was $13,510. Determine the cash payments made during April.$fill in the blank 3Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation. Events Affecting Year 1 Provided $33,520 of cleaning services on account. Collected $26,816 cash from accounts receivable. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Events Affecting Year 2 Wrote off a $251 account receivable that was determined to be uncollectible. Provided $39,118 of cleaning services on account. Collected $34,619 cash from accounts receivable. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Required Record the events for Year 1 and Year 2 (including closing entries for Year 1) in T-accounts. Determine the following amounts: (1) Net income for Year 1. (2) Net cash flow from operating activities for Year 1. (3) Balance of accounts…
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