Concept explainers
Analyzing and journalizing transactions
Learning Objective 3
Journalize the transactions of Wilke Technology Solutions. Include an exptanation with each
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Horngren's Accounting (12th Edition)
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Financial Accounting (11th Edition)
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Principles of Accounting Volume 1
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Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
- Personal Financial Statement Project For the Personal Financial Statement Project: 1. Record the events on the next page in the accompanying formula worksheet 2. Write out the journal entries for the events on the next page 3. Create the financial statements with the ending information from the worksheet 4. Once you have your Financial Statements completed, please make a comment or two in the online text input box about what the information is telling you Event List 1. Opened a bank account with previously earned (retained earnings) money for $100,000 2. Bought a house by paying $75,000 down in cash and taking a loan of $225,000 3. Bought a vehicle by paying $1,000 down in cash and taking a loan of $44,000 4. Worked (performed services) to clients for $80,000 cash 5. Paid for materials used (expense) in the services performed with cash for $50,000 6. Paid for repairs and utilities of the house and vehicle (just regular expenses) with cash for $8,500 7. During the year, you paid $5,000…arrow_forwardKindly answer please. Badly needed. Thank youarrow_forwardHistory Bookmarks Window Help A education.wiley.c WP NWP Assessment Player UI Application Question 18 of 42 View Policies Current Attempt in Progress The double-entry system requires that each transaction must be recorded in a journal and in a ledger. in two sets of books. first as a revenue and then as an expense. in at least two different accounts. Save for Laterarrow_forward
- Activity 5. My Own Accountin Equation Applying the accounting equation to your daily ife as a student and consumer, write your transactions made on a day to day basis and analyse the offects of each vansaction to the different accounting accounts TRANSACTION ASSETS LIABILITIES OWNER'S EQUITYarrow_forwardDlhos - YouT A Apex Learning - Apex Learning - Courses A https://course.apexlearning.com/public/activity/7001002/assessment cial Literacy 1 7.1.2 Exam: Exam Question 1 of 40 Which of these options for saving money offers the most liquidity? A. A savings bond B. A money market account C. A piggy bank D. A basic savings account SUBMIT E PREVIOUS re to searcharrow_forwardName: Learning Task #1 Directions: Complete the table below. The first item has been done for you. Decreased by List of Accounts Normal Increased by Classification (Debit Credit) Balance (Debit/ (Asset, Liabilities, Owner's Equity (Debit/ Credit) Credit) Revenue, Expense) Debit Credit Cash Asset Debit 11 Accounts Payable 12 Notes Payable 13 Salaries Payable 14 Utilities Payable 15 Liam,Capital 16 Liam.Withdrawal 17 Sales 18 Interest Income 19 Cost of Sales 20 Purchases andarrow_forward
- Emirates College of Techt Learning Mana System shboard My courses / Faculty of Business / Accounting and Finance Department/ Accounting Theory Quiz 1 estion 2 The double-entry system requires that each transaction must be recorded yet wered Select one: ked out of a. in at least two different accounts. b. first as a revenue and then as an expense. Flag estion c. in a journal and in a ledger. d. in two sets of books. Previous page workshop 5 solved Jump to. HA DELL F5 F6 F7 F8 F9 F10 F11 F12 A 5 € 8. 6.arrow_forwardStrictly type-written Required: • Ledger • Guide Questionsarrow_forwardEdit View History Bookmarks Window Help A education.wiley.co Exam 1 WP NWP Assessment Player UI Application DAX Question 35 of 42 View Policies Current Attempt in Progress Each of the following accounts is closed to Income Summary except Expenses. Dividends. Revenues. All of these are closed to Income Summary. Save for Laterarrow_forward
- Pears X P W Chapter: Recording Business TraNSACTIONS Sep. 1 hed:course:7710589/products/79c3fa4c-a84f-42ba-b87a-e36a400bca00/pages/urn:pe 6 7 Proble X P-F:2-30A. Journalizing transactions, posting journal entries to T- accounts, and preparing a trial balance (Learning Objectives 3, 4) 15 G New Ann Simpson started her practice as a design consultant on September 1, 2024. During the first month of operations, the business completed the following transactions: 3. Prepare the trial balance of Vince York, M.D., as of July 31, 2024. 30 Received $48,000 cash and issued common stock to Simpson. Purchased office supplies, $1,200, and furniture, $1,300, on account. Performed services for a law firm and received $1,900 cash. X Paid $18,000 cash to acquire land to be used in operations. Performed services for a hotel and received its promise to pay the $1,200 within one week. Paid for the furniture purchased on September 4 on account. Paid assistant's semimonthly salary, $1,500. Received cash on…arrow_forwardieung Learning O S4-9 Identifying temporary and permanent accounts For each account listed, identify whether the account is a temporary account (1) or a permanent account (P). a. Rent Expense f. Morrison, Withdrawals g. Service Revenue b. Prepaid Rent c. Equipment h. Supplies Expense d. Morrison, Capital i. Office Supplies e. Salaries Payable Learning Olarrow_forwardPlease use the workbook page, it has the steps on how to solve the problems.arrow_forward
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College