Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31 st December 2018.

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Chapter 3, Problem 36BE

To determine

Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31^st December 2018.

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Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: Cash (1) 40,000 (2) 4,000 (7) 13,100 (3) 5,000 (4) 6,175 (6) 6,000 (9) 1,500 Equipment (3) 15,000 Dividends (9) 1,500 Accounts Receivable Accounts Payable Service Revenue (5) 20,500 (7) 13,100 (6) 6,000 (3) 10,000 (5) 20,500 Supplies (2) 4,000 (8) 2,200 Common Stock (1) 40,000 Operating Expenses (4) 6,175 (8) 2,200 a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. Place the amounts in the proper columns. If an entry is not required in an amount box, leave it blank.

Transactions and T Accounts The following selected transactions were completed during July of the current year: 1. Billed customers for fees earned, $112,700. 2. Purchased supplies on account, $4,500. 3. Received cash from customers on account, $88,220. 4. Paid creditors on account, $3,100. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. (1) Accounts Receivable Fees Earned (2) Supplies Accounts Payable (3) Cash Accounts Receivable (4) Accounts Payable Cash

Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $20,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $20,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 37 percent this year and next year, and that she can earn an after-tax rate of return of 12 percent on her investments. a. What is the after-tax cost if Isabel pays the $20,000 bill in December? b. What is the after-tax cost if Isabel pays the $20,000 bill in January? Use Exhibit 3.1. (Round your answer to the nearest whole dollar amount.) c. Based on requirements a and b, should Isabel pay the $20,000 bill in December or January? multiple choice December January

Answer 2

Question

Chapter 3, Problem 36BE

To determine

Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31^st December 2018.

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Answer 3

Question

Chapter 3, Problem 36BE

To determine

Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31^st December 2018.

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Answer 4

Question

Chapter 3, Problem 36BE

To determine

Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31^st December 2018.

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Answer 5

Chapter 3, Problem 36BE

To determine

Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31^st December 2018.

Answer 6

Chapter 3, Problem 36BE

To determine

Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31^st December 2018.

Answer 7

Chapter 3, Problem 36BE

To determine

Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31^st December 2018.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 3 - If XYZ Consulting performs a consulting service,...Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ Ch. 3 - Prob. 6DQ Ch. 3 - Prob. 7DQ Ch. 3 - Prob. 8DQ Ch. 3 - What kind of account is accumulated depreciation?...Ch. 3 - Prob. 10DQ

Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31 st December 2018.

Solution Summary: The author explains that the T-account is the form of the ledger account, where the journal entries are posted to this account.

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Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31^st December 2018.

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Chapter 3 Solutions

Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31 st December 2018.

Solution Summary: The author explains that the T-account is the form of the ledger account, where the journal entries are posted to this account.

Concept explainers

Videos

Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31st December 2018.

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Chapter 3 Solutions

Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31^st December 2018.