ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
Create a General Journal.
Create a Ledger.
Prepare a worsksheet for this. in excel form pls, thank you
Knowledge Booster
Similar questions
- Please prepare Income Statement, Equity and Financial Position. Thank you!arrow_forwardPlease see the attached photo. Make the adjustments and adjusted trial balance. Additional information for adjustments: a. On December 31, a physical count of the office supplies reveals thatP15,300 worth of supplies are available at the end of the month. b. On December 31, one month of the prepaid rent of P18,000 has been usedup. c. The office equipment purchased by Mr. M for P324,000 on December 2,2020 is expected to last six years with no residual value. d. On December 5, Mr. M signed a four-month contract to perform work for P7,500 per month with the entire contract price of P30,000 received inadvance. e. At the close of business, December 30, 2020 the employee has worked oneweek during December for which salaries of P8,100 are not paid untilJanuary 2021. f. The two-year bank loan obtained by the company amounting to P360,000has a 10% annual interest rate payable every November 30. g. On December 2, 2020, Mr. M entered into a one-year contract with a local company. Mr. M agreed to…arrow_forwardThe following business transactions were completed by Elite Realty during April 2019: Apr. 1. Paid rent on office for month, $3,590. 2. Purchased office supplies on account, $930. 5. Paid insurance premiums, $2,580. 10. Received cash from clients on account, $17,940. 15. Purchased land for a future building site for $64,600, paying $7,100 in cash and giving a note payable for the remainder. 17. Paid creditors on account, $3,230. 20. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $140. 23. Paid advertising expense, $1,440. 27. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, $720. 28. Paid automobile expense (including rental charges for an automobile), $1,080. 29. Paid miscellaneous expenses, $320. 30. Recorded revenue earned and billed to clients during the month, $21,530. 30. Paid salaries and commissions for the month, $6,580. 30.…arrow_forward
- Directions: Do the task listed below using the transactions of Matapang Company for December 2019. Write your answers on a separate sheet of paper. 1. Prepare the journal entries. 2. Post each transaction to its ledger account. 3. Prepare the trial balance. 4. Use the provided account numbers. Ralph Matapang established Happy Repair Business. The following are the transactions for the month of December 2019. Dec. 1 He invested P150,000 in the firm. He paid P8,000 for monthly rent. He bought supplies on account amounting to P7,200. He purchased office equipment amounting to P75,000, paid P37,000 and the balance on account. 2. 2. 3. He paid accounts payable for supplies purchased worth P7,200. He paid P6,000 for the salary of an employee. 8. 14. 20. He received P20,000 for services rendered. 28. He billed clients P48,000 for services on account. 31. Matapang withdrew P12,000 for his personal use. 101 Cash 302 Matapang, Drawings 102 Accounts Receivable 401 Service Revenue 501 Salaries…arrow_forwardUsing the data provided, perform the steps below to complete the final project. On December 1, 2019, SoccerBox Inc. started operations. The following transactions occurred during December 2019. NOTE: There are no beginning balances-this is a new company. Using the charts provided fill out the closing entries and the post-closing trial balances Dec 1 Randol Espy invested $80,000 cash in the company for common stock. 2 SoccerBox purchased soccer equipment for $20,000 cash. 2 SoccerBox rented an old warehouse for $30,000 cash for the first year's (December 2019-November 2020) rent. 3 SoccerBox purchased $500 of office supplies with cash. 10 SoccerBox paid $12,000 cash for an annual insurance policy. 14 SoccerBox paid $4,000 cash for the first payroll earned by its employees. 24 SoccerBox received $85,000 cash from soccer fees paid by parents for a private youth soccer lesson. 28 SoccerBox paid $4,000 cash for 2 weeks' salaries earned by its employees.…arrow_forwardAttached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:- The Journal Entries for March - "General Journal"- The General Ledger- Trial Balance- A new General Ledger adjusting the entries based on this information: a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100. - Post the entries to the T-accounts.- Prepare an adjusted Trial Balance- Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet)- Prepare the closing entries at March 31st in a General Ledger- Post the Closing entries to the T-accounts.arrow_forward
- Given below is a list of transactions relating to the stationery business of Aryan & Co. for the year ending March 31, 2020. You are required to journalize the transactions, create the ledger accounts and prepare the trial balance. Date Particulars Amount 1st Apr, 19 Capital contributed by Aryan 1,00,000 3rd Apr,19 Purchases from Kabir & Co. 200 pens of Rs. 80 each 100 copies of Rs. 40 each 5th Apr, 19 Purchased Furniture 30,000 7th Apr, 19 Deposited in Bank 50,000 10th Apr, 19 Paid Salaries 15,000 15th Apr, 19 Cash purchases made 20,000 20th Apr, 19 Sold goods to Mr. Rohit & Co.500 pens of Rs. 125 each; 250 copies of Rs 110 each 22nd Apr, 19 Returned to Kabir & Co. 20 pens 15 copies 30th Apr, 19 Issued a cheque to Kabir & Co. in full settlement of their account 5th May, 19 Received cash Rs 5,000 and cheque for Rs 10,000 from Rohit & Co. The cheque was deposited in…arrow_forwardfrom Construction operations and maintenance, trading and fabrication. The company wishes to prepare Extended trial balance from the following a ledger balances at the year ended 31*December 2020. Ledger Balance Amount Ledger Balance Amount (OMR) (OMR) 800,000 Prepaid Wages and Salary Expense Сapital Stock – 1* January 2019 Leasehold premises Furniture & Fittings Plant & Machinery Purchases 175,000 23,700 25,000 25,300 18,400 ? Rates and Taxes 460,000 Office Expenses 135,000 Unearned Rent revenue 350,000 Sundry expenses 711,000 Trade creditors 1,406,200 Insurance expenses 4,700 Sundry debtors 17,500 Drawings 15,400 Bills payable 10,200 Cash in hand 12,300 Repair Expenses 15,000 | Bank loan 3,800 Accumulated depreciation - Plant & 227,600 30,000 Sales Discount received Advertisement Discount allowed Carriage on Purchase Carriage outwards Return inwards 340,000 30,000 11,400 22,000 25,000 58,000 Return outwards Trade Expenses Machinery 22,500 Telephone charges 49,000 Adjustments: a)…arrow_forwardWhat are the journal entry, t-account, and trial balance of the following;arrow_forward
- The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…arrow_forwardWilliams Mechanic Services prepared the following work sheet for the year ended March 31,20--. Required 1. Complete the work sheet. (Skip this step if using CLGL.) 2. Prepare an income statement. 3. Prepare a statement of owners equity. Assume that there was an additional investment of 5,000 on March 13. 4. Prepare a balance sheet. 5. Journalize the closing entries using the four steps in the correct sequence. 6. Prepare a post-dosing trial balance. Check Figure Post-closing trial balance total, 31,765arrow_forwardLaurente Services was established in February 2020, for cleaning services. Some of the transactions for February are presented below;Feb. 2: Billed customers $18,600 for cleaning services rendered. 3: Acquired cleaning supplies on account, $15,600. 9: Recieved payment from previuosly billed costumers, $10,000 10: Paid rent, $8,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning