GL0302 (Algo) - Based on Problem 3-3A LO P1, P2, P3, P4, P5Brown Technical Institute (BTI), a school dwned by Paul Brown, provides training to individuals who pay tuition directly to the school.BTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab.BTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h thatrequire adjusting entries on December 31.a. An analysis of BTI's insurance policies shows that $2,450 of coverage has expired.b. An inventory count shows that teaching supplies costing $2,840 are available at year-end.c. Annual depreciation on the equipment is $8,200.d. Annual depreciation on the professional library is $9,400.e. On September 1, BTI agreed to do five courses for a client for $2,600 each. Two courses will start immediately and finish before

Required answers: Adjusting entries are required for Brown Technical Institute (BTI) as of December…

Answered: GL0302 (Algo) - Based on Problem 3-3A…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section: Chapter Questions

Problem 1AP

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1:21 g. He paid P8,400 for the monthly rental of the place. h. He withdrew P8,500 for personal use. i. He received P5,500 account from customers who on were previously billed. 5 j. He paid P599 for telecommunications expense for the month. Notes to the Teacher/Facilitator This module prepares students to record transactions in the general journal. The students will learn the parts of a journal and apply the rules of debit and credit in recording in a journal.
This window shows your responses and what was marked correct and Incorrect from your prevlous attempt. Required Informatlon Problem 13-63 & Problem 13-64 (Algo) (LO 13-5, 6, 7, 9) The following information applies to the questions displayed below] Jeremy Slacker started the Del Fuego Surf Shop on January 1 after determining that business school classes conflicted with his preferred activity. He invested $64,000 in the shop-$50,980 of his own savings and $32,000 borrowed from an acquaintance. The loan is to be repaid in 5 years. Jeremy will pay the lender annual interest at a rate of 8 percent. ded Shortly after opening, Jeremy realized that he is not the best financial planner and has come to you for help. With some prodding, you are able to establish that Jeremy plans to sell only two models of surfboard, the Zuma and the Coronado, for at least the first year. Data on the boards are given as follows, Coronado ) zuma 816 408 Expected annual sales (units) $720 470 $420 Retail price (per…
Journal Entries – Revenue for Non-ProfitBlue City College, a nonprofit organization, provides education services to adults who wish to complete their bachelor degrees. List the journal entry that should be prepared by Blue City for each of the following transactions. If no journal entry is necessary, list “No Entry Required” as your answer. Alongside each journal entry, write either R if the revenue is restricted or an N if it is not restricted. Tuition revenue amounted to $4,000,000 for the year. A current student promised a donation of $10,000 upon the completion of her bachelor’s degree. Alumni made promises to donate $100,000 during Blue City’s annual fund drive. Cash receipts from the sale of tickets to athletic events totaled $15,000 for the month. All proceeds from athletic events are designated to support athletic programs. Several students volunteered to serve as receptionists during the athletic events. Had these students been paid, their salaries would have totaled…
As part of the employment interview for an accounting job at Sound Design, you have been asked to answer the questions below, based on an invoice from one of Sound Design's vendors, Target Electronic Wholesalers. Invoice Table TARGET ELECTRONIC WHOLESALERS 1979 N.E. 123 Street Jacksonville, Florida 32204 Sold to: Sound Design 480 McDowell Rd. Phoenix, AZ 85008 Invoice Date: June 28, 20XX Terms of Sale: 3/15, n/30 ROG Stock # Description Unit Price Amount 4811V Stereo Receivers 50 x $292.50 = Blu-Ray Players Home Theater Systems 511CX 25 x $134.28 = 6146M 40 x $654.12 = 1031A LCD TVs 20 x $597.00% = Merchandise Total Insurance + Shipping $1,350.00 Invoice Total (a) Complete the invoice itemization by finding the total amount (in $) for each item, the merchandize total (in $), and the total amount of the invoice (in $). Stock # Description Unit Price Amount 4811V Stereo Receivers 50 x $292.50 $ 14,625 511CX Blu-Ray Players 25 x $134.28 $3,357 Home Theater Systems $ 26,165 6146M 40 x…
Academic Dishonesty Investigations Ltd. operates a plagiarism detection service for universities and colleges. Required: 1. Prepare journal entries for each transaction below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On March 31, ten customers were billed for detection services totalling $40,000. b. On October 31, a customer balance of $2,400 from a prior year was determined to be uncollectible and was written off. c. On December 15, a customer paid an old balance of $1,650, which had been written off in a prior year. d. On December 31, $1,050 of bad debts were estimated and recorded for the year. 2. Complete the following table, indicating the amount. Ignore income taxes. (Enter any decreases with a minus sign.) Net Receivables a.bcd Net Sales Income from Operations
As part of the employment interview for an accounting job at Sound Design, you have been asked to answer the questions below, based on an invoice from one of Sound Design's vendors, Target Electronic Wholesalers. Invoice Table TARGET ELECTRONIC WHOLESALERS 1979 N.E. 123 Street Jacksonville, Florida 32204 Sold to: Sound Design 480 McDowell Rd. Phoenix, AZ 85008 Invoice Date: June 28, 20XX Terms of Sale: 3/15, n/30 ROG Stock # Description Unit Price Amount 4811V Stereo Receivers 50 x $292.50 = 511CX Blu-Ray Players 25 x $134.28 = 6146M Home Theater Systems 40 x $654.12 = 1031A LCD TVs 20 x $597.00 = Merchandise Total Insurance + Shipping $1,350.00 Invoice Total (a) Complete the invoice itemization by finding the total amount (in $) for each item, the merchandize total (in $), and the total amount of the invoice (in $). Stock # Description Unit Price Amount 4811V Stereo Receivers 50 x $292.50 $ 511CX Blu-Ray Players 25 x $134.28 6146M Home Theater Systems 40 x $654.12 $ 1031A LCD TVs 20 x…
CompanyYhas signed a contract of CAD 1,000 with an independent translator on May 25. The invoice from the translator was received on July 15 for a total of CAD 1,000 . The translation service occurred from June 5 until June 25, and the payment was made on August 2. When should we recognize the expense? Select the single best answer: A. on May 25 B. on July 15 C. on August 2 D. on June 25 E. on September 15
Hartman Company, which uses a voucher system, has the following unpaid vouchers on July 1. The firm follows the practice of recording vouchers at the gross amount. The company completed the following transactions during July: July 1Issued voucher no. 4800 in favor of Mortenson Insurance Company for a premium on a 12-month fire insurance policy, 890. 2Paid voucher no. 4789 by issuing Ck. No. 8219, 4,996. 2Issued Ck. No. 8220 in payment of voucher no. 4800, 890. 3Issued voucher no. 4801 in favor of Quinn Quick Freight for transportation charges on merchandise purchases, 223. 5Paid voucher no. 4801 by issuing Ck. No. 8221, 223. 7Issued Ck. No. 8222 in payment of voucher no. 4795, 8,485.29 (8,571 less 1 percent cash discount). 8Issued Ck. No. 8223 in payment of voucher no. 4797, 10,602.90 (10,710 less 1 percent cash discount). 11Established a petty cash fund of 250. Issued voucher no. 4802. 11Paid voucher no. 4802 by issuing Ck. No. 8224, 250. 13Issued voucher no. 4803 in favor of Mohammad Company for merchandise, 14,708; terms 2/10, n/30; FOB shipping point; freight prepaid and added to the invoice, 384 (total, 15,092). 15Received bill for advertising in the Weekly Ads. Issued voucher no. 4804 in the amount of 410. 17Received a credit memo for 764 from Mohammad Company for merchandise returned to it, credit memo no. 540 (pertaining to voucher no. 4803). 20Issued voucher no. 4805 in favor of Vinson County for six months property tax (Prepaid Property Taxes), 2,272. 20Paid voucher no. 4805 by issuing Ck. No. 8225, 2,272. 21Issued Ck. No. 8226 in payment of voucher no. 4803, 14,049.12 (14,708 less 764 return, less cash discount, plus freight). 23Bought merchandise on account from Summers and Company, 6,039; terms 1/10, n/30; FOB destination. Issued voucher no. 4806. 27Received a credit memo for 984 from Summers and Company for damaged merchandise, credit memo no. 437 (pertaining to voucher no. 4806). 31Issued voucher no. 4807 to reimburse petty cash fund. The charges were: July 31Issued Ck. No. 8227 in payment of voucher no. 4807, 225.10. 31Issued voucher no. 4808 for wages payable, 8,448, in favor of the payroll bank account. (Assume that the payroll entry was recorded previously in the general journal.) 31Paid voucher no. 4808 by issuing Ck. No. 8228, payable to Payroll Bank Account. Required 1. Using the voucher issue date, enter the unpaid invoices in the voucher register (page 75) beginning with voucher no. 4789. Then draw double lines across all columns to separate the vouchers of June from those of July. 2. Enter the transactions for July in the voucher register at the gross amount. Also record the appropriate transactions in the check register (page 86) and the general journal (page 41). 3. Total and rule the voucher register and the check register for the transactions recorded during July. 4. Prove the equality of the debits and credits on the voucher register and the check register.
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?
Preparation and Interpretation of Financial Statements P9. Bachino's Pizza's accounts follow. The company has just completed its first year of operations ended September 30, 2014. mervod. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the look and/or Chapter ont does not materially affect the overall leaming experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require t Accounts Payable Accounts Receivable Cash Delivery Truck Rent Expense Equipment Equipment Rental Expense Marketing Expense Owner's Capital Pizza Revenue Salaries Expense Salaries Payable Supplies Supplies Expense Withdrawals *Represents the initial investment by the owner. $ 21,000 26,400 5,200 14,400 12,600 5,800 3,000 4,000* 164,000 112,000 1,400 800 8,200 2,000 35 REQUIRED 1. Prepare Bachino's Pizza's income statement, statement of owner's equity, and bal-…
Can I please ge thelp with this question? Required information Skip to question [The following information applies to the questions displayed below.] Franklin Training Services (FTS) provides instruction on the use of computer software for the employees of its corporate clients. It offers courses in the clients’ offices on the clients’ equipment. The only major expense FTS incurs is instructor salaries; it pays instructors $6,000 per course taught. FTS recently agreed to offer a course of instruction to the employees of Novak Incorporated at a price of $700 per student. Novak estimated that 20 students would attend the course. Base your answers on the preceding information. The instructor has offered to teach the course for a percentage of tuition fees. Specifically, the instructor wants $300 per person attending the class. Assume that the tuition fee remains at $700 per student. Is the cost of instruction a fixed or a variable cost? Determine the profit, assuming that 20…

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