Mary Smith opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $ 5,000, Accounts Receivable $ 1,500, Supplies $ 400, Equipment $ 5,500, Accounts Payable $ 3,500, and Owner's Capital $ 8,900. During August, the following transactior occurred. 1. Collected $ 1,200 of accounts receivable. 2. Paid $ 2,400 cash on accounts payable. 3. Recognized revenue of $ 6,800 of which $ 1,500 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $ 1,500, paying $ 300 in cash and the balance on account. Paid salaries $ 1,700, rent for August $ 1,000, and advertising expenses $ 250. 6. Withdrew $ 700 in cash for personal use. 7. Received $ 1,000 from Standard Federal Bank-money borrowed on a note payable. Incurred utility ovnoncos for mont+h on accOunt $ 170 5.
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- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.
- Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.
- On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $30,000 from personal funds. b. Purchased office supplies on account, $3,010. c. Paid creditor on account, $1,900. d. Earned sales commissions, receiving cash, $30,690.Domingo Company started its business on January 1, 2019. The following transactions occurredduring the month of May. Prepare the journal entries in the journal on Page 1.A. The owners invested $10,000 from their personal account to the business account.B. Paid rent $500 with check #101.C. Initiated a petty cash fund $500 with check #102.D. Received $1,000 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30days.G. Received $800 cash for services rendered.H. Paid wages $600, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77,miscellaneous expense $55. Cash on hand $11. Check #106.J. Increased petty cash by $30, check #107.Domingo Company started its business on May 1, 2019. The following transactions occurred during the month of May and the following entries were recorded. A. The owners invested $9,500 from their personal account to the business account.B. Paid rent $600 with check #101.C. Initiated a petty cash fund $600 with check #102.D. Received $1,100 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,300, paid $1,350 with check #104, and will pay the remainder in 30 days.G. Received $800 cash for services rendered.H. Paid wages $800, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $115. Check #106.J. Increased petty cash by $30, check #107. A. Cash 9,500 Domingo, Capital 9,500 B. Rent Expense 600 Cash 600 C. Petty Cash 600 Cash 600 D. Cash 1,100 Services Income 1,100 E. Office…
- Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $9,000 from their personal account to the business account. B. Paid rent$650 with check #101. C. Initiated a petty cash fund $650 with check #102. D. Received $850 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $9,500, paid $1,600 with check #104, and will pay the remainder in 30 days. G. Received s1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement: office supplies $250, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $137. Check #106. J. Increased Petty Cash by $100, check #107. Inner Resources Company received the following bank statement. Bank Statement Beginning balance Deposits Checks A. $9,000 101 $650 G. 1,200 102 650 103 180 106 513 Bank service charges 150 Total $10,200 $2,143 Ending balance $8,057…On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $29,000. 2 Paid rent on office and equipment for the month, $2,250. 3 Purchased supplies on account, $2,300. 4 Paid creditor on account, $825. 5 Earned fees, receiving cash, $15,660. 6 Paid automobile expenses (including rental charge) for month, $1,620, and miscellaneous expenses, $830. 7 Paid office salaries, $2,200. 8 Determined that the cost of supplies used was $1,350. 9 Withdrew cash for personal use, $2,800. Required: 1. Journalize entries for transactions Jan. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts…Domingo Company started its business on May 1, 2019. The following transactions occurred during the month of May and the following entries were recorded. A. The owners invested $5,000 from their personal account to the business account.B. Paid rent $700 with check #101.C. Initiated a petty cash fund $500 with check #102.D. Received $1,300 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,000, paid $1,350 with check #104, and will pay the remainder in 30 days.G. Received $800 cash for services rendered.H. Paid wages $700, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $71, miscellaneous expense $55. Cash on hand $18. Check #106.J. Increased petty cash by $30, check #107. A. Cash 5,000 Domingo, Capital 5,000 B. Rent Expense 700 Cash 700 C. Petty Cash 500 Cash 500 D. Cash 1,300 Services Income 1,300 E. Office…