Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents informaccounting processes. She also needs some help reconciling NGS’s bank account.Required:1. For each source document shown below, prepare the appropriate journal entry or indicate thatno journal entry is required.a. Purchase order dated October 13 for massage chairs costing $765 and oil suppliescosting $240.
Q: Task 1: Ms. Shafiya is accounting manager of Salalah Cement factory, having Ms. Shafiya wishes to…
A: Bad debt is account receivable for an organisation that has become uncollectible from the customer…
Q: I have to create t-accounts and set up the balance sheet and the financial statements with the…
A: The preparation of T-accounts along with the trial and the financial statements is shown below:
Q: Wendy opened a hair care products shop in Georgetown in September 2020. During the first month of…
A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…
Q: In April 2019, Sarah Jones created a new business, IthacaDeep, Inc., offering therapeutic deep…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Record Transactions Lidia is looking to open another brick-and-mortar shop, but is not sure if she…
A: The transactions affect two or more accounts of the business where if one account is debited then…
Q: Outdoor Leadership School is a newly organized business that teaches people how to inspire and…
A: Classification of accounts as shown below: Assets are assigned number 1Liabilities are assigned…
Q: As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts…
A: A bookkeeper is a person responsible for recording the financial transactions of small and medium…
Q: Sue is a customer account representative for ABC Company. She recently acquired several new accounts…
A: Fictitious Revenues refer to sales of products or services that never happened. False invoicing can…
Q: As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts…
A: Accounts Payable is an obligation of the company to the supplier or contractors who sell their goods…
Q: With the goal of attracting as many customers as possible in the CAR region, LISA Appliance Co.…
A: Premium expenses meaning in the context of sales promotion are those expenses which are given free…
Q: Rustic Furniture Co. is owned and operated by Cam Pfeifer. The following is an excerpt from a…
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: Mr. Tee ordered two computers which he is going to receive after 1 month. He is going to pay for the…
A: Accounting principles are the general rules and guidelines that organizations are required to follow…
Q: Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions…
A: 1.) Attached above are the t-accounts prepared by recording transactions with letters. The closing…
Q: Argem loved everything that involves computers so she decided to open a small Internet caf upon the…
A: A cash flow statement is a financial statement that illustrates how much money and cash equivalents…
Q: If you ran the report Transaction List by Vendor, for all dates, what dollar amount will appear…
A: 250 dollar amount will appear under the vendor Today’s CPA
Q: Why do you think the A/P clerk needs the New Expenses account? Who needs to know this information…
A: Accounts payable clerk is the individual personnel, appointed in the business entity who is…
Q: Maria has commenced a mobile dog washing business, Canine Capers. She has provided you with the…
A: It is said that Maria has started a mobile dog washing business under the name Canine Capers. The…
Q: Sadie Hawkins owns The Education Supply Center, a small store that sells educational supplies.…
A: Balance sheet is the financial statement which is prepared to know the financial position of an…
Q: PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS PLEASE, PERFORM THE EXERCISE IN EXCEL…
A:
Q: For each of the following items, indicatewhether that item would be considered to be a transaction…
A: Transaction: The economic events which bring about any changes in the financial items of a business…
Q: With the goal of attracting as many customers as possible in the CAR region, LISA Appliance Co.…
A: The warranty expense is the cost incurred by an entity on the free repair and replacement of the…
Q: Prepare journal entries to record the transactions. Use page 1 for the journal. Set up the following…
A: 1) Journal Entry : Date Account Title Debit Credit May 1 Cash 78,000 Office Equipment…
Q: Using the following situations, prepare recording transactions and its general journal. BUSINESS…
A: Recording the business transactions in the journal is called Journalizing. the entry made in the…
Q: any el Ahuehuete, S.A., shows you the data of the credit applicants. Without knowing the rules and…
A: Giving credits to clients require analysis of income and expenses and depending on that credit may…
Q: Elizabeth Wong has strong problem solving skills and loves to work with people. After becoming a…
A: Transactions are recorded in the journal entries. Then they posted to the ledgers according to the…
Q: Please help me do a general journal for this scenario: Master Flow hired Ring Social Media Company…
A: In case liability arises but it will be paid in future then it is recorded as current liability in…
Q: Before you begin this assignment, review the Tying It All Together feature in the chapter. Part of…
A: 1. The transaction for service of computer support is recorded by debiting cash and crediting…
Q: I need to know what Account the following transactions go on and if they are DR or CR. Please write…
A: The Transaction effects has already been discussed earlier.Therefore, the net effects has been shown…
Q: Argem loved everything that involves computers so she decided to open a small Internet cafe upon the…
A: Trial balance accounts are the final balances of all the temporary and permananent accounts.
Q: On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is…
A: An accounting equation is a mathematical equation which express that the assets of an entity are…
Q: Sue is a customer account representative for ABC Company. She recently acquired several new accounts…
A: Sue should contact all parties who will underwrite the public offering if the company is planning an…
Q: The following are business transactions of Disperas Computer Shop for the month of January 2022. As…
A: The next steps shows the journal, ledger and trial balance of Disperas Computer Shop for January…
Q: Give an example for each of the following types of transactions for the accounting equation: i.…
A: Case i. Increase in one asset, decrease in another asset: The purchase of inventory through cash…
Q: ask A motivated entrepreneur, Mrs. Amanda opened her beauty salon at the beginning of March 2020…
A: S. No Financial Transaction Name of the company-Amanda Entrprises Business selected is online…
Q: You are required to prepare a written report for the following tasks: Transactions for the month of…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Task Ms. Amanda being a motivated entrepreneur, opened her beauty salon at the beginning of March…
A: I would advise Amanda to implement Tally Software by Tally ERP 9. (Explained step-wise in the next…
Q: Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions…
A: T-account refers to a set of financial records that uses the method of double-entry bookkeeping. It…
Q: a) Prepare the necessary adjusting journal entries on Dec 31, 2020. [Narrations are not required]…
A:
Q: A manager at Thocc, a business retailing and servicing custom keyboards, needs help with…
A: The question is related to explaining brief narration describing the economic event that corresponds…
Q: Directions: Analyze the problem carefully and answer the questions that follow. Write your answers…
A: The question is related to Basic concepts of Accounting and Accounting terminology. Drawings are the…
Q: On 9/1, Bugsy Pest Control receives $12,000 in advance to provide provide pest control services to a…
A: Receipt of advance increases unearned revenue and increases cash on 9/1.
Q: Sue is a customer account representative for ABC Company. She recently acquired several new accounts…
A: A scenario is a hypothetical set of events. This is an example of thinking about all the possible…
Q: Rustic Furniture Co. is owned and operated by Cam Pfeifer. The following is an excerpt from a…
A: Purchase discount is the amount received as concession by the seller to the buyer for making early…
Q: You are a recently qualified accountant and have accepted a job as financial controller for a well-…
A: A whistleblower seems to be an individual who, while working for a firm or a government agency,…
Q: Please prepare journal entries for the following statements. You will also need to prepare the…
A: Journal Entries: Adjusting Journal Entries:
Q: Analyze the following transactions using ONE T-Account. The following are the transactions of A.…
A: Cash and cash equivalents are those term assets which are either in cash or can be converted into…
Q: Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory,…
A: Accounting equation is referred to the first step of an accounting cycle. It represents that the…
Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents inform
accounting processes. She also needs some help reconciling NGS’s bank account.
Required:
1. For each source document shown below, prepare the appropriate
no journal entry is required.
a. Purchase order dated October 13 for massage chairs costing $765 and oil supplies
costing $240.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- You are assigned as the financial advisor of the would-be entrepreneur James Udderlie. Write a 100-wordreport of the possibilities of James getting a loan for hisnew business.Type your report below (you may attach tables /appendices / calculations as you see fit). Be mindful ofthe word limit. Do not send PDF document formatreport. You may like to consider some template toframe your answer e.g., 5 "C" (condition / collateral /capacity / character/ capital; 4 Ps (Price / Product /Promotion / Place); or SWOT (Strength / Weakness /Opportunity / Threat).! Required information [The following information applies to the questions displayed below.] Start your QuickBooks Online company. Complete all the hands-on work, step-by-step activities presented on pages 53- 94, and Exercises 2-1, 2-2 and 2-3 on pages 94-96. To answer the questions below, use the information in QuickBooks from your Chapter 2 work. Required: 1. On the Chart of Accounts, why are the account type and detail type selections important? 2. To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for account type, detail type, account number, and corresponding financial statement for each account. Complete this question by entering your answers in the tabs below. Required A Required B To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for account number, and corresponding financial statement for each account. Account Accounts Payable…For the transaction below, determine which QuickBooks Online task is the most appropriate to record it. Select a task from the drop down list. Apr. 4: Purchase office supplies from The Office Store, for cash, $900. Review the source documents before answering. The most appropriate QuickBooks task is
- Required information [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents inform accounting processes. She also needs some help reconciling NGS's bank account. Required: 1. For each source information shown below, prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Purchase order dated October 13 for massage chairs costing $840 and oil supplies costing $315. b. Remittance advice from customer for $108, received October 17. c. Receiving report indicating October 22 receipt of October 13 order. Also received supplier invoice totaling $1,155. d. NGS check for payment in full of October 13 order.Westover Travel offers travel packages using both air and ocean travel. Westover offers two packages, Tourist and Premier, that differ in the accommodations, class of travel, and so on. Westover has a call center, which handles customer queries and complaints. The call center tracks the number of calls and the number of call-minutes for customers by the package they have purchased. Expected call center data for next month follow. Call center volume: Number of calls Number of call minutes Call center costs: Call-related Call minute-related Total call center costs Tourist 29,000 126,000 Required: Total $ 222,950 106,920 $ 329,870 The call center at Westover uses a two-stage cost allocation system: It uses the number of calls to allocate call-related costs and the number of call minutes to allocate call minute-related costs. Premier 16,500 198,000 a. Call related-overhead rate b. Call minute-related overhead rate c. Call center costs allocated to Tourist d. Call center costs allocated to…Review the following transactions and prepare any necessary journal entries for Olinda Pet Supplies. A. On March 2, Olinda Pet Supplies receives advance cash payment from a customer for forty dog food dishes (from their Dish inventory), costing $25 each. Olinda had yet to supply the dog food bowls as of March 2. B. On April 4, Olinda provides all of the dog food bowls to the customer.
- The company el Ahuehuete, S.A., shows you the data of the credit applicants. Without knowing the rules and credit policies of this company. Each case will provide conditions for you to establish minimum criteria for granting credit. Once you have reached an agreement as a team, review who would be subject to credit according to these new policies that have been established. Dinora Velázquez. Homemaker. She manages the household and budgeted monthly household expenses amount to $16,000.00. Her husband is the breadwinner; he is a maquila worker and earns $30,000.00. They have 2 elementary school age children. She has a mortgage on the house they live in, which takes 20% of her family's income. Subject to credit? Would it be good for the company to lend you credit?In this activity you are going to apply the learning that you get from the essential knowledge. Prepare the correct journal entries of the following transactions. CASE 1 Gordon Pharmacy a business engaged in buying and selling of medicines and other related products has the following transactions for the month of March 2020. The entity buys merchandise on credit with a terms of 3/10, n/45 and sell merchandise on credit terms of 1/5, n/30. But there are also cases where the entity buy and sell merchandise in cash. The company uses the periodic system of recording inventory. March 4- Purchased medicines and other related products to Amy Pharmaceutical Company on credit for P120,000. FOB Shipping point. Paid Allied Services for the freight amounting to P2,500. March 5- Sold merchandise (MDSE) to various customers for cash P 36,000. March 6- Returned defective MDSE to Amy amounting to P10,000. Received returned from customer on March 5 for wrong specification and refunded the amount paid…Create a flowchart for the following telephone-ordering process at a retail chain that specializes in selling books and music CDs. It provides an ordering system via the telephone to its time-sensitive customersbesides its regular store sales. First, the automated system greets customers and identifies whether they have a tone or pulse phone. Customers choose 1 if they have a tone phone; otherwise, they wait for the first available service representative to process their request. If customers have a tone phone, they complete their request by choosing options on the phone. First, the system checks to see whether customers have an existing account.Customers choose 1 if they have an existing account or choose 2 if they want to open a new account. Customers wait for the service representative to open a new account if they choose 2. Next, customers choose between the options of making an order, canceling an order, or talking to a customer representative for questions and/or complaints. If…
- Create a flowchart for the following telephone-ordering process at a retail chain that specializes in selling books and music CDs. It provides an ordering system via the telephone to its time-sensitive customers besides its regular store sales. The automated system greets customers, asks them to choose a tone or pulse phone, and routes them accordingly. The system checks to see whether customers have an existing account. They can wait for the service representative to open a new account. Customers choose between order options and are routed accordingly. Customers can cancel the order. Finally, the system asks whether the customer has additional requests; if not, the process terminates.A college bookstore maintains all of its records on index cards. This has proven to be a very tedious chore, and the manager has asked you to design a database that will simplify this task. The index cards are preprinted and contain the following labels:Title:Author(s):Edition:Publisher:Publisher Address:Publisher Phone #:Cost of Text:Selling Price:Number on Hand:Professor:Class:Semester:Year:Professor Phone #:Using your understanding of the business rules that exist in most colleges and for most college bookstores, prepare the base tables (in third normal form) that will be required to translate the index card information into a working database for the bookstore.Before you begin this assignment, review the Tying It All Together feature in the chapter. Part of Fry’s Electronics, Inc.'s experience involves providing technical support to its customers. This includes in-home installations of electronics and also computer support at their retail store locations. Requirements Suppose Fry’s Electronics, Inc. provides $10,500 of computer support at the Dallas-Fort Worth store during the month of November. How would Fry's Electronics record this transaction? Assume all customers paid in cash. What financial statement(s) would this transaction affect? Assume Fry’s Electronics, Inc.’s Modesto, California, location received $24,000 for an annual contract to provide computer support to the local city government. How would Fry’s Electronics record this transaction? What financial statement(s) would this transaction affect? What is the difference in how revenue is recorded in requirements 1 and 2? Clearly state when revenue is recorded in each requirement.