Identify eachRecord the following transaction for April in a two-column journal using this tabentry letter (Enter the letter in the date column):(a)Received $12,000 from Katie Long, owner.Purchased equipment for $25,000, paying $10,000 in cashand giving a note payable for the remainder.(b)(c)Paid $1,800 for rent for AprilPurchased $9,800 of supplies on account.Recorded $2,250 of fees earned on account(d)(e)(f)Received $9,000 in cash for fees earned(g)Paid $300 to creditors on account(h)Paid wages of $1,650(i)Received $1,190 from customers on account.(j)Recorded owner's withdrawal of $2,350 JournalPage1PostDateDescriptionRef.DebitCredit

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Answered: Identify each Record the following…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 33P

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Provide the general journal entries of the following transactions of The Pet Whiskers Company. Received a $10,000, 8%, 3-month note, dated July 1, from Peter in payment of his open account. July 1 Oct. 1 Received notification from Peter that he was unable to honor his note at this time. It is expected that Frank will pay at a later date. Received full payment from Peter for his noTe receivable previously dishonored. Nov. 15
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.
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
The following transactions took place for Parker’s Grocery. a. Jan. 1 Loaned $52,000 to a cashier of the company and received back a one-year, 9 percent note. b. June 30 Accrued interest on the note. c. Dec. 31 Received interest on the note. (No interest has been recorded since June 30.) d. Dec. 31 Received principal on the note. Required: Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Prepare journal entries for each of the transactions. 1.Record the purchase of inventory of $24,000 on account. 2. Record the payment for inventory in full. 3. Record the borrowing of $80,000. 4.Record the purchase of inventory of $8,000 on account. 5. Record the payment for inventory in full. 6. Record the collection of eight months' rent in advance amounting to $8,000.
The following transactions took place for Parker’s Grocery. a. Jan. 1 Loaned $50,000 to a cashier of the company and received back a one-year, 8 percent note. b. June 30 Accrued interest on the note. c. Dec. 31 Received interest on the note. (No interest has been recorded since June 30.) d. Dec. 31 Received principal on the note. Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1) Record the receipt of a note on January 1 for a $50,000 loan to an employee. 2) Record the interest accrued on the note as of June 30. 3) Record the receipt of the interest on the note's maturity date. No interest has been recorded since June 30. 4) Record the receipt of the payment for the full principal.
Consider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CR
The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co.…
Prepare the journal entries for the following transactions: May 1 Sold $150,000 of goods to Georgia Co. on account. May 30 Collected $30,000 from Georgia Co. June 1 Accepted a $120,000, one-year, 10% note from Georgia Co. for the amount remaining on the account. July 30 After 60 days, discounted the note from Georgia Co. at First National Bank at a 12% interest rate. Required: Prepare the journal entries for the transactions listed. Assume a 360 day year.
Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460
The following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022: 01/02/22: Owner deposited N$10,000 as capital contribution. 02/02/22: Bought a coffee machine paid by EFT – N$2,500. 04/02/22: Cash purchases paid by cheque – N$1,500. 10/02/22: Credit sales to Mrs. Hamutenya N$1,500. 15/02/22: Rendered catering services at EN Dorado for N$2,000. Received payment via EFT. 25/02/22: Purchased sugar and tea from Sweeteners cc on Credit N$500. How much is the balance transferred to the profit and loss from the Purchases Ledger account? a. N$2,000 b. N$6,500 c. N$4,500 d. N$1,500
Following are transactions for Veilstone Jewelers. November 1 Accepted a $15,000, 180-day, 5% note from Vitalo in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 Vitalo honored her note when presented for payment. Calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. General Journal Use those calculated values to prepare your journal entries. View transaction list Journal entry worksheet 1 2 3 4 Accepted a $15,000, 180-day, 5% note from Vitalo in granting a time extension on her past-due account receivable.

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