Please answer competely and properly 1. Jojo's Jump Rope Company had the following transactions occur during the month of August. Analyzethe transactions and prepare the appropriate journal entries. (You may want to use T-accounts tohelp you think through debits and credits, but the final solution is a set of properly formatted journalentries.DateDescriptionJojo sold $320 in rope handle refinishing services, but has not performed the service.Jojo purchased a building in town for $27,500, using a mortgage note for financing.Jojo performed the refinishing services for the client from August 1.Jojo purchased a $600 insurance policy that will be effective September 1.Jojo went to a local store and bought $460 worth of office supplies on account.Jojo paid $1,800 for a billboard advertisement (he paid in cash).Jojo took on a new client and performed $900 in jump rope repair services.Jojo paid wages of $9,000 to his employees.8/18/48/78/108/128/148/228/27

The journal entries record daily transactions of the business and further preparing ledger accounts,…

Answered: Jojo's Jump Rope Company had the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Swift Company is a merchandising business organized in 2020. It is located in J. Hernandez Avenue, Naga City, with telephone number 1989-1213, and website tswiftmerchandising.com You were asked by the owner, Ms. T. Swift, to create a simple computerized accounting system for her business which they will use for records keeping, preparation of financial statements, and as substantiation for regulatory requirements. The December 31, 2021 post-closing trial balance for the Swift Company follows: Swift Company Post-Closing Trial Balance December 31, 2021 110 Cash ₱ 240,000 120 Accounts Receivable 210,000 130 Merchandise Inventory 730,000 140 Prepaid Rent 90,000 150 Office Supplies 160,000 160 Office Equipment 1,000,000 165 Accumulated Depreciation ₱…
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