Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Owner's Transaction Amount Asset Liability Equity Amount owed for land purchase $52,000 $52,000 $52,000 $0 Apple sales: cash 3,300 3,300 3,300 Apple sales: credit 6,200 6,200 6,200 Collections of credit sales 4,200 Cash purchase of equipment 14,000 Owner investments 28,000 28,000 28,000 Wages expenses paid 6,200 -6,200 -6,200 Fuel expenses paid 700 -700 -700 Amount owed for utility expense 1,500 1,500 -1,500 Current Totals 82,600 53,500 29,100

Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Owner's Transaction Amount Asset Liability Equity Amount owed for land purchase $52,000 $52,000 $52,000 $0 Apple sales: cash 3,300 3,300 3,300 Apple sales: credit 6,200 6,200 6,200 Collections of credit sales 4,200 Cash purchase of equipment 14,000 Owner investments 28,000 28,000 28,000 Wages expenses paid 6,200 -6,200 -6,200 Fuel expenses paid 700 -700 -700 Amount owed for utility expense 1,500 1,500 -1,500 Current Totals 82,600 53,500 29,100

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 1PA: Sage Learning Centers was established on July 20 to provide educational services. The services...

See similar textbooks

Similar questions

You can also right-click either navigation arrow to open a dialog box that lists all of the worksheets in the workbook. 7 Directions: 8 On the Accounts Receivable Ledger worksheet use the blank form to open an account for a new customer, Andrews Career Center, their customer number is 110. The opening account balance for Andrews Career Center is 1,300.00. Use February 1 for the opening balance date. Post the transactions from each journal provided, Sales, Cash Receipts and General, into the appropriate customer accounts in the Accounts Receivable Subsidiary ledger. Each journal has a separate worksheet. 9 10 HINTS: the Accounts Receivable Subsidiary Ledger deals with customers only so only post the amounts that affect a customer. How can you tell if a transaction affects a customer? 11 See if the journal transaction identifies a customer by name. If it does you need to determine if the amount is a debit or credit. How can you tell? Look at column heading, it will
Sage Learning Centers was established on July 20, 2016, 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?
A CengageNOWv2 | Online teaching and learning resource from Cengage. eBook Revenue Recognition Principle Heartstrings Gift Shoppe sells an assortment of gifts for any occaslon. During October, Heartstrings started a Gift-of-the-Month program. Under the terms of this program, beginning in the month of the sale, Heartstrings would select and deliver a random gift each month, over the next 12 months, to the person the customer selects as a recipient. During October, Heartstrings sold 20 of these packages for a total of $10,956 in cash. Required: For the month of October, calculate the amount of revenue that Heartstrings will recognize. 10,956 X Feedback Check My Work Apply the revenue recognition principle, which states that revenue is recognized when earned and the collection of cash is reasonably assured. Previous Next Check My Work Suhmit Assignment for Grading Couo and Exit
How can you record the mileage expense for a company at year-end in QuickBooks Online? 1. Import the CSV format list of trips into QuickBooks 2. Create a journal entry 3. Select Mileage in the left navigation bar 4. Create a delayed charge
Digital Learning * CengageNOwv2 | Online teachir * Cengage Learning + Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false A eBook Show Me How Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $555,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,500,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable 24 Allowance for Doubtful Accounts Bad Debt Expense %24 c. Determine the net realizable value of accounts receivable. Feedback Check My Work a. Remember that since accounts receivable are created by credit sales, uncollectible accounts çan be estimated as a percent of credit sales. If the portion of credit sales to sales id relatively constant, the…
O Mail - Edjouline X E Content - ACG2 X * CengageNOW. X O (58) YouTube * from Towards a X m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < ☆ STIOW Me TOW Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $410,000; Allowance for Doubtful Accounts has a credit balance of $3,500; and sales for the year total $1,850,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Check My Work Previous Next V O 11:51
This problem will utilize the OverPriced Jeans company (OPJ) from Problem 2-1. Use the Excelworkbook Chapter 03 b - Problem 3-1 Forms to complete this problem.Notice that the beginning balances have been put into the General Ledger accounts. Thesebeginning account balances were the January ending account balances from Problem 2-1.Requirement 1For each of the following transactions make the required entries in the General Journal:(See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ’saccounting system.)Feb 01 Take $4,000 cash out of Big Bank to pay for February’s warehouse rent.Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold$16,000 – customer paid cash which was deposited in Big Bank.Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned.Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold$22,000 – customer will pay in the future.Feb…
Instructions 1. Download the Chart workbook from Google Classroom. 2. Insert a Line chart into our practice Word document. 3. Open our Chart workbook in Excel. Copy the data and paste it into the chart's spreadsheet.4. Change the chart title to Monthly Sales. 5. Change the chart type to Stacked Column.6. Double-click the axis title, then rename it Sale Profits.
ageNOwv2 | Online teaching and learning reso... O https://www.toolingu.com/Ims/contentplayer/?corpo.. Enter your password for "hjmolin" in Interne Accounts. eBook Accounts and Notes Payable On April 15, Champion Industries buys $1,340,000 of inventory orf credit. On May 31, Champion approaches its supplier because it cannot pay the $1,340,000. The supplier agrees to roll the amount įnto a ñote due on November 30 with 12% interest. Required: Prepare the necessary journal entries from April 15 through payment on November 30. If an amount box does not require an entry, leave it blank. April 15 Inventory Accounts Payable (Record purchase of inventory on credit) May 31 Accounts Payable Notes Payable (Record issuance of note to coyer unpaid account payable) Nov. 30 Notes Payable Interest Expense Cash (Record payment of note and interest) Feedback Previous Next Check My Work
含 m Ne document/d/11qn3JrhFphZqFZrCf7vTe1m5k6CzPzQTI7VGITIH7Lg/edit Checking Register Practice D ☺ Tools Add-ons Help Last edit was 4 hours ago al text Arial BIUA c田回,三三三三三 11 + 1 5. Enter the following transactions for the Month of September. You have a beginning balance of $1500.00 $456.23 September 2 September 4 September 7 September 11 Deposit Check #123 Rick's Running Shop -- Shoes Check #124 Jacob' Jamboree -- New Outfit Check # 125 JCP Department Store - Furniture $94.67 $45.23 $398.99 ATM Withdrawal (($2.00 Service Fee) Check # 126 High Point Clothing Store – Pet Clothes $50.00 $124.76 $498.75 September 13 September 14 September 16 September 21 September 25 September 27 Deposit Check # 127 Abigail's Archery Shop -- Arrows $185.99 Check # 128 Denise's Dance Studio -- Dance Lessons $203.77 Check #129 Michael's Pet Store -- Dog Food $49.99 September 30 Deposit 501.33 Payment / Debit Number or Deposit / Code Date Transaction Description Fee Credit Balance Beginning Balance 237.47…
1. Prepare an aging of accounts receivable and compute uncollectible accounts expense. 国日 Aging of accounts receivable method - Excel FORMULAS Sign In FILE HOME INSERT PAGE LAYOUT DATA REVIEW VIEW Calibri -11 A A Alignment Number Conditional Format as Formatting Table Styles Paste в I U Cell Cells Editing Clipboard G Font Styles A1 fe Xercise Cycles Company sells exercise equipment to gyms on account. At year A B D E Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected. 3 Required: 4 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx). 6. Number of 7 Customer Amount Invoice Date Today's Date Days Unpaid 8 Fitness Mania 9 Health for Life 10 Holistic Health Options 11 Image Reimaging 12 Today's Gym World 13 Whole Life Fitness Center 14 Workouts Unlimited 15 Total 2,500 6/17/2016 12/31/2016 2,000 12/21/2016 12/31/2016 12,750 10/12/2016| 12/31/2016 7,000 12/5/2016 12/31/2016 4,600…
eNOWy2 | Online teachin x * Cengage Learning G 8000x2% - Google Search + eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false w. The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30. 1 3 Purchased merchandise from Saxon Co., $12,000, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $75 was added to the invoice. 5. Purchased merchandise from Schnee Co., $8.000, terms FOB destination, 2/10, n/30. 6. Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned from purchase on July 5. 13 Paid Saxon Co. for invoice of July 3. 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co., $18.900, terms FOB shipping point, n/eom. 19 Paid freight of $140 on July 19…