FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- July 1 July 1 July 3 July 5 July 12 July 18 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Maintenance and Repairs Expense Supplies Expense Depreciation Expense 14,400 5520 1080 2160 9600 350 2400 6480 744C 1440Carrow_forwardPrepare the following journal entry; all transactions listed occurred in January: The company purchased a delivery van for deliveries. The purchase price was $21,500. A down payment of $5,000 cash was paid by check, and the company signed a promissory note for the remaining amount owed.arrow_forwardSusie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following transactions were completed. Apr 1. Invested $14,000 cash in the business 1. Purchased a used truck for $26,400, paying $6,400 cash and signing a note payable for the balance 1. Collected $3,000 from XYZ for their cleaning needs for Apr, May and June. 3. Purchased cleaning supplies on account for $850 5. Paid $1,800 on a one-year insurance policy, effective Apr 1 12. Billed customers $3,800 for cleaning services 18. Paid $400 of amount owed on cleaning supplies 20. Paid $1,600 for employee's salaries 21. Collected $1,400 from customers billed on Apr 12 25. Billed customers for $3,000 for cleaning services 30. Paid gas and oil for the month on the truck $350 30 Withdrew $1,600 to pay personal property taxes Additional Information: Annual payments of $3,000 are required on the note. Prepare in good form an Income Statement, Statement of Owner’s Equity and a Classified Balance Sheet Journalize…arrow_forward
- Mr. Juan Lopez opened a mini grocery store with business ame lopez Freta Mart. Operations began on Apr 1, 20xX, and the following transactions were completed during the month: 1. The business was registered as single proprietorship with the Department of Trade and Industry, Juan Lope invested P39,000. 2 Bought computer equipment for P10,000 cash. 2 Bought merchandise on account from LOWTOWN Supply Co. P15,900, Term, 2/10, n/30. 3. Bought office supplies on cash basis for P700 4. Sold merchandize on account P15,200 FOB Destination, terms 2/10, n/30. 5. Paid P200 freight on April 4 sale. 6. Received credit memo LOWTOWN Supply Co. for merchandise return P300. 11 Paid LOWTOWN. 13.Collected from April 4 customers. 14 Bought merchandise on cash basis for P14,400. 15Salaries paid P1,500. 16.Borrowed money from RCBC Bank, signed a promissory note for p12,000. 17. Received refund from a supplier on cash purchase of April 14, P500 18. Bought merchandize from MESDA, P14,200 FOB Shipping,…arrow_forwardABC is a Cleaning Service Company on July 1, 20XX. During July the company completed the following transactions.? July 1, Invested $14,000 cash in the business. 1, July: Purchased a used truck for $10,000, paying $3,000 cash and the balance on account. 3, July: Purchased cleaning supplies for $800 on account. 5, July: Paid $1,800 on a one-year insurance policy, effective July 1. 12, July: Billed customers $3,800 for cleaning services. 18, July: Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies. 20, July: Paid $1,600 for employee salaries. 21, July: Collected $1,400 from customers billed on July 12. 25, July: Billed customers $1,500 for cleaning services. 31, July: Paid gas and oil for the month on the truck, $400. 31, July: Withdrew $600 cash for personal use. Required: (a) Journalize and post the July transactions. (b) Prepare a trial balance at July 31. (c) Prepare entries for the following adjustments: (1) Earned but unbilled fees at July 31 were…arrow_forwardTransactions for the Oleg Thorn Company for the month of June are presented below. June 1 Oleg Thorn invests $4,700 cash in a small welding business of which he is the sole proprietor. 2 Purchases equipment on account for $3,70o. 3 $720 cash is paid to landlord for June rent. 12 Sends a bill to K. Johnsen for $380 after completing welding work done on account. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit > > > >arrow_forward
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