Required: 1. Post each entry to the appropriate ledger accounts.
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- Blue Corp rents out fishing tools. The company requires a returnable deposit with each rental service. During May, the company collected $9,000 customer deposits. The amount of deposit forfeiture 10% of the total deposits. Which one of the following journal entries is correct to record deposit forfeiture? Debit Returnable deposit $900; Credit Cash $900 O Debit Returnable deposit $900; Credit Sales revenue $900 Debit Cash $450; Credit Returnable deposit $450 Debit Cash $900; Credit Returnable deposit $900The following transactions occurred during 2016 for the Beehive Honey Corporation: Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31, 2017. Apr. 1 Paid $3,600 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $2,800 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2016, supplies costing $1,250 remained on hand. Nov. 1 A customer borrowed $6,000 and signed a note requiring the customer to pay principal and 8% interest on April 30, 2017. Required: 1. Record each transaction in general journal form. Omit explanations. 2. Prepare any necessary adjusting entries at the year-end on December 31, 2016. No adjusting entries were recorded during the year for any item.The accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?
- Miller Delivery Service completed the following transactions during December 2016: Dec. 1 Miller Delivery Service began operations by receiving $10,000 cash and a truck with a fair value of $20,000 from Robert Miller. The business issued Miller shares of common stock in exchange for this contribution. 1 Paid $1,000 cash for a four-month insurance policy. The policy begins December 1. 4 Paid $500 cash for office supplies. 12 Performed delivery services for a customer and received $2,000 cash. 15 Completed a large delivery job, billed the customer, $2,500, and received a promise to collect the $2,500 within one week. 18 Paid employee salary, $1,000. 20 Received $15,000 cash for performing delivery services. 22 Collected $800 in advance for delivery service to be performed later. 25 Collected $2,500 cash from customer on account. 27 Purchased fuel for the truck, paying $300 on account. (Credit Accounts Payable) 28 Performed delivery services on account, $700. 29 Paid office rent, $1,600,…Miller Delivery Service completed the following transactions during December 2016: Dec. 1 Miller Delivery Service began operations by receiving $10,000 cash and a truck with a fair value of $20,000 from Robert Miller. The business issued Miller shares of common stock in exchange for this contribution. 1 Paid $1,000 cash for a four-month insurance policy. The policy begins December 1. 4 Paid $500 cash for office supplies. 12 Performed delivery services for a customer and received $2,000 cash. 15 Completed a large delivery job, billed the customer, $2,500, and received a promise to collect the $2,500 within one week. 18 Paid employee salary, $1,000. 20 Received $15,000 cash for performing delivery services. 22 Collected $800 in advance for delivery service to be performed later. 25 Collected $2,500 cash from customer on account. 27 Purchased fuel for the truck, paying $300 on account. (Credit Accounts Payable) 28 Performed delivery services on account, $700. 29 Paid office rent, $1,600,…Groovy Swing is a retail store specializing in golf equipment and apparel. On February 1, 2016, the company borrowed $50,000 cash from the bank with a six-month, 6% note payable. The note is used to finance the acquisition of inventory for the spring selling season. Prepare the journal entry to record the payment of the note at maturity.
- December 2011, Jillian Powell organized a corporation to provide package delivery services. The company, called Tone Deliveries, Inc., began operations immediately. Transactions during the month of March were as follows: Dec. 2 The Corporation issued 400,000 shares of capital stock to Jillian Powell in exchange for 800,000 cash. Dec. 4 purchased a truck for 450,000. Made a 150,000 cash down payment and issued a note payable for the remaining balance. Dec. 5 Paid Sloan Properties 25,000 to rent office space for the month. Dec. 9 Billed customers 11,300 for services for the first half of March. Dec. 15 paid 7,100 in salaries earned by employees during the first half of March. Dec. 19 Paid Bill’s Auto 9000 for maintenance and repair services on the company truck. Dec. 20 Collected 38000 of the amounts billed to customers on March 9. Dec. 28 Billed customers 14,400 for services performed during the second half of the month. Dec. 30 Paid…Javier Jimenez operates a delivery service. During the month of April, the firm had the following transactions. April 1 Issued a check in the amount of $4,800 to pay the monthly rent for the next 3 months. April 2 Javier made an additional investment of cash in amount of $11,200. April 4 Performed services for $715 in cash. April 6 Sent a check in the amount of $410 to the utility company to pay the monthly bill. April 7 Purchased supplies in the amount of $870 on credit. Prepare journal entries to record the above transactions. View transaction list Journal entry worksheet 1 2 3 Date April 01 Issued a check in the amount of $4,800 to pay the monthly rent for the next 3 months. Note: Enter debits before credits. 5 General Journal Debit Credit >Egnab Inc. had the following transactions during the current fiscal year ending December 31 . August 01. They borrowed $100,000 from Valley Bank, signing a 90-days, 7.50% Note Payable. October 15. Egnab Inc. purchased a truck from Trusty Cars for $29,500. Trusty Cars agreed to accept, as full payment, a 5.00%, two months Note for the invoice amount. November 1 Egnab Inc. paid Valley Bank the Note Payable plus the accrued interest. November 15. Egnab Inc. purchased merchandise (inventory) from Easy Food Corp. for $13,900. Easy Food Corp. accepted a 120-days, 6.50% Note as full settlement of the purchase. December 15. The Note Payable to Trusty Cars matured today and Egnab Inc. paid the accrued interest as well as 70.00% of the Note Payable. For the remaining amount, a new Note was issued for 45-days with 9.00% Interest. (show your calculations and round to 2 decimal places, please) (a) Prepare Journal Entries to record the above transactions. Use a 360-day year in making the Interest…
- December 2011, Jillian Powell organized a corporation to provide package delivery services. The company, called Tone Deliveries, Inc., began operations immediately. Transactions during the month of December were as follows: Dec. 2 The Corporation issued 400,000 shares of capital stock to Jillian Powell in exchange for 800,000 cash. Dec. 4 purchased a truck for 450,000. Made a 150,000 cash down payment and issued a note payable for the remaining balance. Dec. 5 Paid Sloan Properties 25,000 to rent office space for the month. Dec. 9 Billed customers 11,300 for services for the first half of December. Dec. 15 paid 7,100 in salaries earned by employees during the first half of December. Dec. 19 Paid Bill’s Auto 9000 for maintenance and repair services on the company truck. Dec. 20 Collected 3800 of the amounts billed to customers on December 9. Dec. 28 Billed customers 14,400 for services performed during the second half of the month. Dec. 30…December 2011, Jillian Powell organized a corporation to provide package delivery services. The company, called Tone Deliveries, Inc., began operations immediately. Transactions during the month of December were as follows: Dec. 2 The Corporation issued 400,000 shares of capital stock to Jillian Powell in exchange for 800,000 cash. Dec. 4 purchased a truck for 450,000. Made a 150,000 cash down payment and issued a note payable for the remaining balance. Dec. 5 Paid Sloan Properties 25,000 to rent office space for the month. Dec. 9 Billed customers 11,300 for services for the first half of December. Dec. 15 paid 7,100 in salaries earned by employees during the first half of December. Dec. 19 Paid Bill’s Auto 9000 for maintenance and repair services on the company truck. Dec. 20 Collected 3800 of the amounts billed to customers on December 9. Dec. 28 Billed customers 14,400 for services performed during the second half of the month. Dec. 30 Paid 7,500 in salaries earned by employees…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.…