Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $19,130 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130 Cash $ 2 Accounts receivable 15 Equipment Accounts payable I. Lawson, Capital 3 8 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $20,930. LAWSON CONSULTING Balance Sheet As of December 31 Assets:

The following transactions apply to Jova Company for Year 1, the first year of operation:   Issued $13,500 of common stock for cash. Recognized $68,500 of service revenue earned on account. Collected $60,800 from accounts receivable. Paid operating expenses of $35,600. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account.   The following transactions apply to Jova for Year 2:   Recognized $76,000 of service revenue on account. Collected $68,800 from accounts receivable. Determined that $970 of the accounts receivable were uncollectible and wrote them off. Collected $200 of an account that had previously been written off. Paid $49,200 cash for operating expenses. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1.0…

On June 30, Year 3, Franklin Company's total current assets were $500,500 and its total current liabilities were $275,500. On July 1, Year 3, Franklin issued a short-term note to a bank for $39,400 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) a. Working capital b. Current ratio Before the transaction After the transaction

On December 31, Year 2, Kimberly Company had the following normal account balances in its general ledger. The accounts are listed in random order. Salaries expense $ 18,900 Buildings 87,000 Retained earnings 1/1/Year 2 17,000 Operating expense 103,900 Cash 27,000 Accounts payable 16,000 Bonds payable 32,000 Accounts receivable 26,000 Common stock 57,000 Sales revenue 157,000 Prepaid rent 16,200 Required: Use the information regarding normal account balances to prepare a trial balance

am. 295.

The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: Apr. 13 Wrote off account of Dean Sheppard, $8,290. May 15 Received $420 as partial payment on the $7,220 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27 Received $8,290 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry): Paul Chapman $2,280 Duane DeRosa 3,535 Teresa Galloway 4,625 Ernie Klatt 1,095 Marty Richey 1,800 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Required: A. Journalize the transactions under the direct write-off method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. B. Journalize the transactions under the allowance method.…

The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: apr13 Wrote off account of Dean Sheppard, $8,450 may15 Received $500 as partial payment on the $7,100 account of Dan Pyle. Wrote off the remaining balance as uncollectible july27 Received $8,450 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. dec31 Wrote off the following accounts as uncollectible (record as one journal entry): 31. If necessary, record the year-end adjusting entry for uncollectible accounts.a. Journalize the transactions under the direct write-off method.b. Journalize the transactions under the allowance method. Shipway Company usesthe percent of credit sales method of estimating uncollectible accounts expense.Based on past history and industry averages, ¾% of credit sales are expected to beuncollectible. Shipway Company recorded $3,778,000 of…

Following is information from Jesper Company for its first month of business. 1. Identify the balances listed in the accounts payable subsidiary ledger. 2. Identify the Accounts Payable balance listed in the general ledger at month’s end.

The following transactions apply to Jova Company for Year 1, the first year of operation:   Issued $13,500 of common stock for cash. Recognized $68,500 of service revenue earned on account. Collected $60,800 from accounts receivable. Paid operating expenses of $35,600. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account.   The following transactions apply to Jova for Year 2:   Recognized $76,000 of service revenue on account. Collected $68,800 from accounts receivable. Determined that $970 of the accounts receivable were uncollectible and wrote them off. Collected $200 of an account that had previously been written off. Paid $49,200 cash for operating expenses. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1.0…

In the first month of operations for Sheffield Industries, the total of the debit entries to the cash account amounted to $ 35800 ($ 15600 investment by the owner and revenues of $ 20200). The total of the credit entries to the cash account amounted to $ 22000 (purchase of equipment $ 9000 and payment of expenses $ 13000). At the end of the month, the cash account has a(n) O $6400 debit balance. O $ 13800 credit balance. O $ 6400 credit balance. O $ 13800 debit balance.