FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Related questions
Concept explainers
Question
Transcribed Image Text:nstionld 1Rlus
lsecld 6269000c
apdhomewarkid
5 of 7 (5 complete)
vie
More Info
lizin
vice
on p
1 The business received cash of $95,000 and gave capital to
Zeke Webb.
Prep
colur
(Con
May
2 Purchased office supplies on account, $450.
4 Paid $63,000 cash for building and land. The building had a fair
market value of $50,000.
to Ze
6 Performed services for customers and received cash, $3,200.
9 Paid $200 on accounts payable.
17 Performed services for customers on account, $2,000.
19 Paid rent expense for the month, $600.
20 Received $1,800 from customers for services to be performed next
month.
Debit
95.0
21 Paid $900 for advertising in next month's IT Technology magazine.
23 Received $1,400 cash on account from a customer.
31 Incurred and paid salaries, $1,600.
Print
Done
ds and t
Clear All
Transcribed Image Text:BA2223section4
sleem shama &| 12/20/20 7:43 PM
Homework: hmw2
Sav
Score: 0.78 of 10 pts
5 of 7 (5 complete) ▼
HW Score: 27.93%, 19.55 of 70
2 E2-19 (similar to)
Question Help v
The following transactions occurred for Webb Technology Solutions:
O
(Click the icon to view the transactions.)E
(Click the icon to view the journal entries.)
Requirement
The following four-column accounts have been opened for you utilizing the following account numbers: Cash, 110: Accounts Receivable, 120; Office Supplies, 130; Prepaid Advertising, 140; Building, 150, Land, 160, Accounts
Payable, 210; Uneamed Revenue, 220; Webb, Capital, 310, Service Revenue, 410: Rent Expense, 510, Salaries Expense, 520. Post the journal entries to the four-column accounts and determine the balance in the account after
each transaction. Assume that the journal entries were recorded on page 10 of the journal. Make sure to complete the Post Ref. columns in the journal and ledger. (Compute the new balance for each account after posting the
transaction.)
May 1: The business received cash of $95,000 and gave capital to Zeke Webb.
Account No. 110
CASH
Balance
Item
Post. Ref.
Debit
Credit
Debit
Credit
Date
J10
95,000
95,000
May 1
Account No. 310
Webb, Capital
Balance
Choose from any list or enter any number in the input fields and then click Check Answer
Check Answer
Clear All
17 parts
remaining
16:43
EN A d0) A
20/12/2020
P Type here to search
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Please explain proper steps by Step and Do Not Give Solution In Image Format And Fast Answering Please ? And Thanks In Advancearrow_forwardUse the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) i (Click the icon to view the transactions.) Jun Date 2024 Invoice No. Account Debited More info Jun. 1 Jun. 8 Customer Jun. 13 Jun. 28 Sales Journal Post. Ref. Accounts Receivable DR Sales Revenue CR Sold merchandise inventory on account to Ford Junk, $1,250. Cost of goods, $960. Invoice no. 101. Page Cost of Goods Sold DR Merchandise Inventory CR Sold merchandise inventory on account to Iris Fray, $2,250. Cost of goods, $1,650. Invoice no. 102. Sold merchandise inventory on account to Jack Tremane, $400. Cost of goods, $240. Invoice no. 103. Sold merchandise inventory on account to Gail White, $810. Cost of goods, $650. Invoice no. 104. Print Done Xarrow_forwardNeed help with this questiin please. Thank youarrow_forward
- 1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4arrow_forwardComplete the General Ledger based on the recorded journal entries. Remember to: write the date, explanation, and fill out the value in the corresponding DR or CR column. Your explanation should only contain the other account names as per your journal entries, separated by a "/" where necessary.arrow_forwardIn the columns Below insert the entry that would be made for each transaction under each accounting basis use an appropriate debit and credit account titlesarrow_forward
- Please do not give image formatarrow_forwardComplete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901. View transaction list Journal entry worksheet View general Journalarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education