S3-5 Identifying types of adjusting entries A select list of transactions for Anuradha's Goals follows: Apr. 1 Paid six months of rent, $4,800. Received $1,200 from customer for six-month service contract that began April 1. 10 15 Purchased a computer for $1,000. 18 Purchased $300 of office supplies on account. 30 Work performed but not yet billed to customer, $500. 30 Employees earned $600 in salaries that will be paid May 2. ఇ పా

S3-5 Identifying types of adjusting entries A select list of transactions for Anuradha's Goals follows: Apr. 1 Paid six months of rent, $4,800. Received $1,200 from customer for six-month service contract that began April 1. 10 15 Purchased a computer for $1,000. 18 Purchased $300 of office supplies on account. 30 Work performed but not yet billed to customer, $500. 30 Employees earned $600 in salaries that will be paid May 2. ఇ పా

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Help On October 1, Vista View Company rented warehouse space to a tenant for $3,900 per month and received $19,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: Multiple Choice $15,600 $3,900, $19,500. $7,800. $11,700. Type here to search W P 7:27 F 100% 2/21/20
Kindly prepare the 10 column worksheet and adjusted trial balance
Accrual calculation – insurance cost posting Let's assume the company must insure one of its buildings. The insurance company bills to the company $600 every six months (one bill in January, the next in July). The company received the January’s invoice on 15th Jan ‘19. The invoice is paid on 12th March ’19. Please book the followings: 1.) Post the January’s invoice 2.) Book the month-end adjustments from Jan – July 3.) Post the payment of the invoice...
On August 30, JumpStart incurred the following expenses:Payment to the landlord for August rent, $640Payment to the Gas & Electric Company for August's bill, $200Payment of employee wages for the last half of August, $7,861Payment of shopping center's parking lot cleaning fee, $240 Journalize these payments as one journal entry. If an amount box does not require an entry, leave it blank. Aug. 30 - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
JOURNALIZING AND POSTING TRANSACTIONS Ann Taylor owns a suit tailoring shop. She opened business in September. She rented a small work space and has an assistant to receive job orders and process claim tickets. Her trial balance shows her account balances for the first two months of business. Refer image Taylor’s transactions for November are as follows:Nov. 1 Paid rent, $300.2 Purchased tailoring supplies on account, $150.3 Purchased a new button hole machine on account, $300.5 Earned first week’s revenue, $400: $100 in cash and $300 on account.8 Paid for newspaper advertising, $13.9 Paid phone bill, $28.10 Paid electric bill, $21.11 Received cash on account from customers, $200.12 Earned second week’s revenue, $450: $200 in cash and $250 on account.15 Paid assistant, $400.16 Made payment on account, $100.17 Paid for magazine subscription (miscellaneous expense), $12.19 Earned third week’s revenue, $450: $300 in cash, $150 on account.23 Received cash on account from customers,…
On August 30, JumpStart paid the following expenses: August rent, $2,300 August's utility bill, $525 Employee wages, $1,750 Parking lot cleaning fee, $27 Journalize these payments as one journal entry. If an amount box does not require an entry, leave it blank. August 30
Question 1: Super Decorators Co had the following transactions with a customer during the year ended on 31 December 2019; November 1:Sold decoration material on account OMR 7,500, terms 1.5/10, n/30. November 4:Customer retuned some faulty materials of OMR 1,000 November 8:Customer paid OMR 2,500. December 1:Accepted a 90 days, 12% note from the customer for the balance amount. Required: a. Determine the date of maturity of the note. b. Determine the interest payable on maturity of the note. c. Journalize all the above transactions in the books of Super Decorators when the note is i)honoured on maturity and ii)dishonoured on maturity
Journalize the following five transactions for Nexium & Associates, Inc. Omit explanations. Mar. 1 Invoiced client for services provided on account, $800. 9 Purchased office furniture ($1,060) and office supplies ($160) on account from Corner Office, Inc., receiving an invoice for $1,220. 15 Paid Corner Office, Inc. for the furniture and office supplies delivered on March 9. 23 Paid utility bill for the month, $430. 31 Paid salaries of $850 are paid to employees. If an amount box does not require an entry, leave it blank. Mar. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Mar. 9 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 Mar. 15 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 Mar. 23 fill in the blank 23 fill in the blank…
Assume a company receives an advance payment on 10-1 from a customer in the amount of $6,000 for work to be done evenly over the next 12 months. Record the TRANSACTION and ADJUSTING ENTRIES on 10-1 and 12-31 respectively. Use the regular and the alternative approaches. Regular Approach Alternative Approach 10-1: DR: DR: CR: CR: 12-31: DR: DR: CR: "T" Accounts: Unearned Service Revenue Service Revenue CR: Unearned Service Revenue Service Revenue