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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Step 1:
Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel
Template xisx". Use the following accounts as appropriate:
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Land
Accumulated Depreciation
Accounts Payable
Deferred Revenue
Salaries Payable
Notes Payable
Common Stock
Retained Earnings
Dividends
Service Revenue
1-Dec
Issue common stock in exchange for cash of $8.500
1-Dec
Paid the premium in advance on a one-year insurance policy, $1,080.
1-Dec
Purchased Equipment for $4,800 cash.
5-Dec
Purchased office supplies from XYZ Company on account, $500.
15-Dec
Provided services to customers for $6,400 cash
16-Dec
Provided services to customer ABC Inc on account, $4,000.
17-Dec
Received $1,300 cash in advance from a customer for services to be provided in January
22-Dec
Paid $240 to XYZ company for the Dec 5 purchase on account.
23-Dec
Received $2,000 cash from customer, ABC Inc., on account
25-Dec
Paid the rent for the current month, $750,
28-Dec
Paid salaries to employees for work performed from December 1 through December 28, $4,480
29-Dec
Declared and paid dividends to stockholders $450.
30-Dec Purchased land by signing 3 year note payable for $10,000
Depreciation Expense
Salaries Expense
Supplies Expense
Rent Expense
Insurance Expense
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- Received $3,000 cash from Gomez Co. on its receivable. Note: Enter debits before credits. Date December 28 Record entry General Journal Clear entry Q Search Darrow_forwardFill in the income summary.arrow_forward23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000arrow_forward
- ! Required information [The following information applies to the questions displayed below.] Claire Corporation is planning to issue bonds with a face value of $160,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.(FV of $1. PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Show Transcribed Text < Journal entry worksheet Note: Enter debits before credits. Record the issuance of the bonds on January 1. Date January 01 Record entry J General Journal Clear entry c Debit Credit View general journalarrow_forwardA. March 1, paid interest due on note, $2,900 B. December 31, interest accrued on note payable, $4,350 Prepare journal entries to record the above transactions. If an amount box does not require an entry, leave it blank. Mar.1 Dec. 31 Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,900). Interest Payable Beginning Balance Balancearrow_forwardRecord the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…arrow_forward
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