Please help me The following information relates to Coronado Real Estate Agency.Oct. 12James Coronado begins business as a real estate agent with a cash investment of $19,500.Hires an administrative assistant.Purchases office furniture for $2,470, on account.Sells a house and lot for C. Rouse; bills C. Rouse $4,680 for realty services performed.27Pays $1,430 on the balance related to the transaction of October 3.30 Pays the administrative assistant $3,250 in salary for October.36Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enterO for the amounts.)Debit-Credit Analysis

Journal entries are used by the management to record the transactions in the books of accounts.…

The following information relates to Coronado Real Estate Agency. Oct. 1 2 3 6 27 30 James Coronado begins business as a real estate agent with a cash investment of $19,500. Hires an administrative assistant. Purchases office furniture for $2,470, on account. Sells a house and lot for C. Rouse; bills C. Rouse $4,680 for realty services performed. Pays $1,430 on the balance related to the transaction of October 3. Pays the administrative assistant $3,250 in salary for October. Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

The following information relates to Coronado Real Estate Agency. Oct. 1 2 3 6 27 30 James Coronado begins business as a real estate agent with a cash investment of $19,500. Hires an administrative assistant. Purchases office furniture for $2,470, on account. Sells a house and lot for C. Rouse; bills C. Rouse $4,680 for realty services performed. Pays $1,430 on the balance related to the transaction of October 3. Pays the administrative assistant $3,250 in salary for October. Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

See similar textbooks

Similar questions

An employee of Company x received the following loans (rate and amount) from their employer on January 1, this year: 7%, $15,000 loan to consolidate debts 5%, $100,000 loan to purchase a home The following are the prescribed rates for this year: Q1 8%, Q2 6%, Q3 9%, Q4 7% The employee paid interest on the loans on January 15, of the following year. Required: Calculate the total interest benefit (to be included in income). Ignore any leap year impacts. ATotal interest as per the prescribed rates $8,375 B Total interest as per the prescribed rates $8,627 CTotal interest as per the prescribed rates $8,375 $6,050; total interest benefit $2,325 DTotal interest as per the prescribed rates $8,627 $6,050; total interest benefit $2,577 ***ANSWERD Total interest as per the prescribed rates $8,627; total interest paid $6,050; total interest benefit $2,577 IS INCORRECT***
Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn Addie for eight days' work at $130 per day. Mar. 25 The company sold merchandise with a $2,200 cost for $2,900 on credit to Wildcat Services, invoice dated March 25. Required:1. Assume that Lyn Addie is an unmarried employee. Her $1,040 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $104. Compute her net pay for the eight days' work paid on February 26. (Round your answer to 2 decimal places. Do not round intermediate calculations.)2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Do not round intermediate calculations.)3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits…
PROBLEM 1 Emily Cruz, completed the transactions below for the month of December, 2021. The company uses the following charts of accounts: Cash Accounts Receivable Office Supplies Office Equipment Furniture & Fixtures Accumulated Depreciation - office Equipment Accumulated Depreciation - Furniture & Fixtures Accounts Payable Salary Payable Unearned Revenue Transactions: December 2 2 4 Emily Cruz, Capital Emily Cruz, Withdrawals Fee Revenue Rent Expense 5 Utilities Expense Salary Expense Depreciation expense Equipment Depreciation Expense & Fixtures Supplies Expense Office Furniture Paid cash for an Apple computer, 30,000.00. The 3 computer is expected to remain in service for 5 years. Invested 120, 000.00 to start an accounting practice, Emily Cruz, Accountant. Paid monthly office rent, 5, 000.00. Purchased office furniture on account, 36,000.00. The furniture should last for five years. Purchased supplies on account, 3,000.00
Following are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $120 per day. March 25 The company sold merchandise with a $2,100 cost for $3,300 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $960 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $96. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies.…
. Assume that a lawyer bills her clients $15,000 on June 30, for services rendered during June. The lawyer collects $8,500 of the billings during July and the remainder in August. Under the accrual basis of accounting, when would the lawyer record the revenue? A. June, $15,000; July, $0; and August, $0 B. June, $0; July $6,500; and August, $8,500 C. June, $8,500; July $6,500; and August, $0 D. June, $0; July, $8,500; and August, $6,500
TAMOGEPA Credit Cooperative transacts business with members and non-members. It had the following receipts during the month: Interest income from members P 210,000.00 Rent income from properties 50,000.00 Compute the amount subject to business tax a. P0 . b. P 50,000 c. P 210,000 d. P 260,000
Natalie opened Natalie Washing co. on July 1, 2022. During July, the following transactions were completed. July 1 Owner invests $12,000 cash to start the business. July 3 Purchased used truck for $8,000, paying $2,000 cash and signing a 1-year, 10% note for the remainder. July 5 Purchased clening supplies for $900 on account. July10 Paid $1800 cash on a 1-year insurnace policy effective July 1 July 12 Billed customers $3700 fore cleaning services performed. July 15 Paid $500 on amount owed on cleaning supplies. July 16 Received $2500 for serviced to be performed evenly from July 16 through September 15. July 22 Paid $2000 for employee salaries. July 29 July 30 July 31 Collected $1600 cash from customers billed on July 12. Paid $290 for maintenance of the truck during month. Owner withdrew $600 from the business for personal expenses. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, accounts…
Following are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day. March 25 The company sold merchandise with a $2,500 cost for $3,100 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies.…
Following are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day. March 25 The company sold merchandise with a $2,300 cost for $3,500 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies.…
Heing's, a limited liability company, receives rent for subletting part of its office premises to a number of tenants. In the year ended 31 December 20X4 B received cash of $320,800 from its tenants. Details of rent in advance and in arrears at the beginning and end of 20X4 are as follows: 31 December 20X4 20X3 $ $ Rent received in advance 29,600 28,800 Rent owing by tenants 19,500 17,900 All rent owing was subsequently received What figure for rental income should be included in the statement of profit or loss of Heing's for 20X4?
TAMOGEPA Credit Cooperative transacts business with members and non-members. It had the following receipts during the month: Interest income from members P 210,000.00 Rent income from properties 50,000.00 Compute the amount subject to business tax.
The following transactions occurred during the month of July 2021. July 1 Paid employee salaries, $2,700 for June. Sharon pays her employees’ accrued salaries on the first day of each calendar month. July 1 Paid office rent for the month of July, $2,300. July 8 Received $7,200 cash from a client on account. July 9 Purchased office supplies on credit, $2,000 14 Paid $3,500 of the accounts payable. July 15 Invoiced customers for accounting services performed, $12,300. July 25 Sharon withdrew capital of $2,250 July 31 Paid $4,200 for a one-year insurance policy. a) Prepare the cash at bank ledger account as at 31 July 2021.