with this entries   July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.   July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100.   and this adjustments ) One month's insurance has expired. b) The remaining inventory of repair supplies is $250. c) The estimated depreciation on repair equipment is $160. d) The estimated income taxes are $95.   I have to prepare a trial balance

The following transactions took place at Nickle's Sports Gear during the first week of October 20X1. DATE TRANSACTIONS Oct. 1 Issued Check 3850 for $3,600 to pay the monthly rent. 1 Issued Check 3851 for 2 Issued Check 3852 for $3,200 to Fisher Company, a creditor, on account. $13,100 to purchase new equipment. 2 Issued Check 3853 for $1,520 to remit sales tax to the state sales tax authority. 3 Issued Check 3854 for $1,960 to Sports Emporium, a creditor, on account for invoice of $2,000 less cash discount of $40. 4 Issued Check 3855 for $3,925 to purchase merchandise. 6 Issued Check 3856 for $4,906 as a cash withdrawal for personal use by Nickie Martin, the owner. Indicate how these transactions would be entered in a cash payments journal. Date CK. No. Description CASH PAYMENTS JOURNAL Accounts Payable Debit Other Accounts Debit Account Name Amount Purchases Discounts Credit Cash Credit

The accounting records and bank statement of Jeff's Seashell Store provide the following information at the end of April. The closing 'Cash' account balance was $29000, and the bank statement shows a closing balance of $31000. On reviewing the bank statement it is found an account customer has deposited $2500 into the bank account for a March sale and the monthly insurance premium of $550 was automatically charged to the account. Interest of $1500 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $950 to a supplier has been recorded twice in the accounts. After the calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?A. 33,350 B. None of the other answers C. 31,450 D. 29,000 E. 35,350

The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred dur­ ing December:Dec 2. Issued Chedc No. 410 for $3,400 to Jay Bank to purchase U5. savings bonds for employees.2. Issued Check Na 411 to Jay Bank for $27,046 in payment of $9,273 of social security tax, $2,318 of Medicare tax, and $15,455 of employees'federal income tax due. Dec. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll.13. Journalized the entry to record payroll taxes on employees' eamings of December 13: social security tax, $4,632; Medicare tax, $1,158; state unemployment tax, $350; federal unemployment tax. $125.16. Issued Check No. 424 to Jay Bank for $27,020, in payment of $9,264 of social security tax. $2316 of Medicare tax. and…

The following transactions took place for Parker’s Grocery.   a.   Jan.   1   Loaned $50,000 to a cashier of the company and received back a one-year, 8 percent note. b.   June   30   Accrued interest on the note. c.   Dec.   31   Received interest on the note. (No interest has been recorded since June 30.) d.   Dec.   31   Received principal on the note. Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1) Record the receipt of a note on January 1 for a $50,000 loan to an employee. 2) Record the interest accrued on the note as of June 30. 3) Record the receipt of the interest on the note's maturity date. No interest has been recorded since June 30. 4) Record the receipt of the payment for the full principal.

Apr. 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note. June Purchased merchandise on account at a cost of $68,000. (Assume a perpetual inventory 6 system.) July 15 Paid for the June 6 purchase. Aug. Signed a contract to provide security service to a small apartment complex and collected six months' fees in advance amounting to $19,800. (Use an account called Unearned Revenue.) 31 Dec. 31 Determined salary and wages of $33,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 182. Complete the required journal entries for each of the above transactions. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) 1. Record the borrowing of $495,000. 2. Record the purchase of inventory…

Mar. 31) The company paid $1,000 cash for this month’s utility bill. Note: Enter debits before credits.         Date Account Title Debit Credit Mar 31

3. On January 1 of the current year, Neptune, Inc. had the following accounts on its books:             Accounts Receivable                          $240,000 (debit)             Allowance for Doubtful Accounts            8,000 (credit)   During this year, credit sales were $1,200,000 and collections on account were $1,160,000. a. Prepare general journal entries for the following transactions that occurred during the year:           (1) Wrote off N. Purcell’s account, $6,800.           (2) Wrote off J. Stein’s account, $2,400.           (3) J. Stein, who is in bankruptcy, paid $800 in final settlement of the                 account written off in transaction.  (2). This amount is not                             included in the $1,160,000 collections.           (4) On December 31, estimated the year’s bad debts expense at 1%                   of credit sales. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the year-end balance sheet.

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Journal Entries (Note Issued, Renewed, and Paid)May 1 Purchased $5,000 worth of equipment from a supplier on account.June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable.July 1 Paid $500 cash plus interest to the supplier, extending the note for 30 days from July 1.31 Paid the note in full.Aug. 10 Issued a $3,500, 60-day, 7% note to a supplier for purchase of merchandise.Prepare general journal entries for the transactions. Assume 360 days in a year.