Chapter 2, Problem 9BE

The owner's capital account has a credit balance of P624,000 on January 1, 2019. The owner's withdrawal account has a debit balance of P360,000 on December 31, 2019. The income summary account contains debit posting of P830,500 and a credit posting of P1,210,500. What would be the balance of the owner's capital account on December 31, 2019.

On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:   During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500 and a five-year service life. January 4 Pay cash on accounts payable, $9,500. January 8 Purchase additional inventory on account, $82,900. January 15 Receive cash on accounts receivable, $22,000 January 19 Pay cash for salaries, $29,800. January 28 Pay cash for January utilities, $16,500. January 30 Firework sales for January total $220,000. All of these sales are on account. The cost of the units sold is $115,000. Required: 1. Record each of the transactions listed above. 2. Record adjusting entries on January 31. a. Depreciation on the equipment for the month of January is calculated using the straightline method. b. At the end of January, $3,000 of accounts receivable are past due, and the company estimates that 50% of these accounts will…

The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: 1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.

Below is the trial balance which was extracted from the books of the Ready Hospital Supplies on June 30, the end of the company’s financial year. You are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements.   Ready Hospital Supplies      Trial Balance as at June 30, 2020           Dr $       Cr $ Cash        127,000.00   Accounts Receivable        151,000.00   Allowance for Bad-Debts            12,500.00 Merchandise Inventory        187,500.00   Store Supplies          58,000.00   Prepaid Insurance          72,000.00   Prepaid Rent          56,000.00   Furniture & Fixtures        800,000.00   Accumulated Depreciation: Furniture & Fixtures          256,000.00 Computer Equipment        450,000.00   Accumulated Depreciation: Computer Equipment     Accounts Payable          133,500.00 Salaries Payable     Interest Payable            27,000.00…

Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made sales of $45,000 with term 2/15, n/45. Prepare the required journal entries, if: On July 22 Rasheed company received full payment.

On September 15, 2024, Oliver's Mortuary received a $6,000 note from the estate of Jay Hendrix in exchange for services rendered. Terms of the note call for the payment of principal, and interest at 10% in nine months. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2024? Multiple Choice Account Title Interest receivable Interest revenue Account Title Interest receivable Interest revenue Cash Debit Credit 230 Debit 600 230 Credit 175 425

On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.

can someone help me with journal entry with the following entries? Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 On March 31, customers were billed $25,000. On June 15, cash collections from transaction (a) totaled $20,000. On 10/31, a customer balance of $1500 from a prior year was written off. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. On 12/31, bad debts were estimated at 2% of credit sales.

On November 1, Year 1, a company borrows $49,000 cash from Community Savings and Loan. The company signs a three-month, 6% note payable. Interest is payable at maturity. The company's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 November 01 Cash 49,000 Notes Payable 49,000 2 December 31 Interest Expense 490 Interest Payable 490 3 February 01 Notes Payable 49,000 Interest Payable 735 Cash 49,735 :......: