Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Joey Juno began a web-based computer sales and service company on June 1, 20X8,
called Juno's Toys. Joey has made a few decisions regarding the accounting system;
all prepayments and unearned revenues will be recorded as assets and liabilities and
the company will use a periodic inventory system. Juno's Toys completed these
transactions during November of the current year:
Joey invested $12,000 cash along with $9,000 of used computer
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Purchased 8 months of insurance for $1,200 cash; the insurance is
effective immediately.
Hired a computer technician, named Barney to be paid every two weeks.
$23,000 of merchandise was purchased from Eastman Store on account
terms 1/10, n30.
Freight was paid in amount of $200 for above purchase.
Bought $400 of office supplies on account.
Sold merchandise to John Smith that cost $3,300 for $3,800. Mr. Smith
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Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2020, its first month of operations:
July
1
The owner, Manny Gill, invested $5,300 cash.
10
Purchased $2,800 worth of security equipment on credit.
12
Performed security services for a sold-out concert and received $10,000 cash from the client.
14
Paid for expenses; $3,800.
15
Completed security services for a graduation event and sent the client a bill for $1,650.
31
The owner withdrew $280 cash for personal use.
Required:
Record the journal entries for the month of July.
Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances.
Prepare a trial balance using the balances in your general ledger accounts.
Prepare an income statement, statement of changes in equity, and…
Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure
incurred the following transactions during July 2023, its first month of operations:
July 1 The owner, Manny Gill, invested $4,600 cash.
10 Purchased $2,100 worth of security equipment on credit.
12 Performed security services for a sold-out concert and received $12,000 cash from the
client.
14 Paid for expenses; $3,100.
15 Completed security services for a graduation event and sent the client a bill for
$1,300.
31 The owner withdrew $210 cash for personal use.
Required:
2. Record the journal entries for the month of July,
View transaction list
Journal entry worksheet
1
2
3
Record the Investment by owner.
5
6
4>
Chapter 3 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - What is a prepaid expense and where is it reported...Ch. 3 - Prob. 5DQCh. 3 - What contra account is used when recording...Ch. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQ
Ch. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - What are the steps in recording closing entries?Ch. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - What is the purpose of the Income Summary account?Ch. 3 - Explain whether an error has occurred if a...Ch. 3 - Prob. 18DQCh. 3 - What classes of assets and liabilities are shown...Ch. 3 - Prob. 20DQCh. 3 - Prob. 21DQCh. 3 - Prob. 22DQCh. 3 - Prob. 23DQCh. 3 - Prob. 24DQCh. 3 - Refer to Samsung’s financialstatements in Appendix...Ch. 3 - Prob. 1QSCh. 3 - In its first year of operations, Roma Company...Ch. 3 - Classify the following adjusting entries as...Ch. 3 - Prob. 4QSCh. 3 - Prob. 5QSCh. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - a. Barga Company purchases $20,000 of equipment on...Ch. 3 - For each separate case below, follow the...Ch. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Prob. 15QSCh. 3 - In making adjusting entries at the end of its...Ch. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - List the following steps of the accounting cycle...Ch. 3 - Prob. 23QSCh. 3 - Prob. 24QSCh. 3 - Prob. 25QSCh. 3 - Cal Consulting follows the practice that...Ch. 3 - Answer each of the following questions related to...Ch. 3 - Prob. 28QSCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Use the following information tocompute profit...Ch. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Prob. 16ECh. 3 - For journal entries 1 through 12, enter the letter...Ch. 3 - Arnez Company’s annual accounting period ends on...Ch. 3 - Prob. 3PSACh. 3 - A six-column table for JKL Company follows. The...Ch. 3 - Prob. 5PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 8PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Prob. 5PSBCh. 3 - Prob. 6PSBCh. 3 - Prob. 7PSBCh. 3 - The adjusted trial balance for Anara Co. as of...Ch. 3 - Using transactions from the following assignments,...Ch. 3 - Prob. 4GLPCh. 3 - Prob. 6GLPCh. 3 - Prob. 1FSACh. 3 - Prob. 2FSACh. 3 - Prob. 3FSACh. 3 - Prob. 1BTNCh. 3 - One of your classmates states that a company’s...Ch. 3 - Prob. 5BTN
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