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EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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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…
john began an Upholstery cleaning business on October 1,2020 and engaged in the
following transactions during the month:
Began business by depositing 12,000 in a Clean & Premium ltd bank
oct 1 : account
oct 2 :Ordered Cleaning supplies 3,000
oct 3: Purchased cleaning equipment for 2,800.
oct 4 : Made two months' van lease payment in advance, 1,200
Received the cleaning supplies ordered on (Oct 2)
oct 7: and agreed to pay half the amount in 10 days, and the rest in 30 days
oct 9: Paid for repairs on the van with cash, 1,080
oct 12 : Received cash for cleaning upholstery, 960.
oct 17: Paid half the amount owed on supplies purchased on Oct 7, 1,500.
oct 21 : Billed customers for cleaning upholstery, 1,340
oct 24 :Paid cash for additional repairs on the van, RM80
oct 27 : Received 600 from the customers billed on October 21.
oct 31 Made a cash withdrawal of 700.
you are Required to
A : Prepare the general journal based on the above transactions.
B:…
Mike Greenberg opened Cheyenne Window Washing Co. on July 1, 2020. During July, the following transactions were completed.
July 1
Owner invested $9,800 cash in the company.
1
Purchased used truck for $6,560, paying $1,640 cash and the balance on account.
3
Purchased cleaning supplies for $740 on account.
5
Paid $1,440 cash on a 1-year insurance policy effective July 1.
12
Billed customers $3,030 for cleaning services performed.
18
Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies.
20
Paid $1,640 cash for employee salaries.
21
Collected $1,310 cash from customers billed on July 12.
25
Billed customers $2,050 for cleaning services performed.
31
Paid $240 for maintenance of the truck during month.
31
Owner withdrew $490 cash from the company.
List of accounts:
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated…
Knowledge Booster
Similar questions
- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.arrow_forwardOn October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?arrow_forwardMike Greenberg opened Novak Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $11,300 cash in the company. 1 Purchased used truck for $7,520, paying $1,880 cash and the balance on account. 3 Purchased cleaning supplies for $850 on account. 5 Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,480 for cleaning services performed. 18 Paid $940 cash on amount owed on truck and $470 on amount owed on cleaning supplies. 20 Paid $1,880 cash for employee salaries. 21 Collected $1,500 cash from customers billed on July 12. 25 Billed customers $2,350 for cleaning services performed. 31 Paid $270 for maintenance of the truck during month. 31 Owner withdrew $560 cash from the company. Post to the Ledger Accounts. Cash date amount date amount balance Accounts…arrow_forward
- Mike Greenberg opened Blue Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July Owner invested $ 9,100 cash in the company. 1 Purchased used truck for $ 6,080, paying $ 1,520 cash and the balance on 1 account. 3 Purchased cleaning supplies for $ 680 on account. Paid $ 1,320 cash on a 1-year insurance policy effective July 1. 12 Billed customers $ 2,810 for cleaning services performed. Paid $ 760 cash on amount owed on truck and $ 380 on amount owed on 18 cleaning supplies. 20 Paid $ 1,520 cash for employee salaries. 21 Collected $ 1,220 cash from customers billed on July 12. 25 Billed customers $ 1,900 for cleaning services performed. 31 Paid $ 220 for maintenance of the truck during month. 31 Owner withdrew $ 460 cash from the company.arrow_forwardMike Greenberg opened Flounder Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $ 10,100 cash in the company. 1 Purchased used truck for $ 6,720, paying $ 1,680 cash and the balance on account. 3 Purchased cleaning supplies for $ 760 on account. 5 Paid $ 1,560 cash on a 1-year insurance policy effective July 1. 12 Billed customers $ 3,110 for cleaning services performed. 18 Paid $ 840 cash on amount owed on truck and $ 420 on amount owed on cleaning supplies. 20 Paid $ 1,680 cash for employee salaries. 21 Collected $ 1,340 cash from customers billed on July 12. 25 Billed customers $ 2,100 for cleaning services performed. 31 Paid $ 240 for maintenance of the truck during month. 31 Owner withdrew $ 500 cash from the company. (a) Journalize the July transactions. (Credit account titles are automatically indented when the amount is…arrow_forwardMike Greenberg opened Cheyenne Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $9,800 cash in the company. 1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account. 3 Purchased cleaning supplies for $740 on account. 5 Paid $1,440 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,030 for cleaning services performed. 18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies. 20 Paid $1,640 cash for employee salaries. 21 Collected $1,310 cash from customers billed on July 12. 25 Billed customers $2,050 for cleaning services performed. 31 Paid $240 for maintenance of the truck during month. 31 Owner withdrew $490 cash from the company. Date Account Titles and Explanation Debit Credit July 1July…arrow_forward
- Roben Cruse opened the Campus Laundromat on September 1, 2020. During the first month ofoperations, the following transactions occurred. Sept.1 Roben invested $20,000 cash in the business.2 The company paid $1,000 cash for store rent for September.3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month,12% note payable.4 Paid $1,200 for a one-year accident insurance policy.10 Received a bill from the Daily News for online advertising of the opening of the laundromat $200.20 Roben withdrew $700 cash for personal use.30 The company determined that cash receipts for laundry services for the month were $6,200. Instructionsa. Journalize the September transactions.b. Open ledger accounts and post the September transactions.c. Prepare a trial balance at September 30, 2020.arrow_forwardLee Chang opened Cullumber's Window Washing on July 1, 2021. In July, the following transactions were completed: July 1 Invested $26,000 cash in the business. 1 Purchased a used truck for $25,200, paying $5,200 cash and signing a note payable for the balance. 1 Paid $2,800 on a one-year insurance policy, effective July 1. 5 Billed customers $3,900 for cleaning services. 12 Purchased supplies for $2,100 on account. 18 Paid $3,000 for employee salaries. 25 Billed customers $9,200 for cleaning services. 28 Collected $3,900 from customers billed on July 5. 31 Paid $550 for repairs on the truck. 31 Withdrew $1,700 cash for personal use. Journalize and post the July transactions to the general ledgerarrow_forwardOriole Clark opened Oriole’s Cleaning Service on July 1, 2020. During July, the following transactions were completed. July 1 Oriole invested $20,200 cash in the business. 1 Purchased used truck for $9,200, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,300 on account. 5 Paid $1,680 cash on 1-year insurance policy effective July 1. 12 Billed customers $4,400 for cleaning services. 18 Paid $1,400 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies. 20 Paid $2,500 cash for employee salaries. 21 Collected $3,300 cash from customers billed on July 12. 25 Billed customers $5,900 for cleaning services. 31 Paid $350 for the monthly gasoline bill for the truck. 31 Withdraw $5,700 cash for personal use.arrow_forward
- Carma Garcia opened Shifting Sands Cleaning Service on August 1, 2019. During August, the company completed the following transactions: Aug1 Carma Garcia invested $45,530 cash and $8,765 of cleaning equipment in the business. 1 Purchased a used truck for $10,500, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $1,985 on account. 5 Paid $1,800 on a one-year insurance policy, effective August 1. 8 Received $1,650 from customer for future cleaning services. 12 Billed customers $5,830 for cleaning services. 18 Paid $2,000 of amount owed on truck. 20 Paid $1,672 for employee salaries. 21 Collected $3,795 from customers billed on August 12. 25 Billed customers $4,369 for cleaning services. 31 Paid gasoline for the month on the truck, $325. 31 Owner withdrew $1,000 for personal use. Adjustments: Aug31 Earned but unbilled fees at August 31 were $2,145. Depreciation on truck for the month was $175. Earned $450 of payment received on August 8. One-twelfth of the…arrow_forwardCarma Garcia opened Shifting Sands Cleaning Service on August 1, 2019. During August, the company completed the following transactions: Aug1 Carma Garcia invested $45,530 cash and $8,765 of cleaning equipment in the business. 1 Purchased a used truck for $10,500, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $1,985 on account. 5 Paid $1,800 on a one-year insurance policy, effective August 1. 8 Received $1,650 from customer for future cleaning services. 12 Billed customers $5,830 for cleaning services. 18 Paid $2,000 of amount owed on truck. 20 Paid $1,672 for employee salaries. 21 Collected $3,795 from customers billed on August 12. 25 Billed customers $4,369 for cleaning services. 31 Paid gasoline for the month on the truck, $325. 31 Owner withdrew $1,000 for personal use. Adjustments: Aug31 Earned but unbilled fees at August 31 were $2,145. Depreciation on truck for the month was $175. Earned $450 of payment received on August 8. One-twelfth of…arrow_forwardThe following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31, 2022. Apr. 1 Paid $3,600 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $2,800 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $1,250 remained on hand. Nov. 1 A customer borrowed $6,000 and signed a note requiring the customer to pay principal and 8% interest on April 30, 2022. Required:1. Record each transaction in general journal form.2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item.arrow_forward
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