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Q2: NUR Nursery started operations on October 1,2021. Followings are the transactions for October 2021:
a) prepare
b) Ledger based on a)
c)
Q3: The Starr Theater, owned by Meg Vargo, will begin operations in March. As of March 1, the ledger of Starr showed: No.101 Cash $3000. No.140 Land $24000. No.145 Buildings (concession stand, projection room, ticket booth and screen). $10000 No.157 Equipment $10000. No.201 Accounts Payable $7000 and No. 301 Owner's Capital $40000. During month of March, the following events and transaction occured:
a) Enter the bveginnning balances in the ledger. Insert a check mark in reference coloumn of ledger for beginning balance.
b) Journalize the March transactions. Starr records amission revenue as service revenue, rental of concession stand as rent revenue and film rental expense as rent expense.
c)
d) Prepare a trial balance on March 31,2017.
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- Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.The following information has been presented to you for 2018 by Wonder Projects Limited: September October November Rand Rand Rand Cash revenue 200 000 220 000 240 000 Credit revenue 120 000 180 000 190 000 Purchases (all credit) 130 000 140 000 120 000 Additional information: Collection of credit revenue: 50% in the month of invoice 30% one month after invoice 15% two months after invoice and the balance written off as irrecoverable. Purchases are on credit and are paid for one month after the purchase, less 5% Rent income amounts to R10 000 per The rent will increase by 8% on 1 October 2018. A fixed deposit of R150 000 will mature on 31 October 2018. Interest of R15 000 will also be received on this A new computer will be purchased on 3 September 2018 for R25 000 Salaries amount to R20 000 per A 10% increase will take effect on 1 October 2018. The owner is expected to take R5 000 cash from the business on 20 October…COMPLETE THE FOLLOWING JOURNAL ENTERIES FOR SAFETY HOSPITAL FOR 2021 a. January 31 - Purchase $7,500.00 worth of supplies with cash b. April 31 –Mailed a check to suppliers for $5,000.00 of the $10,000.00 it owed at the end of 2018 c. June 30- Paid wages in the amount of $3,000.00 that had been previously recorded as a liability. d. July 31 – Submitted bills in the amount of $35,000.00 to insurance companies or services rendered. e. September 30 - Purchased $15,000.00 worth of supplies on account
- EA1. On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions.A. the initial saleB. the subsequent customer payment on March 10Archer Electronics Company's actual sales and purchases for April and May are shown here along with forecast sales and purchases for June through September: April (actual) May (actual) June (forecast) July (forecast) August (forecast) September (forecast) Sales $ 370,000 350,000 325,000 325,000 340,000 380,000 Purchases $ 155,000 145,000 145,000 205,000 225,000 220,000 The company makes 20 percent of its sales for cash and 80 percent on credit. Of the credit sales, 50 percent are collected in the month after the sale and 50 percent are collected two months later. Archer pays for 20 percent of its purchases in the month after purchase and 80 percent two months after. Labor expense equals 15 percent of the current month's sales. Overhead expense equals $12,500 per month. Interest payments of $32,500 are due in June and September. A cash dividend of $52,500 is scheduled to be paid in June. Tax payments of $25,500 are due in June and September. There is a scheduled capital outlay of…Journalize the selected transactions. Assume 360 days per year. Description choices are: Accounts Payable, Cash, Merchandise Inventory, No Entry Required, Purchases. If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account. Description Debit Credit Aug. 1: Received amount owed on June 2 note plus interest at the maturity date. Description Debit Credit Aug. 24: Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Description Debit Credit Sept. 15: Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. Description Debit Credit…
- B.) The activity on Charlie Wilson's Visa account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is November 11 through December 10, the previous balance was $645.33, and the annual interest rate is 20%. November 15 payment $125.00 November 28 office supplies $24.97 December 1 toy store $317.52 average daily balance $ finance charge $Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $130 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $28.59 October 16 Credit $20.00 October 25 Purchase $122.60 average daily balance = $ ___Asset Cost: Less: Residual Value Depreciable Amount Depreciation method Depreciation p.a: Date 30/06/2018 30/06/2019 30/06/2020 Computers Depreciation Worksheet - Snow Lake Pty Ltd $66,000 $ N/A $66,000 Reducing Balance (Diminishing Balance) 30% Asset Cost $66,000 46,200 32,340 Depreciation $19,800 13,860 9,702 Accumulated Depreciation $19,800 33,660 43,362 Carrying Amount at the end $46,200 32,340 22,638 20 2014 2015 14200 1444
- Answers are given. Only need solution for the answers. 16. Listed below are selected transactions of Lychee’s Department Store for the current year endingDecember 31.1. On December 5, the store received P4,500 from the Fruit Players as a deposit to be returnedafter certain furniture to be used in stage production was returned on January 15 the followingyear.2. During December, cash sales totaled P798,000, which includes the 12% VAT that must beremitted to the BIR by the 5th day of the following month.3. The store determined it will cost P100,000 to restore the area surrounding one of its buildingwhen the store is closed in 4 years. The present value of restoration is P64,000.4. As a result of uninsured accidents during the year, personal injury suits for P350,000 andP60,000 have been filed against the company. It is the judgment of Lychee’s legal counsel thatan unfavorable outcome is unlikely in the P60,000 case but that an unfavorable verdictapproximating P250,000 (reliably estimated)…Oswego Clay Pipe Company provides services of $50,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 12? A. Accounts Receivable 49,500 Sales Revenue 49,500 B. Accounts Receivable 50,000 Sales Revenue 49,500 Sales Discounts 500 C. Accounts Receivable 50,000 Sales Revenue 50,000 D. Accounts Receivable 50,000 Sales Discounts 500 Sales Revenue 50,500Journalizing and postingOn February 11, 20Y9, Quick Fix Company purchased $2,250 of supplieson account. In Quick Fix's chart of accounts, the supplies account is No.15, and the accounts payable account is No. 21. a. Journalize the February 11, 2019, transaction on page 73 of Quick FixCompany's two-column journal. Include an explanation of the entry.b. Prepare a four-column account for Supplies. Enter a debit Ira lance of$400 as of February 1, 20Y9. Place a check mark (v) in the PostingReference column. c. Prepare a four-column account for Accounts Payable. Enter a creditbalance of $18,300 as of February 1, 20Y9. Place a check mark (V) in thePosting Reference column. d. Post the February 11, 2019, transaction to the accounts.C. Do the rules of debit and credit apply to all companies?