Mocha Company earned net income of $82,000 during the year ended December 31, 2024. On December 15, Mocha declared the annual cash dividend on its 3% preferred stock (par value, $105,000) and a $0.75 per share cash dividend on its common stock (52,000 shares). Mocha then paid the dividends on January 4, 2025. Read the requirements Requirement 1. Journalize for Mocha the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date 2024 Dec 15 2025 Debit Requirement 2: Journalize for Mocha the entry paying the cash dividends on January 4, 2025. (Record debits first, then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Jan 4 Credit Debit Credit
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- When posting transactions to the general ledger, use the transaction letters a, b, c, d, or e as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie, 15/Ja General Jourmal Account/Explanation Page GJ9 Credit Cash Account No. 101 Date Debit Date Desc. F Debit Credit Balance F 2/Oct Supplies 35,000 GJ9 Share Capital 35,000 (a) 5/Oct Supplies 700 Accounts Payable Account No. 201 Date Desc. F Debit Credit Balance Accounts Payable 700 (b) 6/Oct Accounts Payable Supplies (c) 10/Oct Cash 399 399 1,100 Supplies Share Capital Account No. 301 Date Desc. F Debit Credit Balance 1,100 (d) 13/Oct Cash 500 Consulting Revenue Earned 500 Supplies Account No. 126 (e) Date Desc. F Debit Credit Balance Consulting Revenue Earned Account No. 403 Date Desc. F Debit Credit Balance Office Salaries Expense Account No. 620 Date Desc. F Debit Credit Balance Official Time: 1:24:52 SUBMIT AND MARKAmerican Laser, Incorporated, reported the following account balances on January 1. Credit Debit $ 5,000 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital $ 30,000 90,000 2,000 0 Allowance for Doubtful Accounts Bonds Payable Buildings 247,000 10,000 Cash Common Stock, 10,000 shares of $1 par 10,000 10,000 Notes Payable (long-term) 120,000 Retained Earnings Treasury Stock 0 TOTALS $ 262,000 $ 262,000 The company entered into the following transactions during the year. January 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. March 15 Reissued 2,000 shares of treasury stock for $24,000 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. October 1 Issued 100, 10-year, $1,000 bonds, at a…16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:A) Uncategorized Expenses accountB) Uncategorized Income accountC) Opening Balance Equity accountD) Capital Stock account Group of answer choices A B C D
- (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 5Aug. 1Sept. 20Dec. 19 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 5Aug. 1Sept. 20Dec. 19 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount…Requirement No. General Journal No. Date July 01 Date June 30 General Ledger Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Cash Debit Common stock Debit Trial Balance Credit Credit 000 Schedule of Receivables General Ledger Account Balance 27,000 Balance 1 of 1 Income Statement MacBook Air F6 Merchandise Inventory Debit Impact on Income Next F7 Credit DII FO Balance 13,000Required :1. Record Journal Entries2. Post them into the ledger accounts3. Prepare the Trial Balance as on 31.12.2020
- Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21…Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Retained Earnings Date May 31 Dividends Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 Required A 03 0% 3% 3% View transaction liet G2 Required B Transaction 2 Debit B Debit Record entry Debit Note: Enter debits before credits. Debit Journal entry worksheet Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. Account Number 318 Credit Balance Date 81,000 May 31 Number 319 Insurance Expense Balance 47.000 Account Credit Record the entry to close experise accounts. General Ledger Clear entry May 31 Account Number 403 Rent Expense Balance Date 142, 722 May 31 Income Summary Account Number 603 Credit Balance 21,000 Salarics Expense General Journal Date Debit (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from…The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers. MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $150.20 (90.10) Cost of goods sold Gross margin Salaries expense 60.10 $20.20 Insurance expense 12.20 Depreciation expense Interest expense 5.10 6.10 (43.60) Gains and losses: Gain on sale of equipment 12.20 Loss on sale of land (3.20) Income before tax 25.50 Income tax expense (12.75) $ 12.75 Net income Reconciliation of Net Income to Net Cash Flows from Operating Activities ($ in millions) Net income $ 12.75 Adjustments for noncash effects: Decrease in accounts receivable 5.10 Gain on sale of equipment Increase in inventory (12.20) (6.10) Increase in accounts payable Increase in salaries payable Depreciation expense 9.10 3.10 5.10 Decrease in bond discount 3.05 Decrease in prepaid insurance 2.10 Loss on sale of land 3.20 Increase in income tax payable…
- Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file Use the following accounts as appropriate: Cash. Land. Notes Payable. Depreciation Expense. Accounts Receivable. Accumulated Depreciation. Common Stock. Salaries Expense. Supplies. Accounts Payable. Retained Earnings. Supplies Expense. Prepaid Insurance. Deferred Revenue. Dividends. Rent Expense. Equipment. Salaries Payable. Service Revenue. Insurance Expense 1-Dec: Issue common stock in exchange for cash of $6,000. 1-Dec: Paid the premium in advance on a one-year insurance policy, $480. 1-Dec: Purchased Equipment for $3,600 cash. 5-Dec: Purchased office supplies from XYZ Company on account, $400. 15-Dec: Provided services to customers for $5,400 cash. 16-Dec: Provided services to customer ABC Inc. on account, $2,500. 17-Dec: Received $800 cash in advance from a customer for services to be provided in January. 22-Dec: Paid $220 to XYZ company for the Dec 5 purchase on…Question Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He…Complete this question by entering your answers in the tabs below. Analyze General Joumal T accounts Post the entry using T-accounts to represent ledger accounts. (TIP: For right side T-account entries you must use a right side date selection. For left side T- account entries you must use a left side date selection.) Cash 101 Office Supplies 124 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Equipment 167 Accounts Payable 201 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Unearned Landscaping Revenue 236 Common Stock 307 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Landscaping Revenue 403 Date Amount Date Amount End. bal. Caneral lournal reounts