How do I record the current transaction? cesN:6:Business Solutions had the following transactions and events in December 2021.December 2 Paid $1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs.December 3 Paid $500 cash for minor repairs to the company's computer.December 4 Received $3,950 cash from Alex's Engineering Company for the receivable from November.December 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day.December 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,000 on a proposed project hasbeen accepted. Alex's paid a $1,500 cash advance to Business Solutions.December 15 Purchased $1,100 of computer supplies on credit from Harris Office Products.December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8.December 20 Completed a project for Liu Corporation and received $5,625 cash.December 22-26 Took the week off for the holidays.December 28 Received $3,000 cash from Gomez Company on its receivable.December 29 Reimbursed S. Rey for business automabile mileage (600 miles at $0.32 per mile).December 31 Paid $1,500 cash for dividends.The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for thecompany's first three months.a. The December 31 inventory count of computer supplies shows $580 still available.b. Three months have expired since the 12-month insurance premium was paid in advance.c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day.d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.f. Three of the four months' prepaid rent have expired.Required:1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger.2-a. Prepare adjusting entries to reflect a through f.2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger.3. Prepare an adjusted trial balance as of December 31, 2021.4. Prepare an income statement for the three months ended December 31, 2021.5. Prepare a statement of retained earnings for the three months ended December 31, 2021.6. Prepare a classified balance sheet as of December 31, 2021.7. Record the necessary closing entries as of December 31, 2021.8. Prepare a post-closing trial balance as of December 31, 2021.F2WS2396480F3XEDCF4$RF%5>OF5TK < PrevG61 of 1BMacBook AirY&7☐☐☐HF7NextUN* 00(9C8DIIF8JMKF9O0LF10LP first account field.)View transaction list2Journal entry worksheet1 AmThree months have expired since the 12-month insurance premium was paidin advance.Note: Enter debits before credits.Transactionb.F214/Record entry#380F33U4SA45General JournalClear entryF4D6< Required 1%5LO오F5< Prev***********H< CDebit6View general journalCreditRequired 2B >1 of 1MacBook AirF67&7event, select "NoF7JNext >=DII8F8

Name: How do I record the current transaction? cesN:6:Business Solutions had
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Description: How do I record the current transaction? cesN:6:Business Solutions had the following transactions and events in December 2021.December 2 Paid $1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs.December 3 Paid $500 c

A basic journal entry in accounting merely debits and credits one account. Simple diary entries are…

Business

Accounting

View transaction list Journal entry worksheet 1 3 Note: Enter debits before credits. Transaction b. Record entry 4 Three months have expired since the 12-month insurance premium was paid in advance. 5 General Journal 6 Clear entry Debit Credit View general journal

View transaction list Journal entry worksheet 1 3 Note: Enter debits before credits. Transaction b. Record entry 4 Three months have expired since the 12-month insurance premium was paid in advance. 5 General Journal 6 Clear entry Debit Credit View general journal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EA: Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the...

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ÁGSESSMENT POST EACH JOURNAL ENTRY TO ITS CORRESPONDIMG LED GER WRITE YOUR ANSWERS oH SEPARATE OF PAPER THE OWNER PURCHASED SUPPLIFS WORT H PIO,OD0 GENERAL JOURNAL PAGE1 DATE A CCOUMT TITLE AHD FXPLANTION PR DEBIT CREDIT 2019 JUL- SUPPLIES 牌03|P CASH AC COUNT HAME ACCOUNT TITLE AM EXPLANATIOM ACCOUT HO CREDIT DATE J.R. DEBIT BALANCES ACCOUNT ND- CREDIT IBALANCES ACCOUMT NAME ACCOUNT TITLE DATE AD FKPLANATION J.R DEBIT THE BUSINFSS RECEINED P&00 FOR SERVICES RENDFRED DATE 2019 ACCOUNT TITLE AND EXPLAHATIDN GENERALTOURNAL PR IDEBIT CREDIT CASH I le SERVICE REVENUE 401
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $ 23,700 Accounts Receivable Allowance for Uncollectible Accounts 41,000 $ 4,900 39,000 Inventory Land 75,100 Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings 27,900 39,000 65,000 42,000 Totals $178,800 $178,800 The $39,000 beginning balance of inventory consists of 390 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: 3 Purchase 1,800 units for $192, 600 on account ($107 each). 8 Purchase 1,900 units for $212,800 on account ($112 each). January January January 12 Purchase 2, 000 units for $234,000 on account ($117 each). January 15 Return 145 of the units purchased on January 12 because of defects. January 19 Sell 5,800 units on account for $870,000. The cost of the units sold is determined using a FIFO perpetu inventory system. January 22 Receive $841,000 from…
oft WE ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X + moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537 Graphics has the following notes payable transactions. Record these transactions in eneral journal. July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full payment of an account payable. 9Borrowed $5,000 from the bank sighing a 6%, 90-day note. 11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in payment of an account payable. Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note. The discount rate is 10%. Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc. Oct. 3Paid the interest due on the $5,000 note to the bank and renewed the principal for 30 days at 7%. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit because we are The Colle 10mdio playyas
O Mail - Edjouline X E Content - ACG2 X * CengageNOW. X O (58) YouTube * from Towards a X m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < ☆ STIOW Me TOW Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $410,000; Allowance for Doubtful Accounts has a credit balance of $3,500; and sales for the year total $1,850,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Check My Work Previous Next V O 11:51
Solve for the amount of discount and amount due.Invoice amt: $533.75Invoice date: Mar 7Terms: 2/10 - 20xGoods rec'd: Mar 9Date paid: Apr 6
Statement date: 30 May 2012 Frequency: Monthly Account name: Mr PP Jonathan Account number: 1292113613 30 April 2012 to 30 May 2012 Statement period: Type: Current account Branch: Claremont (129236) Overdraft limit R10 000 2. Interest on overdraft: Up to R5 000: 9% Above R5 000: 13,5% Date Transaction details Debits Credits Balance - R2 260,00 2012-04-30 Opening balance 2012-05-01 Stop order - Rent 1 500,00 - R3 760,00 2012-05-01 Debit order - Multichoice 225,00 - R3 985,00 In - R4 185,00 - R4 605,00 2012-05-03 ATM cash withdrawal 200,00 2012-05-05 Debit transfer 420,00 2012-05-08 Cash deposit (branch) 500,00 - R4 105,00 2012-05-09 ATM cash withdrawal 300,00 - R4 405,00 2012-05-12 Checkers - debit card purchase 530,00 - R4 935,00 2 2012-05-24 Credit transfer 1 000,00 - R3 935,00 2012-05-25 Interest 29,51 R3 964,51 2 2012-05-29 Transaction fees 182,60 - R4 147,11 Refer 2012-05-29 2012-05-29 Salary EFT deposit Overdraft service fee 24,00 - R4 171,11 10 500,00 R6 328,89 3. 3. Closing…
A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab tab gr Jill bought a $730 rocking chair. The terms of her revolving charge are 2% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule. (Round your final answers to the nearest cent.) Monthly Outstanding Amount of Outstanding balance due 2.0% interest Reduction in рayment number monthly payment balance due payment balance due acer 3.
om te x O Indian X Conten X O My App X Reset F X Cengag x O Mail -E X Indian m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro.. Q < * * eBook Show Me How Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000. a. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at % of 1% of sales. b. The allowance account before adjustment has a debit balance of $68,250. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $575,000. c. The allowance account before adjustment has a credit balance of $45,000. Bad debt expense is estimated at % of 1% of sales. d. The allowance account before adjustment has a credit balance of $45,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $450,000.…
E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021
! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] a. Wages of $8,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $11,320. c. The Supplies account had a $470 debit balance at the beginning of the year. During the year, $5,582 of supplies are purchased. A physical count of supplies at December 31 shows $608 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $3,300 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $500 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December…
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
be Preview File Edit View V Go mgt120h-a17.pdf Page 3 of 10 DOLAY Tools Window Help risinin D .. .. .. ... ... O V C. For an amount that the company estimates it will not collect. d. Several times during the accounting period. ܐ. . .. . . Search (Cª 5. Under the allowance method for uncollectible accounts, Bad Debts Expense is recorded a. When an individual account is written off. b. When the loss amount is known. Sat Apr 15 3:04 PM 6. A company sells an asset that originally cost $150,000 for $50,000 on December 31, 2016. The accumulated depreciation account had a balance of $60.000 after the current year'e Cost-Volume-Profit Analysis The Effect Of Prepaid Taxes On Assets Debenture Valuation And Liabili... 90 77