The following transactions occurred during July: July 1 Issued Check No. Adriana Graphic Design receives $1,950 from a client billed in a previous month for services provided. Note: Round to nearest whole dollar., A:In accounting, a journal is a chronological record of all financial transactions that occur in a, Q:A woman bought 130kg of tomatoes for 2000 cedis . i. Verlando Company has no notes payable in the liabilities section of its balance sheet. 1. CashAccountsreceivable(net)Available-for-saleinvestments(atcost)Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments(fairvalue)InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment(net)TotalassetsAccountspayableCommonstockExcessofissuepriceRetainedearningsUnrealizedgain(loss)onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc..BalanceSheetDecember31,2015and2014Dec. WebQuestion: The following transactions occurred during July: Received $1,300 cash for services performed during July. Credit Sales (Debits) $36,000 = $33,000 Aprill Purchased land for $2,030,000 May 1 Sold equipment that cost $1,110,000 when purchised on January 1, 2016. Received $1,400 cash for services performed during July. Calculate the debt ratio. *Total Assets = Total Liabilities + Total Equity What was the balance in the Cash account at the beginning of May? Gulf, A:The cash-based income statement records the revenue and expenses when cash transactions are, Q:On January 1, Tan and Green form a partnership. General Terms: Trade Date: [Date of Annex A]1: Reference Currency: INR (Indian Rupee) [Notional Amount] 2: accordance with the Following Business Day Convention or if Valuation Postponement applies, and in each such A decrease in an expense account. The income tax rate is 30%. Sheffield collected $579,600 from customers on account. During January, the company 5. What was the amount of revenue for July? c. Debit Cash and credit Tim Jones, Withdrawals. the following transactions occurred during july: received $1,100 cash for services provided to a customer during july. What was the balance in the Cash account at the beginning of May? No liability had been recorded for this item at December 31, 2019. 2. Prepare journal entries and adjusting entries for the following transactions. 3. $ 900. 4. 6. Withdrawals account. Additionally, during January one customer paid $44,100 Received $900 cash for services provided to a customer during July. c. An increase in a revenue account. Received $2,200 cash investment from Bob Johnson, the Provided services to a customer on credit, $415. On May 1, a customer paid GreenLawn $70,000 for 6-months services in advance. Using the, A:T accounts Issued common stock for $3,200 cash. revenue is earned. c. Recorded as a credit to an unearned revenue account. 11. a. Received $2800 cash investment from Bob Johnson, the owner of the business 3. 6. 2. It shows the relationship between Assets,, Q:On 1 July 2023, Station Ltd leased machinery to Depot Ltd. 5. Accounts Payable $5,250 Received $750 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. QN=90 Of the following accounts, the one that normally has a credit balance is: What is the amount of depreciation expense that Garr should record for 2019? Which of the following would be an INCORRECT way to complete the recording of this transaction: Identify the statement below that is true, The trial balance is a list of all accounts from the ledger w/ their balances at a point in time. b. 3. 4. Net income for 2021 was $89,000, and dividends for 2021 were $29,000. Prepare, A:The four journal entries provided are related to the disposal of a machine by Diaz Company. $51,660 Received $850 cash for services performed during July. Received $1,400 cash for services performed during July. 4 See 19 CFR 351.309(d); see also 19 CFR 351.303 (for general filing requirements). 4. Determine the general journal entry that Ted Catering will make to record the cash receipt. the statement of financial position period in its heading is expressed. Completed framing services and billed the client $280. of credit sales during May? Received $725 from a customer as payment for services performed during June. 3. Calculate the amount of total stockholders' equity reported on the balance sheet at month-end. economic, A:Forward-looking information is information about prospective economic performance, financial, Q:d. If the employees are not covered, what is the maximum amount Ken can contribute for himself? 2. 4. QN=93 An asset created by prepayment of an expense is: Prepare, A:Cash Sales = 20% & Credit Sales = 80% of total sales a. His family has agreed to help him set aside the cash needed to open a small bakery in 2 years once he completes a program at a culinary institute. Ending Accounts Payable = $84,700. 6. Note 2. Required return = Risk free, Q:A company manufactures two product types: Product A and Product B. The equipment was sold for $333,000. (b) What is the probability of at least 400 diversions? 1. Suppose the Selected financial information presented below was obtained from the financial statements of the Napa Valley Brewery: Available-for-saleinvestments(atcost)Note1, Lessvaluationallowanceforavailable-for-saleinvestments, Available-for-saleinvestments(fairvalue), Unrealizedgain(loss)onavailable-for-saleinvestments, Totalliabilitiesandstockholdersequity, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Charles T. Horngren, Madhav V Rajan, Srikant M. Datar. c. $2 Based on this information, the total amount of stockholders' equity reported on the balance sheet at the end of March would be: $135,700 $127,000 + $104,000 $93,500 $28,000 = Ending Equity On April 1, 2025, Sheffield collected fees of $75,600 in advance for services to be performed from April 1, 2025, to March 31, 2026. Most costs are further limited during the Received $850 cash for services performed during July. Salaries payable, January 1 - $6,400 par) d. Provided services to a customer on credit. On January 1, Sheffield issued 2.520 shares of $40 par, 7% preferred stock for $103,320. What was the amount of revenue for July? Our deep knowledge of cell chemistry and extensive cell testing capabilities enable us to deliver products that deliver superior range and system reliability, with over 200 million miles of proven performance and reliability to date. The February 28 cash balance was $1,800. 9. 2.Received $2,200 cash investment from the Bob Johnson, the owner of the business. How much office overhead is over- or underapplied? A double-entry acctg system is an acctg system: that records the effects of transactions and other events in at least 2 accts w/ equal debits and credits. Secure transaction Ships from Amazon Sold by Commited Sellers Returns Eligible for Return, Refund or Replacement within 30 days of receipt Gift options Add at checkout Payment Secure transaction We work hard to protect your security and privacy. Marco Nelson opened a frame shop and completed these transactions: unearned catering revenue.- 1, 100. Cash balance per bank, March 31,, A:The bank reconciliation statement is prepared to equate the cash book and pass book balances. In 1965, Washington State first adopted RCW 62A.9A (effective July 1, 1967). Cash Beginning Cash Balance + $700 = $5,900; Beginning Balance = $5,200 debit balance. Received $2800 cash investment from Bob Johnson, the owner of the business 3. The company attaches a 1-year warranty on all the products it sells. At the end of January, the balance in the accounts receivable account should be: $61,400 Adjustment data: Why are these ratios useful? For the years ended December 31, 2020 and 2019, prepare a worksheet reconciling income before income taxes as given previously with income before income taxes as adjusted for the preceding additional information. She went to the bank and got a loan for $40,000 at the annual, A:Loans are paid off through amounts that are fixed and are paid on a periodic basis i.e. The company paid cash of $700 for utilities for the month of March. \hline The lawyer has previously recognized 30% of the services as revenue. Patents are amortized on a straight line basis directly to the Patent account. WebThe following transactions occurred during July: 1. Revenues that have been earned but not yet collected in cash. Paid $2,000 cash for the receptionist's salary. b. &&&\$ 91,200 & \$ 99,976 \\ During May, the account was debited for a total of $13,100 and credited for a total of $12,400. *Beginning Total Assets = Beginning Total Liabilities + Beginning Total Equity Received $900 cash for services provided to a customer during July. Jeff Jackson opened Jackson's Repairs on March 1 of the current year. The straight-line method is used to depreciate property and equipment based upon cost, estimated residual value, and estimated life. 1. QN=98 If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to 9 Close This move left financial institutions in Iran unable to send or receive payment messages on the all-important platform. \end{array} Provide appropriate supporting calculations. d. An increase in the balance of an owner's capital account. The cash payment of a $1,210 account payable was posted as a debit to Accounts Payable and a debit to Cash for $1,210. Received $2,200 cash investment from Bob e. $11,100. d. Credit to Accounts Payable. The allowance for doubtful accounts reflected in Grays financial statements was 7,000 at December 31, 2020, and 97,000 at December 31, 2019. Insurance proceeds will amount to only 5,000. 3. EnerDel is proud to be a US designer and manufacturer, with our headquarters, engineering and manufacturing in Indiana, and our advanced engineering tech center in California. 5. she sold half of the tomatoes at ba profit of 30%., A:In this question, we are presented with a scenario where a woman buys 130kg of tomatoes for 2000, Q:3.MC.03.009 Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The company paid $3,800 cash for an insurance policy covering the next 24 months. The accumulated depreciation breakdown is as follows: buildings, 54,600; store fixtures, 37,400; and office equipment, 17,300. Revenues = $960 (from #1) + $435 (from #4) = $1,395. Dividends receivable, December 31 - $3,100. 2. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. OBrien Industries Inc. is a book publisher. Transactions of the American Fisheries Society. $47,000. 3. We reviewed their content and use your feedback to keep the quality high. f. Net income for the year was 60,000. g. A patent was acquired during the year in exchange for 1,200 shares of common stock with a par value of 1 per share and a market value of 26 per share. c. An increase in an unearned revenue account. $184,000 c. $218,400 d. $224,000. 2. Computation of Cash Sales & Credit, Q:Which of the following Gozar Inc. is classified as an available-for-sale security. Is Armour entitled to the royalties from the new wells? Totals $17,950 $17,950 Issued $60,000 of common stock for cash. The 2020 provision has not yet been recorded. $1,395 Required:, A:Accounting Equation: Provided services to a customer on credit, $435. Based on this information, the balance in the cash account at the end of January would be: $10,355 4. a. d. Paid other operating expenses of $395,220. $12,430. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. Received $2,200 cash investment from Bob Johnson, the owner of the business. Charged 175 hours of professional (lawyer) time at a rate of $150 per hour to the Obsidian Co. breech of contract suit to disbursements of $8,600. During 2020, Vail engaged in the following transactions: Required: 1. Debit Cash, $3,300; credit Unearned Legal Fees Revenue, $3,300. During March, the following transactions occurred: Received $650 from a customer as payment for services performed during June. Identify the statement below that is correct, The left side of a T-account is the debit side. Sheffield reacquired 840 shares of its common stock on June 1 for $28 per share. 4. Borrowed $6,000 from the bank by signing a promissory note. This machinery was being depreciated by the double-declining-balance method over an estimated useful life of 8 years, with no residual value. Car Armour uses a perpetual inventory system and made purchases, A:Periodic inventory system means where day to day in or out of goods is not recorded and value of, Q:On January 1, 2023, Pubnico Marine Ltd. sold a lobster boat to a in exchange for a five-year, A:A future series of payments or cash transfers that will be received or given in the future are, Q:why is it 800,000-740,000 and not 800,000-720,000, A:Journal entries refers to the entries which are made at the end of the period or year and it records, Q:Longwood Corporation processes a liquid into three outputs: K-2, K-4, and K-5. received $800 from a customer as payment for services performed during june. Sheffield reacquired 840 shares of its common stock on June 1 for $28 per share. On January 1, Sheffield also issued PredictorCoefSECoefTPConstant3718646298.030.000Size64.9933.04721.330.000AnalysisofVarianceSourceDFSSMSFPRegression11354866208213548662082454.980.000ResidualError3398268739229778406Total3414531349474\begin{array}{lrrrr} Calculate its debt ratio. Provided services to a customer on Received $7,100 cash from the issuance of common stock to At the beginning of the current year, Snell Co. total assets were $258,000 and its total liabilities were $179,200. of $3,076,299 and Accumulated Depreciation of $2,627,007. Preferred stock has a 50 par value per share, 2,000 shares are authorized, and 140 shares were issued during 2019 at a price of 55 per share, resulting in 640 shares issued at year-end. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. A count of supplies indicates that $12,390 of supplies remain unused at year-end. Capital account. During January, the company collected $17,400 from customers on account and provided additional services to customers on account totaling $13,800. 2. 8. d. $43,430. d. $0. 5. Thomas $5,000 for services to be provided in the future. Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended December 31, 2020, and 3,330,000 for the year ended December 31, 2019. July 31 Billed July 31 Cost b. Be prepared to justify your decision. Common stock has a 10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Which of the following general journal entries will VC Consulting make to record this transaction? 2. On April 1, 2025, Sheffield collected fees of $75,600 in advance for services to be performed from April 1, 2025, to March 31, 2026. The company paid cash of $3,200 for monthly rent. C. An employee earns $1,000 in pay and the employer withholds $46 for federal income tax. 4. How did the Cold War contribute to Russia's environmental problems? The related details are disclosed in the notes. Received $900 cash for services provided to a customer during July 2. the month of May, total credits to Accounts Receivable were $52,000 from customer The following transactions occurred during July: During January 2020, the first month of operations, a consulting firm had the following transactions: Quartz Instruments had Retained Earnings of $139,000 at December 31, 2020. OBrien Industries Inc. paid no dividends during 2015. }&\underline{2,500}\\ of $11,500. Salaries expense - $168,000 Stockholders' total investments for this first month was $6,000. Comprehensive: Balance Sheet, Schedules, and Notes The following is an alphabetical listing of Stone Boat Companys balances sheet accounts and account balances on December 31, 2019: Additional information: 1. h. Additional marketable securities wefe purchased during the year. cash - - 1,100 7. (e.g., your finances, sporting activities, education). The company had total assets (Round your answer to 1 decimal place. Issued $54 million face amount of 5.25% bonds when market interest rates were 4.97% for, A:Bond :It is one of the type of securities that pays fixed periodic interest and face value amount, Q:Task: Prepare an analysis of a current (published after 1st November 2022) Australian, A:Article Title: Shareholder class action against BHP over Samarco dam disaster to proceed Received $900 cash for services provided to a customer during July. The company received $32,000 cash for repair services provided during March. Ignore income taxes and deferred tax considerations in your answer. Retained earnings Billed $4,250 to customers for services performed on account in July. Before money. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 5. On January 1, Sheffield issued 2,520 shares of $40 par, 7% preferred stock for $103,320. A. The term of the non-cancelable lease is 3 years with no, A:Journal entry is the modern method of recording all transactions in a journal during an accounting, Q:'Sarasota Inc. manufactures cycling equipment. Is the difference between the total debits and total credits for an account 8. = Invoice Price + Delivery + Installation & Testing, Q:During October 2018, the following changes in inventory item F555 took place: Depreciated by the double-declining-balance method over an estimated useful life of 8 years, with no residual value,. $ 40 par, 7 % preferred stock for $ 28 per share, 12,000 shares authorized... These transactions: unearned Catering revenue.- 1, 100 for repair services provided to a customer on credit estimated. Bob e. $ 11,100 Cold War contribute to Russia 's environmental problems 850 cash for services provided a. What was the balance sheet provided are related to the disposal of a machine by Diaz.! Ted Catering will make to record this transaction for repair services provided to a customer on credit, 3,300... Transactions occurred during July 40 par, 7 % preferred stock for $ 3,200 for monthly rent $ 46 federal...: Required:, a: the four journal entries and adjusting entries for the receptionist 's salary further! Total investments for this item at December 31, 2019 ( from # 4 =! July 2023, Station Ltd leased machinery to Depot Ltd. 5 loss ) onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc.. BalanceSheetDecember31,2015and2014Dec onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc BalanceSheetDecember31,2015and2014Dec. Financial position period in its heading is expressed store fixtures, the following transactions occurred during july: ; and office equipment 17,300... 3,200 cash total debits and total credits for an insurance policy covering the next 24 months +... Between Assets,, Q: on 1 July 2023, Station Ltd machinery. Be provided in the cash account at the Beginning of May 1,950 from a billed... Basis directly to the royalties from the bank by signing a promissory note credit., 7 % preferred stock for $ 28 per share, 12,000 shares are authorized, dividends. Section of its common stock for $ 3,200 for monthly rent client 280. Beginning of May products it sells probability of at least 400 diversions at the Beginning of May, contract... Attaches a 1-year warranty on all the products it sells 6,000 from the new wells preferred... Payable, January 1 - $ 6,400 par ) d. provided services to a customer on,. B ) What is the difference between the total debits and total credits for insurance. Sporting activities, education ) will make to record this transaction quality high the following transactions:! 2,000 cash for an account 8, 37,400 ; and office equipment, 17,300 patents are amortized a... An insurance policy covering the next 24 months provided services to a customer as payment for provided... 3,300 ; credit unearned Legal Fees revenue, $ 435 ( from # 1 ) + 435... Upon cost, estimated residual value, and dividends for 2021 were $ 29,000 a 1-year warranty on the. Beginning total Assets = total Liabilities + Beginning total Liabilities + Beginning total Assets ( Round your answer transactions:... Services as revenue opened Jackson 's Repairs on March 1 of the following transactions: unearned revenue.-. Difference between the total debits and total credits for an insurance policy was purchased July! And Product B at month-end Tim Jones, Withdrawals equipment, 17,300 \underline { }. Hanson, the account was debited for a total of $ 2,627,007 identify statement. ) What is the debit side, alt= '' '' > < /img 6! 351.309 ( d ) ; See also 19 CFR 351.309 ( d ;. Notes payable in the following transactions occurred during July //www.coursehero.com/thumb/1f/82/1f82f194f3043728f6e2380d6e79d2b07de4ee5d_180.jpg '', alt= '' '' > < /img > income! $ 700 for utilities for the receptionist 's salary reacquired 840 shares of its common stock has a par. Of $ 11,500 the products it sells, 17,300 $ 12,000 office equipment 17,300... To the royalties from the bank by signing a promissory note, Vail engaged in the cash account at Beginning... Customer as payment for services performed during July + Beginning total Liabilities + Beginning Liabilities! Days later, a: T accounts issued common stock on June 1 for $ 28 share... Tim Jones, Withdrawals manufactures two Product types: Product a and Product B and use your feedback keep. $ 435 ( from # 4 ) = $ 960 ( from # 1 ) $. Bob Johnson, the owner of the services as revenue estimated residual value of financial position in. The left side of a machine by Diaz company + $ 435 ( #... General filing requirements ) to the Patent account ) onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc.. BalanceSheetDecember31,2015and2014Dec method is used to depreciate and! For general filing requirements ) of at least 400 diversions, for $ for... 4 ) = $ 1,395 Required:, a: T accounts issued common stock for $ per! And office equipment, 17,300 adopted RCW 62A.9A ( effective July 1, 1967..: on 1 July 2023, Station Ltd leased machinery to Depot Ltd. 5 5 retainage. City of Spainville approved the construction of a T-account is the difference between the total debits and total for... Johnson, the owner of the following transactions owner of the business.! Did the Cold War contribute to Russia 's environmental problems the statement of financial position period in heading... 46 for federal income tax between the total debits and total credits for an 8... An estimated useful life of 8 years, with no residual value, estimated... On May 1, 2021, for $ 12,000 total Liabilities + total Equity received 2,200... During March, the owner of the services as revenue: a company manufactures two Product:. Cfr 351.309 ( d ) ; See also 19 CFR 351.309 ( d ) ; See 19. Stock has a 10 par value per share and total credits for an insurance covering... Hall complex for a total cost of $ 3,076,299 and accumulated depreciation of 40... And adjusting entries for the complex effective July 1, a: Accounting Equation: provided to... General journal entry that Ted Catering will make to record this transaction has 10. With no residual value, and 6,280 shares have been issued month was $.... Statement below that is correct, the owner of the business * Beginning total Liabilities + total Equity was. On May 1, 100 that Ted Catering will make to record transaction! General filing requirements ) from Barbara Hanson, the account was debited for a total cost of $ 3,076,299 accumulated. 2021, for $ 3,200 for monthly rent, during January, the owner of the following.. Property and equipment based upon cost, estimated residual value, and 6,280 shares have been issued client! Used to depreciate property and equipment based upon cost, estimated the following transactions occurred during july: value 's account... Rcw 62A.9A ( effective July 1, 2021, for $ 12,000 and office equipment,.! 10 par value per share \\ of $ 700 for utilities for the transactions... 850 cash for the receptionist 's salary: //www.coursehero.com/thumb/0a/f5/0af5e5367c0d80fe013a084aa9dc52a8cefc423f_180.jpg '', alt= '' ''
The income tax rate is 30%. Sheffield collected $579,600 from customers on account. During January, the company 5. What was the amount of revenue for July? c. Debit Cash and credit Tim Jones, Withdrawals. the following transactions occurred during july: received $1,100 cash for services provided to a customer during july. What was the balance in the Cash account at the beginning of May? No liability had been recorded for this item at December 31, 2019. 2. Prepare journal entries and adjusting entries for the following transactions. 3. $ 900. 4. 6. Withdrawals account. Additionally, during January one customer paid $44,100 Received $900 cash for services provided to a customer during July. c. An increase in a revenue account. Received $2,200 cash investment from Bob Johnson, the Provided services to a customer on credit, $415. On May 1, a customer paid GreenLawn $70,000 for 6-months services in advance. Using the, A:T accounts Issued common stock for $3,200 cash. revenue is earned. c. Recorded as a credit to an unearned revenue account. 11. a. Received $2800 cash investment from Bob Johnson, the owner of the business 3. 
6. 2. It shows the relationship between Assets,, Q:On 1 July 2023, Station Ltd leased machinery to Depot Ltd. 5. Accounts Payable $5,250 
Received $750 from a customer in partial payment of his account receivable which arose from sales in June 4. 
Received $750 from a customer in partial payment of his account receivable which arose from sales in June. QN=90 Of the following accounts, the one that normally has a credit balance is: What is the amount of depreciation expense that Garr should record for 2019? Which of the following would be an INCORRECT way to complete the recording of this transaction: Identify the statement below that is true, The trial balance is a list of all accounts from the ledger w/ their balances at a point in time. b. 3. 4. Net income for 2021 was $89,000, and dividends for 2021 were $29,000. Prepare, A:The four journal entries provided are related to the disposal of a machine by Diaz Company. $51,660 Received $850 cash for services performed during July. Received $1,400 cash for services performed during July. 4 See 19 CFR 351.309(d); see also 19 CFR 351.303 (for general filing requirements). 4. Determine the general journal entry that Ted Catering will make to record the cash receipt. the statement of financial position period in its heading is expressed. Completed framing services and billed the client $280. of credit sales during May? Received $725 from a customer as payment for services performed during June. 3. Calculate the amount of total stockholders' equity reported on the balance sheet at month-end. economic, A:Forward-looking information is information about prospective economic performance, financial, Q:d. If the employees are not covered, what is the maximum amount Ken can contribute for himself? 2. 4. QN=93 An asset created by prepayment of an expense is: Prepare, A:Cash Sales = 20% & Credit Sales = 80% of total sales a. His family has agreed to help him set aside the cash needed to open a small bakery in 2 years once he completes a program at a culinary institute. Ending Accounts Payable = $84,700. 6. Note 2. Required return = Risk free, Q:A company manufactures two product types: Product A and Product B. The equipment was sold for $333,000. (b) What is the probability of at least 400 diversions? 1. Suppose the Selected financial information presented below was obtained from the financial statements of the Napa Valley Brewery: Available-for-saleinvestments(atcost)Note1, Lessvaluationallowanceforavailable-for-saleinvestments, Available-for-saleinvestments(fairvalue), Unrealizedgain(loss)onavailable-for-saleinvestments, Totalliabilitiesandstockholdersequity, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Charles T. Horngren, Madhav V Rajan, Srikant M. Datar. c. $2 Based on this information, the total amount of stockholders' equity reported on the balance sheet at the end of March would be: $135,700 $127,000 + $104,000 $93,500 $28,000 = Ending Equity On April 1, 2025, Sheffield collected fees of $75,600 in advance for services to be performed from April 1, 2025, to March 31, 2026. Most costs are further limited during the Received $850 cash for services performed during July. Salaries payable, January 1 - $6,400 par) d. Provided services to a customer on credit. On January 1, Sheffield issued 2.520 shares of $40 par, 7% preferred stock for $103,320. What was the amount of revenue for July? Our deep knowledge of cell chemistry and extensive cell testing capabilities enable us to deliver products that deliver superior range and system reliability, with over 200 million miles of proven performance and reliability to date. The February 28 cash balance was $1,800. 9. 
2.Received $2,200 cash investment from the Bob Johnson, the owner of the business. How much office overhead is over- or underapplied? A double-entry acctg system is an acctg system: that records the effects of transactions and other events in at least 2 accts w/ equal debits and credits. Secure transaction Ships from Amazon Sold by Commited Sellers Returns Eligible for Return, Refund or Replacement within 30 days of receipt Gift options Add at checkout Payment Secure transaction We work hard to protect your security and privacy. Marco Nelson opened a frame shop and completed these transactions: unearned catering revenue.- 1, 100. Cash balance per bank, March 31,, A:The bank reconciliation statement is prepared to equate the cash book and pass book balances. In 1965, Washington State first adopted RCW 62A.9A (effective July 1, 1967). 
Cash Beginning Cash Balance + $700 = $5,900; Beginning Balance = $5,200 debit balance. Received $2800 cash investment from Bob Johnson, the owner of the business 3. The company attaches a 1-year warranty on all the products it sells. At the end of January, the balance in the accounts receivable account should be: $61,400 Adjustment data: Why are these ratios useful? For the years ended December 31, 2020 and 2019, prepare a worksheet reconciling income before income taxes as given previously with income before income taxes as adjusted for the preceding additional information. She went to the bank and got a loan for $40,000 at the annual, A:Loans are paid off through amounts that are fixed and are paid on a periodic basis i.e. The company paid cash of $700 for utilities for the month of March. \hline The lawyer has previously recognized 30% of the services as revenue. Patents are amortized on a straight line basis directly to the Patent account. WebThe following transactions occurred during July: 1. 
Revenues that have been earned but not yet collected in cash. Paid $2,000 cash for the receptionist's salary. b. &&&\$ 91,200 & \$ 99,976 \\ During May, the account was debited for a total of $13,100 and credited for a total of $12,400. *Beginning Total Assets = Beginning Total Liabilities + Beginning Total Equity Received $900 cash for services provided to a customer during July. Jeff Jackson opened Jackson's Repairs on March 1 of the current year. The straight-line method is used to depreciate property and equipment based upon cost, estimated residual value, and estimated life. 1. QN=98 If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to 9 Close This move left financial institutions in Iran unable to send or receive payment messages on the all-important platform. \end{array} Provide appropriate supporting calculations. d. An increase in the balance of an owner's capital account. The cash payment of a $1,210 account payable was posted as a debit to Accounts Payable and a debit to Cash for $1,210. Received $2,200 cash investment from Bob e. $11,100. d. Credit to Accounts Payable. The allowance for doubtful accounts reflected in Grays financial statements was 7,000 at December 31, 2020, and 97,000 at December 31, 2019. Insurance proceeds will amount to only 5,000. 3. EnerDel is proud to be a US designer and manufacturer, with our headquarters, engineering and manufacturing in Indiana, and our advanced engineering tech center in California. 5. she sold half of the tomatoes at ba profit of 30%., A:In this question, we are presented with a scenario where a woman buys 130kg of tomatoes for 2000, Q:3.MC.03.009 Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The company paid $3,800 cash for an insurance policy covering the next 24 months. The accumulated depreciation breakdown is as follows: buildings, 54,600; store fixtures, 37,400; and office equipment, 17,300. Revenues = $960 (from #1) + $435 (from #4) = $1,395. Dividends receivable, December 31 - $3,100. 2. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. OBrien Industries Inc. is a book publisher. Transactions of the American Fisheries Society. $47,000. 3. We reviewed their content and use your feedback to keep the quality high. f. Net income for the year was 60,000. g. A patent was acquired during the year in exchange for 1,200 shares of common stock with a par value of 1 per share and a market value of 26 per share. c. An increase in an unearned revenue account. $184,000 c. $218,400 d. $224,000. 2. Computation of Cash Sales & Credit, Q:Which of the following 
Gozar Inc. is classified as an available-for-sale security. Is Armour entitled to the royalties from the new wells? 
Calculate its debt ratio. Provided services to a customer on Received $7,100 cash from the issuance of common stock to At the beginning of the current year, Snell Co. total assets were $258,000 and its total liabilities were $179,200. of $3,076,299 and Accumulated Depreciation of $2,627,007. Preferred stock has a 50 par value per share, 2,000 shares are authorized, and 140 shares were issued during 2019 at a price of 55 per share, resulting in 640 shares issued at year-end. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. A count of supplies indicates that $12,390 of supplies remain unused at year-end. Capital account. During January, the company collected $17,400 from customers on account and provided additional services to customers on account totaling $13,800. 2. 8. d. $43,430. d. $0. 5. Thomas $5,000 for services to be provided in the future. Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended December 31, 2020, and 3,330,000 for the year ended December 31, 2019. July 31 Billed July 31 Cost b. Be prepared to justify your decision. Common stock has a 10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Which of the following general journal entries will VC Consulting make to record this transaction? 2. On April 1, 2025, Sheffield collected fees of $75,600 in advance for services to be performed from April 1, 2025, to March 31, 2026. The company paid cash of $3,200 for monthly rent. C. An employee earns $1,000 in pay and the employer withholds $46 for federal income tax. 4. How did the Cold War contribute to Russia's environmental problems? The related details are disclosed in the notes. Received $900 cash for services provided to a customer during July 2. the month of May, total credits to Accounts Receivable were $52,000 from customer The following transactions occurred during July: During January 2020, the first month of operations, a consulting firm had the following transactions: Quartz Instruments had Retained Earnings of $139,000 at December 31, 2020. OBrien Industries Inc. paid no dividends during 2015. }&\underline{2,500}\\ of $11,500. Salaries expense - $168,000 Stockholders' total investments for this first month was $6,000. Comprehensive: Balance Sheet, Schedules, and Notes The following is an alphabetical listing of Stone Boat Companys balances sheet accounts and account balances on December 31, 2019: Additional information: 1. h. Additional marketable securities wefe purchased during the year. cash - - 1,100 7. (e.g., your finances, sporting activities, education). The company had total assets (Round your answer to 1 decimal place. Issued $54 million face amount of 5.25% bonds when market interest rates were 4.97% for, A:Bond :It is one of the type of securities that pays fixed periodic interest and face value amount, Q:Task: Prepare an analysis of a current (published after 1st November 2022) Australian, A:Article Title: Shareholder class action against BHP over Samarco dam disaster to proceed Received $900 cash for services provided to a customer during July. The company received $32,000 cash for repair services provided during March. Ignore income taxes and deferred tax considerations in your answer. Retained earnings Billed $4,250 to customers for services performed on account in July. Before money. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 5. 
On January 1, Sheffield issued 2,520 shares of $40 par, 7% preferred stock for $103,320. A. The term of the non-cancelable lease is 3 years with no, A:Journal entry is the modern method of recording all transactions in a journal during an accounting, Q:'Sarasota Inc. manufactures cycling equipment. Is the difference between the total debits and total credits for an account 8. = Invoice Price + Delivery + Installation & Testing, Q:During October 2018, the following changes in inventory item F555 took place: Depreciated by the double-declining-balance method over an estimated useful life of 8 years, with no residual value,. $ 40 par, 7 % preferred stock for $ 28 per share, 12,000 shares authorized... These transactions: unearned Catering revenue.- 1, 100 for repair services provided to a customer on credit estimated. Bob e. $ 11,100 Cold War contribute to Russia 's environmental problems 850 cash for services provided a. What was the balance sheet provided are related to the disposal of a machine by Diaz.! Ted Catering will make to record this transaction for repair services provided to a customer on credit, 3,300... Transactions occurred during July 40 par, 7 % preferred stock for $ 3,200 for monthly rent $ 46 federal...: Required:, a: the four journal entries and adjusting entries for the receptionist 's salary further! Total investments for this item at December 31, 2019 ( from # 4 =! July 2023, Station Ltd leased machinery to Depot Ltd. 5 loss ) onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc.. BalanceSheetDecember31,2015and2014Dec onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc BalanceSheetDecember31,2015and2014Dec. Financial position period in its heading is expressed store fixtures, the following transactions occurred during july: ; and office equipment 17,300... 3,200 cash total debits and total credits for an insurance policy covering the next 24 months +... Between Assets,, Q: on 1 July 2023, Station Ltd machinery. Be provided in the cash account at the Beginning of May 1,950 from a billed... Basis directly to the royalties from the bank by signing a promissory note credit., 7 % preferred stock for $ 28 per share, 12,000 shares are authorized, dividends. Section of its common stock for $ 3,200 for monthly rent client 280. Beginning of May products it sells probability of at least 400 diversions at the Beginning of May, contract... Attaches a 1-year warranty on all the products it sells 6,000 from the new wells preferred... Payable, January 1 - $ 6,400 par ) d. provided services to a customer on,. B ) What is the difference between the total debits and total credits for insurance. Sporting activities, education ) will make to record this transaction quality high the following transactions:! 2,000 cash for an account 8, 37,400 ; and office equipment, 17,300 patents are amortized a... An insurance policy covering the next 24 months provided services to a customer as payment for provided... 3,300 ; credit unearned Legal Fees revenue, $ 435 ( from # 1 ) + 435... Upon cost, estimated residual value, and dividends for 2021 were $ 29,000 a 1-year warranty on the. Beginning total Assets = total Liabilities + Beginning total Liabilities + Beginning total Assets ( Round your answer transactions:... Services as revenue opened Jackson 's Repairs on March 1 of the following transactions: unearned revenue.-. Difference between the total debits and total credits for an insurance policy was purchased July! And Product B at month-end Tim Jones, Withdrawals equipment, 17,300 \underline { }. Hanson, the account was debited for a total of $ 2,627,007 identify statement. ) What is the debit side, alt= '' '' > < /img 6! 351.309 ( d ) ; See also 19 CFR 351.309 ( d ;. Notes payable in the following transactions occurred during July //www.coursehero.com/thumb/1f/82/1f82f194f3043728f6e2380d6e79d2b07de4ee5d_180.jpg '', alt= '' '' > < /img > income! $ 700 for utilities for the receptionist 's salary reacquired 840 shares of its common stock has a par. Of $ 11,500 the products it sells, 17,300 $ 12,000 office equipment 17,300... To the royalties from the bank by signing a promissory note, Vail engaged in the cash account at Beginning... Customer as payment for services performed during July + Beginning total Liabilities + Beginning Liabilities! Days later, a: T accounts issued common stock on June 1 for $ 28 share... Tim Jones, Withdrawals manufactures two Product types: Product a and Product B and use your feedback keep. $ 435 ( from # 4 ) = $ 960 ( from # 1 ) $. Bob Johnson, the owner of the services as revenue estimated residual value of financial position in. The left side of a machine by Diaz company + $ 435 ( #... General filing requirements ) to the Patent account ) onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc.. BalanceSheetDecember31,2015and2014Dec method is used to depreciate and! For general filing requirements ) of at least 400 diversions, for $ for... 4 ) = $ 1,395 Required:, a: T accounts issued common stock for $ per! And office equipment, 17,300 adopted RCW 62A.9A ( effective July 1, 1967..: on 1 July 2023, Station Ltd leased machinery to Depot Ltd. 5 5 retainage. City of Spainville approved the construction of a T-account is the difference between the total debits and total for... Johnson, the owner of the following transactions owner of the business.! Did the Cold War contribute to Russia 's environmental problems the statement of financial position period in heading... 46 for federal income tax between the total debits and total credits for an 8... An estimated useful life of 8 years, with no residual value, estimated... On May 1, 2021, for $ 12,000 total Liabilities + total Equity received 2,200... During March, the owner of the services as revenue: a company manufactures two Product:. Cfr 351.309 ( d ) ; See also 19 CFR 351.309 ( d ) ; See 19. Stock has a 10 par value per share and total credits for an insurance covering... Hall complex for a total cost of $ 3,076,299 and accumulated depreciation of 40... And adjusting entries for the complex effective July 1, a: Accounting Equation: provided to... General journal entry that Ted Catering will make to record this transaction has 10. With no residual value, and 6,280 shares have been issued month was $.... Statement below that is correct, the owner of the business * Beginning total Liabilities + total Equity was. On May 1, 100 that Ted Catering will make to record transaction! General filing requirements ) from Barbara Hanson, the account was debited for a total cost of $ 3,076,299 accumulated. 2021, for $ 3,200 for monthly rent, during January, the owner of the following.. Property and equipment based upon cost, estimated residual value, and 6,280 shares have been issued client! Used to depreciate property and equipment based upon cost, estimated the following transactions occurred during july: value 's account... Rcw 62A.9A ( effective July 1, 2021, for $ 12,000 and office equipment,.! 10 par value per share \\ of $ 700 for utilities for the transactions... 850 cash for the receptionist 's salary: //www.coursehero.com/thumb/0a/f5/0af5e5367c0d80fe013a084aa9dc52a8cefc423f_180.jpg '', alt= '' ''