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United Delivery, Inc. a delivery company has the following chart of accounts: Cash; Accounts Receivable; Prepaid Rent; Supplies; Delivery Equipment; Accounts Payable; Unearned Delivery Fees; Common Stock; Dividends; Delivery Fees Earned; Rent Expense; and Salaries Expense. For the month of June, the following transactions occurred: June 1 Shareholders contributed $20,000 cash in exchange for stock. 2 Paid $3,000 rent in advance for the months of June, July, and August. 3 Received $1,200 cash from a customer as advance payment for deliveries scheduled throughout July. 9 Hired 3 new employees 14 Purchased supplies on account, $2,800. 16 Billed customers for deliveries made, $3,500. 17 Paid salaries for June, $4,000. 30 Paid for the supplies purchased on the 14th of June 2,800. Required: Provide all the necessary journal entries for the month of June using the following template Date Accounts Debit Credit June 1 June 2 June 3 June 9 June 14 June 16 June 17 June 30 Shareholders contributed $20,000 cash in June 1 exchange for stock. Paid $3,000 rent in advance for the months of 2 June, July, and August. Received $1,200 cash from a customer as 3 advance payment for deliveries scheduled throughout July. 9 Hired 3 new employees 14 Purchased supplies on account, $2,800. 16 Billed customers for deliveries made, $3,500. 17 Paid salaries for June, $4,000. Paid for the supplies purchased on the 14th of 30 June 2,800..
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AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docx
AWeek One Exercise Assignment
Basic Accounting Equations
1.Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. The albums, tapes, and CDs held for sale to customers.
b. A long-term loan owed to Citizens Bank.
c. Promotional costs to publicize a concert.
d. Daily sales of merchandise sold,
e. Amounts due from customers,
f. Land held as an investment,
g. A new fax machine purchased for office use.
h. Amounts to be paid in 10 days to suppliers,
i. Amounts paid to a mall for rent.
2.Basic journal entries
The following April transactions pertain to the Jennifer Royall Company:
Apr. 1
Jennifer Royall invested cash of $15,000 and land valued at $10,000into the business.
Apr.5
Provided $1,200 of services to Jason Ratchford, a client, on account.
Apr.9
Paid $250 of salaries to an employee.
Apr.14
Acquired a new computer for $3,200, on account.
Apr.20
Collected $800 from Jason Ratchford for services provided on April 5.
Apr.24
Borrowed $7,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:
Building $44,000 Accounts receivable $24,000
Cash 17,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheetas of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:
1: Parker invested $19,000 into the business for $19,000 in common stock.
2: Paid $9,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Parker withdrew $600 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Parker.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? ...
. Basic transaction processing. On November 1 of the current.docx
.
Basic transaction processing
.
On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash,
Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company have a “good” month from an accounting viewpoint? Briefly explain.
5.
Transaction analysis and statement preparation
. The transactions that follow
relate to Burton Enterprises for March 20X1, the company’s first month of activity.
3/1
Joanne Burton, the owner, invested $20,000 cash into the business.
3/4
Performed $2,400 of services on account.
3/7
Acquired a small parcel of land by paying $6,000 cash
3/12
Received $500 from a client who was billed previously on March 4.
3/15
Paid $200 to the Journal Herald for advertising expense.
3/18
Acquired 9,000 of equipment from Park Central Outfitters by Paying
$7,000 down and agreeing to remit the balance owed within two weeks (A/P).
3/22
Received $300 cash from clients for services.
3/24
Paid $1,500 on account to Park Central Outfitters in partial settlement of
the balance due from the transaction on March 18.
3/28
Rented a car from United Car Rental for use on March 28.
Total charges
amounted to $125, with United billing Burton for the
amount due.
3/31
Paid $600 for March wages
3/31
Processed a $600 cash withdrawal (dividend) from the business for Joanne Burton
Instructions
a. Determine the impact of each of the preceding transactions on Burton’s assets,
liabilities, and owner’s equity. See exhibit 1.5. Use the following format:
Assets
= Liabilities
+ Owner’s Equity
Cash, Accounts Receivable, Land, Equipment
Accounts Payable
(+)Common Stock (+) Revenues
(-) Dividends
(-) Expenses
a. Record each transaction on a separate line. Calculate balances only after the last transaction has been recorded.
b. Prepare an income statement, a statement of retained earni.
CMBA 603-SName ___________________________Test 1 – part 2 (prob
CMBA 603-S Name ___________________________
Test 1 – part 2 (problems)
Fall 2021
Problems – Work the following either by completing the answers on this document or else by using Excel. Be sure to show your work! This is an open-book, open-notes test. You may not use the internet or consult with other people, but you may use our textbook and notes from this class. Both parts of the test are due at midnight, Monday, September 27. Upload your files to Canvas.
Classifications: Part I
For each of the following accounts, state (a) the specific type of account (asset, liability, revenue, etc.) (b) the normal balance – debit or credit and (c) whether it would be closed (as part of the year-end closing entries).
(a) Type of Account (b) Debit or Credit? (c) Close?yes or no
1. dividends payable __________________ ______ ______
2. purchase discounts lost (periodic) ____
3. accumulated depreciation __________________ ______ ______
4. common stock __________________ ______ ______
5. cost of goods sold __________________ ______ ______
6. dividends (declared) __________________ ______ ______
7. interest earned __________________ ______ ______
8. depreciation for the current year __________________ ______ ______
9. accounts receivable __________________ ______ ______
10. retained earnings _________________ ______ ______
11. prepaid (unexpired) insurance __________________ ______ ______
12. sales returns __________________ ______ ______
13. gain on sale of land __________________ ______ ______
14. investments __________________ ______ ______
15. unearned rent revenue __________________ ______ ______
Classifications: Part II
State the impact on net income in the current month under the accrual method (increase, decrease, or no effect)
Impact on Net Income
1. recorded interest on a note receivable; the
interest and note will be received next month __________________
2. collected a deposit on a sale of goods that
will be delivered next month __________________
3. paid cash dividends that were declared last month __________________
4. purchased inventory for cash (perpetual system) __________________
5. sold land for more than its cost __________________
6. recorded this month’s depreciation __________________
7. updated unearned rent revenue by moving
the current month’s rent to the appropriate account __________________
8. purchased a building by signing a mortgage
payable and also giving a cash downpayment __________________
9. accrued utilities for the month (to be paid next month) __________________
10. recorded the expiration of this month’s
portion of prepaid insurance __________________
11. signed a purchase order for goods to
be received next year __________________
12. issued bonds payable __________________
Problem 1 Recording Transactions Able Co. began operations in December 2021 with the following transactions occurring in that month. Note that there are no beginning balances in the accounts because this is the first mont ...
6. Entry and trial balance preparation. Lee Adkins is a portra.docx
6.
Entry and trial balance preparation
. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account number
Account name
Debit
Credit
110
Cash
$ 2,700
120
Accounts Receivable
12,100
130
Equipment and Supplies
2,800
140
Studio
45,000
210
Accounts Payable
$2,600
310
Lee Adkins, Capital
57,400
320
Lee Adkins, Drawing
30,000
410
Professional Fee Revenue
39,000
510
Advertising Expense
2,300
520
Salaries Expense
2,100
540
Utilities Expense
2,000
$99,000
$99,000
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
6/2
Collected $3,000 on account from customers
6/7
Sold 25% of the equipment and supplies to a young artist for $700 cash
6/10
Received a $300 invoice from the accountant for preparing last quarter's financial Statements.
6/15
Paid $1,900 to creditors on account.
6/27
Adkins withdrew $2,000 cash for personal use.
6/30
Billed a customer $3,000 for a portrait painted this month.
a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6)
b. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4)
c. Post the journal entries to the “T” accounts.
d. Prepare a trial balance as of June 30. (See exhibit 2.9)
7. Journal entry preparation.
On January 1 of the current year, Peter Houston invested $80,000 cash into his companyMuniServ.The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15.
During January, the company had additional cash outlays for the following items:
Purchases of store equipment
$4,600
Note payment
500
Salaries expense
2,300
Advertising expense
700
The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400.
All customers have been billed; by month end, $3,700 had been received in settlement of account balances.
Instructions
a.
Present journal entries that reflect MuniServ's January transactions, including the $80,000raised from the owner investment and loan. (See exhibit 2.6)
b.
Compute the total debits, total credits, and ending balance that would befound in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4)
c.
Determine the amount that would be shown on the January 31 trial balance for Accounts
Payable. Is the balance a debit or a credit?
.
Sanford CompanyThe Sanford Company had the following balance she.docx
Sanford Company
The Sanford Company had the following balance sheet as of December 31, 2012. The transactions for the first three months of 2013 are also presented along with other information about specific accounts.
Sanford Company
Balance Sheet
December 31, 2012
ASSETS
LIABILITIES
Cash
$ 57,000
Accounts Payable
$ 34,000
Marketable Securities
8,000
Wages Payable
11,200
Accounts Receivable
75,000
Taxes Payable
8,000
Uncollectible Accounts
-2,000
Short-Term Notes Payable
12,000
Inventory
84,000
Interest Payable
800
Supplies
7,000
Unearned Revenue
13,000
Prepaid Insurance
6,000
Total Current Assets
$235,000
Total Current Liabilities
$ 79,000
Land
$114,000
Long-Term Notes Payable
$ 20,000
Equipment
227,000
Bonds Payable
100,000
Accumulated Depreciation
-87,000
Mortgage Payable
320,000
Building
560,000
Total Long-Term Liabilities
$440,000
Accumulated Depreciation
-130,000
Intangible Assets
70,000
STOCKHOLDER EQUITY
Total Long-Term Assets
$754,000
Capital Stock
$100,000
Paid in Capital
250,000
Retained Earnings
120,000
Total Stockholders Equity
$470,000
Total Assets
$989,000
Total Liabilities & Equity
$989,000
Additional Information
Accounts Receivable
The following table indicates the historical breakout of accounts receivable
Days
Current
30 to 60
60 to 90
Over 90
Percent of Balance
50%
30%
15%
5%
Percent Collectible
95%
90%
80%
60%
The company uses the gross method of recording all sales on accounts.
Marketable Securities
The interest rate earned on marketable securities is 6.0%.
Inventory
In 2012, the company had used the gross method to record inventory purchases on account. As of January 1, 2013, the company is using the net method to record inventory purchases on account.
Prepaid Insurance
A three-year insurance policy in the amount of $7,200 was purchased on July 1, 2012.
Equipment
Equipment is depreciated at an average amount of $3,000 per month.
Building
The current building was purchased on January 1, ten years ago and has an expected 40-year life at which time its salvage value will be $40,000.
Intangible Assets
Intangible assets were initially valued at $80,000 and are being depreciated over 40 years at $2,000 per year.
Short-Term Notes Payable
The one-year short-term notes payable are due on March 1, 2013. The interest rate is 8.0% which is payable at maturity.
Long-Term Notes Payable
The long-term notes payable are due in ten years. The interest rate on the notes is 7.5%.
Bonds Payable
The bonds payable mature in twenty years. The interest rate on the bonds is 7.0%.
Mortgage Payable
The following amortization schedule can be used for the January, 2013 mortgage payment on the 10.0%, 30- year mortgage.
Month
Payment
Interest
Principal
Balance
January
$3,500
$2,667
$833
$320,000
$319,167
Capital Stock
The capital stock is common stock at $10 par value with 50,000 shares authorized, and 10,000 shares issued and outstanding.
Journal Entries
Jan 1 Equipment wi.
Recommended
AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docx
AWeek One Exercise Assignment
Basic Accounting Equations
1.Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. The albums, tapes, and CDs held for sale to customers.
b. A long-term loan owed to Citizens Bank.
c. Promotional costs to publicize a concert.
d. Daily sales of merchandise sold,
e. Amounts due from customers,
f. Land held as an investment,
g. A new fax machine purchased for office use.
h. Amounts to be paid in 10 days to suppliers,
i. Amounts paid to a mall for rent.
2.Basic journal entries
The following April transactions pertain to the Jennifer Royall Company:
Apr. 1
Jennifer Royall invested cash of $15,000 and land valued at $10,000into the business.
Apr.5
Provided $1,200 of services to Jason Ratchford, a client, on account.
Apr.9
Paid $250 of salaries to an employee.
Apr.14
Acquired a new computer for $3,200, on account.
Apr.20
Collected $800 from Jason Ratchford for services provided on April 5.
Apr.24
Borrowed $7,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:
Building $44,000 Accounts receivable $24,000
Cash 17,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheetas of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:
1: Parker invested $19,000 into the business for $19,000 in common stock.
2: Paid $9,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Parker withdrew $600 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Parker.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? ...
. Basic transaction processing. On November 1 of the current.docx
.
Basic transaction processing
.
On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash,
Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company have a “good” month from an accounting viewpoint? Briefly explain.
5.
Transaction analysis and statement preparation
. The transactions that follow
relate to Burton Enterprises for March 20X1, the company’s first month of activity.
3/1
Joanne Burton, the owner, invested $20,000 cash into the business.
3/4
Performed $2,400 of services on account.
3/7
Acquired a small parcel of land by paying $6,000 cash
3/12
Received $500 from a client who was billed previously on March 4.
3/15
Paid $200 to the Journal Herald for advertising expense.
3/18
Acquired 9,000 of equipment from Park Central Outfitters by Paying
$7,000 down and agreeing to remit the balance owed within two weeks (A/P).
3/22
Received $300 cash from clients for services.
3/24
Paid $1,500 on account to Park Central Outfitters in partial settlement of
the balance due from the transaction on March 18.
3/28
Rented a car from United Car Rental for use on March 28.
Total charges
amounted to $125, with United billing Burton for the
amount due.
3/31
Paid $600 for March wages
3/31
Processed a $600 cash withdrawal (dividend) from the business for Joanne Burton
Instructions
a. Determine the impact of each of the preceding transactions on Burton’s assets,
liabilities, and owner’s equity. See exhibit 1.5. Use the following format:
Assets
= Liabilities
+ Owner’s Equity
Cash, Accounts Receivable, Land, Equipment
Accounts Payable
(+)Common Stock (+) Revenues
(-) Dividends
(-) Expenses
a. Record each transaction on a separate line. Calculate balances only after the last transaction has been recorded.
b. Prepare an income statement, a statement of retained earni.
CMBA 603-SName ___________________________Test 1 – part 2 (prob
CMBA 603-S Name ___________________________
Test 1 – part 2 (problems)
Fall 2021
Problems – Work the following either by completing the answers on this document or else by using Excel. Be sure to show your work! This is an open-book, open-notes test. You may not use the internet or consult with other people, but you may use our textbook and notes from this class. Both parts of the test are due at midnight, Monday, September 27. Upload your files to Canvas.
Classifications: Part I
For each of the following accounts, state (a) the specific type of account (asset, liability, revenue, etc.) (b) the normal balance – debit or credit and (c) whether it would be closed (as part of the year-end closing entries).
(a) Type of Account (b) Debit or Credit? (c) Close?yes or no
1. dividends payable __________________ ______ ______
2. purchase discounts lost (periodic) ____
3. accumulated depreciation __________________ ______ ______
4. common stock __________________ ______ ______
5. cost of goods sold __________________ ______ ______
6. dividends (declared) __________________ ______ ______
7. interest earned __________________ ______ ______
8. depreciation for the current year __________________ ______ ______
9. accounts receivable __________________ ______ ______
10. retained earnings _________________ ______ ______
11. prepaid (unexpired) insurance __________________ ______ ______
12. sales returns __________________ ______ ______
13. gain on sale of land __________________ ______ ______
14. investments __________________ ______ ______
15. unearned rent revenue __________________ ______ ______
Classifications: Part II
State the impact on net income in the current month under the accrual method (increase, decrease, or no effect)
Impact on Net Income
1. recorded interest on a note receivable; the
interest and note will be received next month __________________
2. collected a deposit on a sale of goods that
will be delivered next month __________________
3. paid cash dividends that were declared last month __________________
4. purchased inventory for cash (perpetual system) __________________
5. sold land for more than its cost __________________
6. recorded this month’s depreciation __________________
7. updated unearned rent revenue by moving
the current month’s rent to the appropriate account __________________
8. purchased a building by signing a mortgage
payable and also giving a cash downpayment __________________
9. accrued utilities for the month (to be paid next month) __________________
10. recorded the expiration of this month’s
portion of prepaid insurance __________________
11. signed a purchase order for goods to
be received next year __________________
12. issued bonds payable __________________
Problem 1 Recording Transactions Able Co. began operations in December 2021 with the following transactions occurring in that month. Note that there are no beginning balances in the accounts because this is the first mont ...
6. Entry and trial balance preparation. Lee Adkins is a portra.docx
6.
Entry and trial balance preparation
. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account number
Account name
Debit
Credit
110
Cash
$ 2,700
120
Accounts Receivable
12,100
130
Equipment and Supplies
2,800
140
Studio
45,000
210
Accounts Payable
$2,600
310
Lee Adkins, Capital
57,400
320
Lee Adkins, Drawing
30,000
410
Professional Fee Revenue
39,000
510
Advertising Expense
2,300
520
Salaries Expense
2,100
540
Utilities Expense
2,000
$99,000
$99,000
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
6/2
Collected $3,000 on account from customers
6/7
Sold 25% of the equipment and supplies to a young artist for $700 cash
6/10
Received a $300 invoice from the accountant for preparing last quarter's financial Statements.
6/15
Paid $1,900 to creditors on account.
6/27
Adkins withdrew $2,000 cash for personal use.
6/30
Billed a customer $3,000 for a portrait painted this month.
a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6)
b. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4)
c. Post the journal entries to the “T” accounts.
d. Prepare a trial balance as of June 30. (See exhibit 2.9)
7. Journal entry preparation.
On January 1 of the current year, Peter Houston invested $80,000 cash into his companyMuniServ.The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15.
During January, the company had additional cash outlays for the following items:
Purchases of store equipment
$4,600
Note payment
500
Salaries expense
2,300
Advertising expense
700
The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400.
All customers have been billed; by month end, $3,700 had been received in settlement of account balances.
Instructions
a.
Present journal entries that reflect MuniServ's January transactions, including the $80,000raised from the owner investment and loan. (See exhibit 2.6)
b.
Compute the total debits, total credits, and ending balance that would befound in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4)
c.
Determine the amount that would be shown on the January 31 trial balance for Accounts
Payable. Is the balance a debit or a credit?
.
Sanford CompanyThe Sanford Company had the following balance she.docx
Sanford Company
The Sanford Company had the following balance sheet as of December 31, 2012. The transactions for the first three months of 2013 are also presented along with other information about specific accounts.
Sanford Company
Balance Sheet
December 31, 2012
ASSETS
LIABILITIES
Cash
$ 57,000
Accounts Payable
$ 34,000
Marketable Securities
8,000
Wages Payable
11,200
Accounts Receivable
75,000
Taxes Payable
8,000
Uncollectible Accounts
-2,000
Short-Term Notes Payable
12,000
Inventory
84,000
Interest Payable
800
Supplies
7,000
Unearned Revenue
13,000
Prepaid Insurance
6,000
Total Current Assets
$235,000
Total Current Liabilities
$ 79,000
Land
$114,000
Long-Term Notes Payable
$ 20,000
Equipment
227,000
Bonds Payable
100,000
Accumulated Depreciation
-87,000
Mortgage Payable
320,000
Building
560,000
Total Long-Term Liabilities
$440,000
Accumulated Depreciation
-130,000
Intangible Assets
70,000
STOCKHOLDER EQUITY
Total Long-Term Assets
$754,000
Capital Stock
$100,000
Paid in Capital
250,000
Retained Earnings
120,000
Total Stockholders Equity
$470,000
Total Assets
$989,000
Total Liabilities & Equity
$989,000
Additional Information
Accounts Receivable
The following table indicates the historical breakout of accounts receivable
Days
Current
30 to 60
60 to 90
Over 90
Percent of Balance
50%
30%
15%
5%
Percent Collectible
95%
90%
80%
60%
The company uses the gross method of recording all sales on accounts.
Marketable Securities
The interest rate earned on marketable securities is 6.0%.
Inventory
In 2012, the company had used the gross method to record inventory purchases on account. As of January 1, 2013, the company is using the net method to record inventory purchases on account.
Prepaid Insurance
A three-year insurance policy in the amount of $7,200 was purchased on July 1, 2012.
Equipment
Equipment is depreciated at an average amount of $3,000 per month.
Building
The current building was purchased on January 1, ten years ago and has an expected 40-year life at which time its salvage value will be $40,000.
Intangible Assets
Intangible assets were initially valued at $80,000 and are being depreciated over 40 years at $2,000 per year.
Short-Term Notes Payable
The one-year short-term notes payable are due on March 1, 2013. The interest rate is 8.0% which is payable at maturity.
Long-Term Notes Payable
The long-term notes payable are due in ten years. The interest rate on the notes is 7.5%.
Bonds Payable
The bonds payable mature in twenty years. The interest rate on the bonds is 7.0%.
Mortgage Payable
The following amortization schedule can be used for the January, 2013 mortgage payment on the 10.0%, 30- year mortgage.
Month
Payment
Interest
Principal
Balance
January
$3,500
$2,667
$833
$320,000
$319,167
Capital Stock
The capital stock is common stock at $10 par value with 50,000 shares authorized, and 10,000 shares issued and outstanding.
Journal Entries
Jan 1 Equipment wi.
Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx
Week One Exercise Assignment
Basic Accounting Equations
1. Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.
a. The inventory of boating supplies owned by the company.
b. Monthly rental charges paid for store space.
c. A loan owed to Citizens Bank.
d. New computer equipment purchased to handle daily record keeping.
e. Daily sales made to customers.
f. Amounts due from customers.
g. Land owned by the company to be used as a future store site.
h. Weekly salaries paid to salespeople.
2. Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
Accounts Payable $3,200 Interest Expense $2,500
Accounts Receivable 14,800 Land 18,000
Auto Expense 1,900 Loan Payable 40,000
Building 30,000 Tax Expense 3,300
Cash 7,400 Utilities Expense 4,100
Fee Revenue 56,900 Wage Expense 37,500
a. Determine Rossi’s total assets as of December 31.
b. Determine the company’s total liabilities as of December 31.
c. Compute 20X3 net income or loss.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 19XX:
Building $44,000 Accounts receivable $24,000
Cash 17,000 Loan payable 30,000
J. Preston, Owners Equity 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 19XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:
1: Parker invested $19,000 into the business.
2: Paid $9,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Parker withdrew $600 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Investments/Withdrawals, and Revenues/Expenses. (See Exhibit 5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Parker.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company have a “good” month from an accounting viewpoint? Briefly explain.
5. Transaction analysis and statement.
Acc 291 t Motivated Minds/newtonhelp.com
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During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase returns for March?
Multiple Choice
•
$0
Basic Accounting Equations1. Recognition of normal balance.docx
Basic Accounting Equations
1.
Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a.
Amounts paid to a mall for rent.
b.
Amounts to be paid in 10 days to suppliers.
c.
A new fax machine purchased for office use.
d.
Land held as an investment.
e.
Amounts due from customers.
f.
Daily sales of merchandise sold.
g.
Promotional costs to publicize a concert.
h.
A long-term loan owed to Citizens Bank.
i.
The albums, tapes, and CDs held for sale to customers.
2.
Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
May 1
Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business.
5
Provided $1,000 of services to Jason Ratchford, a client, on account.
9
Paid $1,250 of salaries to an employee.
14
Acquired a new computer for $4,200, on account.
20
Collected $800 from Jason Ratchford for services provided on May 5.
24
Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3.
Balance sheet preparation.
The following data relate to Preston Company as of December 31,
20XX:
Building
$40,000
Accounts receivable
$24,000
Cash
21,000
Loan payable
30,000
J. Preston, Capital
65,000
Land
21,000
Accounts payable
?
Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4.
Basic transaction processing
.
On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash,
Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company h.
ACC 291T Introduction Education--acc291.com
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During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase
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During the month of July, the following selected transactions took.pdf
During the month of July, the following selected transactions took place: July 2 Paid $1,620 for
two months' rent in advance for July and August. 7 Purchased $200 of supplies on account. 14
Collected half of outstanding accounts receivable. 15 Borrowed $1,200 from the bank for one
year at an interest rate of 4%, 21 Received $960 cash from a customer for services to be
performed in August. 28 Performed $1,610 of services for a customer on account. Additional
information: 1. At July 31 , the company had performed $740 of services for a client that it had
not billed or recorded. 2. Recorded rent expense for the month. 3. Supplies on hand at July 31
were $480. 4. The equipment has a five-year useful life and Oriole uses straight-line
depreciation.
The Oriole Corporation had the following opening trial balance at the beginning of its fiscal year,
July 1, 2024:
1. At July 31, the company had performed $740 of services for a client that it had not billed or
recorded. 2. Recorded rent expense for the month. 3. Supplies on hand at fuly 31 were $480. 4.
The equipment has a five-year uscful tife and Oriole uses straight-line depreciation. 5. Interest is
due on the bank loan on the forst day of each following month, beginning August 1. 6. As at July
32 , the company owed $2.540 of salaries to its employees for the monthjust ended. 7. As at July
31 , the compary had earned $1,840 of revenue that had toen received in advance. (a) Record the
July transactiom. (Credit occount titles are outomatically indented when amount is entered. Do
not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry'
for the account titles and enter O for the amounts, Record joumol entries in the order presented in
the problem.).
BWeek One Exercise AssignmentBasic Accounting Equations1.docx
BWeek One Exercise Assignment
Basic Accounting Equations
1. Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. Amounts paid to a mall for rent.
b. Amounts to be paid in 10 days to suppliers.
c. A new fax machine purchased for office use.
d. Land held as an investment.
e. Amounts due from customers.
f. Daily sales of merchandise sold.
g. Promotional costs to publicize a concert.
h. A long-term loan owed to Citizens Bank.
i. The albums, tapes, and CDs held for sale to customers.
2. Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
May 1
Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business.
5
Provided $1,000 of services to Jason Ratchford, a client, on account.
9
Paid $1,250 of salaries to an employee.
14
Acquired a new computer for $4,200, on account.
20
Collected $800 from Jason Ratchford for services provided on May 5.
24
Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:
Building $40,000 Accounts receivable $24,000
Cash 21,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
( ...
1. Recognition of normal balances The following items appeared i.docx
1.
Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. Amounts paid to a mall for rent.
b. Amounts to be paid in 10 days to suppliers.
c. A new fax machine purchased for office use.
d. Land held as an investment.
e. Amounts due from customers.
f. Daily sales of merchandise sold.
g. Promotional costs to publicize a concert.
h. A long-term loan owed to Citizens Bank.
i. The albums, tapes, and CDs held for sale to customers.
2.
Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
May 1
Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business.
5
Provided $1,000 of services to Jason Ratchford, a client, on account.
9
Paid $1,250 of salaries to an employee.
14
Acquired a new computer for $4,200, on account.
20
Collected $800 from Jason Ratchford for services provided on May 5.
24
Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3.
Balance sheet preparation.
The following data relate to Preston Company as of December 31,
20XX:
Building $40,000 Accounts receivable $24,000
Cash 21,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4.
Basic transaction processing
. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b..
ACC 291T Education Organization / snaptutorial.com
ACC 291T Week 1 Practice: Connect® Knowledge Check
ACC 291T Week 1 Apply: Connect® Exercise
ACC 291T Week 2 Practice: Connect® Knowledge Check
ACC 291T Week 2 Apply: Connect® Exercise
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
Week Two Exercise Assignment
Revenue and Expenses
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
· The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
· Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
· Salaries owed to employees at year-end amounted to $1,650.
· The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
· The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)
5. Adjus.
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
httpACC 557 – Homework 1 Chapters 1, 2, and 3Due Week 2 and.docx
http
ACC 557 –
Homework 1: Chapters 1, 2, and 3
Due Week 2 and worth 95 points
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recogni.
P9-7A Prepare entries for various receivable transactions..docx
P9-7A
Prepare entries for various receivable transactions
.
(
LO 1
,
2
,
3
,
4
)
On January 1, 2017, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2016. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred.
Jan.
5
Sold $20,000 of merchandise to Sheldon Company, terms n/15.
20
Accepted Sheldon Company's $20,000, 3-month, 8% note for balance due.
Feb.
18
Sold $8,000 of merchandise to Patwary Company and accepted Patwary's $8,000, 6-month, 9% note for the amount due.
Apr.
20
Collected Sheldon Company note in full.
30
Received payment in full from Willingham Company on the amount due.
May
25
Accepted Potter Inc.'s $6,000, 3-month, 7% note in settlement of a past-due balance on account.
Aug.
18
Received payment in full from Patwary Company on note due.
25
The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated.
Sept.
1
Sold $12,000 of merchandise to Stanbrough Company and accepted a $12,000, 6-month, 10% note for the amount due.
Instructions
Journalize the transactions.
.
How to Make Journal Entries Using the Double Entry System
Description of the accounting equation, and an example of how to make journal entries using the double entry system.
Foundation of Health Care Management Principles amp Metho.pdf
Foundation of Health Care Management: Principles & Methods. 1st ed. Healy and
Marchese 2012
Please answer the following three questions
THANK YOU!
1) Compare and contrast the various styles of leadership discussed in this chapter.
2) Explain how health care leaders can empower their workers to deliver excellent services to
customers on a daily basis.
3) Why are transformational leadership and servant leadership considered to be the gold
standards of leadership where the delivery of service is considered? Explain..
Aadakilerden hangisi reseptr aracl endositoz iin doru DELD.pdf
Aadakilerden hangisi reseptr aracl endositoz iin doru DELDR?
Birini se:
A. Reseptr aracl endositozda, hcre d maddeler klatrin kapl vezikllerde iselletirilir.
B. Baz virsler, reseptr aracl endositoz ile hcre iine alnr.
C. Reseptr aracl endositozda, iselletirilmi vezikller daha sonra endozomlara olgunlaan
lizozomlarla birleir.
D. Dk younluklu lipoproteinler (LDL'ler), reseptr aracl endositoz ile hcrelere alnr.
Aadakilerden hangisi lizozomlar iin dorudur?
Birini se:
A. Lizozomal zar proteinlerinin ou, zarn sitozolik tarafnda glikosile edilmi blgelere sahiptir.
B. Lizozomlar, sitozolnkinden daha yksek bir pH'a sahiptir.
C. Lizozomlar, endoplazmik retikulumdan kopan vezikllerden oluur.
D. Lizozomal enzimler, lizozomlar iinde tutulan asidik koullarda optimal olarak aktiftir.
e. Lizozomlardaki sindirim rnleri, tama veziklleri ile lizozomdan ayrlr.
Aadaki yollardan hangisi materyalleri endozomlara veya lizozomlara tamaz?
Birini se:
A. Pinositoz
B. otofaji
C. endositoz
D. fagositoz
e. ekzositoz
Aadakilerden hangisi reseptr aracl endositoz iin doru DELDR?
Birini se:
A. Reseptr aracl endositozda, hcre d maddeler klatrin kapl vezikllerde iselletirilir.
B. Baz virsler, reseptr aracl endositoz ile hcre iine alnr.
C. Reseptr aracl endositozda, iselletirilmi vezikller daha sonra endozomlara olgunlaan lizozomlarla
birleir.
D. Dk younluklu lipoproteinler (LDL'ler), reseptr aracl endositoz ile hcrelere alnr.
Aadakilerden hangisi lizozomlar iin dorudur?
Birini se:
A. Lizozomal zar proteinlerinin ou, zarn sitozolik tarafnda glikosile edilmi blgelere sahiptir.
B. Lizozomlar, sitozolnkinden daha yksek bir pH'a sahiptir.
C. Lizozomlar, endoplazmik retikulumdan kopan vezikllerden oluur.
D. Lizozomal enzimler, lizozomlar iinde tutulan asidik koullarda optimal olarak aktiftir.
e. Lizozomlardaki sindirim rnleri, tama veziklleri ile lizozomdan ayrlr.
Aadakilerden hangisi lizozomlar iin dorudur?
Birini se:
A. Lizozomal zar proteinlerinin ou, zarn sitozolik tarafnda glikosile edilmi blgelere sahiptir.
B. Lizozomlar, sitozolnkinden daha yksek bir pH'a sahiptir.
C. Lizozomlar, endoplazmik retikulumdan kopan vezikllerden oluur.
D. Lizozomal enzimler, lizozomlar iinde tutulan asidik koullarda optimal olarak aktiftir.
e. Lizozomlardaki sindirim rnleri, tama veziklleri ile lizozomdan ayrlr.
Aadaki yollardan hangisi materyalleri endozomlara veya lizozomlara tamaz?
Birini se:
A. Pinositoz
B. otofaji
C. endositoz
D. fagositoz
e. ekzositoz
Aadaki yollardan hangisi materyalleri endozomlara veya lizozomlara tamaz?
Birini se:
A. Pinositoz
B. otofaji
C. endositoz
D. fagositoz
e. ekzositoz.
Fill in the red and the blank for part C On July 1 2020 Sw.pdf
Fill in the red and the blank for part C
On July 1, 2020, Swifty Ltd. borrowed $14,500 by signing a two-year, 4% note payable. The note
is payable in two annual instalments of $7,688 on June 30 . The company records adjusting
journal entries annually at year end on December 31.What amounts would Swifty report as current
and non-current in the liabilities section of its statement of financial position on December 31,
2020? (Round answers to the nearest whole dollar, e.g. 5,255.).
El PIB real de una nacin fue de 250 mil millones en el ao.pdf
El PIB real de una nacin fue de $250 mil millones en el ao 1 y de $265 mil millones en el ao 2. Su
poblacin fue de 120 millones en el ao 1 y de 100 millones en el ao 2. Cul es su PIB real per cpita
en el ao 2?
Opcin multiple
A) $2,650 por persona
B) $265 por persona
C) $26,500 por persona
D) $135 por persona.
Bir ekonomi iin MarshallLerner koulunun geerli olmadn ve .pdf
Bir ekonomi iin Marshall-Lerner koulunun geerli olmadn ve ayrca esnekliklerin yerel para
biriminin deer kaybetmesinin cari ilemler dengesini fiilen ktletirecek kadar olduunu
varsayalm. Ayrca ekonominin esnek dviz kurlar altnda altn varsayalm. Bu koullar altnda,
bunlarn "grece sermaye hareketsizlii (BP erisi LM'den daha dik) altnda geniletici bir maliye
politikas eylemine ekonominin tepkisi" zerindeki etkilerini tartn..
A peach puree 100 kg initially has a concentration of 72.pdf
A peach puree (100 kg) initially has a concentration of 7.2% total solids and is heated to 23 to 84
C using steam. Calculate the concentration of total solids in the hot mash leaving the operation.
The process is carried out at atmospheric pressure, that is, at a steam temperature of 100 C. The
specific heat of solids is 2.10 kJ/(kg K) and for water it is 4.186 kJ/(kg K)..
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Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx
Week One Exercise Assignment
Basic Accounting Equations
1. Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.
a. The inventory of boating supplies owned by the company.
b. Monthly rental charges paid for store space.
c. A loan owed to Citizens Bank.
d. New computer equipment purchased to handle daily record keeping.
e. Daily sales made to customers.
f. Amounts due from customers.
g. Land owned by the company to be used as a future store site.
h. Weekly salaries paid to salespeople.
2. Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
Accounts Payable $3,200 Interest Expense $2,500
Accounts Receivable 14,800 Land 18,000
Auto Expense 1,900 Loan Payable 40,000
Building 30,000 Tax Expense 3,300
Cash 7,400 Utilities Expense 4,100
Fee Revenue 56,900 Wage Expense 37,500
a. Determine Rossi’s total assets as of December 31.
b. Determine the company’s total liabilities as of December 31.
c. Compute 20X3 net income or loss.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 19XX:
Building $44,000 Accounts receivable $24,000
Cash 17,000 Loan payable 30,000
J. Preston, Owners Equity 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 19XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:
1: Parker invested $19,000 into the business.
2: Paid $9,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Parker withdrew $600 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Investments/Withdrawals, and Revenues/Expenses. (See Exhibit 5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Parker.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company have a “good” month from an accounting viewpoint? Briefly explain.
5. Transaction analysis and statement.
Acc 291 t Motivated Minds/newtonhelp.com
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During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase returns for March?
Multiple Choice
•
$0
Basic Accounting Equations1. Recognition of normal balance.docx
Basic Accounting Equations
1.
Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a.
Amounts paid to a mall for rent.
b.
Amounts to be paid in 10 days to suppliers.
c.
A new fax machine purchased for office use.
d.
Land held as an investment.
e.
Amounts due from customers.
f.
Daily sales of merchandise sold.
g.
Promotional costs to publicize a concert.
h.
A long-term loan owed to Citizens Bank.
i.
The albums, tapes, and CDs held for sale to customers.
2.
Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
May 1
Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business.
5
Provided $1,000 of services to Jason Ratchford, a client, on account.
9
Paid $1,250 of salaries to an employee.
14
Acquired a new computer for $4,200, on account.
20
Collected $800 from Jason Ratchford for services provided on May 5.
24
Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3.
Balance sheet preparation.
The following data relate to Preston Company as of December 31,
20XX:
Building
$40,000
Accounts receivable
$24,000
Cash
21,000
Loan payable
30,000
J. Preston, Capital
65,000
Land
21,000
Accounts payable
?
Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4.
Basic transaction processing
.
On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash,
Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company h.
ACC 291T Introduction Education--acc291.com
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During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase
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During the month of July, the following selected transactions took.pdf
During the month of July, the following selected transactions took place: July 2 Paid $1,620 for
two months' rent in advance for July and August. 7 Purchased $200 of supplies on account. 14
Collected half of outstanding accounts receivable. 15 Borrowed $1,200 from the bank for one
year at an interest rate of 4%, 21 Received $960 cash from a customer for services to be
performed in August. 28 Performed $1,610 of services for a customer on account. Additional
information: 1. At July 31 , the company had performed $740 of services for a client that it had
not billed or recorded. 2. Recorded rent expense for the month. 3. Supplies on hand at July 31
were $480. 4. The equipment has a five-year useful life and Oriole uses straight-line
depreciation.
The Oriole Corporation had the following opening trial balance at the beginning of its fiscal year,
July 1, 2024:
1. At July 31, the company had performed $740 of services for a client that it had not billed or
recorded. 2. Recorded rent expense for the month. 3. Supplies on hand at fuly 31 were $480. 4.
The equipment has a five-year uscful tife and Oriole uses straight-line depreciation. 5. Interest is
due on the bank loan on the forst day of each following month, beginning August 1. 6. As at July
32 , the company owed $2.540 of salaries to its employees for the monthjust ended. 7. As at July
31 , the compary had earned $1,840 of revenue that had toen received in advance. (a) Record the
July transactiom. (Credit occount titles are outomatically indented when amount is entered. Do
not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry'
for the account titles and enter O for the amounts, Record joumol entries in the order presented in
the problem.).
BWeek One Exercise AssignmentBasic Accounting Equations1.docx
BWeek One Exercise Assignment
Basic Accounting Equations
1. Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. Amounts paid to a mall for rent.
b. Amounts to be paid in 10 days to suppliers.
c. A new fax machine purchased for office use.
d. Land held as an investment.
e. Amounts due from customers.
f. Daily sales of merchandise sold.
g. Promotional costs to publicize a concert.
h. A long-term loan owed to Citizens Bank.
i. The albums, tapes, and CDs held for sale to customers.
2. Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
May 1
Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business.
5
Provided $1,000 of services to Jason Ratchford, a client, on account.
9
Paid $1,250 of salaries to an employee.
14
Acquired a new computer for $4,200, on account.
20
Collected $800 from Jason Ratchford for services provided on May 5.
24
Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:
Building $40,000 Accounts receivable $24,000
Cash 21,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
( ...
1. Recognition of normal balances The following items appeared i.docx
1.
Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. Amounts paid to a mall for rent.
b. Amounts to be paid in 10 days to suppliers.
c. A new fax machine purchased for office use.
d. Land held as an investment.
e. Amounts due from customers.
f. Daily sales of merchandise sold.
g. Promotional costs to publicize a concert.
h. A long-term loan owed to Citizens Bank.
i. The albums, tapes, and CDs held for sale to customers.
2.
Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
May 1
Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business.
5
Provided $1,000 of services to Jason Ratchford, a client, on account.
9
Paid $1,250 of salaries to an employee.
14
Acquired a new computer for $4,200, on account.
20
Collected $800 from Jason Ratchford for services provided on May 5.
24
Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3.
Balance sheet preparation.
The following data relate to Preston Company as of December 31,
20XX:
Building $40,000 Accounts receivable $24,000
Cash 21,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4.
Basic transaction processing
. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b..
ACC 291T Education Organization / snaptutorial.com
ACC 291T Week 1 Practice: Connect® Knowledge Check
ACC 291T Week 1 Apply: Connect® Exercise
ACC 291T Week 2 Practice: Connect® Knowledge Check
ACC 291T Week 2 Apply: Connect® Exercise
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
Week Two Exercise Assignment
Revenue and Expenses
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
· The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
· Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
· Salaries owed to employees at year-end amounted to $1,650.
· The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
· The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)
5. Adjus.
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
httpACC 557 – Homework 1 Chapters 1, 2, and 3Due Week 2 and.docx
http
ACC 557 –
Homework 1: Chapters 1, 2, and 3
Due Week 2 and worth 95 points
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recogni.
P9-7A Prepare entries for various receivable transactions..docx
P9-7A
Prepare entries for various receivable transactions
.
(
LO 1
,
2
,
3
,
4
)
On January 1, 2017, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2016. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred.
Jan.
5
Sold $20,000 of merchandise to Sheldon Company, terms n/15.
20
Accepted Sheldon Company's $20,000, 3-month, 8% note for balance due.
Feb.
18
Sold $8,000 of merchandise to Patwary Company and accepted Patwary's $8,000, 6-month, 9% note for the amount due.
Apr.
20
Collected Sheldon Company note in full.
30
Received payment in full from Willingham Company on the amount due.
May
25
Accepted Potter Inc.'s $6,000, 3-month, 7% note in settlement of a past-due balance on account.
Aug.
18
Received payment in full from Patwary Company on note due.
25
The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated.
Sept.
1
Sold $12,000 of merchandise to Stanbrough Company and accepted a $12,000, 6-month, 10% note for the amount due.
Instructions
Journalize the transactions.
.
How to Make Journal Entries Using the Double Entry System
Description of the accounting equation, and an example of how to make journal entries using the double entry system.
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ACC 291 GUIDE T Introduction Education--acc291guide.com
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During the month of July, the following selected transactions took.pdf
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ProblemIssuance of stock organization costs. Snowbound Corporat.docx
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Foundation of Health Care Management Principles amp Metho.pdf
Foundation of Health Care Management: Principles & Methods. 1st ed. Healy and
Marchese 2012
Please answer the following three questions
THANK YOU!
1) Compare and contrast the various styles of leadership discussed in this chapter.
2) Explain how health care leaders can empower their workers to deliver excellent services to
customers on a daily basis.
3) Why are transformational leadership and servant leadership considered to be the gold
standards of leadership where the delivery of service is considered? Explain..
Aadakilerden hangisi reseptr aracl endositoz iin doru DELD.pdf
Aadakilerden hangisi reseptr aracl endositoz iin doru DELDR?
Birini se:
A. Reseptr aracl endositozda, hcre d maddeler klatrin kapl vezikllerde iselletirilir.
B. Baz virsler, reseptr aracl endositoz ile hcre iine alnr.
C. Reseptr aracl endositozda, iselletirilmi vezikller daha sonra endozomlara olgunlaan
lizozomlarla birleir.
D. Dk younluklu lipoproteinler (LDL'ler), reseptr aracl endositoz ile hcrelere alnr.
Aadakilerden hangisi lizozomlar iin dorudur?
Birini se:
A. Lizozomal zar proteinlerinin ou, zarn sitozolik tarafnda glikosile edilmi blgelere sahiptir.
B. Lizozomlar, sitozolnkinden daha yksek bir pH'a sahiptir.
C. Lizozomlar, endoplazmik retikulumdan kopan vezikllerden oluur.
D. Lizozomal enzimler, lizozomlar iinde tutulan asidik koullarda optimal olarak aktiftir.
e. Lizozomlardaki sindirim rnleri, tama veziklleri ile lizozomdan ayrlr.
Aadaki yollardan hangisi materyalleri endozomlara veya lizozomlara tamaz?
Birini se:
A. Pinositoz
B. otofaji
C. endositoz
D. fagositoz
e. ekzositoz
Aadakilerden hangisi reseptr aracl endositoz iin doru DELDR?
Birini se:
A. Reseptr aracl endositozda, hcre d maddeler klatrin kapl vezikllerde iselletirilir.
B. Baz virsler, reseptr aracl endositoz ile hcre iine alnr.
C. Reseptr aracl endositozda, iselletirilmi vezikller daha sonra endozomlara olgunlaan lizozomlarla
birleir.
D. Dk younluklu lipoproteinler (LDL'ler), reseptr aracl endositoz ile hcrelere alnr.
Aadakilerden hangisi lizozomlar iin dorudur?
Birini se:
A. Lizozomal zar proteinlerinin ou, zarn sitozolik tarafnda glikosile edilmi blgelere sahiptir.
B. Lizozomlar, sitozolnkinden daha yksek bir pH'a sahiptir.
C. Lizozomlar, endoplazmik retikulumdan kopan vezikllerden oluur.
D. Lizozomal enzimler, lizozomlar iinde tutulan asidik koullarda optimal olarak aktiftir.
e. Lizozomlardaki sindirim rnleri, tama veziklleri ile lizozomdan ayrlr.
Aadakilerden hangisi lizozomlar iin dorudur?
Birini se:
A. Lizozomal zar proteinlerinin ou, zarn sitozolik tarafnda glikosile edilmi blgelere sahiptir.
B. Lizozomlar, sitozolnkinden daha yksek bir pH'a sahiptir.
C. Lizozomlar, endoplazmik retikulumdan kopan vezikllerden oluur.
D. Lizozomal enzimler, lizozomlar iinde tutulan asidik koullarda optimal olarak aktiftir.
e. Lizozomlardaki sindirim rnleri, tama veziklleri ile lizozomdan ayrlr.
Aadaki yollardan hangisi materyalleri endozomlara veya lizozomlara tamaz?
Birini se:
A. Pinositoz
B. otofaji
C. endositoz
D. fagositoz
e. ekzositoz
Aadaki yollardan hangisi materyalleri endozomlara veya lizozomlara tamaz?
Birini se:
A. Pinositoz
B. otofaji
C. endositoz
D. fagositoz
e. ekzositoz.
Fill in the red and the blank for part C On July 1 2020 Sw.pdf
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On July 1, 2020, Swifty Ltd. borrowed $14,500 by signing a two-year, 4% note payable. The note
is payable in two annual instalments of $7,688 on June 30 . The company records adjusting
journal entries annually at year end on December 31.What amounts would Swifty report as current
and non-current in the liabilities section of its statement of financial position on December 31,
2020? (Round answers to the nearest whole dollar, e.g. 5,255.).
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en el ao 2?
Opcin multiple
A) $2,650 por persona
B) $265 por persona
C) $26,500 por persona
D) $135 por persona.
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A peach puree 100 kg initially has a concentration of 72.pdf
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The process is carried out at atmospheric pressure, that is, at a steam temperature of 100 C. The
specific heat of solids is 2.10 kJ/(kg K) and for water it is 4.186 kJ/(kg K)..
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A family with only one affected parent and a child with a do.pdf
A family with only one affected parent and a child with a dominant disease would like to know what
the probability is that one of their unaffected children might be a carrier. What do you tell them?
A. the chance that an unaffected child is a carrier is 2/3
B. the chance that an unaffected child is a carrier is 0%
C. the chance that an unaffected child is a carrier is 75%
D. the chance that an unaffected child is a carrier is less than 50%
E. the chance that an unaffected child is a carrier is 50%.
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a fund that earns interest at 5.75% compounded monthly. a. How many deposits does she need to
make in order to reach her goal? Round to the next payment b. How long will it take Cynthia to
reach her goal? year(s) month(s) Express the answer in years and months, rounded to the next
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be included among these. the geographical scope includes the red sea from the coastal zones and
its immediate hinterland and all of the marine territories under national jurisdiction that shares the
sea of japan.
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1. Which statement is true regarding the influence of artificial intelligence on literacy?
-Penmanship skills are declining.
-The use of audio materials is declining.
-Spelling- and grammar-checking software has contributed to an improvement in writing skills.
-Automated features are helping individuals to become better writers.
2. Diction, inflection, emphasis, and volume are important skills needed for ________.
-Interpersonal communication
-Effective speaking
-Effective writing
-Organizational communication
3. Colors, shapes, expressions, angles, and lighting are important components of _________.
-Speech
-Written communication
-Audio communication
-Visual presentation
4. Which of the following statements is true regarding audio communication?
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Consider the following probability P113z264 Let z be a .pdf
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Alineacin de los 12 Elementos de Ajuste Estratgico en Empresas Familiares Centenarias
ESTRATEGIA
Estrategia y Valores Compartidos de la Familia
identidad familiar
cultura familiar
Historia familiar y legado
Amor y cuidado
Visin y valores compartidos
mbito generacional
Dimensin temporal o horizonte de inversin de la familia
Compromiso con la continuidad del negocio (intencionalidad)
Relacin familia-empresa deseada (p. ej., administrada por el propietario o no?)
Valores de adaptabilidad, tica de trabajo, emprendimiento, humildad, unidad familiar
Este es el nivel ms alto de estrategia en la empresa familiar. La familia quiere seguir siendo
propietaria-administradora, proporcionar el control familiar o ser solo un inversionista? Los
accionistas/propietarios subordinan las estrategias comerciales individuales y operativas a los
objetivos generales de la empresa familiar, como sociedad o sociedad de cartera. Esta estrategia
reconoce el enfoque probado de las generaciones anteriores, pero debido a su compromiso con
la sostenibilidad tambin involucra el espritu empresarial de la prxima generacin.
Estrategia de la Empresa
Estrategia a nivel empresarial
Estrategia a nivel de unidad operativa/de negocio
Emprendimiento o actividad emprendedora intergeneracional
Producto
Innovacin
Orientacin al cliente
Crecimiento
Adaptabilidad
Reputacin de la marca
Competitividad
La estrategia empresarial, incluidas las estrategias de los negocios operativos, es un factor de
gran influencia en la estrategia general y la visin de los accionistas. Este enfoque de abajo hacia
arriba centrado en el cliente para la estrategia de una empresa multigeneracional equipa a los
diversos negocios para seguir siendo competitivos y bajo el liderazgo comprometido de sus
propietarios.
Estrategia del individuo
Metas y necesidades individuales de los miembros de la familia
Relacin deseada con la familia y la empresa
Carrera dentro o fuera de la empresa familiar
Seguridad financiera y libertad financiera
Objetivo
Significado
Altruismo hacia su descendencia
Es probable que los objetivos individuales de los accionistas cambien con el tiempo. La perfecta
alineacin de los objetivos del propietario y de la empresa, caracterstica de la etapa empresarial,
probablemente no existir ms all de la generacin fundadora. Pero la capacidad de escuchar,
reconocer y tejer objetivos individuales en un proceso de influencia mutua con la empresa es
evidente en empresas altamente sostenibles.
ESTRUCTURA
Estructura accionista
Estructura legal y estatutos sociales
Estructura de la sociedad de cartera
clases de acciones
Concentracin y/o control de la propiedad familiar
Propiedad gerencial
Liquidez
Poltica de dividendos
Poltica de reinversin
Acuerdos de accionistas y de compra-venta
El control corporativo es esencial pero ms difcil de propor.
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Classify the following statements as characteristics of DNA, RNA, both DNA & RNA, or neither
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What are clinical changes associated with malnutrition?
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Which statement about atmospheric oxygen concentrations over.pdf
Which statement about atmospheric oxygen concentrations over Earths history is true? You may
select more than one answer.
Group of answer choices:
The first photosynthetic bacteria, similar to present-day cyanobacteria, began producing oxygen
approximately 2.5 billion years ago. This led to the oxygenation of the atmosphere
The atmosphere of early Earth (4.5 billion years ago) contained almost as much free oxygen as
present-day Earth, but most of this oxygen was depleted before the extinction of the dinosaurs
Atmospheric oxygen concentrations were too low to support life until atmospheric oxygen
concentrations increased due to the invention of photosynthesis by multicellular aquatic plants
around 500 million years ago
Oxygen concentrations increased from near zero to near present-day levels in a nearly straight
line upwards
Higher atmospheric oxygen concentrations were associated with the colonization of land by
multicellular eukaryotes.
____ 1 Bir firmann muhasebe kr her zaman ekonomik krndan .pdf
____ 1. Bir firmann muhasebe kr her zaman ekonomik krndan fazladr nk:
A.
ekonomik kr, muhasebe krnn dikkate almad zmni maliyetleri dikkate alr.
B.
muhasebe kar, ekonomik karn dikkate almad ak maliyetleri dikkate alr.
C.
Ne tr bir firma olursa olsun, ekonomik kar her zaman sfrdr.
D.
muhasebe kar, ekonomik karn dikkate almad zmni maliyetleri dikkate alr.
e.
Ne tr bir firma olursa olsun, muhasebe kar her zaman pozitiftir.
____ 2. Lauren bir frnn sahibidir. Geen yl toplam geliri 145.000 dolard, kiras 12.000 dolard, iilik
maliyeti 65.000 dolard ve genel giderleri 15.000 dolard. Bu bilgilerden, muhasebe karnn u olduunu
biliyoruz:
A.
145.000 dolar.
B.
53.000 dolar.
C.
65.000 dolar.
D.
15.000 dolar.
e.
27.000 dolar.
____ 3. Madison'n bir boks salonu var. Ksa bir sre nce baka bir boks ringi ekleyerek ve daha fazla
mteriye hizmet verebilmek iin daha byk bir binaya tanarak spor salonunun boyutunu geniletti.
Madison, boks salonunun boyutunu bytmekten lek ekonomileri yaayp yaamadn nasl bilecek?
A.
Mteri bana ortalama maliyeti artyor.
B.
Toplam maliyeti artar.
C.
Mteri bana ortalama maliyeti ayn kalr.
D.
Mteri bana ortalama maliyeti der.
e.
Toplam maliyeti deimeden kalr.
____ 4. lek ekonomilerine en iyi rnek hangisidir?
A.
yerel elektrik irketi
B.
pizza ii
C.
restoran endstrisi
D.
kapal otopark
e.
kk bir aile iftlii
____ 5. Darrell'in bir mobilya maazas var. Daha fazla mobilya satmak iin maazasnn boyutunu
bytmeye karar verirse, lek ekonomisi yaayp yaamadn nasl anlayabilir?
A.
Mobilya satmann toplam maliyeti azalr.
B.
Mobilya satmann ortalama maliyeti artar.
C.
Mobilya satmann toplam maliyeti deimedi.
D.
Mobilya satmann ortalama maliyeti deimedi.
e.
Mobilya satmann ortalama maliyeti der.
____ 6. Fiyat alc olarak nitelendirilen bir firma:
A.
piyasada dedii veya ald fiyat zerinde kontrole sahiptir.
B.
piyasa fiyatn belirler.
C.
piyasada dedii veya ald fiyat zerinde herhangi bir kontrole sahip deildir.
D.
tam rekabet piyasasnn bir zellii deildir.
e.
tketicilerin bir rn iin demeye raz olduklar en dk fiyattan belirlenen fiyat alr.
____ 7. Rekabeti pazarlarda:
A.
Firmalar, tketiciyi pek umursamadan rnlerinin fiyatlarn belirler.
B.
firmalar aldklar fiyatlar kontrol eder.
C.
piyasa gleri bireysel firmalardan ok daha gldr.
D.
bireysel firmalar piyasa glerinden ok daha gldr.
e.
Piyasa gleri piyasadaki miktar belirler, ancak fiyatlar belirlemez.
____ 8. Rekabeti pazarlarda:
A.
Firmalar, tketiciyi pek umursamadan rnlerinin fiyatlarn belirler.
B.
firmalar fiyat yapc olarak kabul edilmektedir.
C.
firmalar piyasa glerinin insafna kalmtr.
D.
bireysel firmalar piyasa glerinden ok daha gldr.
e.
piyasa gleri piyasadaki miktar belirler, ancak fiyatlar belirlemez.
____ 9. Fiyatlarn dk tutulmasn salamak iin rekabeti piyasalarn temel olarak hangi zellii
sorumludur?
A.
birok alc
B.
birok satc
C.
benzer mallar
D.
piyasaya kolay giri ve k
e.
farkllatrlm mallar
____ 10. Firmalarn uzun vadede sfr ekonomik kr elde etmelerinin balca nedeni rekabeti piyasalarn
hangi zelliidir?
A.
birok a.
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tketici bir rn arzasn aklamak iin bunlarla gelebilir.
2. _____, baz rn kategorilerinde byk takipi gruplar ve gvenilirlik gelitiren ve pazarlamaclarn
takipilerine markalar tantmak iin kullandklar sosyal medya kullanclardr.
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bunlara rnektir.
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ama eilimindedir, bu da tutumlarn bu zellie sahip olduu anlamna gelir.
6. Sosyal medya iletiimi sz konusu olduunda ______, pazarlamaclar tarafndan gnderilen ve
pazarlamaclarn kontrol ettii kanallar araclyla tketicilere iletilen mesajlar ifade eder.
7. Sosyal medya iletiimi sz konusu olduunda ______, kanallar kullanmak iin deme yapan
pazarlamaclara ait olmayan kanallar araclyla gnderilen mesajlar ifade eder.
8. Sosyal medya iletiimi sz konusu olduunda ______, tketicilerin markalarla ilgili mesajlar
birbirlerine ilettikleri kanallar ifade eder.
9. _____, tketicilerin cep telefonlarna, iPad'lerine, elektronik okuyucularna ve hareket halindeyken
yanlarnda tadklar dier cihazlara tantm mesajlar gndermeyi ifade eder.
10. letiimde, _____ bir kitleye iletilecek bir mesaj kodlayan bir marka veya pazarlamacdr.
artlar
A. Sosyal medya etkileyicileri
B. Sahip olunan sosyal medya
C. bileenli
D. Mobil reklamclk
E. Faydac
F. Nitelikler
G. Kanal
H. Bilisel uyumsuzluk
I. Kaynak
J. Tutarllk
K. Bilgi ilevi
L. Kazanlan sosyal medya
M. Ego-savunma
N. Geleneksel olmayan medya
Korku
P. evresel
S. cretli sosyal medya
R. Reklama Kar Tutum
S. Durumsal
T. Detaylandrma olasl modeli.
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