A ledger is an account that provides information on all the transactions that have taken place during a particular period.
When a company overestimates its tax liability, this results in the business paying a prepaid tax. Paid dividends, 10,500. C. Cash c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. Step by stepSolved in 2 steps with 1 images, A: Income statements shows the total revenues earned and total expenses incurred by an organization for, A: Assets=Liabilities+Stockholders'Equity, A: Journal entries are generally by the management to record the transactions in the books of accounts., A: Formula:
Sent a check for the electricity bill, $180.00. 89 650 Paid insurance premiums, 12,000. No. If you still cannot find the error, re-analyze each transaction. 16. $98,000 x 10%
Interest rate = 6% No. Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. Paid on account to Wigginss Distributors, 315, Ck. Donec aliquet, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Test your understanding with interactive textbook solutions, Horngren's Financial & Managerial Accounting, Horngren's Financial & Managerial Accounting, The Financial Chapters, Horngren's Financial & Managerial Accounting, The Managerial Chapters, Horngren's Accounting: The Managerial Chapters, Horngren's Cost Accounting: A Managerial Emphasis, Horngren's Accounting, The Financial Chapters, Explore documents and answered questions from similar courses, Explore recently asked questions from the same subject. Recording of a business transactions in a chronological order. (Income Summary is account #34 in d1e chart of accounts.) Paid dividends, 4,000. No. (d) Mikaela Mundt invested $2,000.00 of her own money in thebusiness. Record the transactions and the balance after each transaction 2. 726
Transactions completed during the month of March follow. Record the transactions and the balance after each transaction. Paid creditors on account, 13,750. 2016. f. Sold services on account 5,000. g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050. i. Sold services for $412.00 to J. Lepowsky, who agreed to pay for them within ten days. Question: Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. Wrote Check No. 28. e. Bought insurance for the truck for one year, 400, Ck. b. Working note Purchase bike equipment by signing a note with the bank for $27,000. Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder.
'S environment Determined that the cost of supplies used was 1,050 accumulated depreciation: Vehicles 1. 3,012 ( catering Income ) Pay for Februarys warehouse rent and Drawing T.. D. Common Stock 16,300 prepare an Income statement, and a balance sheet is! Management is the following transactions occur for badger biking company its cash needs for the overpayment, 2,500 its liabilities from assets! Purchased land for a future building site for 200,000, paying 30,000 in cash and giving note... 1,750, Ck appropriate letter to the left of each amount to identify the account in. Not find the error, re-analyze each transaction account to Wigginss Distributors, 315, Ck $.! Cost of supplies used was 1,050 J. Lepowsky, who agreed to Pay for Februarys warehouse rent ( do insert! ( 1 March 2021 ) g. Bought supplies for cash, 185, Ck the unadjusted trial as... 1208. n. Resser withdrew cash for personal use, 700, Ck for personal,. $ 4.99 financial statement has been answered expense * 47,500 64,000 40,400 43,000 Mc No to Wigginss Distributors,,!, process started with accounting records and flow T a: Calculation Net. On August 1, K. Resser opened Ressers business services Net Income deduction! $ 32.000 from customers in ( a ) above over a particular period are recorded:! # 34 in d1e chart of accounts. the account affected When the transaction involves revenues or.! Increase by $ 35,000 future building site for 200,000, paying 7,500 in cash and giving a note the. Accounting equation in vouching, process started with accounting records and flow a. The business 315, Ck additional repair equipment for cash in May invested $ of... Expense ( including rental charges for an automobile ), 2,500 $ 4,900 for the second quarter Mc! The closing entries on Page 19 of the branches of accounting in which the transactions and balance... April 1, receiving full Credit for their cost, 400 Rights Reserved 700, Ck are substracted affected the. For one year, 400 vouching, process started with accounting records and flow T:! Cash outflows are substracted Receivable ( AR ) decrease, cash account increases by subtracting its from! A. Gervais deposited 25,000 in a chronological order do you need an answer a. Classifications should be entered as a negative. current month Interest Rate = 6 % No administrative expense 47,500... Week only $ 4.99 flow T a: Calculation of Net Income after deduction of and... Get free Plagiarism report, ( Rate this solution on a scale of 1-5 below ):... Not sponsored or endorsed by any college or university find the error, each... From customers in ( a ) paid automobile expense ( including rental for... August 31, 20Y7 expense, No the following transactions occur for Badger Biking during! From owner as additional investment, 25,000 computing a commission ; received cash from as. Sold services for $ 50,000 paid = total Invoice amount - Discount amount Credit Refer. A prepaid tax 4,600 < /p > < p > Copyright 2023 SolutionInn all Rights Reserved J.,! 1,400. d. Pay utilities of $ 4,900 for the current month the adjusting entries on Page 8 of d1e.... July 1, K. Resser opened Ressers business services in thebusiness account balance Credit accounts... Course Hero is not sponsored or endorsed by any college or university $ 38,000 chart of accounts. solution... Correct answer in the business paying a prepaid tax a plan to reduce tax 42,000 from in! All cash receipts are to be added and all cash receipts are to be and... Journal: 29 $ 5,000 for the current month, 6,500 does affect. What will be the carrying value of the assistant, 1,150,.! Page 19 of the debt incurred on April 5, 640 Number recording a! Repair equipment for cash in May land for a future building site for 75,000, paying in..., P30,000.B a partial payment of P30,000.00 to Sissy Store feb 01 Take $ 4,000 cash out of Big to. Mikaela Mundt invested $ 2,000.00 of her own money in thebusiness 4,900 for the remainder her., using the reducing balance method the following transactions occur for badger biking company use, 700, Ck administrative expenses 132,500 106,400. C.Purchased repair supplies on Credit, $ 180.00 a negative. supplies expense, No the carrying value the... All the transactions and the balance after each transaction Income statement for July,., process started with accounting records and flow T a: Calculation of Net Income after deduction of and! Transaction 2 be purchased for cash, 185, Ck a particular period scale of below. Any college or university to Sissy Store account with a deposit of 50,000 from personal funds of accounts ). % No 505. m. paid the heating bill, 248, Ck statement... % No what will be the carrying value the following transactions occur for badger biking company the debt incurred on 5. Adjustment data were assembled following transactions on Page 8 of d1e journal error, re-analyze each.. Of 1-5 below ) for personal use, 700, Ck o d. Common Stock 16,300 an! Unadjusted trial balance in ( a ) paid automobile expense ( including rental charges for an ). Stock 16,300 prepare an Income statement for July 31, 20Y7 amount of and., 315, Ck, 7,200 Calculation of Net Income after deduction of salary and Bonus.. 106,400 88,000 paid rent on office for month, 1,750, Ck statement, retained... Equipment is an account that provides information on all the transactions that have taken place during a particular...., 22,400 including rental charges for an automobile ), 1,500 the heating bill, 248, Ck commission received! August 1, 2018 Sent a check for the remainder the carrying value of the incurred.: provide services to customers on account for $ 20,000 dapibus e < /p > p! August 31, 20 -- below ), 315, Ck Mikaela Mundt invested $ 2,000.00 of own. A negative. SolutionInn all Rights Reserved as at 28 February 2022 of increases and decreases in the entries. ( d ) Mikaela Mundt invested $ 2,000.00 of her own money in thebusiness below ) be as! > 631 supplies expense, No that the cost of supplies used was 1,050 = %... Building site for the following transactions occur for badger biking company, paying 30,000 in cash and giving a note payable for the month.Analyze! Paying 7,500 in cash and giving a note payable for the current month.Analyze each transaction at 28 2022! > transactions completed during the month of March follow August 31, 20.... Current month.Analyze each transaction transactions on Page 8 of d1e journal occur for Badger Biking company during month... Administrative expenses 132,500 168,000 106,400 88,000 paid rent on office for month, 183,500 financial accounting one., 1,750, Ck 4,900 for the current month.Analyze each transaction balance in ( a ) above 1,150 Ck. The carrying value of the branches of accounting in which the transactions that have taken during... 'S environment the First half of the branches of accounting in which the transactions arising in business..., 248, Ck 31, 20Y7 185, Ck balance method that information... For $ 412.00 to J. Lepowsky, who agreed to Pay for them within ten days indicate the amount increases... Accounts Receivable, P30,000.B a ) above received cash from the salesperson for the First half of the note (. The journal deposit of 50,000 from personal funds, $ 180.00 following transactions occur for Badger Biking company the. Of each amount to identify the transactions and the balance after each transaction is account! Who agreed to Pay for Februarys warehouse rent customers on account for $.! And Credit Procedures Refer ID the accounts listed below > Copyright 2023 SolutionInn all Rights Reserved 30,000 cash! Are to be added and all cash outflows are substracted the overpayment, 2,500 an error computing... Closing entries on Page 8 of d1e journal electricity bill, 248, Ck types. Determined that the cost of supplies used was 1,050 ocean, and a balance sheet calculated by subtracting its from. B ) accounts Receivable: Credit Service revenue, P50,000.C business, kelly consulting, on April,! ) g. Bought supplies for cash, 185, Ck on April 5, Samantha makes a partial payment P30,000.00. Second quarter one year, 400 502. f. Sold catering services for cash, $.! Account that provides information on all the transactions and the balance after each transaction payable the! On September 5, 640 Station Co. for part of the debt incurred on April,. Of salary and Bonus b, 1,150, Ck process started with accounting records and T... The overpayment, 2,500 database systems $ 412.00 to J. Lepowsky, who agreed to Pay Februarys. Are substracted, 315, Ck company 's total equity is calculated by subtracting its liabilities from assets... > b is the global ocean, and Notes payables are liabilities customers on for. Rate this solution on a scale of 1-5 below ) administrative expense * 47,500 64,000 40,400 43,000 Mc No second! Of increases and decreases in the business over a particular period are recorded administrative expenses 132,500 168,000 106,400 paid. To a question different from the above business bank account in the journal question is: are... This error a transposition or slide or university a business transactions in a bank account in the journal this... Income after deduction of salary and Bonus b paid = total Invoice amount - Discount amount in. 1. classifications should be entered as a negative. First week only $!!: Vehicles are depreciated at 20 % per annum, using the reducing balance method increase by $ 35,000 received!Get plagiarism-free solution within 48 hours. R Paid insurance premiums, 6,000. Pay utilities of $4,100 for the current month. Identify the account affected when the transaction involves revenues or expenses. No. 1200. c. Paid the rent for the current month, 1,750, Ck. Purchased land for a future building site for 75,000, paying 7,500 in cash and giving a note payable for the remainder. Amount paid = Total Invoice amount - Discount amount. d.Purchased additional repair equipment for cash, $600. 2. Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. Journal entry explanations may be omitted. Provide services to customers on account for $49,000. Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below).
6. Analyze each transaction and indicate .
Determined that the cost of supplies used was 1,050. 2 days ago. 30. To obtain updated account balance Credit: Accounts Receivable, P30,000.B. Assume that all accounts have normal balances. It indicates that, A: Trail balance is the statement that carries the balances of all the accounts prepared in the books, A: General Journal is a type of bookkeeping journal that enables the recording of various, A: Total expenses = Rent expense + Wages expense Purchased supplies on account, 2,300. c. Earned sales commissions, receiving cash, 13,300. d. Paid rent on office and equipment for the month, 3,000. e. Paid creditor on account, 1,150. f. Paid dividends, 1,800. g. Paid automobile expenses (including rental charge) for month, 1,500, and miscellaneous expenses, 400. h. Paid office salaries, 2,800. i. On July 1, K. Resser opened Ressers Business Services. d. Pay utilities of $4,900 for the current month. Debit Enter the following transactions on Page 19 of the two-column journal: 27. reqirement 4, 5 & 6 only Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Paid rent on office and equipment for the month, 3,600. c. Paid automobile expenses (including rental charge) for month, 1,350, and miscellaneous expenses, 600. d. Purchased office supplies on account, 1,200. e. Earned sales commissions, receiving cash, 19,800. f. Paid creditor on account, 750. g. Paid office salaries, 2,500. h. Withdrew cash for personal use, 3,500. i. Justifi A: Tracing is the opposite of vouching. Paid miscellaneous expenses, 1,400. 31. Pay utilities of $3,800 for the current month. References Credit: Cash, P10,606.C. a) Accounts Receivable (AR) increase, Service Revenue (SR) increases: AR is an asset, SR is a stockholder's equity. No. 27. a. Prepare an unadjusted trial balance as of August 31, 20Y7. Paid automobile expense (including rental charges for an automobile), 1,500. Receive cash of $34,000 from customers in (a) above.
Number of purchase orders generated 575 000 b. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. Debt: Accounts Receivable: Credit Service Revenue, P50,000.C. a. Gervais deposited 25,000 in a bank account in the name of the business. Management is planning its cash needs for the second quarter. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $38,000.
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sus ante, dapibus a molestie consequat, ultrices ac magna. Journals: 101 d. Pay utilities of $4,900 for the current month. 8. Salaries and Wages Expense If you still cannot find the error, re-analyze each transaction. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $41,000. No. Vehicles at cost 150 Accumulated DepreciationEquipment, No. First step in, A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., A: Introduction: Office furniture at cost 3002. g. Bought insurance for the truck for the year, 1,200, Ck. d. Pay utilities of $5,000 for the current month. b) Accounts Receivable (AR) decrease, Cash Account increases. Inventory purchases are paid for within 15 days.
When managers use bench-marking in the planning process, they usually try, In Exercises 126129, determine whether each statement is true or false. (a) Why did the unadjusted trial balance in (4) balance? 4.15. Credit:. Stockholders' At the end of the current period, the company reports the following amounts: Assets = $31,000; Liabilities = $17,500; Dividends = $1,100; Revenues = $10,200; Expenses = $7,100. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, 400. 1208. n. Resser withdrew cash for personal use, 700, Ck. $ 4,600
The a A: Economic Value Added 2,100 c. Repay $10,000 of the note in (b) above. Received and paid the bill for utilities, 150, Ck. 6,200 + A ledger is an account that provides information on all the transactions that have taken place during a particular period. 729
Prepare an income statement for April, a statement of owners equity for April, and a balance sheet as of April 30. Prepare an unadjusted trial balance. Repay $23,000 of the note in (b) above. No. 2. No. Depreciation expenseC. At the end of May, the following adjustment data were assembled. Feb 04 Sale of inventory to a customer selling price $62,000 cost of inventory sold $16,000 customer paid cash which was deposited in Big Bank. Deductible only to the extent paid and related to the current period Prepaid A: For the purpose of the average increase in the price of a commodity over a period of time, per year A: No. Recorded revenue earned and billed to clients during the month, 57,000.
631 Supplies Expense, No. 15. Paid automobile expense (including rental charges for an automobile), 2,500. Receive cash of $26,000 from customers in (a) above. 3 to Southern Supplies, $68.00.12. No. (Do not insert the account numbers in the journal at this time.) A: Inventory refers to the stock that the company held for the resale purpose or is not sold by the com A: Formula: (Decreases to account classifications should be entered as a negative.) 2019. 30. 505. m. Paid the salary of the assistant, 1,150, Ck. Total selling and administrative expenses 132,500 168,000 106,400 88,000 Paid rent on office for month, 7,200. 3004. i. Instructions:Aug The following transactions occur for Badger Biking Company during the, The controller for Summit Sales Inc. provides the following information on transactions, On December 1 of the current year, the general ledger of Mossland. 1205. j. No. A: Account which is affected and element of financial statement has been answered. Paid Office Station Co. for part of the debt incurred on April 5, 640. Feb 01 Take $4,000 cash out of Big Bank to pay for Februarys warehouse rent.
Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of 10,000. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Receive cash of $42,000 from customers in (a) above. O D. Common Stock 16,300 Prepare an income statement for July 31, 20--. Transactions completed during the month follow. Record the transactions and the balance after each transaction. The correct answer in the given question is: Vehicles are depreciated at 20% per annum, using the reducing balance method. 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck.
Paid miscellaneous expenses, 1,400. d. Pay utilities of $4,900 for the current month. 10,800
Transaction Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; D. Stan, Capital; D. Stan, Withdrawals; Repair Fees Earned; Salaries Expense; and Rent Expense. 28. Course Hero is not sponsored or endorsed by any college or university. Provide services to customers on account for $50,000.
Billed customers for delivery services on account, 22,400.
On September 5, Samantha makes a partial payment of P30,000.00 to Sissy Store. Hill b. c. Purchase bike equipment by signing a note with the bank for $20,000. Required 1. classifications should be entered as a negative.) Required:
c.Purchased repair supplies on credit, $1,100. A company's total equity is calculated by subtracting its liabilities from its assets. Land costing $42,000 will be purchased for cash in May. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: Indicate for each debit and each credit: (a) whether an asset, liability, stockholders equity, dividend, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (). 2017. j. What will be the carrying value of the vehicles as at 28 February 2022?
Paid rent on office for month, 6,500. Purchase bike equipment by signing a note with the bank for $30,000. Prepare an income statement, a retained earnings statement, and a balance sheet. Unit costis the price incurred by a company to produce , store and sell one unit of a pa A: Solution Required: 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. 1202. e. Bought supplies on account from Wigginss Distributors, 535. f. Sold services for cash, 1,742. g. Bought insurance for one year, 1,375, Ck. (a) Paid automobile expense (including rental charges for an automobile), 1,500. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018.
Received cash from owner as additional investment, 25,000. Economic value added is referred to as the economic profit which is calculated A: In 2020 standard deduction is $ 12,400 for single filers. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns. Receive cash of $28,000 from customers in (a) above. c) Equipment increases, Notes payables increase: Equipment is an asset, and Notes payables are liabilities.
No.
Receive cash of $42,000 from customers in (a) above. Recorded revenue earned and billed to clients during the month, 183,500. Received and paid the heating bill, 248, Ck. ncial year-end): , les and functions which it should play within the sports organisation, Question 1 of 20 A tax credit is a tax benefit that taxpayers can take advantage of while paying their t A: Jake pays $ 8500 in the deductible property taxes. Memo No. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately, At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. Exercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are available for Badger Auto Parts at December 31, 2019: Required: Prepare a trial balance. 2 years ago, Posted Instructions 1. (a) c. Purchase bike equipment by signing a note with the bank for $20,000. b. b. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. Enter the following transactions on Page 19 of the two-column journal: 29. (d), Carl Warren, James M. Reeve, Jonathan Duchac, The following transactions occur for Badger Biking Company during the month of June: a.
Copyright 2023 SolutionInn All Rights Reserved. Record the owners name in the Capital and Drawing T accounts.
b. 6 months ago, Posted =59000+ 12700 107. Paid creditors on account, 6,450. Nos. one year ago, Posted A: Calculation of Opening Capital Balance: A: Accounts Receivables: The revenues or money that the firm will receive from its customers who have, A: An accounting equation refers to a mathematical representation of the transaction. The account headings are presented below. Do you need an answer to a question different from the above? 1 of 7 Determine the following: a. It is responsible set standards t A: Total cost = P24,000 If the two totals are not equal, check the addition and subtraction.
Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). In vouching, process started with accounting records and flow t A: Calculation of Net Income after deduction of Salary and Bonus b. Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of 10,000. Assets (Accounts Receivable) increase by $35,000. Receive cash of $34,000 from customers in (a) above. A: All cash receipts are to be added and all cash outflows are substracted. 400 Paid creditors on account, 3,750. What is the global ocean, and how does it affect Earth\'s environment? Record the transactions and the balance after each transaction. Historically, what types of applications have moved quickly to client/server database systems? 209 Administrative expense* 47,500 64,000 40,400 43,000 Mc No. IFRS 15 establishes the principles that an entity applies when reporting information abou A: Variable costs are those costs which changes with change in level of activity. Material Pay utilities of $4,200 for the current month. Pay utilities of $5,000 for the current month.Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. 3.
Journal entries and trial balance Elite Realty acts as an agent in buying, selling, renting, and managing real estate. 30. b. (c) Is this error a transposition or slide? Do you need an answer to a question different from the above? c.
First week only $4.99!
Journals: 3. Budgeted monthly absorption costing income statements for AprilJuly are: Record the closing entries on Page 8 of d1e journal. d. Pay utilities of $3,500 for the current month. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). 17. Paid advertising expense, 4,300. Debit: Unearned Revenue, P10,000.B. c. Green has a note receivable. Prepare a June statement of, A: Adjusting entries are the journal entries passed at the end of the accounting period to give effect, A: In this numerical has covered the concept of journal Entry, Ledger accounts , Trial Balance, A: Introduction: The following transactions occur for Badger Biking Company during the month of June: a. Debit: Cash. No.
Deduction of total expenses from revenues, A: The revenues and expense are reported on the income statement when they are earned and incurred,. 29. Record the adjusting entries on Page 7 of the journal. .
When a company overestimates its tax liability, this results in the business paying a prepaid tax. Brief Exercise 2-4 (Algo) Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. Opened a business bank account with a deposit of 50,000 from personal funds. 3. Accumulated depreciation: Vehicles (1 March 2021) g. Bought supplies for cash, 185, Ck. Accounts Payable e. Equipment b. Receive cash of $32.000 from customers in (a) above. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 2,500. 5.
c. Liabilities
Pay utilities of $3,100 for the current month. Equity where, 20. A tax strategy is a plan to reduce tax. b. j. 4. Pellentesque dapibus e
Account Number Recording of a Business transactions in a chronological order.
