The following transactions relates to Edwards Co for the month of January 2013. You are required to record the journal entries for these transactions in the general journal, post them to the ledger accounts and then prepare the trial balance for the company. a. Edward Wilson invested $8,000 cash in his new landscaping business. b. The business paid the first month's rent with $300 cash. c. The business purchased equipment by paying $2,000 cash and executing a note payable for $3,000. f200 caah
Q: Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus…
A: Net income is calculated after analysing the revenue and expenses of the organisation.
Q: Duerr Engineering completed the following transactions in the month of June. Using the following…
A: Impact on Equity - There are some items that has Impact on Equity like Income, Expense and…
Q: For the past several years, Samantha Hogan has operated a part-time consulting business from her…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Following are the transactions for Valdez Services. a. The company paid $2,000 cash for payment on a…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Mr. ABC has the following transactions in the month of January. Write the Journal Entries for the…
A: In accounting, recording in journal is the first and foremost aspect followed by classifying them…
Q: On October 1, 2015, Leo Chavez established Mighty Realty Services, which completed the following…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On August 1, 2016, Bill Hudson established Heritage Realty, which completed the fol- lowing…
A: Journal entries refers to the process of systematic documentation or recording of the financial…
Q: Hipsters Co. had the following transactions for the month of October 2021. Perform a quick analysis…
A: A trial balance lists all the account balances. The total of the debit column must always equal the…
Q: General General Requirement Trial Balance Income Statement St Owners Equity Balance Sheet Impact on…
A: JOURNAL ENTRIES IN THE BOOKS OF MILK SWEET LMT ON MARCH
Q: For the past several years, Steffy Lopez has operated a part-time consulting business from his home.…
A: Journal is a place where journal entries are recorded in the book keeping system before ledger…
Q: [The following information applies to the questions displayed below.] Sanyu Sony started a new…
A: Income Statement - This statement shows the income earned and loss incurred by the organization in…
Q: Galle Inc. entered into the following transactions during January.a. January 1: Borrowed $50,000…
A: You enter transaction data in your company's records to create a journal entry.. Your journal…
Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…
A: Trial Balance= It represents the balances which may be debit and credit of ledger accounts. The…
Q: Is Manny behaving ethically by reporting the loan to Tom as a trade account receivable? Why? Who…
A: Accounts receivable are the money owed to that company by entities outside of the company. Account…
Q: The following transactions of Willy Manalo, an attorney, took place during January 2016 Manalo…
A: Journal entries records the transaction in such a way that there are 2 effects in the financial…
Q: Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. During…
A: The answer is stated below:
Q: On August 1, 2016, Bill Hudson established Heritage Realty, which completed the fol- lowing…
A: Journal entries refers to the systematic documentation or recording of the financial transactions of…
Q: Katerina's Boutique is a business registered for GST and it lodges its Business Activity Statement…
A: Introduction: GST Paid: The GST (goods and services tax) is a ten percent tax on almost all goods,…
Q: On April 1, 2017 Philip John Termas opened a carwash business in Dapitan City. The name of the…
A: The trial balance is prepared to record the final debit and credit balances of each ledger account.
Q: Sammi started her business on 1 January 2021 called Trendy. You are required to prepare the GENERAL…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The following transactions relates to Edwards Co for the month of January 2013. You are required to…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: completed the following transactions in the month of June. Using the following transaction
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus…
A: T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a…
Q: Gonzalez Engineering completed the following transactions in the month of June. Using the following…
A: Income statement is the financial statement which is prepared by the entity to determine the gross…
Q: For the past several years, Samantha Hogan has operated a part-time consulting business from her…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: On August 1, 2016, Bill Hudson established Heritage Realty, which completed the fol- lowing…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Sammi started her business on 1 January 2021 called Trendy. You are required to prepare the GENERAL…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: For the past several years, Steffy Lopez has operated a part-time consulting business from his home.…
A: Question is based on the concept of Final Accounts. As per Bartleby guidelines we are allowed to…
Q: The following transactions were taken from the books of Cartago Repair Shopfor the month of May…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by…
Q: Prepare general journal entries for the following transactions of Valdez Services. a. The company…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The following transactions of Atty. Linag Law Firm were completed during the month of November 2018,…
A: Worksheet - Worksheet is a statement where all the ledgers are posted horizontally in the form of…
Q: Architects completed the following transactions: A. Issued common stock to Marjorie Knaus in…
A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…
Q: Ikaw passed the very difficult CPA board examination in October and immediately set-up his…
A: Accounting equation refers the double entry system of each transaction and the way the journal entry…
Q: Mike Sweet opens a web consulting business called Sweet Consulting and completes the following…
A: Income : Cash received from client on Mar 6 $5900 Amount receivable from client for service…
Q: The following transactions relates to Edwards Co for the month of January 2013. You are required to…
A: In this numerical has covered the concept of journal Entry, Ledger accounts , Trial Balance
Q: Listed below are the transactions for August 2014, the first month of operations of Abdi's Auto…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The following transactions for the month of March have been journalized and posted to the proper…
A: All cash receipts are to be added and all cash outflows are substracted.
Q: Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones…
A: T accounts: The 'T Account' is a graphic visual representation of any individual accounts in the…
Q: The following transactions for the month of March have been joumalized and posted to the proper…
A: Accounts Receivables: The revenues or money that the firm will receive from its customers who have…
Q: Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: On June 1 2010 HASF organized a business called friends with a truck for the purpose of operating an…
A: Prepare required journal as follows:
Q: Ken Jones, an architect, opened an office on April 1, 2019. During the month, he completed the…
A: 1&2
Q: On August 1, 2016, Bill Hudson established Heritage Realty, which completed the fol- lowing…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Juana dela Cruz, to be able to guide the accountancy students in their pursuits for passing the CPA…
A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…
Q: During March 2020, ABC engaged in the following transactions: a. ABC received cash of $50,000 from…
A: Journal entry is the process of recording business transactions in the books of accounts for the…
1 )
2 ) Post in to Ledger
3 )
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 6 images
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Prepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.
- The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?The following transactions relates to Edwards Co for the month of January 2013. You are required to record the journal entries for these transactions in the general journal, post them to the ledger accounts and then prepare the trial balance for the company. Edward Wilson invested $8,000 cash in his new landscaping business. The business paid the first month's rent with $300 cash. The business purchased equipment by paying $2,000 cash and executing a note payable for $3,000. The business purchased supplies for $200 cash. The business billed clients for a total of $1,000 for design services rendered. The business received $750 cash from clients for services rendered above. The owner took a withdrawal of $2,000.
- The following transactions relates to Edwards Co for the month of January 2013. You are required to record the journal entries for these transactions in the general journal, post them to the ledger accounts and then prepare the trial balance for the company. a. Edward Wilson invested $8,000 cash in his new landscaping business. b. The business paid the first month's rent with $300 cash.c. The business purchased equipment by paying $2,000 cash and executing a note payable for $3,000.d. The business purchased supplies for $200 cash.e. The business billed clients for a total of $1,000 for design services rendered.f. The business received $750 cash from clients for services rendered above.g. The owner took a withdrawal of $2,000.Katerina's Boutique is a business registered for GST and it lodges its Business Activity Statement (BAS) at the end of each quarter. For the quarter ending June 30, 2022, Katerina's Boutique recorded the following transactions: Transactions The owners withdrew cash from the business bank account $ 39,660 185,889 66,000 95,150 Sold inventories to customers. 80% was paid in cash with the remainder on credit. Paid an amount to suppliers for inventories purchased in the previous month Purchased equipment on credit from Generic Kettle Ltd Total gross salary for employees before PAYG deduction Total net salary paid to employees after PAYG deduction Paid for various operating expenses (excluding wages) Paid off a loan amount owed to Rocket Bank. 78,350 58,850 54,340 107,800 Paid Generic Kettle Ltd the amount owed on equipment. Received an amount due from credit customers for services provided on 1 May 2021 95,150 104,280 Additional information: The above amounts include GST where appropriate.…Prepare Journal Entries , Trial Balance and Financial Statements using the information below. Under the following circumstances. Transactions occur only once (unless otherwise indicated). Bill’s Donuts uses the straight-line amoritzation. Investment in Bill’s Donuts on January 1 of $10,000. On January 2, Office Equipment costing $6,000 was purchased on account. On February 2, the account payable was turned into a note payable by signing a $6000, 6% note payable due in 4 months with interest starting on February 2. On February 3, Bill’s Donuts performed services consulting other donut companies worth $15,000. On February 10, a $1,200 cash advance is received from Dale’s Coffee, a client for services that are expected complete December 31. February 11, office rent for February is paid in cash, $900, and for every other month remaining in the year. February 26, Bill’s Donuts, bought an insurance policy for $1500. On March 2 bought 1000 lbs of coffee (merchandise)…
- Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400. A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.Consider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CRPrepare the following journal entry; all transactions listed occurred in January: The company purchased a delivery van for deliveries. The purchase price was $21,500. A down payment of $5,000 cash was paid by check, and the company signed a promissory note for the remaining amount owed.