Homework Answers
Following are the journal entries for the transactions :-
| Date | general journal | debit | credit |
| June 1. |
Cash Owner capital (To capital provided by owner) |
27750 |
27750 |
| June 1 . |
Prepaid rent Cash (To rent for the month paid in advance ) |
3800 |
3800 |
| June 6 . |
Equipment Vendor (To equipment purchased on credit ) |
12800 |
12800 |
| June 8. |
Van Notes payable (To van purchased) |
32900 |
6100 26800 |
| June 10 . |
Supplies Cash (To supplies) |
1510 |
1510 |
| June 12 . |
Cash Revenue (To cash revenue received) |
8300 |
8300 |
| June 15. |
Prepaid insurance premium Cash (To insurance for the whole period paid in advance) |
2200 |
2200 |
| June 23 . |
Accounts receivable Revenue (To revenue on account) |
12220 |
12220 |
| June 24 . |
Van exp Expense payable (To van expense not paid yet) |
1010 |
1010 |
| June 29 |
utilities exp Cash (To utilities paid) |
3510 |
3510 |
| June 29 |
miscellaneous exp Cash (To miscellaneous exp paid) |
1680 |
1680 |
| June 30 |
Cash Accounts receivable (To cash received from customer) |
7300 |
7300 |
| June 30 |
wages Cash (To wages paid in cash) |
4550 |
4550 |
| June 30 |
Vendor Cash (To cash paid to vendor from whom equipment was purchased) |
6120 |
6120 |
| June 30 |
drawings Cash (To cash withdrawn) |
2400 |
2400 |
| June 30 |
rent exp Prepaid rent (To rent exp recorded) |
3800 |
3800 |
$ $ Cash Accounts receivable Supplies Equipment Land Building 6,700 30, 600 1,510 10,500 8,100 27,300...
$ $ Cash Accounts receivable Supplies Equipment Land Building 6,700 30, 600 1,510 10,500 8,100 27,300 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings 9,400 3,440 47,600 1,620 6,480 16,170 a. Rebuilt and delivered five planos in January to customers who paid $18,800 in cash. b. Received a $520 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop: received $840 for rent...
10. Jay Smith's Writing Services completed these transactions in November a. Purchased office supplies on account,...
10. Jay Smith's Writing Services completed these transactions in November a. Purchased office supplies on account, $300. b. Completed work for a publisher on credit, $500 c. Paid cash for the office supplies purchased in (a). d. Completed work for a resume writing service and received $100 cash. e. Received $500 cash for the work described in (b). Prepare joumal entries to record the above transactions. Explanations are not necessary. Date Explanantion Debit Credit
Question 10 (2 points) Paid for supplies that had been purchased on account last month. What...
Question 10 (2 points) Paid for supplies that had been purchased on account last month. What account is debited? O a) Accounts Payable Ob) Supplies O c) Cash d) Supplies Expense
1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay...
1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,300, a credit to cash account for $500. Which of the following would be the correct way to complete the recording of the transaction? a. Credit the Grayton, Capital account for $500. b. Debit the Grayton, Capital account for $500. c. Credit an...
On October 10, Nikle Company purchased supplies for $1,800 on account. On October 25, Nikle Company...
On October 10, Nikle Company purchased supplies for $1,800 on account. On October 25, Nikle Company paid the invoice. a. Provide the journal entry for the purchase on account. If an amount box does not require an entry, leave it blank. Oct. 10 b. Provide the journal entry for the payment of the invoice. If an amount box does not require an entry, leave it blank. Oct. 25 Accounts Payable Accounts Receivable Cash Supplies Supplies Expense
Sept. 1 5 7 Purchased supplies for $1,090 cash. Paid $480 cash dividend to stockholders. Received...
Sept. 1 5 7 Purchased supplies for $1,090 cash. Paid $480 cash dividend to stockholders. Received $6,200 down payment from customer for services to be provided in the future. Received $840 cash from a previously billed customer for payment of services provided in the prior month. Purchased equipment for $3,700 by paying $1,450 cash and issued a note payable for the balance. 16 22 Date Account Titles and Explanation Debit Credit db
If supplies are purchased for cash: Multiple Choice total assets will decrease. total assets will increase....
If supplies are purchased for cash: Multiple Choice total assets will decrease. total assets will increase. stockholders' equity will increase. total assets will remain the same.
11A. Print It Printing Services purchased $4,000 of printing supplies for cash, recording the transaction using...
11A. Print It Printing Services purchased $4,000 of printing supplies for cash, recording the transaction using the alternative treatment for deferred expenses. At the end of the year, Print It had $400 of printing supplies remaining. Record the journal entry for the purchase of printing supplies and the adjusting entry for printing supplies not used. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the journal entry for the purchase...
a photo processing store purchased office supplies on january 15 by paying cash of 5,000. on...
a photo processing store purchased office supplies on january 15 by paying cash of 5,000. on january 1, the supplies account had a beginning balance of $500. On december 31, an inventory revealed that supplies on hand amounted to $500. what adjusting journal entry is necessary at December 31st? If the adjustment in part A is not recorded, what will be the impact on the income statement, retained earnings statement, and balance sheet?
1. 2. On January 2, purchased supplies for $4,320 cash. A physical count at December 31...
1. 2. On January 2, purchased supplies for $4,320 cash. A physical count at December 31 revealed that $730 of supplies were still on hand. Purchased a vehicle for $41,800 on April 1, paying $5,200 cash and signing a $36,600 bank loan for the balance. The vehicle is estimated to have a useful life of 5 years and the company uses straight-line depreciation. The bank loan has an interestof 3%. Purchased a $3,780, one-year insurance policy for cash on August...
$ $ Cash Accounts receivable Supplies Equipment Land Building 6,700 30, 600 1,510 10,500 8,100 27,300 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings 9,400 3,440 47,600 1,620 6,480 16,170 a. Rebuilt and delivered five planos in January to customers who paid $18,800 in cash. b. Received a $520 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop: received $840 for rent...
10. Jay Smith's Writing Services completed these transactions in November a. Purchased office supplies on account, $300. b. Completed work for a publisher on credit, $500 c. Paid cash for the office supplies purchased in (a). d. Completed work for a resume writing service and received $100 cash. e. Received $500 cash for the work described in (b). Prepare joumal entries to record the above transactions. Explanations are not necessary. Date Explanantion Debit Credit
Question 10 (2 points) Paid for supplies that had been purchased on account last month. What account is debited? O a) Accounts Payable Ob) Supplies O c) Cash d) Supplies Expense
On October 10, Nikle Company purchased supplies for $1,800 on account. On October 25, Nikle Company paid the invoice. a. Provide the journal entry for the purchase on account. If an amount box does not require an entry, leave it blank. Oct. 10 b. Provide the journal entry for the payment of the invoice. If an amount box does not require an entry, leave it blank. Oct. 25 Accounts Payable Accounts Receivable Cash Supplies Supplies Expense
Sept. 1 5 7 Purchased supplies for $1,090 cash. Paid $480 cash dividend to stockholders. Received $6,200 down payment from customer for services to be provided in the future. Received $840 cash from a previously billed customer for payment of services provided in the prior month. Purchased equipment for $3,700 by paying $1,450 cash and issued a note payable for the balance. 16 22 Date Account Titles and Explanation Debit Credit db
If supplies are purchased for cash: Multiple Choice total assets will decrease. total assets will increase. stockholders' equity will increase. total assets will remain the same.
11A. Print It Printing Services purchased $4,000 of printing supplies for cash, recording the transaction using the alternative treatment for deferred expenses. At the end of the year, Print It had $400 of printing supplies remaining. Record the journal entry for the purchase of printing supplies and the adjusting entry for printing supplies not used. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the journal entry for the purchase...
1. 2. On January 2, purchased supplies for $4,320 cash. A physical count at December 31 revealed that $730 of supplies were still on hand. Purchased a vehicle for $41,800 on April 1, paying $5,200 cash and signing a $36,600 bank loan for the balance. The vehicle is estimated to have a useful life of 5 years and the company uses straight-line depreciation. The bank loan has an interestof 3%. Purchased a $3,780, one-year insurance policy for cash on August...
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