Homework Answers
Answer -
| Transaction | General Journal | Debit ($) | Credit ($) |
| a. |
Cash Service Revenue |
7000 - |
- 7000 |
| b. |
Prepaid Insurance Cash |
3000 - |
- 3000 |
| c. |
Equipment Cash |
10000 - |
- 10000 |
| d. |
Cash Notes Payable |
10000 - |
- 10000 |
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The following transactions occur for Cardinal Music Academy during the month of October a. Provide music...
The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music...
The following transactions occur for Cardinal Music Academy
during the month of October:
a. Provide music lessons to students for $14,500 cash.
b. Purchase prepaid insurance to protect musical equipment over the
next year for $3,900 cash.
c. Purchase musical equipment for $17,500 cash.
d. Obtain a loan from a bank by signing a note for $25,000.
Record the transactions. The company uses the following
accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and
Service Revenue.
Do a journal entry worksheet...
The following transactions occur for Cardinal Music Academy during the month of October a. Provide music...
The following transactions occur for Cardinal Music Academy during the month of October a. Provide music lessons to students for $7,000 cash. b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash. c. Purchase musical equipment for $10,000 cash. d. Obtain a loan from a bank by signing a note for $10,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue. View transaction list Journal entry...
The following transactions occur for Cardinal Music Academy during the month of October: 1. Provide music...
The following transactions occur for Cardinal Music Academy during the month of October: 1. Provide music lessons to students for $13,500 cash. 2. Purchase prepaid insurance to protect musical equipment over the next year for $3,780 cash. 3. Purchase musical equipment for $16,500 cash. 4. Obtain a loan from a bank by signing a note for $23,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue. (If no entry is required...
The following transactions occur for the Panther Detective Agency during the month of July: a. Purchase...
The following transactions occur for the Panther Detective Agency during the month of July: a. Purchase a truck and sign a note payable, $14,100. b. Purchase office supplies for cash, $510. c. Pay $710 in rent for the current month. Record the transactions. The company uses the following accounts: Cash, Supplies, Equipment (for the truck), Notes Payable, and Rent Expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2018, appears below. December 31 is the company's fiscal year-end. Credits Debits $ 8,900 8,100 1,300 5.520 69,000 $ 9,200 6,300 Accounts Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Utilities Payable Notes Payable Common Stock Retained Earnings Service Revenue Salaries Expense Interest Expense Rent Expense Supplies Expense Utilities Expense Depreciation...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company's fiscal year-end. Credits Debits $ 40,300 12,500 0 5,000 10, 200 108,000 50,000 Accounts Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Land Notes Receivable Accounts Payable Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals...
Required information The following information applies to the questions displayed below.) The following transactions occur for...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Arthur Industries entered into the following transactions during the month of June. A Purchased supplies for...
Arthur Industries entered into the following transactions during the month of June. A Purchased supplies for $5,200 cash. B. Paid $4.480 for salaries and wages for the month of June. C. Paid $560 in advance for July rent. D. Provided $12,200 in services on account E Paid $500 on accounts payable. F. Received $190 from customers as deposits for future services. G. Received a bill for $470 from the plumber who repaired a broken pipe in the restrooms, but will...
WireScape Co. engaged in the following transactions during the month of May: a. WireScape borrowed $15,000...
WireScape Co. engaged in the following transactions during the month of May: a. WireScape borrowed $15,000 from a bank, signing a note due in four years. b. WireScape loaned $6,500 to an affiliated company and accepted a note due in one year. c. WireScape issued 90 additional shares of common stock with a par value of $0.10/share. The shares were issued at a market price of $30/share. d. WireScape purchased $32,000 of equipment. WireScape paid $10,500 in cash for the...
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased...
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (2) paid $44,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $128,000 to credit customers for $220,000; (4) collected $200,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. Prepare journal entries for each of the above transactions. (If no entry is...
The following transactions occur for Cardinal Music Academy
during the month of October:
a. Provide music lessons to students for $14,500 cash.
b. Purchase prepaid insurance to protect musical equipment over the
next year for $3,900 cash.
c. Purchase musical equipment for $17,500 cash.
d. Obtain a loan from a bank by signing a note for $25,000.
Record the transactions. The company uses the following
accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and
Service Revenue.
Do a journal entry worksheet...
The following transactions occur for Cardinal Music Academy during the month of October a. Provide music lessons to students for $7,000 cash. b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash. c. Purchase musical equipment for $10,000 cash. d. Obtain a loan from a bank by signing a note for $10,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue. View transaction list Journal entry...
The following transactions occur for Cardinal Music Academy during the month of October: 1. Provide music lessons to students for $13,500 cash. 2. Purchase prepaid insurance to protect musical equipment over the next year for $3,780 cash. 3. Purchase musical equipment for $16,500 cash. 4. Obtain a loan from a bank by signing a note for $23,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue. (If no entry is required...
The following transactions occur for the Panther Detective Agency during the month of July: a. Purchase a truck and sign a note payable, $14,100. b. Purchase office supplies for cash, $510. c. Pay $710 in rent for the current month. Record the transactions. The company uses the following accounts: Cash, Supplies, Equipment (for the truck), Notes Payable, and Rent Expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2018, appears below. December 31 is the company's fiscal year-end. Credits Debits $ 8,900 8,100 1,300 5.520 69,000 $ 9,200 6,300 Accounts Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Utilities Payable Notes Payable Common Stock Retained Earnings Service Revenue Salaries Expense Interest Expense Rent Expense Supplies Expense Utilities Expense Depreciation...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company's fiscal year-end. Credits Debits $ 40,300 12,500 0 5,000 10, 200 108,000 50,000 Accounts Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Land Notes Receivable Accounts Payable Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Arthur Industries entered into the following transactions during the month of June. A Purchased supplies for $5,200 cash. B. Paid $4.480 for salaries and wages for the month of June. C. Paid $560 in advance for July rent. D. Provided $12,200 in services on account E Paid $500 on accounts payable. F. Received $190 from customers as deposits for future services. G. Received a bill for $470 from the plumber who repaired a broken pipe in the restrooms, but will...
WireScape Co. engaged in the following transactions during the month of May: a. WireScape borrowed $15,000 from a bank, signing a note due in four years. b. WireScape loaned $6,500 to an affiliated company and accepted a note due in one year. c. WireScape issued 90 additional shares of common stock with a par value of $0.10/share. The shares were issued at a market price of $30/share. d. WireScape purchased $32,000 of equipment. WireScape paid $10,500 in cash for the...
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