Required: 1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.
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A journal entry is the act of making records of any transactions, and posting thereof in ledger called as general ledger.
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- NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: REQUIRED Record the transactions in a general journal.Lincraft Corp. reports a current ratio of 3-to-1 in its 20X2 financial statements. The statement of financial position shows current assets of $3,140,500 and current liabilities of $1,064,100. Lincraft has accounts receivable of $1,299,300. The company transfers $1,002,000 of these accounts receivable to a financial institution. There are $35,200 of bad debts associated with these accounts receivable, an amount that is already in the allowance for doubtful accounts. Proceeds of $898,250 are received from the transfer. The transfer is on a non-notification basis, which means that the customers pay Lincraft and Lincraft then remit the cash to the financial institution. The customers pay $946,000 to Lincraft on schedule, $35,200 is written off to the allowance at the appropriate time, and the cash remittance is forwarded to the financial institution. Required: 1. Record all journal entries for the sequence of events assuming: a. The transfer is recorded as a sale/derecognition. (If no…Li Corp. purchased a container load of antiques for resale at an invoice cost of $1,400,000. The goods were paid for when they were shipped in early June. The container arrived in Canada at the end of August, and then at Li's location, by rail, at the end of September. The goods were then available for sale. Freight costs of $147,000 were paid in October. Li has recorded $124,800 of total interest expense from $2,600,000 of general borrowing over the year. Required: Prepare the adjusting journal entry to capitalize borrowing costs on inventory at year-end December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)
- Le Univ of Mass * Cengage D: A QuickLaunch K myCourses Da: x In Federa x UMassD Logor x ucation.com Saved ework View transaction list Journal entry worksheet 10 earch 近Your assistant prepared the following bank reconcillation statement. It appears that the statement Is unacceptable and the task of preparing a proper reconcilation falls upon you. Brandon Company Bank Reconciliation May 31, 2020 Balance per books May 31 $ 9,500 Add: Electronic Fund Transfer $ 1,060 Deposit in transit 2,455 3,515 $13,015 Deduct: Bank charges NSF cheque, Rhonda Teal Outstanding cheques Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.) 10 500 1, 8ee 36 2,346 $10,669 9,359 Indicated bank balance Balance per bank statement Discrepancy $ 1,310MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
- The debits and credits from two transactions are presented in the following customer account: NAME Mobility Products Inc. ADDRESS 46 W. Main St. Date Item Post. Ref. Debit Credit Balance Aug. 1 Balance ✔ 540 Aug. 10 Invoice No. 59 CR24 103 437 Aug. 17 Invoice No. 64 R35 129 566 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal page Aug. 10 fill in the blank 2 fill in the blank 4 Aug. 17 fill in the blank 6 fill in the blank 8cation.com Saved ework View transaction list Journal entry worksheet 4 5 7 8 9 10 Borrowed $89 from a bank, signing a short-term note. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal earch 行E2-13 (Algo) Recording Journal Entries LO2-4 Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $66,000 cash and a building valued at $260,000 from the five investors who organized Jameson Corporation. Each investor received 103 shares of $10 par value common stock. b. Ordered store fixtures costing $12,000. c. Borrowed $13,000 cash and signed a note due in two years. d. Purchased $20,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance. e. Lent $1,100 to an employee who signed a note to repay the loan in three months. f. Received and paid for the store fixtures ordered in (b). Required: Prepare journal entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 3 Note: Enter debits before credits Transaction 4 5 Record the receipt of the $13,000 cash borrowed on a…
- On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…The debits and credits from two transactions are presented in the following customer account: NAME ADDRESS Horizon Entertainment 125 Wycoff Ave. Post. Date Item Ref. Debit Credit Balance Balance Feb. 1 280 Invoice No. 422 CR106 22 120 160 27 Invoice No. 445 R92 170 330 Describe each transaction and the source of each posting.The debits and credits from two transactions are presented in the following creditor's (supplier's) account: NAME ADDRESS Migrant Technology 2199 Commerce Place Post. Ref. Date Item Debit Credit Balance Nov. 1 Balance 9,400 Invoice No. 85 P8 11 1,845 11,245 Invoice No. 43 CP46 7,975 22 3,270 Describe each transaction and the source of each posting.