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 CR
Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…
A: Ethical Case: In this case, Person M has deliberately reported a personal loan of $56,000 to the…
Q: For each of the following situations write the principle, assumption, or concept that justifies or…
A: Accounting principles are the set of rules and guidelines which helps the management in preparing…
Q: View the data below and then answer the question below: Company Name: WaitRose Sales - $2,100 (20%…
A: Net credit sales = Sales x credit sales % = 2,100 x 80% = 1,680
Q: In January. Tongo, Incorporated, a branding consultant, had the following transactions. Indicate the…
A: The first step in the accounting cycle is to analyze transactions to determine their effect on the…
Q: Prepare general journal entries for the following transactions of Green Energy Company. Use the…
A: Journal entry: Journal is the book of original entry whereby all the financial transactions are…
Q: Consider each of the transactions below. All of the expenditures were made in cash. What are each of…
A: The financial transactions are initially recorded in the form of journal entry.
Q: Below is a summary of all transactions of Mason Furniture for the month of August 2021.…
A: CFS stands for Cash flow statement which is the statement that is prepared by companies in order to…
Q: Precision Construction entered into the following transactions during a recent year.January 2…
A: Accounting Equation equals company’s assets to its liabilities and equity. The entire double entry…
Q: For the past several years, Emily Page has operated a part-time consulting business from her home.…
A: T accounts and general ledger accounts preparation is the important step in accounting cycle…
Q: [The following information applies to the questions displayed below.] Wang Company began operations…
A: Net income = Total revenue - Total expenses
Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…
A: Journal entry is the process of recording the business transactions in the accounting books for the…
Q: During March the activities of evergreen landscaping included the following transactions and events.…
A: Introduction: Expenses: In simple terms , Amount spent on generating revenue called as Expenses.
Q: The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Journalize and post the closing entries to their respective T accounts.
A: As you have posted multi subparts under a single sub-parts. Kindly resubmit the question along with…
Q: Below are the transactions for Salukis Car Cleaning for June, the first month of operations. June 1…
A:
Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…
A: In this case, the person Manny Kinn shows a personal loan of $56000 deliberately under the head of…
Q: The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed…
A: T-Account uses double entry book keeping that records the financial transaction in an informal term.…
Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…
A: Since you have asked multiple questions under a single question. Kindly repost the question to get…
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: Explain how you would decide whether to record each of the following expenditures as an asset or an…
A: Assets: Assets are those items that provide value for money and future economic benefit for an…
Q: Before you begin this assignment, review the Tying It All Together feature in the chapter. Part of…
A: 1. The transaction for service of computer support is recorded by debiting cash and crediting…
Q: The following are the transactions of Spotlighter, Incorporated, for the month of January. Borrowed…
A: The practice of measuring commercial transactions for first time in the books of accounts is known…
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: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…
A: 1.Mannyy is not behaving ethically by reporting loan to Tom as a trade account receivable.The trade…
Q: On 1 March 2021, Tom set up J Hair Salon by investing $50,000 cash and $30,000 of equipment in J…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: For the past several years, Emily Page has operated a part-time consulting business from her home.…
A: Final Accounts: Final accounts provide the profitability and financial position of an enterprises…
Q: During the period January to December 2020 the company completed the following transactions: Kay’s…
A: Note: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…
Q: Below are four scenarios for a local Midas Muffler shop for the month of December.Scenario 1: On…
A: An adjusting journal entry is an entry in a company's general ledger that occurs at the end of an…
Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…
A: 1 ) Manny behaving unethically just deluding the financial position of the entity. Advance to…
Q: how to fill in the boxes
A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…
Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…
A: Journal entry refers to reporting of the business transactions into the books of entity and it is…
Q: The following are the transactions of Sheldon, Inc., for the month of January. Borrowed $12000 from…
A: A balance sheet comprises: equity, liabilities and assets. Each transaction has an effect on any one…
Q: For the past several years, Emily Page has operated a part-time consulting business from her home.…
A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…
Q: Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the…
A: Journal entries are the primary step to record transactions in the books of accounts. The debit and…
Q: Prepare the following journal entry, all transactions that occurred in January: The Corporation…
A: Here in this question, we are required to make journal entry for car purchased. When any asset…
Q: Below is a summary of all transactions of Mason Furniture for the month of August 2021.…
A: Introduction cash flow statement is statement that tells about cash and financial position of…
Q: During the period January to December 2020 the company completed the following transactions:…
A: Journal Entries SR. NO. PARTICULAR DEBIT CREDIT 1 Cash 180,000 Truck 250,000…
Q: The following selected transactions were completed by Cota Delivery Service during July: Received…
A: Definition: Accounting equation: Accounting equation is an accounting tool expressed in the form of…
Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…
A: "Since you have asked multiple sub part question we will solve the first three sub part question for…
Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…
A: Trial Balance In the trial balance all the details which are recorded into the ledger and to…
Q: During the first month of operations, the following transactions occur for Orison Supply Store. The…
A: The transaction, which is measurable in monetary terms, is an economic event with a third party…
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: For the past several years, Emily Page has operated a part-time consulting business from her home.…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: Jay Crowley established Affordable Realty, which completed the following transactions during the…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: During the period January to December 2020 the company completed the following transactions: Kay’s…
A: Note ;- Dear student, You asked multiple questions, as per rule we will answer only one.…
Q: Bob Sample opened the campus Laundromat on Sep.1. During the first month of operation the following…
A: Introduction : Journals: Recording of a business transactions in a chronological order. First step…
Q: During the month of September, the following transactions were completed by the business: Sept. 1…
A: Hi, since Ledger Account names have been not mentioned in the question, hence we are considering the…
Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…
A: Adjusted Trial Balance: An adjusted trial balance is the statement showing all the current balances…
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
Date | Account Titles | DR | CR |
Step by step
Solved in 2 steps
- The following needs to entered in the copied spreadshet. 2. The following transactions occurred during the year. Record these transactions.HHL took out a long-term loan for $3 million.HHL purchased $1 million in inventory with cash.HHL purchased equipment that cost $150,000 on account. The equipment is expected to last 15 years and has no salvage value.$540,865,000 (net of allowances and charity care) was billed for patient services. The hospital estimates that 5% of these bills will be bad debt.$875,000 of inventory was used.Donations of $400,000 were received in cash.HHL pays in cash for a 2-year malpractice insurance premium at a cost of $5 million. One-half of the premium is for next year, and the other is for the following year.HHL pays $12,560,000 in accounts payable.HHL workers earned $259 million in wages for the year. The hospital paid out $282 million in cash. It also paid out $60 million in benefits, all in cash.The equipment purchased in transaction c was paid for in…The purchases journal is used to record Credit sales Cash sales Cash receipts O Cash purchases O Credit purchasesLoucks Company established a $200 petty cash fund on October 2, 2018. The fund is replenished at the end ofeach month. At the end of October 2018, the fund contained $37 in cash and the following receipts:Office supplies $76Lunch with client 48Postage 20Miscellaneous 19Required:Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish thefund on October 31.
- Rapid Delivery Services establishes a Change Fund of $200. At the end of the day, Rapid Delivery Services had $1,230 on hand. The journal entry to record the day’s receipts would include a:On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies. A count at the end of the month shows $325 remaining in the fund, while the vouchers indicate that $650 of costs were incurred. Prepare the journal entries to establish the petty cash fund on June 1 and replenish the fund On June 30.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.
- Conway Designs established a $290 petty cash fund on October 1, 2020. Prepare the entry to replenish the fund at the end of each of the following months of activity: The petty cash box contained $32 on October 31 along with receipts for $150 for cleaning, $35 for postage, and $63 for delivery expenses. On November 30, the petty cash box contained only two receipts, for a $105 computer repair and a $131 entertainment expense. The petty cash custodian counted cash remaining of $58. The petty cash box contained $15 on December 31 plus receipts for $61 for gas expense, $146 for office supplies, and $68 for entertainment expenses. In addition to replenishing the fund, it was increased by $80. Journal Entry 1. Record to reimburse the fund (Oct 31, 2020) 2. Record to reimburse the fund (Nov 30, 2020) 3. Record to reimburse the fund (Dec 31, 2020)Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax $74,000 5,950 Shipment of machine Insurance on the machine for the first year Installation of machine 990 690 1,980 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet re to search ASUSLoucks Company established a $330 petty cash fund on October 2, 2024. The fund is replenished at the end of each month. At the end of October 2024, the fund contained $89 in cash and the following receipts: Office supplies $ 102 Advertising 74 Postage 33 Miscellaneous 32 Required: Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
- Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.Craig has decided to start snow plowing during the winter months. He purchased a heavy-duty dump truck with plow and salter from Power Equipment for $40,000 on October 1st, 2026. He paid $1,000 as a down payment and the remaining balance on a 5% -7 year note to Power Equipment. You will be completing several accounting activities in regards to this purchase. What would the journal entry be for the check 1. Use the write check function in QB Online to record the entire purchase (down payment and capitalization of the truck and related liability). Use check number 171. Create accounts as needed in QB Online. You may find it helpful to write out the journal entry first before completing it in QB Online.Journal entries for an Internal Service Fund Arlington Town uses an Internal Service Fund to account for its motor pool activities. You have the following information: Automobiles: The Motor Pool uses two 6-passenger vans, each costing $78,750 and each estimated to have a 5-year life when they were acquired in 2020. Driver salaries: The Motor Pool has a driver-administrator, who earns $78,750 a year, and a driver, who earns $61,250. The town uses a rate of 35 percent (to cover benefits, including pensions) for planning purposes. Insurance: In 2020, the town purchased a 3-year automobile accident policy at a cost of $10,500. Fuel and maintenance costs: Based on experience, the driver-administrator estimates that total fuel and maintenance costs for the year will be $14,000. Billing units: To simplify its record keeping, the Motor Pool charges a fixed price per trip. Arlington's budget office estimates it will provide 1,400 trips to the town's departments in 2021. Arlington Town had the…