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Name: 1. Journalize the following three transactions:December 1 Purchased
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Description: 1. Journalize the following three transactions:December 1 Purchased $500 supplies for cashDecember 2 Received $800 for services providedDecember 3 Paid salaries of $500

Business

Accounting

1. Journalize the following three transactions: December 1 Purchased $500 supplies for cash December 2 Received $800 for services provided December 3 Paid salaries of $500

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 17PA: Prepare journal entries to record the following transactions for the month of November: A. on first...

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Prepare journal entries to record the following transactions. Create a T-account for Supplies, post any entries that affect the account, and tally ending balance for the account (assume Supplies beginning balance of $6,550). A. January 26, purchased additional supplies for cash, $9,500 B. December 31, actual count of supplies, $8,500
Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
During the month of Jan the following transaction occured Credit purchase $30000 Cash purchase $ 12000 Return outward $2000 Cash paid $25000 Discount received $200 Compute the balance in the account payable at the end of the month.
following amounts: a. Total cash paid during December. Additional Data Account 1. Cash 2. Accounts Receivable 3. Notes Payable Balance Nov 30 $ 14,500 $ 29,000 13,000 Print jort nal data you need to analyz (Click the icon to view the additional data Additional Information. Dec 31 for the Month of December Done 7,250 Cash receipts, $96,000 27,000 Sales on account, $51,000 21,000 New borrowing, $33,000 X compute each amo or transaction descr
a) Purchases of direct materials on account during the month amount to $45000 Debit Credit Db Cr
Journal entry transactions- double entry system 1) Machinery is purchased for 196.000 TL + %10 VAT , Check is issued . Transportation and Installations invoice is 28.000 TL + %10 VAT half cash paid and half note issued.
Adriana Graphic Design recelves $2,150 from a client billed in a previous month for services provided. Which of the following general journal entries will Adriana Graphic Design make to record this transaction? Multiple Choice 56:55 Cash 2,150 Accounts Receivable 2,150 Cash 2,150 Unearned Design Revenue 2,150 Accounts Receivable 2,150 Unearned Design Revenue 2,150 Accounts Payable 2,150 Design Revenue 2,150 MacBook Air
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Complete journal entries to record the following transactions: Mar 8 Received a $33,000, 5%, 60-day note on the account of A Company 31 Received an $80,000, 7%, 90-day note on the account of B Company May 7 Received payment of $33,275 on the note for A Company 16 Received a $72,000, 7%, 90-day note on account of C Company Jun 11 Received a $36,000, 6%, 45-day note on account of D Company 29 Received payment of $81,400 on the note for B Company Jul 26 Received payment of $36,720 on the note for D Company Aug 4 Received a $48,000, 9 %, 120-day note on account of E Company 14 Received payment of $73,260 on the note for C Company Dec 2 Received payment of $49,440 on note for E Company You can type your answers in a Word document to upload, you can use an Excel Spreadsheet and then upload, or you can type in the answers as a text submission below.
A B C D E F G Transaction 1(a) Purchases of supplies for cash during December were $4,200. Supplies on hand at the end of December equal $3,350. Record the entry made during the month of December. Note: Enter debits before credits. H General Journal + Debit Credit
Adriana Graphic Design receives $2,250 from a client billed in a previous month for services provided. Which of the following general journal entries will Adriana Graphic Design make to record this transaction? Multiple Choice Cash 2,250 Accounts Receivable 2,250 Cash 2,250 Unearned Design Revenue 2,250 Accounts Receivable 2,250 Unearned Design Revenue 2,250 Prev 3 of 10 Next > nere to search W P 99% 9:34 PM 2/21/2022
Revenue and Cash Receipts Journals Transactions related to revenue and cash receipts completed by Augusta Inc. during the month of March 20Y8 are as follows: Mar. 2. Issued Invoice No. 512 to Santorini Co., $1,095. 4. Received cash from CMI Inc., on account, for $275. 8. Issued Invoice No. 513 to Gabriel Co., $385. 12. Issued Invoice No. 514 to Yarnell Inc., $965. 19. Received cash from Yarnell Inc., on account, $735. 20. Issued Invoice No. 515 to Electronic Central Inc., $210. 28. Received cash from Marshall Inc. for services provided, $155. 29. Received cash from Santorini Co. for Invoice No. 512 of March 2. 31. Received cash from McCleary Co. for services provided, $90. Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Enter the transactions in chronological order. Question Content Area REVENUE JOURNAL PAGE 8 DATE Invoice No. Account Debited Post. Ref.…