answer quickly 1. Use the Following Balance Sheet and Journal Entries to create a Ledger forAccounts and ExplanationsDrawingsRefDRCR15.000Date08-Jan CashBalance Sheet for V'sViolinsAs of January 1st, 2020AssetsCashAccounts ReceivableSuppliesPrepaid RentEquipment15,000Mr. V withdrew Money27000400025007000CashUneamed RevenueCustomer Deposit1,70011-Jan1,7005500Accounts Receivable2,30017-Jan RevenueAccountTotal Asset460002,300LiabilitiesAccounts PayableUnearned RevenueBank Loan9000250025000Accounts Payable1,5007.50018-Jan Bank LoanCashPaid off amounts owing9,000Total Liabilities36500EquityMr. V CapitalEquipment22-Jan Credit Card Payabieaccount2,50095002,50046000V's Violins Total Liabilities + EquityFood Expense27-Jan Credit Card PayableBought Coffee300300Cash28-Jan Capital3,0003,000Mr. V invested CashCash30-Jan Accounts ReceivableReceived amount owing1,5001,500

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Answered: 1. Use the Following Balance Sheet and…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 Spts
Matilda Company financial statement information has given in the following table.ItemBeginningEndingInventory17831965Accounts Payable25602820Accounts Receivables49204200Revenue12500Cost of sales9500Required:Based on the financial statement information above, calculate the operating and cash cycle.
A arch Presented below is a list of possible transactions. Analyze the effect of the 18 transactions on the financial statement categories indicated. 1. R F 2. 3. V Transactions Purchased inventory for $80,000 on account (assume perpetual system is used). Issued an $80,000 note payable in payment on account (see item 1 above). Recorded accrued interest on the note from item 2 above. ACC341-2022-Ho...xlsx % 5 T G B Ot n 21 6 Y music 2 jpeg H & 7 Assets 8 6 O N M K O F10 ( 9 Liabilities F11 ) O L Z 888 F12 P : Owners' Equity Home C ? V End - Net Income ] Rain off and on Insert A Delete Backsp Det in
From the following balance the ledgers and make the trial Balance Cash Account Date Particular Amount Date Particular Amount 1.1.2020 50000 20.1.2020 50000 5.1.2020 80000 31.1. 2020 BAL C/D ? 12.1.2020 20000 01.02.2020 BAL B/D Capital Account Date Particular Amount Date Particular Amount 1.1.2020 20000 20.1.2020 150000 5.1.2020 10000 31.1.2020 BAL C/D ? 01.02.2020 BAL B/D Purchase Account Date Particular Amount Date…
From the following information, balance the ledger Cash A/c Date Particulars Amount Date Particulars Amount 1.6.2017 CAPITAL 84000 5.6.2017 Purcahses 14600 10.6.2017 sales 9500 30.6.2017 General expenses 178 30.6.2017 Salaries 4500 30.6.17 Bal C/d ? Select one: a. 84222 OMR b. 45522 OMR c. 74222 OMR d. 94222 OMR
Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He bought…
1. Prepare a forccast cash flow stateaent for 2020. The beginning and ending balances in each of the balance sheet accounts Dec. 31, 2019 Dec. 31, 2020 Pi00,000 360,000 460,000 30,000 P950,000 P1,500,000 Cash P260,000 Accounts receivable Inventory Prepaid insurance Total current assets 180,000 400,000 50,000 P890,000 P1,200,000 Land Plant & equipment Accumulated depreciation Total non-current assets 1,000,000 (400,000) P1,800,000 1,400,000 (500,000) P2,400,000 Total assets P2,690,000 P3,350,000 Accounts payable Accrued operating expenses Interest payable Income taxes payable Р 300,000 200,000 20,000 122,000 P 260,000 132,000 30,000 150.000 P 572,000 700,000 1,100,000 978,000 P 642,000 600,000 Total current liabilities Bonds payable Common stock 800,000 Retained earnings 648,000 Total liabilities & equity P2,690,000 P3,350,000 The forecast income statement for the Mexico Company for 2020 is presented below: Sales Cost of sales Gross profit Operating expenses Income before interest & tax…
Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.
Question Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He…
8. The ownerwithdrawscash forpersonalused.9. Thecompanypurchasesland by paying halfin cash andsigning anote.10. Thecompanypays thesupplier fortheirpurchaseslast month.
Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT
7. Complete the table. Invoice Terms Last Date Last Date Date Net Price Complement Cash Price Date to Take to Pay Paid of Discount Invoice cash-discount rate Аpril 18 April 6 5/15, n/30 $109.82

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