On August 1, 2016, Bill Hudson established Heritage Realty, which completed the fol- lowing transactions during the month: a. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, $30,000. b. Paid rent on office and equipment for the month, $3,250. c. Purchased supplies on account, $2,150. d. Paid creditor on account, $875. e. Earned sales commissions, receiving cash, $14,440. Paid
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- Notes Receivable Crowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $87,600, $82,200, $102,000, and $62,400. Amber secured this amount by signing a note bearing 10% interest on June 1. Required: Question Content Area 1. Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area 2. Determine how much interest Crowne will receive if the note is repaid on December 1.$fill in the blank 59d6dd028fbe01b_1 Question Content Area 3. Prepare Crowne’s journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank. blank - Select - - Select…Week 7 Discussion question Accounting for Assets: Receivables Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible…Journal Entires for transaction June 20 Repaired a damaged steering mechanism for customer Darren O'Malley and also installed a new Hickster Pipe. Mr. O'Malley was billed for 3.25 hours of labor, accessories totaling $430.00, plus sales tax. He paid with a bank credit card. Merchandise listed on the sales invoice: Stock Number....................Item.................Quantity.............Net Cost Per Unit BM102 .......................HICKSTER PIPE............1...........................$215.00 Sales Tax 8% Labor cost $65/hour
- View transaction list Journal entry worksheet < 1 Transaction b. 2 3 During the current year, office supplies amounting to $930 were purchased for cash and debited in full to Supplies. At the end of last year, the count of supplies remaining on hand was $320. The inventory of supplies counted on hand at the end of the current year was $250. Note: Enter debits before credits. Record entry 4 5 6 7 8 General Journal Property tax expense Property tax payable Accounts receivable Service revenue Insurance expense Prepaid insurance Clear entry Debit 1,500 7,900 Credit 1,500 7,900 View general journalBrief Exercise 10-2 Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amou Date Account Titles and Explanation Debit Credit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIALTOPIC – Double Entry, Balancing Off - Trial Balance On January 1, 2018, G. Saunders commenced business operations with $50 000 cash. On that day he paid $5 000 for the rent of his shop and S6 000 cash for furniture. He also deposited $15 000 of the cash into the business bank account. Other transactions for the month were as follows: $ January 3 Purchased on credit goods from E. John 4 750 January 5 Cash Sales 3 000 January 13 Cash purchases 1 599 January 14 Purchased goods by cheque from E. John 2 500 January 18 Sold goods on credit to A.Peterson 7 420 January 19 Paid E. John cash 3 450 January 22 Paid electricity by cheque 3 000 5 000 7 500 January 27 Received cash from A. Peterson January 30 Received commission by cheque January 31 Sold goods for cash 5 200 You are required to: Write up all the relevant accounts on the ledger sheets provided for G. Saunders and balance each account. a. b. Extract a Trial Balance as at January 31, 2018 on the form provided. LEDGER PARTICULARS FO…
- Journal entry worksheet The Krug Company collected $16,200 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months’ rent in advance and occupancy began November 1. Note: Enter debits before credits. Transaction General Journal Debit Credit a.Activity 7 Instructions: a. Journalize the above transactions b. Post to ledger using the T-account format c. Prepare the unadjusted trial balance, as of April 30, 2020 1946 On April 1, 2020, John Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: Apr 1 John deposited Php500,000 cash in a bank account in the name of the business. Purchased for Php250,000 a transportation equipment to be use in the business. John paid 50% as down payment while the balance will be paid on May 15, 2020 Apr 1 Apr 1 Paid rental for the month of April, Php 5,000 Apr 5 Earned and collected trucking income from Ryan, Php8,000 Earned trucking income from Jesper, Php 30,000 on account. Jesperwill pay on May 8, 2020 Apr 8 Apr 10 Paid salaries of drivers, Php10,000 Rentedthe vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the balance on April Apr 15 Apr 18 Paid electric bills for the month, Php2,000 Apr 20 Collected from…Journal entries and trial balance Obj. 1, 2, 3, 4 On October 1, 2018, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $18,000. 4. Paid rent for period of October 4 to end of month, $3,000. 10. Purchased a used truck for $23,750, paying $3,750 cash and giving a note payable for the remainder. 13. Purchased equipment on account, $10,500. 14. Purchased supplies for cash, $2,100. 15. Paid annual premiums on property and casualty insurance, $3,600. 15. Received cash for job completed, $8,950. Enter the following transactions on Page 2 of the two-column journal: 21. Paid creditor a portion of the amount owed for equipment purchased on October 13, $2,000. 24. Recorded jobs completed on account and sent invoices…
- Year 1 General Journal tab - Prepare the Year 2 journal entries related to the notes and accounts receivable of Clark Co. Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance. Dec. 16 Accepted a $14,400, 60-day, 8% note in granting Hao Lee a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Lee note. Year 2 Feb. 14 Received Lee’s payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Taylor Co. 17 Accepted a $4,200, 30-day, 10% note in granting Susan Allen a time extension on her past-due account receivable. Apr. 16 Allen dishonored her note. May 31 Taylor Co. dishonored its note. Aug. 7…Question Content Area On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a $17,400 account receivable. The note is due in six months. At December 31, Black should record interest revenue of a. $174 b. $181 c. $171 d. $184Parts wriiten Subparts to be solve are the ones to be solved Question Requirement 1For each of the following transactions make the required entries in the General Journal:(See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ’s accounting system.)Feb 01 Take $4,000 cash out of Big Bank to pay for February’s warehouse rent.Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank.Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned.Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000 – customer will pay in the future.Feb 18 Sale of inventory to a customer – selling price $110,000 – cost of inventory sold $28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer will pay for the remaining amount of the sale in 30 days.Feb 22 Purchase additional…