Q1) Read the question below, then answer the following questions: State the total amounts of Revenue, Expenses, and Net Income for the month of November. Please show your work. Reid Cleaners follows the accrual basis of accounting for revenue and expenses. The following Data were collected for Reid Cleaners for the month of November: - Payments received on previous A/R accounts. $2400 - Cash received for cleaning services performed this month, $6000 - Cleaning services performed on Account (A/R) $3000 - Payments made on previous A/P accounts, $3000 Expenses of this month paid in cash. $4000 Expenses incurred this month that remain unpaid at the end of the month, $3200

Q1) Read the question below, then answer the following questions: State the total amounts of Revenue, Expenses, and Net Income for the month of November. Please show your work. Reid Cleaners follows the accrual basis of accounting for revenue and expenses. The following Data were collected for Reid Cleaners for the month of November: - Payments received on previous A/R accounts. $2400 - Cash received for cleaning services performed this month, $6000 - Cleaning services performed on Account (A/R) $3000 - Payments made on previous A/P accounts, $3000 Expenses of this month paid in cash. $4000 Expenses incurred this month that remain unpaid at the end of the month, $3200

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 6E: Horizon Consulting Company had the following transactions during the month of October: a. Record the...

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Prepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850
The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and twocolumn general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
Horizon Consulting Company had the following transactions during the month of October: a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format: b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October? c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?
The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
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On payday, Company A makes payment of ş 24,350 to its employees and record the following entry: General Journal Page Date Account Titles and Explanation Debit Credit
ing... omework i Psych Unit 8 Group... Sign in with Apple ID Saved Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 29,000 Work in process 9,600 51,000 Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials. Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Ptr B Score $250 Sports... $