Question

In: Accounting

Number Name Normal Balance 1110 Cash Debit 1120 Accounts Receivable Debit 1130 Prepaid Insurance Debit 1140...

Number Name Normal Balance
1110 Cash Debit
1120 Accounts Receivable Debit
1130 Prepaid Insurance Debit
1140 Prepaid Rent Debit
1150 Office Supplies Debit
1211 Office Equip. Debit
1212 Accum. Depr.-Office Equip. Credit
1311 Computer Equip. Debit
1312 Accum. Depr.-Computer Equip. Credit
1411 Building Cost Debit
1412 Accum. Depr.-Building Credit
1510 Land Debit
2101 Accounts Payable Credit
2102 Advanced Payments Credit
2103 Interest Payable Credit
2105 Salaries Payable Credit
2106 Income Taxes Payable Credit
2201 Mortgage Payable Credit
2202 Notes Payable Credit
3100 Capital Stock Credit
3200 Retained Earnings Credit
3300 Dividends Debit
3400 Income Summary Credit
4100 Computer & Consulting Revenue Credit
5010 Rent Expense Debit
5020 Salary Expense Debit
5030 Advertising Expense Debit
5040 Repairs & Maint. Expense Debit
5050 Oil & Gas Expense Debit
5080 Supplies Expense Debit
5090 Interest Expense Debit
5100 Insurance Expense Debit
5110 Depreciation Expense Debit
5120 Income Tax Expense Debit
15. June 21: Accounts payable in the amount of $320 were paid.
16. June 22: Paid the advertising bill that was received on June 17.
17. June 22: Received a bill for $1,265 from Computer Parts and Repair Co. for repairs to the computer equipment.
18. June 22: Paid salaries of $910 to equipment operators for the week ending June 18.
19. June 23: Cash in the amount of $3,445 was received on billings.
20. June 23: Purchased office supplies for $705 on credit. Record the purchase as an increase to the assets.
21. June 28: Billed $5,280 to miscellaneous customers for services performed to June 25.
22. June 29: Cash in the amount of $5,001 was received for billings.
23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co.
24. June 29: Paid salaries of $910 to equipment operators for the week ending June 25.
25. June 30: Received a bill for the amount of $890 from O & G Oil and Gas Co.

Solutions

Expert Solution

Date Number General Journal Debit Credit
June 21 2101 Accounts Payable     320.00
1110 Cash     320.00
June 22 2101 Accounts Payable     400.00
1110 Cash     400.00
June 22 5040 Repairs & Maint. Expense 1,265.00
2101 Accounts Payable 1,265.00
June 22 5020 Salary Expense     910.00
1110 Cash     910.00
June 23 1110 Cash 3,445.00
1120 Accounts Receivable 3,445.00
June 23 1150 Office Supplies     705.00
2101 Accounts Payable     705.00
June 28 1120 Accounts Receivable 5,280.00
4100 Computer & Consulting Revenue 5,280.00
June 29 1110 Cash 5,001.00
1120 Accounts Receivable 5,001.00
June 29 2101 Accounts Payable 1,265.00
1110 Cash 1,265.00
June 29 5020 Salary Expense     910.00
1110 Cash     910.00
June 30. 5050 Oil & Gas Expense     890.00
2101 Accounts Payable     890.00

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Journal ENTRIES !!!!!!! PLEASE !!!!!!!!!!!!! USING THESE Accounts !!!!!!!!!! 1110 Cash 1120 Accounts Receivable 1130 Prepaid...
Journal ENTRIES !!!!!!! PLEASE !!!!!!!!!!!!! USING THESE Accounts !!!!!!!!!! 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip. 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 3400 Income Summary 4100 Computer...
Ryan Company Trial Balance December 31, 2017 Debit Credit Cash 21,800 Accounts Receivable 18,800 Prepaid Insurance...
Ryan Company Trial Balance December 31, 2017 Debit Credit Cash 21,800 Accounts Receivable 18,800 Prepaid Insurance 1,000 Equipment 5,000 Accumulated Depreciation-Equipment 9,600 Accounts Payable 11,600 Salaries and Wages Payable 2,200 Unearned Rent Revenue 1,600 Common Stock 20,000 Retained Earnings 11,000 Dividends 5,600 Service Revenue 69,200 Rent Revenue 26,200 Salaries and Wages Expense 36,200 Supplies Expense 4,000 Rent Expense 21,600 Insurance Expense 3,000 Depreciation Expense 2,400 151,400 151,400 Prepare the income and statement of changes in stockholders' equity statements for the...
Name 5 accounts with NORMAL BALANCE on the Debit side Name 5 Accounts with NORMAL BALANCE...
Name 5 accounts with NORMAL BALANCE on the Debit side Name 5 Accounts with NORMAL BALANCE on the Credit side Use two accounts in a journal entry to illustrate with explanations. For example, normal balance of Cash account is Debit and normal balance of Loan Payable is Credit. ABC Company borrowed from Bank of America $50,000. After ABC Company signs a Promissory Note, Bank of America would give $50,000 cash to ABC Company. ABC Company would enter Journal Entry in...
Trial balance Debit Credit Cash 15300 Accounts receivable 10800 Inventory 1/1/20 3800 Prepaid insurance 2000 Equipment...
Trial balance Debit Credit Cash 15300 Accounts receivable 10800 Inventory 1/1/20 3800 Prepaid insurance 2000 Equipment 37000 Accumulated depreciation 5600 Notes payable 1500 Accounts payable 6100 Unpaid salaries 3600 Share capital 3000 Retained earnings 10600 Dividends 5300 Sale 81000 Purchase of inventory 24600 Market cost 4600 Insurance 3500 Salaries 18000 Total 124900 124900 The inventory costing was 1500. Notes payable was taken at the beginning of 2018 to five years, 5% interest, the interests are paid at the beginning of...
Debit Credit Cash 4,400 Accounts Receivable 2,000 Prepaid Insurance 1,600 Equipment 15,000 Accumulated Depreciation - Equipment...
Debit Credit Cash 4,400 Accounts Receivable 2,000 Prepaid Insurance 1,600 Equipment 15,000 Accumulated Depreciation - Equipment 3,000 Accounts Payable 2,400 Note Payable 3,920 Unearned Fees 3,200 Common Stock 5,000 Retained Earnings 2,700 Dividends 2,000 ​ Fees Earned 37,000 Wages Expense 19,000 Depreciation Expense 1,800 Utilities Expense 320 Insurance Expense 700 Maintenance Expense 7,700 Income Tax Expense 2,700    57,220 57,220 Use the Adjusted Trial above to calculate the Net Income (or Net Loss), and the Retained Earnings balance. Format: Enter...
Debit Credit Cash 4,400 Accounts Receivable 2,000 Prepaid Insurance 1,600 Equipment 15,000 Accumulated Depreciation - Equipment...
Debit Credit Cash 4,400 Accounts Receivable 2,000 Prepaid Insurance 1,600 Equipment 15,000 Accumulated Depreciation - Equipment 3,000 Accounts Payable 2,400 Note Payable 3,920 Unearned Fees 3,200 Common Stock 5,000 Retained Earnings 2,700 Dividends 2,000 ​ Fees Earned 37,000 Wages Expense 19,000 Depreciation Expense 1,800 Utilities Expense 320 Insurance Expense 700 Maintenance Expense 7,700 Income Tax Expense 2,700    57,220 57,220 Use the Adjusted Trial above to calculate the Net Income (or Net Loss), and the Retained Earnings balance.
Prepare a Post-Closing Trial Balance Cash – 1,270,676 Accounts Receivable – 190,300 Prepaid Insurance – 17,400...
Prepare a Post-Closing Trial Balance Cash – 1,270,676 Accounts Receivable – 190,300 Prepaid Insurance – 17,400 Land – 75,000 Short-term Investments – 167,000 Fair value adjustment (Trading) – (8,000) Allowance for doubtful accounts – 25,000 LT (Debt) investments (HTM) – 177,824 Bonds Payable – 1,600,000 Premium on Bonds Payable – 118,630 Building – 150,000 Accumulated depreciation: building – 5,400 Equipment – 50,000 Accumulated depreciation: equipment – 29,359 Patent – 37,500 Accounts Payable – 65,340 Notes Payable – 236,175 Income Taxes...
Trial Balance Debit Credit 1. Cash 70,000 2. Account Receivable 16,500 3. Prepaid Insurance 2,500 4....
Trial Balance Debit Credit 1. Cash 70,000 2. Account Receivable 16,500 3. Prepaid Insurance 2,500 4. Supplies 13,000 5. Equipment 16,000 6. Accounts Payable 15,000 7. Unearned Revenue 11,400 8. Notes Payable 22,300 9. Capital 49,000 10. Drawings 1,500 11. Service Revenue 55,000 12. Salaries Expense 15,000 13. Utilities Expense 4,000 14. Rent Expense 11,900 15. Supplies Expense 2,300 152,700 152,700 Income Statement Revenues Service Revenue 55,000 Total Revenues 55,000 Expanses Salaries Expense 15,000 Utilities Expense 4,000 Rent Expense 11,900...
Rank in order of liquidity: Accounts Receivable Accumulated Depreciation - Equipment Cash Equipment Prepaid Insurance Prepaid...
Rank in order of liquidity: Accounts Receivable Accumulated Depreciation - Equipment Cash Equipment Prepaid Insurance Prepaid Rent Rent Revenue Supplies
2.) Assets have a normal debit balance account. Petty cash, Prepaid rent, and Office supplies are...
2.) Assets have a normal debit balance account. Petty cash, Prepaid rent, and Office supplies are classified as assets and are increased with a debit Liabilities have a normal credit balance account. Accounts payable, Insurance payable, and Interest Payable are classified as liabilities and are increased with a credit. Equity has a normal credit balance account. The owner's equity or Common stock is classified as equity and is increased with a credit. Assets, Dividends, and Expenses are increased with a...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT