Question

In: Accounting

Geo Inc. had the following account balances on January 1, Year 2: Accounts Payable $ 725...

Geo Inc. had the following account balances on January 1, Year 2: Accounts Payable $ 725 Accounts Receivable 2,200 Cash 2,200 Common Stock 20,000 Equipment 2,900 Note Payable 4,200 Retained Earnings 4,411 Salaries and Wages Expense 4,700 Supplies 1,540 Required: Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) A. Paid $725 on account for utilities that were used during December Year 1. B. Purchased $483 of supplies for cash. C. Signed a rental agreement for office space and paid $5,900 in advance for six months of rent beginning February 1, Year 2. D. Purchased $17,500 of new equipment, signing a promissory note. E. Provided $32,000 of services. $19,000 was received in cash and $13,000 was provided on credit. F. Paid workers $7,200 for work done in January.

Solutions

Expert Solution

Hi

Let me know in case you face any issue:

ekkarill92 answered 3 years ago
Next > < Previous

Related Solutions

Geo Inc. had the following account balances on January 1, Year 2: Accounts Payable $ 710...
Geo Inc. had the following account balances on January 1, Year 2: Accounts Payable $ 710 Accounts Receivable 1,700 Cash 1,700 Common Stock 15,000 Equipment 1,900 Note Payable 3,200 Retained Earnings 3,786 Salaries and Wages Expense 4,200 Supplies 940 Required: Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event, select "No Journal...
On January 1, Pulse Recording Studio (PRS) had the following account balances. Accounts Payable $ 8,500...
On January 1, Pulse Recording Studio (PRS) had the following account balances. Accounts Payable $ 8,500 Accounts Receivable 6,700 Accumulated Depreciation—Equipment 6,500 Cash 3,760 Cash Equivalents 1,620 Common Stock 10,700 Deferred Revenue 3,900 Equipment 30,000 Notes Payable (long-term) 12,700 Prepaid Rent 2,430 Retained Earnings 2,730 Supplies 520 The following transactions occurred during January. Received $2,490 cash on 1/1 from customers on account for recording services completed in December. Wrote checks on 1/2 totaling $4,380 for amounts owed on account at...
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 252,000 shares issued $ 252,000 Paid-in capital—excess of par, common 504,000 Paid-in capital—excess of par, preferred 110,000 Preferred stock, $100 par, 11,000 shares outstanding 1,100,000 Retained earnings 2,200,000 Treasury stock, at cost, 5,200 shares 26,000 During 2021, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value...
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 257,000 shares issued $ 257,000 Paid-in capital—excess of par, common 514,000 Paid-in capital—excess of par, preferred 135,000 Preferred stock, $100 par, 13,500 shares outstanding 1,350,000 Retained earnings 2,700,000 Treasury stock, at cost, 5,700 shares 28,500 During 2021, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value...
On January 1, 2018, Celtics Inc. had the following account balances in its equity accounts. Common...
On January 1, 2018, Celtics Inc. had the following account balances in its equity accounts. Common stock, $1 par, 250,000 shares issued 250,000 Paid-in capital–excess of par, common 500,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2018, Celtics Inc. had several transactions relating to common stock. 1/15 Declared a property dividend of 100,000 shares of Big3 Company (book value $10 per share, fair value $9 per share). 2/17 Distributed the property dividend. 4/10 A 2-for-1 stock...
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 248,000 shares issued 248,000 Paid-in capital - excess of par, common 496,000 Paid-in capital - excess of par, preferred 160,000 Preferred stock, $100 par, 16,000 shares outstanding 1,600,000 Retained earnings 3,200,000 Treasury stock, at cost, 4,800 shares 24,000 During 2018, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown...
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 240,000 shares issued 240,000 Paid-in capital - excess of par, common 480,000 Paid-in capital - excess of par, preferred 200,000 Preferred stock, $100 par, 20,000 shares outstanding 2,000,000 Retained earnings 4,000,000 Treasury stock, at cost, 4,000 shares 20,000 During 2018, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown...
On January 1, 2015, Thomson Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2015, Thomson Inc. had the following account balances in its shareholders' equity accounts.                                                 Common stock, $1 par, 250,000 shares issued of                         which 3,000 Shares being held as treasury stock             $250,000                           Paid-in capital excess of par, common                               500,000                           Preferred stock, $100 par, 10,000 shares outstanding      1,000,000                         Paid-in capital excess of par, preferred                               100,000                         Retained earnings                                                             2,000,000                         Treasury stock, at cost, 3,000 shares                                    15,000                                                                        ...
On January 1, 2016, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2016, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued 250,000 Paid-in capital—excess of par, common 500,000 Paid-in capital—excess of par, preferred 100,000 Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2016, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10...
On January 1, 2017, Thomson Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2017, Thomson Inc. had the following account balances in its shareholders' equity accounts. ​​ ​​Common stock, $1 par, 350,000 shares issued of which 20,000 Shares being held as treasury stock $350,000​ ​​Paid-in capital excess of par, common​   500,000​ ​​Preferred stock, $100 par, 10,000 shares outstanding 1,000,000​ Paid-in capital excess of par, preferred ​   100,000​ ​​Retained earnings​   2,000,000​ ​​Treasury stock, at cost, 20,000 shares​   60,000​ ​​   During 2017, Thomson Inc. had several transactions relating to common stock. 2/10...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT