Question
In: Accounting
For the following transactions shown below, you are required to 1) prepare the journal entries, 2)...
For the following transactions shown below, you are required to 1) prepare the journal entries, 2) post the T-accounts, and 3) extract the trial balance. Newbell Dry Cleaning Company opened its business bank account by depositing $60,000 on August 1. Purchased supplies for $1,100 cash Purchased dry cleaning equipment from Sears Corporation for $17,500, making a down payment of $7,500 cash. The remainder is placed on account. Paid rent for the month in the amount of $4,12 Cash sales for the month were $9,250. Paid salaries of $1,875 cash. Paid Sears $2,500 cash on account. The cost of supplies used for the month was $300. On August 1, the company purchased insurance costing $12,000 (12 months). Adjust the books to reflect insurance consumed for the month as $1,000.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
a.) For the following transactions shown below, you are required to 1) prepare the journal entries,...
a.)
For the following transactions shown below, you are required to
1) prepare the journal entries, 2) post the T-accounts, and 3)
extract the trial balance.
1.)Newbell Dry Cleaning Company opened its business bank account
by depositing $60,000 on August 1.
2.)Purchased supplies for $1,100 cash
3.)Purchased dry cleaning equipment from Sears Corporation for
$17,500, making a down payment of $7,500 cash. The remainder is
placed on account.
4.)Paid rent for the month in the amount of $4,125
5.)Cash sales...
Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a...
Required:
1. Prepare journal entries to record each of these
transactions for 2017.
2. Prepare a statement of retained earnings for
the year ended December 31, 2017.
3. Prepare the stockholders’ equity section of the
company’s balance sheet as of December 31, 2017.
Alexander Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$25 par
value, 70,000 shares authorized,
49,000 shares issued and outstanding
$
1,225,000
Paid-in capital in excess of par
value, common stock
98,000...
Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a...
Required:
1. Prepare journal entries to record each of these
transactions for 2017.
2. Prepare a statement of retained earnings for
the year ended December 31, 2017.
3. Prepare the stockholders' equity section of the
company’s balance sheet as of December 31, 2017.
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$25 par value,
100,000 shares authorized,
50,000 shares issued and outstanding
$
1,250,000
Paid-in capital in excess of par
value, common stock
70,000...
1. Prepare general journal entries to record these transactions. (Explanations are not required.) 2. Posted...
1. Prepare general journal entries to
record these transactions. (Explanations
are not
required.)
2. Posted the above items to the
ledger T-accounts.
3. Prepare a Trial Balance for Truman
Services at May 31, 2020.
Truman
Services organized and opened for business on May 1st. During the
month
the
company completed the following transactions:
On May
1, The company received an initial investment of $25,000 cash and
$10,000 of
computer
equipment for common stock.
On May
2, paid $600 cash...
Required: 1. & 2. Prepare journal entries to record the transactions for April and post them...
Required:
1. & 2. Prepare journal
entries to record the transactions for April and post them to the
ledger accounts in Requirement 6b. The company records prepaid and
unearned items in balance sheet accounts.
3. Using account balances from Requirement 6b,
prepare an unadjusted trial balance as of April 30.
4. Journalize and post the adjusting entries for
the month and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of
April 30, 2017.
5b. Prepare...
CP 2–2 Required: Prepare journal entries for each of the following transactions: 1. Issued common stock...
CP 2–2
Required: Prepare journal entries for each of the following
transactions: 1. Issued common stock for $3,000 cash 2. Purchased
$2,000 of equipment on credit 3. Paid $400 cash for this month’s
rent 4. Purchased on credit $4,000 of supplies to be used next
month 5. Billed $2,500 to customers for repairs made to date 6.
Paid cash for one‐half of the amount owing in transaction 4 7.
Collected $500 of the amount billed in transaction 5 8. Sold...
Required: #1. Prepare journal entries to record the December transactions in the General Journal Tab in...
Required:
#1.
Prepare journal entries to record the December
transactions in the General Journal Tab in the excel template file
"Accounting Cycle Excel Template.xlsx". Use the following accounts
as appropriate: Cash, Accounts Receivable, Supplies, Prepaid
Insurance, Equipment, Accumulated Depreciation, Accounts Payable,
Wages Payable, Common Stock, Retained Earnings, Dividends, Service
Revenue, Depreciation Expense, Wages Expense, Supplies Expense,
Rent Expense, and Insurance Expense.
1-Dec
Began business by depositing $8500 in a bank
account in the name of the company in exchange for...
QUESTION 1 Required: #1. Prepare journal entries to record the December transactions in the General Journal...
QUESTION 1 Required: #1. Prepare journal entries to record the
December transactions in the General Journal Tab in the excel
template file "Accounting Cycle Excel Template.xlsx". Use the
following accounts as appropriate: Cash, Accounts Receivable,
Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation,
Accounts Payable, Wages Payable, Common Stock, Retained Earnings,
Dividends, Service Revenue, Depreciation Expense, Wages Expense,
Supplies Expense, Rent Expense, and Insurance Expense. 1-Dec Began
business by depositing $8500 in a bank account in the name of the
company in...
Prepare journal entries for the transactions
Presented below are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells its product in a small retail outlet.
March 1 Sold merchandise on account to Dodson Company for $10,400, terms 3/10, n/30.
March 3 Dodson Company returned merchandise worth $200 to Molina.
March 9 Molina collected the amount due from Dodson Company from the March 1 sale.
March 15 Molina sold merchandise for $1,000 in its retail outlet. The customer used...
Prepare General Journal Entries for the following transactions. Then post the journal entries to the General...
Prepare General Journal Entries for the following
transactions. Then post the journal entries to the General Ledger
provided and then prepare an Unadjusted Trial Balance. March
1Dunlop invested $30,000 cash and buildings worth $150,000 in the
company March 2The company rented equipment by paying $2,000 cash
for the first month’s (March) rent. March 5The company purchased
$2,400 of office supplies for cash. March 10The company paid
$7,200 cash for the premium on a 12-month insurance policy.
Coverage begins on March...
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