Question

In: Accounting

CHART OF ACCOUNTS Affordable Realty General Ledger ASSETS 11 Cash 12 Supplies LIABILITIES 21 Accounts Payable...

CHART OF ACCOUNTS

Affordable Realty

General Ledger

	ASSETS
11	Cash
12	Supplies

	LIABILITIES
21	Accounts Payable

	EQUITY
31	Common Stock
33	Dividends

	REVENUE
41	Sales Commissions

	EXPENSES
51	Rent Expense
52	Office Salaries Expense
53	Automobile Expense
54	Supplies Expense
55	Miscellaneous Expense

On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month:

Oct.	1	Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $29,700.
	2	Paid rent on office and equipment for the month, $2,250.
	3	Purchased supplies on account, $2,300.
	4	Paid creditor on account, $840.
	5	Earned sales commissions, receiving cash, $14,500.
	6	Paid automobile expenses (including rental charge) for month, $1,630, and miscellaneous expenses, $590.
	7	Paid office salaries, $2,000.
	8	Determined that the cost of supplies used was $1,350.
	9	Paid dividends, $2,300.

1.

Journalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles.

2.

Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance.

3.

Prepare an unadjusted trial balance as of October 31, 20Y6.

4.

Determine the following:

	a. Amount of total revenue recorded in the ledger.
	b. Amount of total expenses recorded in the ledger.
	c. Amount of net income for October.

5.

Determine the increase or decrease in retained earnings for October.

Expert Solution

<<End>>

ekkarill92 answered 1 year ago

ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Office Supplies 16 Land LIABILITIES 21...

ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Office Supplies 16 Land LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Salary and Commission Expense 52 Rent Expense 53 Advertising Expense 54 Automobile Expense 59 Miscellaneous Expense Complete a Ledger Account with the requirments stated. Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial...

CHART OF ACCOUNTS Elite RealtyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14...

CHART OF ACCOUNTS Elite RealtyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Office Supplies 16 Land LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Salary and Commission Expense 52 Rent Expense 53 Advertising Expense 54 Automobile Expense 59 Miscellaneous Expense Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on...

Solve the following problem. Charts of Accounts: CHART OF ACCOUNTS Rowland Company General Ledger ASSETS 11...

Solve the following problem. Charts of Accounts: CHART OF ACCOUNTS Rowland Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Salaries and Wages Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned 42 Rent Revenue EXPENSES 51 Salaries and Wages Expense 52 Utilities Expense 53 Advertising Expense 54 Repairs Expense...

Elite RealtyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Office Supplies 16...

Elite RealtyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Office Supplies 16 Land LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Salary and Commission Expense 52 Rent Expense 53 Advertising Expense 54 Automobile Expense 59 Miscellaneous Expense Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2018,...

7. CHART OF ACCOUNTS Lawn Spray Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131...

7. CHART OF ACCOUNTS Lawn Spray Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in...

Create General Ledger entries based on the information given. Chart of accounts: 1001 Cash 1006 Accounts...

Create General Ledger entries based on the information given. Chart of accounts: 1001 Cash 1006 Accounts Receivable 1019 Merchandise Inventory 1124 Office supplies 1125 Store supplies 1128 Prepaid insurance 1163 Office equipment 1164 Accumulated Depreciation - Office equipment 1165 Store equipment 1166 Accumulated Depreciation - Store equipment 2001 Accounts payable 3001 Skip Slider, Capital 3002 Skip Slider, Withdrawals 4013 Sales 4014 Sales discounts 4015 Sales returns and allowances 5002 Cost of goods sold 6012 Depreciation expense - Office equipment 6013...

REQUIRED: Prepare General Ledger, Accounts Receivable Ledger, Accounts Payable Ledger, Trial Balance, Schedule of Accounts Receivable...

REQUIRED: Prepare General Ledger, Accounts Receivable Ledger, Accounts Payable Ledger, Trial Balance, Schedule of Accounts Receivable and Schedule of Accounts Payable from the following information and Journals using T Accounts with a balance column. Grassley Company completes these transactions during November of the current year (terms for all its credits sales are 2/10, n/30). Nov.1 Purchased $5,058 of office equipment on credit from Brun supply, invoice dated November 1, terms n/10 EOM. 2 Borrowed $88, 500 cash from Wisconsin Bank...

Assets Liabilities and Equity Cash $ 51,000 Accounts Payable $ 23,000 Accounts Receivable 43,000 Common Stock...

Assets Liabilities and Equity Cash $ 51,000 Accounts Payable $ 23,000 Accounts Receivable 43,000 Common Stock 84,000 Land 27,000 Retained Earnings 14,000 Total $ 121,000 Total $ 121,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $46,000 cash from the issue of common stock. Feb. 1 Paid $5,100 cash in advance for a one-year lease for office space. Mar. 1 Paid a $1,900 cash dividend to the stockholders. Apr. 1 Purchased additional land...

Balance Sheet (in $ millions) Assets Liabilities and Stockholders' Equity Cash ...................................... $ 7 Accounts payable ............$20 Accounts...

Balance Sheet (in $ millions) Assets Liabilities and Stockholders' Equity Cash ...................................... $ 7 Accounts payable ............$20 Accounts receivable ............ 25 Accrued wages .................7 Inventory .............................. 28 Accrued taxes .................. 13 Current assets ................... $80 Current liabilities .......... $40 Fixed assets ......................... 25 Notes payable ..................15 Common stock .................20 Retained earnings ............ 30 Total Assets ...........................$105 Total liabilities and stockholders’ equity .......$105 If the firm’s sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of...

Current assets Current liabilities Cash $72,000 Accounts payable $12,000 Accounts receivable 18,000 Interest payable 12,000 Interest...

Current assets Current liabilities Cash $72,000 Accounts payable $12,000 Accounts receivable 18,000 Interest payable 12,000 Interest receivable 1,000 Inventory 60,000 Total current assets $151,000 Total current liabilities $24,000 Long-term assets Long-term liabilities Equipment (net of depreciation) $128,000 Note payable 100,000 Total long-term assets $128,000 Total long-term liabilities $100,000 Equity Common stock 10,000 Paid-in capital 50,000 Retained earnings 95,000 Total equity $155,000 Total assets 279,000 Total liabilities and equity $279,000 Yes the difference between account payable and accounts receivable is required....