Question

In: Accounting

Open the subsidiary ledger accounts and enter the balances for October 1, 2019. Obtain the necessary...

Open the subsidiary ledger accounts and enter the balances for October 1, 2019. Obtain the necessary figures from the schedule of accounts payable and schedule of accounts receivable prepared on September 30, 2019, which appears below. (If you are using the Study Guide & Working Papers, you will find that the subsidiary ledger accounts are already open.)

SCHEDULE OF ACCOUNTS PAYABLE

September 30, 2019

A FASHION STATEMENT

7,830.00

CLASSY TRENDS

1,700.00

TODAY’S WOMAN

8,770.00

TOTAL

$18,300.00

SCHEDULE OF ACCOUNTS RECEIVABLE

September 30, 2019

Jennifer Brown

795.00

Megan Greening

520.00

James Helmer

832.00

Emma Maldonado

232.00

Jim Price

1621.00

Dimitri Sayegh

510.00

Emily Tran

1700.00

Total

$6210.00

Solutions

Expert Solution


Related Solutions

INSTRUCTIONS Open the general ledger accounts and enter the balances for October 1, 2019. Obtain the...
INSTRUCTIONS Open the general ledger accounts and enter the balances for October 1, 2019. Obtain the necessary figures from the postclosing trial balance prepared on September 30, 2019, which is shown below. (If you are using the Study Guide & Working Papers, you will find that the general ledger accounts are already open.) Open the subsidiary ledger accounts and enter the balances for October 1, 2019. Obtain the necessary figures from the schedule of accounts payable and schedule of accounts...
1.On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings...
1.On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation—Building $747,950 Merchandise Inventory $939,850 Administrative Expenses 545,700 Notes Payable 240,200 Building 2,416,650 Office Supplies 20,650 Cash 180,250 Salaries Payable 7,700 Cost of Merchandise Sold 3,965,850 Sales 6,126,850 Interest Expense 9,550 Selling Expenses 717,650 Kathy Melman, Capital 1,545,600 Store Supplies 87,000 Kathy Melman, Drawing 181,750 a. Prepare a multiple-step income statement for the year ended March...
Uncollectible Accounts—Allowance Method 1. Open the three selected general ledger accounts. 2. Enter the transactions and...
Uncollectible Accounts—Allowance Method 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post only to the three accounts named. If an amount box does not require an entry, leave it blank. 3. Determine the net realizable value as of December 31. Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December...
On January 1, 2019, the general ledger of a company includes the following account balances: Accounts...
On January 1, 2019, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 76,000 Accounts Receivable 47,000 Allowance for Uncollectible Accounts $ 7,000 Inventory 36,000 Building 76,000 Accumulated Depreciation 16,000 Land 206,000 Accounts Payable 26,000 Notes Payable (7%, due in 3 years) 42,000 Common Stock 106,000 Retained Earnings 244,000 Totals $ 441,000 $ 441,000 The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are recorded...
The balances of the ledger accounts for Buffet Services on September 30, 2019, and the information...
The balances of the ledger accounts for Buffet Services on September 30, 2019, and the information needed for adjustments are shown below.    Account Name Balance Cash $ 17,500 Accounts Receivable 8,800 Supplies 3,300 Prepaid Insurance 8,700 Equipment 20,400 Accumulated Depreciation–Equipment − Accounts Payable 8,200 Jane Buffet, Capital 48,000 Jane Buffet, Drawing 3,900 Fees Income 28,000 Advertising Expense 3,000 Rent Expense 5,100 Salaries Expense 11,800 Supplies Expense − Insurance Expense − Utilities Expense 1,700 Depreciation Expense–Equipment −     Adjustment information:...
The balances of the ledger accounts for Oleman Services on January 31, 2019, and the information...
The balances of the ledger accounts for Oleman Services on January 31, 2019, and the information needed for adjustments are shown below.    Account Name Balance Cash $ 6,500 Accounts Receivable 3,500 Supplies 1,200 Prepaid Insurance 3,000 Equipment 7,500 Accumulated Depreciation–Equipment − Accounts Payable 3,400 Jeff Oleman, Capital 17,500 Jeff Oleman, Drawing 1,500 Fees Income 9,500 Advertising Expense 600 Rent Expense 1,200 Salaries Expense 5,000 Supplies Expense − Insurance Expense − Utilities Expense 400 Depreciation Expense–Equipment −    Adjustment information:...
Problem 4-7A: I must 1) Enter the Nov 1 balances into the ledger accounts, 2)Journalize the...
Problem 4-7A: I must 1) Enter the Nov 1 balances into the ledger accounts, 2)Journalize the November transactions, 3)Post above journal entries to the ledger accounts.4) Prepare a trial balance at November 30. 5) journalize the adjusted entires, 6)Post the above adjusting entries. 7) post an adjusted trial balance, 8) post an income statement for nov 30, 9) prepare a retained earnings sheet 10)prepare a classified balance sheet. For 5) here is the info needed: 1. Supplies on hand are...
Voyager Electronic Services has three customers in its accounts receivable subsidiary ledger with beginning balances as...
Voyager Electronic Services has three customers in its accounts receivable subsidiary ledger with beginning balances as follows: Fred Yao Ming, $1,150.00 Kohl Townson, $850.00 Chandra Jahi, $1,075.00 Record the following transactions in a general journal. Then post to the accounts receivable account in the general ledger and to the customer accounts in the accounts receivable subsidiary ledger. On June 3, Kohl Townson paid $325.00 on account. On June 10, Chandra Jahi purchased $475.00 on account. On June 15, Fred Yao...
Account balances from the ledger of Crosby Company on December 31, 2019, are as follows: Accounts...
Account balances from the ledger of Crosby Company on December 31, 2019, are as follows: Accounts Payable .................................................................................. $   23,000 Accounts Receivable ............................................................................. 38,000 Accumulated Depreciation--Equipment .................................................   64,000 Allowance for Doubtful Accounts ........................................................... 2,000 Patent .................................................................................................... 8,400 Capital Stock, $10 par ........................................................................... 100,000 Cash ...................................................................................................... 60,260 Inventory ................................................................................................ 105,000 Sales Supplies Inventory ....................................................................... 900 Interest Expense .................................................................................... 6,600 Inventory, December 31, 2018 .............................................................. 104,850 Contributed Capital in Excess of Par Value ........................................... 15,000 Long-Term Note Receivable, 14% ......................................................... 12,000 Mortgage Payable,...
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS...
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS Cash 61,400 Accounts Receivable 20,900 Supplies 7,400 Prepaid Insurance 6,600 Equipment 89,900 Accum. Depr.—Equip. 0 Accounts Payable 15,100 Sadie Palmer, Capital 80,350 Fees Income 109,000 Depreciation Exp.—Equip. 0 Insurance Expense 0 Rent Expense 9,000 Salaries Expense 9,250 Supplies Expense 0 Additional information: Supplies used during January totaled $4,900. Expired insurance totaled $1,650. Depreciation expense for the month was $1,425. Complete the worksheet through the...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT