Journalize the business transactions using these accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Clay Potter, Capital;...

Journalize the business transactions using these accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Clay Potter, Capital; Clay Potter, Drawing; Professional Fees; and Operating Expenses.

(a)	Journalize following transactions of Potter Pool Services for June, identifying each entry by number: Put them into T-accounts for easier creation of a trial balance
	(1)	Potter invested $12,500 cash in the business.
	(2)	Purchased supplies on account, $6,250.
	(3)	Paid operating expenses, $5,500.
	(4)	Billed clients for fees, $7,440.
	(5)	Received cash from cash clients, $4,700.
	(6)	Paid creditors on account, $1,400.
	(7)	Received $3,100 from clients on account.
	(8)	Withdrew $1,500 cash for personal use.

(b)	Prepare a trial balance as of June 30 for Potter Pool Services.

Expert Solution

ekkarill92 answered 1 year ago

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees;...

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses. (a) In the T accounts, record the following transactions of Potter Pool Services for June, identifying each entry by number: (1) Stockholders invested $12,500 cash in the business by purchasing common stock. (2) Purchased supplies on account, $6,250. (3) Paid operating expenses, $5,500. (4) Billed clients for fees, $7,440. (5) Received cash from cash clients, $4,700. (6) Paid creditors on account,...

Insurance Expense $12,000 Accounts Receivable $10,000 Cash 37,000 Notes Payable 15,000 Accounts Payable 13,000 Willis, Capital,...

Insurance Expense $12,000 Accounts Receivable $10,000 Cash 37,000 Notes Payable 15,000 Accounts Payable 13,000 Willis, Capital, Dec. 31, 2018 ? Advertising Expense 2,000 Salaries Expense 21,000 Service Revenue 125,000 Equipment 105,000 Willis, Withdrawals 9,000 Owner contribution 25,000 PrintDone Accent PhotographyAccent Photography works weddings and prom-type parties. The balance of WillisWillis, Capital was $ 18 comma 000$18,000 at DecemberDecember 3131, 20172017. At DecemberDecember 3131, 20182018, the business's accounting records show these balances: LOADING... (Click the icon to view the accounts.) Prepare...

Based on the following data, what is working capital? Accounts payable Accounts receivable Accrued liabilities Cash...

Based on the following data, what is working capital? $$ \begin{array}{lr} \text { Accounts payable } & \$ 30,000 \\ \text { Accounts receivable } & 60,000 \\ \text { Accrued liabilities } & 4,000 \\ \text { Cash } & 60,000 \\ \text { Intangible assets } & 50,000 \\ \text { Inventory } & 69,000 \\ \text { Long-term investments } & 80,000 \\ \text { Long-term liabilities } & 100,000 \\ \text { Marketable securities } & 50,000...

Assume the following: Cash, $100,000; Accounts Receivable, $50,000; Accounts Payable, $50,000; Supplies, $40,000; Equipment, $100,000; Land,...

Assume the following: Cash, $100,000; Accounts Receivable, $50,000; Accounts Payable, $50,000; Supplies, $40,000; Equipment, $100,000; Land, $500,000; Bonds Payable, $1,000,000; Mortgage Payable, $400,000; Inventory, $100,000. Compute both the current and quick ratios. What conclusions can you draw from this data ?

I) Journalize each of he following transactions: Assume the following account numbers: Cash: 101; Accounts Receivable:...

I) Journalize each of he following transactions: Assume the following account numbers: Cash: 101; Accounts Receivable: 102; Equipment: 110; Accounts Payable: 201; Landscaping Fees: 401; Advertising Expense: 510; Utility Expense: 512 1) Paid electric bill, $200 2) Paid $300 for advertising 3) Earned $1000 for landscaping services - the customer makes a $200 balance and finances the balance 4) Refer to #3 - customer makes a $400 payment. 5) Refer to #3 and #4 - customer pays balance owed 6)...

cash collections of accounts receivable will increase and decrease _ 1) accounts payable , accounts...

cash collections of accounts receivable will increase ____ and decrease _____ 1) accounts payable , accounts receivable 2) accounts receivable, accounts payable 3) cash, accounts receivable 4) cast, accounts payable when developring cost functions , which of the following is false 1) the cost funtion must be believable 2) the cost function does not have to be reliable 3) personal observations of cost and activities provide the best evidence of a plausible relationship between a cost and its cost driver...

accounts payable and accounts receivable

What is the difference between accounts payable and accounts receivable?

company uses the following accounts: Cash Income Taxes Payable Accounts Receivable Capital Stock Prepaid Rent Retained...

company uses the following accounts: Cash Income Taxes Payable Accounts Receivable Capital Stock Prepaid Rent Retained Earnings Unexpired Insurance Dividends Office Supplies Income Summary Rental Equipment Rental Fees Earned Accumulated Depreciation: Salaries Expense Rental Equipment Maintenance Expense Notes Payable Utilities Expense Accounts Payable Rent Expense Interest Payable Office Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unearned Rental Fees Income Taxes Expense Dec. 1 Issued to John and Patty Driver 20,000 shares of capital stock in exchange for...

Accounts Payable 420 Accounts Receivable 3,200 Capital Stock 240 Cash 100 Cost of Goods Sold 600...

Accounts Payable 420 Accounts Receivable 3,200 Capital Stock 240 Cash 100 Cost of Goods Sold 600 Inventory 380 Long-term Debt 4,640 Net Income 280 Property, Plant, and Equipment (net) 1,400 Retained Earnings (220) Sales 3,000 Note: The retained earnings amount reported is as of the END of the year (after the closing entries have been made). Compute AVERAGE COLLECTION PERIOD (also called NUMBER OF DAYS’ SALES IN ACCOUNTS RECEIVABLE). Note: If you need to compute the average balance for any...

Cash $ 80 Accounts Payable $ 26 Accounts Receivable 12 Wages and Other Expenses Payable 111...

Cash $ 80 Accounts Payable $ 26 Accounts Receivable 12 Wages and Other Expenses Payable 111 Inventories 188 Long-Term Debt 203 Other Current Assets 26 Other Long-Term Liabilities 44 Property, Plant, and Equipment 355 Contributed Capital 356 Other Assets 99 Retained Earnings 20 Assume that the following events occurred in the quarter ended December 31 (amounts provided are in whole dollars): Paid $2,000,000 cash for an additional “other asset”. Issued additional shares for $2,000,000 in cash. Purchased property, plant, and...

Question