Question
In: Accounting
The following transactions occurred in November 201X for A. Glover’s Placement Agency: Nov. 1 A. Glover...
The following transactions occurred in November 201X for A. Glover’s Placement Agency: Nov. 1 A. Glover invested $6,000 cash in the placement agency. Nov. 1 Bought equipment on account from Cinder Co., $2,100. Nov. 3 Earned placement fees of $2,000, but payment will not be received until December. Nov. 5 A. Glover withdrew $400 for his personal use. Nov. 7 Paid wages expense, $1,400. Nov. 9 Placed a client on a local TV show, receiving $5,000 cash. Nov. 15 Bought supplies on account from Holly Co., $400. Nov. 28 Paid telephone bill for November, $110. Nov. 29 Advertising bill from Shimmer Co. received but not paid, $80 The chart of accounts for A. Glover Placement Agency is as follows: Chart of Accounts Assets Owner’s Equity 111 Cash 311 A. Glover, Capital 112 Accounts Receivable 312 A. Glover, Withdrawals 131 Supplies Revenue 141 Equipment 411 Placement Fees Earned Liabilities Expenses 211 Accounts Payable 511 Wage Expenses 521 Telephone Expense Your tasks are to do the following: a. Set up the ledger based on the chart of accounts. b. Journalize (page 1) and post the November transactions. c. Prepare a trial balance as of November 30, 201X
Solutions
ekkarill92 answered 1 year agoRelated Solutions
During November, the first month of operations, the following transactions occurred: Date Event 1-Nov Paid $7,200...
During November, the first month of operations, the following
transactions occurred: Date Event 1-Nov Paid $7,200 for 12 months
rent on office space 2-Nov Purchased office furniture for $8,950.
3-Nov Purchased $11,354 of additional office supplies on account.
8-Nov Borrowed 20,000 from the bank for operating cash. The note
has a 3% interest rate (simple interest) and is to be paid back in
4 years 15-Nov Received $10,800 from Fortuna Inc. for work to be
performed over the next 12...
Bailer Company's record of transactions for the month of November was the following: Purchases: Nov 1....
Bailer Company's record of transactions for the month of
November was the following:
Purchases:
Nov 1.
525 @ $7.00
5
1400 @ $7.20
8
750 @ $7.35
14
1,250 @ $7.42
21
825 @ $7.55
29
610 @ $7.80
Total units sold : 5,360
Sales
Nov 6.
550 @ $10
9
1,320 @ $10
10
625 @ 12
22
1,100 @ 12
28
850 @ 13
#1 - Assume periodic inventory records are kept in units only.
Compute the inventory on...
During November, the following summary transactions were completed. Journalize the November Transactions. Nov. 8 Paid $4,260...
During November, the following summary transactions were
completed. Journalize the November Transactions.
Nov.
8
Paid $4,260 for salaries due employees, of which $2,220 is for
November and $2,040 is for October.
10
Received $2,280 cash from customers in payment of account.
11
Purchased merchandise on account from Dimas Discount Supply for
$9,600, terms 2/10, n/30.
12
Sold merchandise on account for $6,600, terms 2/10, n/30. The
cost of the merchandise sold was $4,800.
15
Received credit from Dimas Discount Supply...
Prepare journal entries for the following transactions that occurred during March: 201X Mar. 1 Jemma Underwood...
Prepare journal entries for the following transactions that
occurred during
March:
201X
Mar. 1
Jemma Underwood invested $70,000
cash and $9,000
of equipment into her new business.
3
Purchased building for $80,000
on account.
12
Purchased a truck from Littleton Co. for
$11,000
cash.
18
Bought
supplies from McNeil
Co. on account, $900.
Journalize the transactions in the general journal.
an Agency organized on January 1, 2019. The following transactions occurred during the first month of...
an Agency organized on January 1, 2019. The following
transactions
occurred during the first month of its operation:
Jan. 1: Acquired its articles of incorporation from the company and
issued 10,000
shares of capital stock in exchange for cash Rs. 10, 00,000
Jan. 5: Purchased office building at Rs. 500,000 in cash. The
building is valued
Rs.200,000 and the remainder is assigned to the valuation of
land.
Jan. 7: Signed 2-year promissory note for Rs.500, 000
Jan. 10: Purchased office...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred...
On April 1, Jiro Nozomi created a new travel agency, Adventure
Travel. The following transactions occurred during the company’s
first month.
April
1
Nozomi invested
$41,000 cash and computer equipment worth $35,000 in the company in
exchange for common stock.
2
The company rented
furnished office space by paying $2,700 cash for the first month’s
(April) rent.
3
The company
purchased $1,500 of office supplies for cash.
10
The company paid
$2,300 cash for the premium on a 12-month insurance...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred...
On April 1, Jiro Nozomi created a new travel agency, Adventure
Travel. The following transactions occurred during the company’s
first month.
April
1
Nozomi invested $30,000 cash and computer equipment worth
$35,000 in the company in exchange for common stock.
2
The company rented furnished office space by paying $2,700 cash
for the first month’s (April) rent.
3
The company purchased $1,300 of office supplies for cash.
10
The company paid $2,300 cash for the premium on a 12-month
insurance...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred...
On April 1, Jiro Nozomi created a new travel agency, Adventure
Travel. The following transactions occurred during the company’s
first month.
April
1
Nozomi invested $44,000 cash and computer equipment worth
$35,000 in the company.
2
The company rented furnished office space by paying $1,500 cash
for the first month’s (April) rent.
3
The company purchased $1,100 of office supplies for cash.
10
The company paid $2,900 cash for the premium on a 12-month
insurance policy. Coverage begins on April...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred...
On April 1, Jiro Nozomi created a new travel agency, Adventure
Travel. The following transactions occurred during the company’s
first month.
April
1
Nozomi invested $50,000 cash and computer equipment worth
$25,000 in the company in exchange for common stock.
2
The company rented furnished office space by paying $1,600 cash
for the first month’s (April) rent.
3
The company purchased $1,900 of office supplies for cash.
10
The company paid $2,800 cash for the premium on a 12-month
insurance...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred...
On April 1, Jiro Nozomi created a new travel agency, Adventure
Travel. The following transactions occurred during the company’s
first month.
April
1
Nozomi invested $35,000 cash and computer equipment worth
$20,000 in the company in exchange for common stock.
2
The company rented furnished office space by paying $2,000 cash
for the first month’s (April) rent.
3
The company purchased $1,800 of office supplies for cash.
10
The company paid $2,400 cash for the premium on a 12-month
insurance...
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