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Purchased dry cleaning equipment for $40,000. Paid $8,000 in cash, the remainder to be paid in two weeks 1. In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write “no entry.” Omit explanations. Apr. 1 Stuart Franz opened a dry cleaning service, called Same Day Cleaners, by depositing $60,000 into a business bank account. 3 Paid two years' rent in adv ...

Other / Other 29 Apr 2016

The Alphabetical list of account balances presented below, all of which are normal 1. Using the alphabetical list of account balances presented below, all of which are normal, prepare a trial balance for T. and C. Company at June 30, 2010, in proper order. Compute the balance of the Cash account. Accounts Payable $140 Accounts Receivable 280 Cash ? Equipment 400 Office Expense 180 Rita Mason, Capital 440 Service Revenue 300 ...

Other / Other 29 Apr 2016

Opened business by investing $20,000 in cash 1. Using the following transactions, calculate (A) the ending balance of Cash, (B) the ending balance of Accounts Receivable, (C) total liabilities, and (D) net income for the period. For parts a and b, indicate whether each balance is debit or credit. a. Opened business by investing $20,000 in cash. b. Billed customers for services rendered, $4,000. c. Paid for six months' subscription ...

Other / Other 29 Apr 2016

From the following alphabetical list of account balances, all of which are normal, for Kasper 1. From the following alphabetical list of account balances, all of which are normal, for Kasper Company on July 31, 2010, prepare a trial balance in proper form (the amount of Phil Kasper, Withdrawals must be computed) . Accounts Payable $500 Accounts Receivable 200 Cash 80 Equipment 700 Phil Kasper, Capital 150 Phil Kasper, Withdrawals ...

Other / Other 29 Apr 2016

The Alphabetical list of account balances presented below, all of which are normal 1. Using the alphabetical list of account balances presented below, all of which are normal, prepare a trial balance for T. and C. Company at June 30, 2010, in proper order. Compute the balance of the Cash account. Accounts Payable $140 Accounts Receivable 280 Cash ? Equipment 400 Office Expense 180 Rita Mason, Capital 440 Service Revenue 300 ...

Other / Other 29 Apr 2016

Paid the assistant his first week's wages 1. In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write “no entry.” Omit explanations. Nov. 1 Rae Bolger opened a dance school called Rae's Dance Studio by depositing $24,000 into a business bank account. 2 Paid three months' rent in advance, $2,400. 4 Hired a part-time assistant, to be paid $275 per week ...

Other / Other 29 Apr 2016

Amount due to creditor for merchandise purchased 1. Use the following descriptive phrases to determine the account name that would be used for each. In addition, classify the account as an asset (A) , liability (L), owner's equity (OE), revenue (R), or expense (E). a. Amount due to creditor for merchandise purchased b. Coins and currency c. Property to be used in the business d. An amount taken from the business by the owner. e. I ...

Other / Other 29 Apr 2016

Were these merchandise shipments properly recorded as sales 1. Briefly discuss the differences between Prepaid Insurance and Insurance Expense. 2. Amalgamated Campus Stores, Inc. (ACS) employed student representatives to market grooming aids, casual clothes, and other such products on college campuses. The representatives organized parties at which they displayed samples of all the products. Students who bought products paid the ...

Other / Other 29 Apr 2016

Issued note for purchase of land 1. Post the following transaction. General Journal Page 8 Date Description Post. Ref. Debit Credit 2010 May 12 Land 5,000 Notes Payable 5,000 Issued note for purchase of land Land Account No. 141 Date Item Post. Ref. Debit Credit Balance Debit Credit 2010 Notes Payable Account No. 211 Date Item Post. Ref. Debit Credit B ...

Other / Other 29 Apr 2016

Commission earned on sale of painting 1. Post the following transaction. General Journal Page 14 Date Description Post. Ref. Debit Credit 2010 July 20 Accounts Receivable 415 Commissions Earned 415 Commission earned on sale of painting Accounts Receivable Account No. 112 Date Item Post. Ref. Debit Credit Balance Debit Credit 2010 Commissions Earned Account ...

Other / Other 29 Apr 2016