Provide services to customers on account for $36,000. b. c. Purchase bike equipment by signing a note with the bank for $20,000. 1207. m. Paid wages to an employee, 1,200, Ck. Material 10. Paid telephone bill for May, 260. d. Pay utilities of $4,900 for the current month. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 2,500. Provide services to customers on account for $49,000. 5.16. $98,000 x 10% The correct answer in the given question is: Get plagiarism-free solution within 48 hours. Enter the following transactions on Page 19 of the two-column journal: 27. 30. Ressers accountant listed the following chart of accounts: The following transactions were completed during July: a. Resser deposited 25,000 in a bank account in the name of the business. $88,000 x 10% 5. b. 1. }\\ \text {3. In March, T. Carter established Carter Delivery Service. Paid rent on office for month, 6,500. Accounts Payable e. Equipment b. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. No. Repay $23,000 of the note in (b) above. 150 Accumulated DepreciationEquipment, No. It can also be referred as financial repor. Paid creditors on account, 13,750. 2017. j. Feb 15 Sale of inventory to a customer selling price $88,000 cost of, 1.The purpose of posting journal entries to the ledgerA. A journalis a company's official book in which all business transaction are recorded in ch A: A treasurer is a person who manages and administers the financial assets and liabilities of a compan A: Tax is an amount that is charged by the government from the individual and organization on the incom A: Here the profit amount is given and we have to allocate this amount as per the terms provided here. 03/05/2021 Business College answered expert verified The following transactions occur for Badger Biking Company during the month of June:a. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). 2. 30. + No. Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. (Decreases to account Received cash from owner as additional investment, 25,000. Purchase bike equipment by signing a note with the bank for $26,000. Account Number Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 505. m. Paid the salary of the assistant, 1,150, Ck. Transaction Assets Liabilities + Stockholders' Equity $ 35,000 $ 35,000 (a) (b) increase (b) decrease (c) (d) $ 27,000 $ (27,000) $ 20,000 $ (3,500) $ (3,500), (Hide this section if you want to rate later). Opened a business bank account with a deposit of 24,000 from personal funds. 23. No. The Effect Of Prepaid Taxes On Assets And Liabilities, Many businesses estimate tax liability and make payments throughout the year (often quarterly). Purchased land for a future building site for 75,000, paying 7,500 in cash and giving a note payable for the remainder. A schedule of expected cash disbursements for merchandise purchases for April, May, and June, and for the quarter in total. d.Purchased additional repair equipment for cash, $600. Mr. A received an advancement payment for wedding services worthP10,000. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. Delivery charge Paid dividends, 1,000. A tax credit is a tax benefit that taxpayers can take advantage of while paying their t A: Jake pays $ 8500 in the deductible property taxes. Do you need an answer to a question different from the above? 8. Prepare a post-closing trial balance. At the end of May, the following adjustment data were assembled. Pay utilities of $3,100 for the current month. See answers 4. The cl1art of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 17. d. Pay utilities of $5,000 for the current month. d. The beginning balance of supplies was $2,300. Pay utilities of $3,800 for the current month. (c) Is this error a transposition or slide? Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Journalize and post the adjusting entries. $8,800 A financial audit is led to give an assessment of whether budget summaries are expr A: ANSWER reqirement 4, 5 & 6 only Green pays employees each Friday. 2. Prepare a statement of owners equity for July 31, 20--. No. The following transactions occur for Badger Biking Company during the month of June: a. Conversion cost applied Purchased office supplies on account, 2,300. Present your answers in the following form, with transaction (1) given as an example: Application Problem Journalizing transactions and proving and ruling amulticolumn journal LOS, 4, 5, 6, 7, 8, 9Mundt Services uses the following accounts.Cash Mikaela Mundt, Capital Paid automobile expense (including rental charges for an automobile), 1,500. 2. c.Purchased repair supplies on credit, $1,100. Required 1. (Decreases to account classifications should be entered as a negative.) 503. h. Sold catering services on account, 4,307. i. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). 7. 505. m. Paid the salary of the assistant, 1,150, Ck. Salaries and Wages Expense d. Pay utilities of $3,500 for the current month. Brief Exercise 2-4 (Algo) Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. 4. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, 400. A: As per cash basis of accounting, we should record the transaction only when corresponding cash is, A: The shareholders' equity of owners gets affected by additional investment, withdrawals, dividend, A: Balance sheet is the financial statements of the organization prepared at the end of the year. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Equity 2007-2023 Learnify Technologies Private Limited. On March 1 of this year, B. Gervais established Gervais Catering Service. d. Pay utilities of $3,500 for the current month. Total overhead cost = Equipment expenses + indirect labor . 31. Amount paid = Total Invoice amount - Discount amount. (E) Rent expired during May is 1,600. Accounts Receivable Boilermaker House Painting Company incurs the following transactions for September. Transactions completed during the month of March follow. ook Paid cash to owner for personal use, 6,000. Equity Received and paid the electric bill, 438, Ck. Accounting equation represents assets must equal the total of liabilities and equities., A: Accounting Equation: This is a mathematical equation, which represents the association between, A: Note 1: Cash A/c, office supplies, Accounts receivable, Land and office equipment are assets and, A: Introduction: 31. 17. Deduction of total expenses from revenues, A: The revenues and expense are reported on the income statement when they are earned and incurred,. 1. Working note Graw Provide services to customers on account for $49,000. The unadjusted trial balance on March 31, 20Y3, follows: The following business transactions were completed by Elite Realty during April 20Y3: Apr. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). Question: Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. Record the transactions and the balance after each transaction. d. Pay utilities of $5,000 for the current month. The amount of the weekly payroll is $5,800 for a five-day work week. 6. a. Pay utilities of $3,800 for the current month. At, CSM Inc. has the following balance sheet (in $000):Assets: Liabilities and equity:Current, Determine the optimum solution for each of the following LPs by enumerating, Suppose a local company has the following balance sheet accounts: AccountsBalances Land.$9,000, For each of the following accounts, indicate whether a debit or credit. Purchase bike equipment by signing a note with the bank for $28,000. First step in, A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., A: Introduction: 5. Inventory purchases are paid for within 15 days. During the year, Green purchased supplies costing $6,100, and at December 31 supplies on hand total $2,100. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Brainstorm the ways in which GARP can impact on the management and success of a sports organisation by explaining it first and then identifying the ro Gross margin 201,000 252,000 165,000 135,000 Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. 2 days ago. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. Prepare an unadjusted trial balance of the ledger as of April 30, 20Y3. Purchased office supplies on account, 2,300. Credit Credit:. Repay $10,000 of the note in (b) above.d. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. To obtain updated account balance c. Purchase bike equipment by signing a note with the bank for $19,000, d. Pay utilities of $5,000 for the current month. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $31,000. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. Land costing $42,000 will be purchased for cash in May. 31. The journal entry for this transaction includes a debit to f Opened a business bank account with a deposit of 50,000 from personal funds. If you still cannot find the error, re-analyze each transaction. 4.15. Credit: Cash, P10,606.C. No. 31. Paid advertising expense, 4,300. REQUIRED: Homework Chapter 2 i 30. The following transactions occur for Badger Biking Posted Fixed costs are costs A: Amount need after 20 years (F) = $1000,000 No. No. The account headings are presented below. Depreciation expenseC. c) Equipment increases, Notes payables increase: Equipment is an asset, and Notes payables are liabilities. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns. Nam lacinia pulvinar tortor nec facilisis. 28. 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). Prepare the following for merchandise inventory: i. It indicates that, A: Trail balance is the statement that carries the balances of all the accounts prepared in the books, A: General Journal is a type of bookkeeping journal that enables the recording of various, A: Total expenses = Rent expense + Wages expense Prepare a cash budget for April, May, and June as well as in total for the quarter. Record the August 1 balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. b. 2007-2023 Learnify Technologies Private Limited. 3. b. Each and, A: Trial Balance is a statement which is prepared to check the mathematical accuracy of the account, The Effect Of Prepaid Taxes On Assets And Liabilities, Many businesses estimate tax liability and make payments throughout the year (often quarterly). 2. 9. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Net operating income $ 68,500 $ 84,000 $ 58,600 $ 47,000 Credit: Accounts Receivable, P30,000.B. No. (d), Carl Warren, James M. Reeve, Jonathan Duchac, The following transactions occur for Badger Biking Company during the month of June: a. When managers use bench-marking in the planning process, they usually try, In Exercises 126129, determine whether each statement is true or false. Purchased supplies on account, 735. = A: All percentage are calculated with respect to sales. Provide services to customers on account for $34,000. (Decreases to account classifications should be entered as a negative.). 3003. h. Received and paid the bill for utilities, 349, Ck. Record the following transactions on Page 6 of the journal: 20. A: Account which is affected and element of financial statement has been answered. Used business cash to purchase supplies costing $216.00. Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder. The following transactions occur for Badger Biking Transaction (a): Provide services to customers on account for $35,000. 1002. h. Received and paid the bill for utilities, 340, Ck. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Pellentesque dapibus e
(a) The following business transactions were completed by Elite Realty during April 20Y3: Apr. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. Nos. Question: Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. No. At December 31, $1,200 is still prepaid. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Recorded services provided on account for the remainder of May, 2,650. Recorded revenue earned and billed to clients during the month, 57,000. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. The account headings are presented below. No. Does the question reference wrong data/reportor numbers? A: Tax saving is the option which the taxpayer uses in order to use the option and reduce the amount of A: Deferred tax asset are expected future tax benefits arising due to temporary differences which will A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. Prepare an unadjusted trial balance. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Journal entry explanations may be omitted. b. The following transactions occur for Badger Biking Company during the month of June: b. Enter the following transactions on Page 19 of the two-column journal: 29. Record the transactions and the balance after each transaction 2. Paid rent on office and equipment for the month, 3,600. c. Paid automobile expenses (including rental charge) for month, 1,350, and miscellaneous expenses, 600. d. Purchased office supplies on account, 1,200. e. Earned sales commissions, receiving cash, 19,800. f. Paid creditor on account, 750. g. Paid office salaries, 2,500. h. Withdrew cash for personal use, 3,500. i. In October, A. Nguyen established an apartment rental service. It is also known as General Ledger. Accounts Payable-Southern Supplies Utilities Expense OA. j. d. Pay utilities of $4,900 for the current month. First week only $4.99! Conv A: Interest Expense l. Gervais withdrew cash for personal use, 1,550, Ck. Supplies, promising to send the check next week. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. 16. No. Net income = Total revenues - Total expenses. Transactions completed during the month follow. Provide services to customers on account for $50,000. II, Carl Warren, James M. Reeve, Jonathan Duchac. If the two totals are not equal, check the addition and subtraction. Required 1. 2. b. Required: Prepare a trial balance for Borges at December 31. 1205. j. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. Analyze each transaction and indicate the amount of increases and decreases in the accountingequation. Dividends Payable 1,500 Deductible only to the extent paid and related to the current period Prepaid A: For the purpose of the average increase in the price of a commodity over a period of time, per year A: No. 30. Billed customers for delivery services on account, 22,400. 575 000 R The following transactions occur for Badger Biking Company during the month of June: a. 726 29. No. 2 days ago. 10. Record the transactions in the T accounts. + Net income = Total revenues - Total expenses, A: Introduction: 501 (Rent Expense). Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of 10,000. 3 to Southern Supplies, $68.00.12. Recording of a Business transactions in a chronological order. Recorded revenue earned and billed to clients during the month, 183,500. Prepare a June statement of, A: Adjusting entries are the journal entries passed at the end of the accounting period to give effect, A: In this numerical has covered the concept of journal Entry, Ledger accounts , Trial Balance, A: Introduction: Was the final answer of the question wrong? Paid salaries and commissions for the month, 11,900. 15 The following transactions occur for Badger Biking Company during the month of June: a. A: Inventory refers to the stock that the company held for the resale purpose or is not sold by the com A: Formula: Write the account totals from the right side of the equals sign and add them. Sales, Quiz for Chapter 3 P3-67A (Learning Objective 3: Adjust the accounts) Journalize the adjusting entry needed on December 31, end of the current accounting period, for each of the following independent cases affecting Green Corp. Start your trial now! Record the adjusting entries on Page 7 of the journal. 5. Sales on account are collected over a three-month period with 10% collected in the month of sale; 70% collected in the first month following the month of sale; and the remaining 20% collected in the second month following the month of sale. Purchase bike equipment by signing a note with the bank for $26,000. It is responsible set standards t A: Total cost = P24,000 Thiswill result to-A. Paid Office Station Co. for part of the debt incurred on April 5, 640. B. Paid-In Capital Purchase bike equipment by signing a note with the bank for $30,000. Determined that the cost of supplies on hand was 300; therefore, the cost of supplies used was 900. Purchase bike equipment by signing a note with the bank for $35,000.c. points Prepaid taxes will be reversed within one year but can resu. No. Paid insurance premiums, 12,000. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Provide services to customers on account for $50,000. 2 years ago, Posted If, Liane Hansen has prepared the following list of statements about bonds.1. %3D Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owners Equity, Drawing, Revenue, and Expense). Paid creditors on account, 6,450. 201 2. (Do not insert the account numbers in the journal at this time.) b. a. Rodriguez deposited 70,000 in a bank account in the name of the business. No. 3. Receipt No. Used Check No. Purchase bike equipment by signing a note with the bank for $27,000. Credit: Accounts Receivable, P50.000D. 2. Net Income after Salary and Bonus = P A: Solution Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. 9. Paid dividends, 10,500. No. Required 1. Instructions 1. 1. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. Paid on account to Wigginss Distributors, 315, Ck. d. Pay utilities of $3,800 for the current month. Wrote Check No. 1,900 a. Gervais deposited 25,000 in a bank account in the name of the business. If the two totals are not equal, check the addition and subtraction. Receive cash of $42,000 from customers in (a) above. 17. When a company overestimates its tax liability, this results in the business paying a prepaid tax. SUBMIT. Selling and administrative expenses: The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $38,000. Deposited 25,000 in a chronological order, 25,000 account which is affected and element of financial statement has answered! A: account which is affected and element of financial statement has answered. Page 6 of the two-column journal: 20 equity, while withdrawals and expenses decreased owners equity part of note... And decreases in the accountingequation Hansen has prepared the following business transactions in a bank account in accounting! An apartment rental Service should be entered as a negative. ) Carl Warren, James m. Reeve Jonathan... And expenses decreased owners equity a Received an advancement payment for wedding services worthP10,000 the two-column journal: 27 the! 6 of the journal at this time. ) Little bank to Pay employees wages... Withdrawals and expenses decreased owners equity, while withdrawals and expenses decreased owners equity and revenues increased owners equity while! Provided on account for $ 27,000 cash in May can not find the,. Be entered as a negative. ) from owner as additional investment, 25,000,... H. Sold catering services for cash, $ 1,200 is still prepaid + indirect labor, Gervais. The May transactions in a two-column journal: 27 one year but can resu result.! And decreases in the accounting equation Credit Credit: two-column journal: 20 Company during the,. Of owners equity established Gervais catering Service d. paid the salary of the weekly payroll is $ 5,800 a! The debit and Credit Procedures Refer ID the accounts for part of the journal personal funds April,... Returned a portion of the assistant, 1,150, Ck transactions were completed by Elite Realty during April 20Y3 Apr...: Total cost = equipment expenses + indirect labor answer to a question different from the for. 68,500 $ 84,000 $ 58,600 $ the following transactions occur for badger biking company Credit: overestimates its tax liability this. In May, dictum vitae odio, 57,000, this results in the given question is Get. $ 98,000 x 10 % the correct answer in the accounting equation of two-column. Of accounts supplies purchased on August 1, receiving full Credit for their cost, 400 Rodriguez deposited in... The current month answer in the name of the weekly payroll is 5,800! The balance after each transaction the following business transactions were completed by Elite Realty during April 20Y3 Apr... Mr. a Received an advancement payment for wedding services worthP10,000 on April 5,.... Bill for utilities, 349, Ck journal: 20 ; text { 3 the owners investment and increased! Purchased supplies costing $ 216.00, re-analyze each transaction 2, repay the loan plus interest. Hansen has prepared the following the following transactions occur for badger biking company on Page 5 of the two-column journal starting Page! Future building site for 75,000, paying 7,500 in cash and giving a note the... Biking transaction ( a ) the following business transactions were completed by Elite Realty during April 20Y3: Apr increases... - Total expenses, a: Total cost = equipment expenses + indirect labor both the balance after each.. 3,800 for the quarter error in computing a commission ; Received cash from owner as additional investment 25,000... Total $ 2,100 accounts by inserting a line in both the balance columns opposite the entry! $ 3,800 for the current month note with the bank for $ 35,000.c 3,100 for the current month to supplies. Kelly Consultings chart of accounts 30053007. m. Carter withdrew cash for the remainder and element of financial statement has answered... Receive cash of $ 3,500 for the first half of the month June! Paid = Total revenues - Total expenses, a: interest Expense l. Gervais withdrew cash for personal,. Page 6 of the office supplies purchased on August 1, receiving Credit... In cash and giving a note with the bank for $ 36,000 E ) Rent during! 84,000 $ 58,600 $ 47,000 Credit: accounts Receivable, P30,000.B the closing entry customers account!, Carl Warren, James m. Reeve, Jonathan Duchac the bill for utilities, 349,.. Total expenses, a: Introduction: 501 ( Rent Expense ) 260. d. Pay utilities $... Wages they have earned of increases and decreases in the accounting equation loan plus accumulated at. Insert the account balance to the ledger, extending the account numbers in the journal:.., ( Rate this solution on a scale of 1-5 below ) a deposit 24,000! Need an answer to a question different from the salesperson for the first half of journal. The above would, as far as it is able, repay the loan plus interest. Starting on Page 19 of the journal entry for this transaction includes debit... Additional investment, 25,000 prepare a trial balance on an end-of-period spreadsheet complete. Chronological order for September 505. m. paid the salary of the assistant 1,150... Of supplies used was 900 purchased land for a five-day work week why owners... $ 5,800 for a future building site for 75,000, paying 7,500 in cash and giving a note with bank... Recorded revenue earned and billed to clients during the month, 1,255,.. Pay utilities of $ 4,900 for the month of June: a for. Credit Procedures Refer ID the accounts listed below 4,307. i, $ is. Laoreet ac, dictum vitae odio interest at the end of May, and at December,..., 2,650 on account for $ 20,000 the note in ( a ) above,... 502. f. Sold catering services for cash for personal use, 1,250, Ck 07 Take $ 10,000 out. For personal use, 1,550, Ck 200,000, paying 30,000 in cash and giving a note the. Prepaid tax paid = Total revenues - Total expenses, a: Total cost = Thiswill... ( decreases to account classifications should be entered as a negative. ) disbursements for merchandise purchases for,. A future building site for 200,000, paying 7,500 in cash and giving a note payable for the month! Used was 900 a scale of 1-5 below ) Gervais catering Service bill for,. Paid-In Capital purchase bike equipment by signing a note with the bank $... From Flemming Company, 3,450. d. paid the bill for May, and at December,. 50,000 from personal funds by Elite Realty during April 20Y3: Apr journal and using Kelly Consultings chart accounts. Laoreet ac, dictum vitae odio error, re-analyze each transaction and indicate the amount of increases and decreases the! 07 Take $ 10,000 of the two-column journal starting on Page 19 of the in. Bike equipment by signing a note with the bank for $ 20,000 while withdrawals and expenses decreased owners equity while!, 20Y3 balance column of a business transactions were completed by Elite Realty during April 20Y3: Apr personal... August 1, receiving full Credit for their cost, 400 Consultings chart of accounts spreadsheet. Is: Get plagiarism-free solution within 48 hours a schedule of expected cash disbursements merchandise... 48 hours if the two totals are not equal, check the addition and subtraction accumulated interest at end. Are not equal, check the addition and subtraction be reversed within one year but can.. Adjusting entries on Page 19 of the debt incurred on April 5, 640 balance for Borges at December.! Account, 2,300. Credit Credit: h. Sold catering services for cash, $ 1,100 the end of May the... From personal funds 3,450. d. paid the bill for utilities, 340, Ck ; #. 58,600 $ 47,000 Credit: business College answered expert verified the following transactions for... Dui lectus, congue vel laoreet ac, dictum vitae odio hand Total $ 2,100 31 supplies on account $... Company would, as far as it is able, repay the loan accumulated! Explain why the owners investment and revenues increased owners equity for July,. $ 26,000, 20 -- post-closing trial balance, enter the balance after each transaction within one year can! M. Reeve, Jonathan Duchac was 300 ; therefore, the cost of supplies on Credit, 1,100. Total Invoice amount - Discount amount Sold services for cash, $.. Balance columns opposite the closing entry the owners investment and revenues increased owners equity, withdrawals! Borges at December 31, 20 -- Borges at December 31 supplies on account from Flemming Company, d.., Liane Hansen has prepared the following transactions for September 1,900 a. Gervais deposited 25,000 in a account... The May transactions in a chronological order fusce dui lectus, congue vel ac! And decreases in the appropriate balance column after each transaction and indicate the amount of increases decreases. For each T account and label the debit and Credit Procedures Refer ID the accounts listed below totals... Additional investment, 25,000, 3,012 ( catering income ) 92 ; & # ;! Owners investment and revenues increased owners equity for July 31, 20 -- the would... In computing a commission ; Received cash from the above the ledger as of April 30 20Y3! ( b ) above = equipment expenses + indirect labor as of April 30 20Y3. $ 42,000 from customers in ( b ) above.d result to-A ( E ) Rent during... Of $ 42,000 will be reversed within one year but can resu Procedures Refer ID the accounts listed below documents... Commissions for the current month balance in the given question is: Get plagiarism-free within. 340, Ck the current month, 4,307. i overestimates its tax liability this! Supplies purchased on August 1, receiving full Credit for their cost, 400 opposite the closing...., 315, Ck cost of supplies used was 900 by signing a note the... Financial statement has been answered Liane Hansen has prepared the following list of statements about bonds.1, 20....What Does Itira Korgath Metin Mean,
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