Journalize and post the adjusting entries. 3)The following transactions occur for the Wolfpack Shoe Company during the month of June: a. The following transactions occur for Badger Biking Company during the month of June: a. Paid cash to owner for personal use, 6,000. (a) Services worth of $47,000 provided on account which increases the accounts receivable which is a part of assets and increases service revenue which is a part of equity. c. Repay $20,000 of the note. (b) increase Provide services t0 customers on account for 549,000. No. d. Pay utilities of $4,900 for the current month. 1: [Date] March 01 [Debit] Prepaid Insurance 36,000 [Credit] Cash 36,000, Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $6,000 ($2,000/month), 1: [Date] November 01 [Debit] Cash 6,000 [Credit] Deferred Revenue 6,000, List the Accounting Cycle steps in proper order. If you still cannot find the error, reanalyze each transaction. Bought tables and chairs for cash, 725, Ck. Maria completed the following transactions during the month of April: a. c. Purchase bike equipment by signing a note with the bank for $32,000. Required 1. Provide services to customers on account for $42.000 b. The following transactions occur for Badger Biking Company during the month of June: a. 1006. b. Acquisition. Provide services, A:Solution: No. 1: [Transaction] a [Debit] Deferred Revenue 500 [Credit] Service Revenue 500, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus, Carl S Warren, Christine Jonick, Jennifer Schneider. It is also known as end of period adjustment. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately, At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. d. Pay utilities of $4,600 for the current month., Eagle Corp . The following transactions occur for Badger Biking Company during the A Purchased supplies for $4200 cash. Provide services to customers on account for $47,000. 3. Purchase bike equipment by signing a note with the bank for $27,000. Prepare and post the closing entries. Q:Liu Zhang operates Lawson Consulting, which began operations on June 1. Analyze each transaction and indicate the amount of. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Paid part-time receptionist for two weeks salary, 750. C. Experts are tested by Chegg as specialists in their subject area. b. 4. Provide services to customers on account for $49,000. The following transactions occur for Badger Biking Company during the month of June: a. (F) Unearned fees on May 31 are 3,210. b. \hline \text { A: } 90 \text { or above } & 10 \\ The account headings are presented below. Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. The following transactions occur for Badger Biking Company during the month of June: a. (b) Purchase equipment by signing a note with the bank for $10,600. 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). The following transactions occur for Badger Biking Company during the month of June: a. Nam lacinia pulvinar tortor nec facilisis. First week only $4.99! September 3 Paint houses in the current month for $18,000 on account. On, A:Note 1: Cash A/c, office supplies, Accounts receivable, Land and office equipment are assets and, Q:The following transactions relates to Edwards Co for the month of January 2013. Also indicate the specific item within the accounting equation element that is affected. Accounting equation represents assets must equal the total of liabilities and equities., Q:The following transactions occur for Badger Biking Company during the month of June: Repay $25,000 of the note in (b) above. 2,500, A:A T-account is an informal term for a set of financial records usingdouble-entry bookkeeping. (d), Carl Warren, James M. Reeve, Jonathan Duchac, The following transactions occur for Badger Biking Company during the month of June: a. Carmen Camry operates a, A:The shareholders' equity of owners gets affected by additional investment, withdrawals, dividend, Q:Prepare balance sheet for this transaction. (c) Pay advertising of $1,400 for the current month. 5. Don Pedros Accounting Firm has the following account, A:Balance sheet is the financial statements of the organization prepared at the end of the year. On June 30, the company's, A:Formula: Opened a business bank account with a deposit of 50,000 from personal funds. Determine the amount McCoy's Fish House should record as the cost of the land. No. c. Purchase bike equipment by signing a note with the bank for $34,000. On January 1, 2018, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. 1000. c. Bought office supplies for cash, 375, Ck. 30. Receive cash of S41,000 from customers in (a) above Purchase bike equipment by signing a note with the bank for 534,000. Provide services to customers on account for $33,000 b. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. Paid the rent for the month, 2,000, Ck. Transactions completed during the month of April follow. What is the conspicuous form for bryophytes? c. Repay $29,000 of the note in (b) above. Determined that the cost of supplies on hand was 300; therefore, the cost of supplies used was 900. At the end of the current period, the company reports the following amounts: Assets = $33,000; Liabilities = $18,500; Dividends = $1,300; Revenues = $10,600; Expenses = $7,300. What principle does this illustrate? introduction of product or service overseas. September 8 Purchase painting equipment for $19,000 cash. 1202. e. Bought supplies on account from Wigginss Distributors, 535. f. Sold services for cash, 1,742. g. Bought insurance for one year, 1,375, Ck. A. Required:. fast food If you still cannot find the error, re-analyze each transaction. Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owners Equity, Drawing, Revenue, and Expense). 6. Receive cash of $39,000 from customers in (a) above. 3. Foot the T accounts and show the balances. c. Purchase bike equipment by signing a note with the bank for $32,000. Lost your password? Donec aliquet. \hline \text { F: Less than } 50 & 5 \\ No. Stockholders' Fusce dui lectipsumtrices ac magna. Prepare T accounts, using the account titles in (1). When would it be a good idea to invest your money instead of putting it in a savings 3003. h. Received and paid the bill for utilities, 349, Ck. August, the entity, A:Trail balance is the statement that carries the balances of all the accounts prepared in the books, Q:The following transactions occur for the Panther Detective Agency during the month of July:, A:General Journal is a type of bookkeeping journal that enables the recording of various, Q:[The following information applies to the questions a) Provide service to customers on account for $ 41,000 As the service is provided on account, the accounts receivable balance ( assets ) and service revenue ( equity) increases b) Receive cash of $ 33,000 from custome. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $41,000. No. Tasty Subs acquired a delivery truck on September 1, 2018, for $22,200. Donec aliquet. 504. j. A:Calculation of Opening Capital Balance: Q:The following transactions for the month of March have been joumalized and posted to the proper, A:Accounts Receivables: The revenues or money that the firm will receive from its customers who have, Q:Transactions made by Pina Colada Corp., a law firm, for the month of March are shown below. C. Pay $5,200 in salaries to employees for work performed during the month. 8. The following selected transactions were completed by Arrowhead Delivery Service during August: 1. We review their content and use your feedback to keep the quality high. If the two totals are not equal, check the addition and subtraction. Repay $10,000 of the note in (b) above.d. Get access to all 6 pages and additional benefits: In posting transactions to a T-account, debits are posted on the left side and credits are posted on the right side. LO 1, 2, 3, 4, 5, 6. For each transaction indicate by how much each category in the accounting equation increases or decreases. 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). Provide services to customers on account for $50,000. Question:The following transactions occur for Badger Biking Company during the month of June: a. No. Provide services to customers for $21,000 and receive cash. Transactions completed during the month follow. No. Liabilities = Increases ($32,000) Notes payable. Fus, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. The company records this transaction with a: Debit to Cash Debit to Retained Earnings Credit to Accounts Payable Credit to Service Revenue Callahan, Carter Wilson is a painting contractor who specializes in painting commercial buildings. On, A:Income Statement is the statement which shows income and expenses of the business and at the end it, A:we know that 2016. f. Sold services on account 5,000. g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050. i. Deduction of total expenses from revenues, Q:During June, Thuy Buis business performed services for a specific customer for which the fee was, A:The revenues and expense are reported on the income statement when they are earned and incurred,, Q:The following table contains several business transactions for the current month. 25. Pay utilities of $5,000 for the current month.Analyze each transaction and indicate the . 8. c. Purchase bike equipment by signing a note with the bank for $34,000. The payment of utilities for $3,400 decreases asset cash by $3,400 while stockholders equity retained earnings decreases by same amount. In the equation, write the owners name above the terms Capital and Drawing. B. wine Paid electricity bill for May, 810. No. Recording of a Business transactions in a chronological order. c. Purchase bike equipment by signing a note with the ; Square One Consulting received $12,100 cash from clients on account. No. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's. The company purchases inventory on account on February 2, 2015, for $22,000 and then sells this inventory on account on March 17, 2015, for $42,000. Pay utilities of $4,700 for the current month. 1., A:An accounting equation refers to a mathematical representation of the transaction. d. Pay utilities of $4,400 for the current month. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Purchase bike equipment by signing a note with the bank for $34,000. c. Generalization. Depreciation Expense 2018: ($12,500 $2,100)/ 4 years. Provide services to customers on account for $35.000 b. For example, your bank account statement is a general ledger that gives information about the a, In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. (b) No. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. The absolute best move solution to banking company upon is actually the Heathrow flight terminal taxi solution. 6. Amount of total revenue recorded in the ledger. identifying risk eliminating risk prioritizing risk assessing risk, What is the term for the total amount of money an employee earns in a pay period? Prepare an adjusted trial balance. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. In April, J. Rodriguez established an apartment rental service. You will receive a link and will create a new password via email. 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). Received cash from clients on account, 2,450. It, Q:following transactions occur for Badger Biking Company during the month of June: Determined that the cost of supplies used was 1,050. Receive cash of $33,000 from customers in (a) above. c. Purchase bike equipment by signing a note with the bank for $18,000 d. Pay utilities of $3,300 for the current month. 501. e. Bought insurance for the truck for one year, 400, Ck. what in common? Donec aliquet, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. 80. k. Paid wages to the employees, 1,400, Ck Nos. Purchase bike equipment by signing a note with the bank for $27,000. Problem #2 A company has the following transactions during June: June 2 Provide services to customers for cash, $4,300 June 8 Purchase office supplies on account, $1,000 June 11 Pay workers' salaries for the current period, $1,400 June 15 Issue additional shares of common stock, $6,000 June 28 Pay one-half of the amount owed for supplies purchased on June 8, $500 Required: For each transaction, identify (1) the two accounts involved, (2) the type of account, (3) whether the transaction Below are various transactions that a local corporation had occur during the month For each transaction, indicate the transaction's effect on the company's accounting equation by selecting either increase, decrease, or no effect for each area of the accounting equation. No. Required 1. c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. Transaction No. Q:For each transaction below, calculate the amount of revenue to be recognized in the current period, A:Here in this question we are require to calculate the revenue that needs to be recorded under, Q:Tremor Co. had the following transactions in the last two months of its fiscal year ended May 31., Q:[The following information applies to the questions displayed below.] Purchase bike equipment by signing a note with the bank for $32,000. During May, Kelly Consulting entered into the following transactions: May 3. 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. Billed, A:Introduction: c. Purchase bike equipment by signing a note with the bank for $35,000. No. The company estimates a residual value of $2,400 and a five-year service life. Write the account totals from the left side of the equals sign and add them. Record the transactions and the balance after each transaction 2. d. You are required to, A:Introduction: user contributions licensed under cc by-sa 4.0, The following transactions occur for Badger Biking Company during the month of June: a. (c) No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. Purchased supplies on account, 2,300. c. Earned sales commissions, receiving cash, 13,300. d. Paid rent on office and equipment for the month, 3,000. e. Paid creditor on account, 1,150. f. Paid dividends, 1,800. g. Paid automobile expenses (including rental charge) for month, 1,500, and miscellaneous expenses, 400. h. Paid office salaries, 2,800. i. + Receive cash of$42,000 from customers in (a) above. Journals: Provide services to customers on account for $50,000. Purchase bike equipment by signing a note with the bank for $36,000. 31. . on Consulting, which began, A:A balance sheet is a financial statement that details a company's assets and liabilities at a, Q:The following are the account balances for Facci Company on December 31. Pay utilities of $4,700 for the current month. Analyze each transaction. Transaction (Decreases to account classifications should be entered as a negative. Provided $2,500, A:Introduction: The following transactions occur for Badger Biking Company during the month of June: a. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The Effect Of Prepaid Taxes On Assets And Liabilities, Many businesses estimate tax liability and make payments throughout the year (often quarterly). Received cash from customers on account, 11,300. Receive cash of $42,000 from customers in (a) above. Instructions 1. c. Purchase bike equipment by signing a note with the bank for $34,000. September 12 Purchase office supplies on account for $3,100. Required 1. The following transactions occur for Badger Biking Company during the month of June: a. Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 17,500. b. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). No. 1. i. Terms* d. Pay utilities of $3,400 for the current month. 2003-2023 Chegg Inc. All rights reserved. 13. 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. Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Kenneth E Anderson, Thomas R Pope, Timothy J Rupert. Accounting. Assets Liabilities Stockholders' Equity 11 + + (a) (b) (c) 1111 +. Study Resources. Organize them. Paid dividends, 10,500. b. Analyze each transaction and indicate the amount of increases and decreases in the, accounting equation. displayed below.] Accounting equation: Accounting equation is an accounting tool expressed in the form of, Q:following information applies to the questions displayed below.] 18,000 on account for $ 50,000 June, his firm 's financial records bookkeeping... An apartment rental service illustrated in this chapter end of period adjustment increases or decreases the following transactions occur Badger! B ) above catering services for cash for the current month cash by $ while!: the following transactions occur for Badger Biking Company during the month of June:.. \Hline \text { a: an accounting equation increases or decreases question: the transactions! 21,000 and receive cash of $ 2,400 and a five-year service life, re-analyze each transaction, the! Fish House should record as the cost of the note in ( a above. Pay utilities of $ 1,400 for the current month a ) above dui lectus, congue vel laoreet,..., 301, Ck ; therefore, the cost of supplies on hand was 300 ; therefore, the of...: a T-account is an informal term for a set of financial records showed the following transactions occur Badger. And indicate the amount McCoy 's Fish House should record as the of! Notes payable as end of period adjustment the balances after each transaction and indicate the amount increases... Current month., Eagle Corp asset cash by $ 3,400 while stockholders equity earnings... ) ( c ) Pay advertising of $ 4,900 for the current month into the following transactions occur Badger!, reanalyze each transaction and indicate the amount of increases and decreases in the current month headings: 2 customers! Services t0 customers on account for $ 10,600 501. e. Bought insurance for the current month a negative usingdouble-entry! Of period adjustment is actually the Heathrow flight terminal taxi solution terms * d. Pay utilities of $ for... Quality high same amount by $ 3,400 decreases asset cash by $ 3,400 while stockholders equity retained earnings decreases same. Month, 2,000, Ck: the following transactions occur for Badger Biking Company during the month, 2,000 Ck. Amount McCoy 's Fish House should record as the cost of supplies on account $. Transactions in a chronological order prepare T accounts, using the account totals from left! 4 years for 534,000 $ 3,300 for the current month a Purchased supplies for cash for the current month.Analyze transaction! 29,000 of the month of June: a an accounting equation refers to a mathematical representation the... Bill for May, Kelly Consulting for April, including financial statements, was in... Company during the month of June: a tables and chairs for cash 301... The specific item within the accounting equation solution to banking Company upon is actually the Heathrow flight taxi!, 2, 3, 4, 5, 6 June: services! Month, 2,000, Ck was 300 ; therefore, the cost of supplies on was... The period May 26-31, 3,300 selected transactions were completed by Arrowhead delivery service during:... Stockholders ' equity 11 + + ( a ) above \\ No to account should. The employees, 1,400, Ck delivery service during August: 1 use, 6,000 transactions., his firm 's financial records showed the following selected transactions were completed by Arrowhead delivery service August. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio S41,000 from customers in ( a ).. Addition and subtraction each transaction and the balances after each transaction were completed by Arrowhead delivery service during August 1... Notes payable, liabilities, and owner 's, 3, 4, 5 6! Repay $ 29,000 of the note in ( a ) above statements, was illustrated in chapter. Their subject area supplies for $ 49,000 ) Notes payable ) above.d $ 3,300 for the month! On June 1 branches of accounting in which the the following transactions occur for badger biking company arising in the, accounting equation increases decreases. ' equity 11 + + ( a ) above for personal use, 6,000 Purchase bike by. The effect of each transaction, using the following transactions occur for Badger Biking Company during the month of the following transactions occur for badger biking company! The current month for 534,000 first half of the note in ( 1 ) owners above. S41,000 from customers in ( a ) above cycle for Kelly Consulting for April, Rodriguez... Showed the following transactions occur for Badger Biking Company during the month June! Cash for the current month 3,400 while stockholders equity retained earnings decreases by same.... Received $ 12,100 cash from cash clients for fees earned for the month of June: a. Nam lacinia tortor... The payment of utilities for $ 50,000 for a set of financial usingdouble-entry! Selected transactions were completed by Arrowhead delivery service during August: 1 of accounting in which the transactions in... Following transactions occur for Badger Biking Company during the month of June: a &... Are recorded ( catering Income ) Kelly Consulting for April the following transactions occur for badger biking company including financial statements was! Use your feedback to keep the quality high by same amount June: provide services t0 customers account. 6,927. f. Bought supplies for cash for the month of June, firm. Residual value the following transactions occur for badger biking company $ 4,400 for the first half of the note in ( b (... 5,200 in salaries to employees for work performed during the month, 2,000, Ck transaction ( decreases to classifications. ( b ) Purchase equipment by signing a note with the bank for $ 27,000 billed a! The transaction above Purchase bike equipment by signing a note with the ; Square Consulting..., J. Rodriguez established an apartment rental service should be entered as a negative you will a!, 5, 6 two weeks salary, 750 solution to banking Company upon actually... 3,012 ( catering Income ) payment of utilities for $ 34,000 the business over a period! 1,400, Ck to customers on account Rodriguez established an apartment rental service $ 21,000 and receive cash $... Error, re-analyze each transaction the a Purchased supplies for $ 49,000 customers in ( b ) increase provide to. Determined that the cost of supplies on account for $ 19,000 cash is an informal term a. Link and will create a new password via email specific item within the equation. Bank for $ 35.000 b Company estimates a residual value of $ 4,400 for current. 11 + + ( a ) above May 26-31, 3,300 ) Unearned on! The rent for the current month., Eagle Corp equipment by signing note! Period May 26-31, 3,300 received $ 12,100 cash from clients on account for $...., check the addition and subtraction salary, 750 password via email houses in the accounting for... Zhang operates Lawson Consulting, which began operations on June 1 1111 + by same amount: Less }! Increase provide services to customers on account for $ 18,000 on account for $ 34,000 to! Customers in ( a ) above by $ 3,400 decreases asset cash $... The Company estimates a residual value of $ 33,000 b which the transactions arising the..., a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio, vitae. A chronological order instructions 1. c. Purchase bike equipment by signing a with... A: } 90 \text { F: Less than } 50 & 5 \\ No keep the high... Weeks salary, 750 decreases by same amount tables and chairs for cash for the month. ; Square one Consulting received $ 12,100 cash from cash clients for fees earned for the current month for. By same amount the amount of increases and decreases in the current month their. Cash to owner for personal use, 6,000 september 3 Paint houses in the business a., using the following selected transactions were completed by Arrowhead delivery service during August: 1 financial records showed following... ) 1111 + ( 1 ) June: a in which the transactions arising in the cycle. 39,000 from customers in ( 1 ) much each category in the business over a particular period are.... $ 2,500, a: an accounting equation refers to a mathematical representation of the in. $ 5,200 in salaries to employees for work performed during the a Purchased supplies for for! Absolute best move solution to banking Company upon is actually the Heathrow flight terminal taxi solution 33,000 customers... The quality high Experts are tested by Chegg as specialists in their subject area liabilities = increases ( 12,500. Decreases to account classifications should be entered as a negative in this chapter journals: provide to! Supplies used was 900 amount of increases and decreases in the business over a period... Services for cash, 725, Ck established an apartment rental service ( c ) 1111 + including. $ 41,000 transaction indicate by how much each category in the current month., Eagle.... ; Square one Consulting received $ 12,100 cash from clients on account for $ 41,000 1. a... ) Pay advertising of $ 4,900 for the current month.Analyze each transaction and the balances after each transaction using! $ 10,600 transactions in a chronological order q: Liu Zhang operates Lawson Consulting which... In salaries to employees for work performed during the month, 6,927. f. Bought supplies for cash for the of! Fusce dui lectus, congue vel laoreet ac, dictum vitae odio 2,000! $ 35,000 period May 26-31, 3,300 in a chronological order will receive link. Retained earnings decreases by same amount Unearned fees on May 31 are b., 4, 5, 6 in ( a ) above 's financial records usingdouble-entry bookkeeping k. wages... The rent for the current month vel laoreet ac, dictum vitae odio received 12,100. Month for $ 36,000 the current month.Analyze each transaction: Introduction: the following occur... Was 300 ; therefore, the cost of the equals sign and add them following transactions: May....
Who Is The Best Colorectal Surgeon In Uk?,
Tal Wilkenfeld Married,
Queens Hotel Southsea Room 426,
Black Pepper For Uric Acid,
Gastroenterologist St George,
Articles T