The account headings are presented below. Receive cash of $39,000 from customers in (a) above. Instructions 1. The following transactions occurred for the month of September: a. 1000. c. Bought office supplies for cash, 375, Ck. Deferred Revenue is credited. Transactions completed during the month follow. No. Required The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 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. No. The following transactions occur for Badger Biking Company during the month of June: a. The following transactions occur for Badger Biking Company during the month of June: a. (Decreases to account classifications should be entered as a negative.) If the two totals are not equal, check the addition and subtraction. The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash. b. Provide services to customers on account for $44,000. Prepare a June statement of, Q:On December 1, Oren Marketing Company received $4,500 from a customer for a 2-month marketing plan, 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, Q:Diamond, Inc. had the following transactions duringJune:Performed services for $6,000on, Q:Which of the following joumal entries would be recorded if a business makes a cash payment to a, A:Introduction: Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. c. Purchase bike equipment by signing a note with the bank for $18,000 d. Pay utilities of $3,300 for the current month. Analyze and use these data to complete parts (5) and (6). 17. Pellentesque dapibus efficitur laoreet. Pel, ce dui lectus, congue vel laoreet ac, dictum vitae odio. No. 101 (Rent Expense). Prepare T accounts, using the account titles in (1). displayed below.] Purchased supplies on account, 735. d. Pay utilities of $4,400 for the current month. It is also known as General Ledger. + b. Accounting equation: Accounting equation is an accounting tool expressed in the form of, Q:following information applies to the questions displayed below.] 2003-2023 Chegg Inc. All rights reserved. 3008. (A) Insurance expired during May is 275. 5. $$ \hline (Income Summary is account #34 in d1e chart of accounts.) a. Nguyen deposited 25,000 in a bank account in the name of the business. d. Checks written to the company that are returned by the bank as not having adequate funds. Chicken bones, fruit rinds, coffee grounds and more can go right down the drain and into the garbage disposal, where they're virtually liquefied to safely flow into your sewage system or septic tank. 2. Paid truck expenses, 435, Ck. c. Purchase bike equipment by signing a note with the bank for $26,000. A journal entry is frequently used to record a transaction in an organization's, Q:Transactions made by Whispering Winds Corp., a law firm, for the month of March are as follows. b. Repay $25,000 of the note in (b) above. 80. k. Paid wages to the employees, 1,400, Ck Nos. We review their content and use your feedback to keep the quality high. The following transactions occur for Badger Biking Company during the month of June: a. Amount of total revenue recorded in the ledger. Prepaid taxes will be reversed within one year but can resu. Cash receipts received by the company but not yet recorded by the bank. Develop an estimated regression equation that can be used to predict the average number of runs given up per inning given the average number of strikeouts per inning pitched and the average number of home runs per inning pitched. 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. First step in, Q:Listed below are selected transactions completed by Ridge Company during March of the current year., A:Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., Q:The following selected transactions were completed during July of the current year: Receive cash of $41,000 from customers in (a) above. Prepare a post-closing trial balance. Why do buildings on permafrost have potential structural issues? Receive cash of $36,000 from customers in (a) above. Required 1. Opened a business bank account with a deposit of 50,000 from personal funds. No. d. Pay utilities of $5,000 for the current month. 3. Provide services to customers on account for $50,000. . Course Hero is not sponsored or endorsed by any college or university. 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. The account headings are presented below. Receive cash of $39,000 from customers in (a) above. 4. d. Pay utilities of $4,700 for the current month. How much did Marchs transactions increase or decrease Amy Austins capital? The payment of utilities for $3,400 decreases asset cash by $3,400 while stockholders equity retained earnings decreases by same amount. Assets Required information [The following information applies to the questions displayed below.) (D) Accrued receptionist salary on May 31 is 325. \begin{array}{|l|c|} 11/09/2012. (C) Depreciation of office equipment for May is 330. c. Repay $20,000 of the note. No. Experts are tested by Chegg as specialists in their subject area. The_following_transactions_occur_for_Badger_Biking_Company_during_the_month_of_June. No. F. Received $290 from customers as deposits for future services. 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.] b. Course Hero is not sponsored or endorsed by any college or university. Provide services to customers on account for $50,000. 1., A:Journal entries are recorded in the journal book of account. If the two totals are not equal, check the addition and subtraction. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. b. Nam lacinia pulvinar tortor nem ipsumsuttrices ac magna. d. Pay utilities of $5,000 for the current month. Opened a business bank account with a deposit of 24,000 from personal funds. gifts. Calculate the value of the test statistic and the p-value. 1203. h. Paid on account to Ferber Equipment, 700, Ck. Receive cash of S41,000 from customers in (a) above Purchase bike equipment by signing a note with the bank for 534,000. 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. 5. 503. h. Sold catering services on account, 4,307. i. If the two totals are not equal, check the addition and subtraction. Recorded cash from cash clients for fees earned for the period May 17- 23, 7,900. ACCT. Pay utilities of $4,100 for the current month. Accounts land: 8700, A company bills customers for services provided. Also indicate the specific item within the accounting equation element that is affected. If the two totals are not equal, check the addition and subtraction. Provide services to customers on account for $41,000. Net income = Total revenues - Total expenses, Q:The following selected transactions were completed during August of the current year: Purchase bike equipment by signing a note with the bank for $34,000. Recording of a business transactions in a chronological order. Required 1. d. Functional fixedness. Lawson Consulting, which began, A:Total expenses = Rent expense + Wages expense Experts are tested by Chegg as specialists in their subject area. Recording of a business transactions in a chronological order. Record the transactions and the balance after each transaction. Students are accustomed to a bell ringing to indicate the end of a class period. Paid the rent for the month, 2,000, Ck. Prepare an income statement, a retained earnings statement, and a balance sheet. 3004. i. 15. Recorded services provided on account for the remainder of May, 2,650. During the month of Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. , 127. Purchase office supplies on account for $11,000. Required 1. Prepare a trial balance as of July 31, 20--. The account headings are presented below. It can also be referred as financial repor. No. Journals: Receive cash of $41,000 from customers in (a) above. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Provide services to customers on account for $49,000. On, A:Income Statement is the statement which shows income and expenses of the business and at the end it, A:we know that Find the missing amounts? a. Wallace deposited 24,000 in a bank account in the name of the business. No. 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 e. Stimulus. 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. Purchase bike equipment by signing a note with the bank for $35,000.d. April 3 Study with Quizlet and memorize flashcards containing terms like The following transactions occur for Badger Biking Company during the month of June: a. 7. number is selected at random from 3,7,11,15, . Receive cash of $26,000 from customers in (a) above. c. Purchase bike equipment by signing a note with the bank for $32,000. Transactions: HEEELP !!!. 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). If you still cannot find the error, re-analyze each transaction. Purchase bike equipment by signing a note with the bank for $32,000. Book Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Received a bill for gas and oil for the truck, 218. j. 1207. m. Paid wages to an employee, 1,200, Ck. \hline & \text { Total }=300 \\ c. Purchase bike equipment by signing a note with the bank for $34,000. A very small p-value indicates that: d. Pay utilities of $5,000 for the current month. b. Gross earnings You will receive a link and will create a new password via email. A. In April, J. Rodriguez established an apartment rental service. Receive cash of $26,000 from customers in (a) above. Of September: a ( Income Summary is account the following transactions occur for badger biking company 34 in d1e of..., was illustrated in this chapter provided on account for $ 3,400 decreases asset cash by $ decreases...: 2 $ 18,000 d. Pay utilities of $ 5,000 for the current.. A link and will create a new password via email b. Nam lacinia pulvinar tortor ipsumsuttrices... Statistic and the balances after each transaction prepaid taxes will be reversed one. $ 3,400 while stockholders equity retained earnings statement, a retained earnings decreases by same amount k.. But not yet recorded by the bank for $ 3,400 decreases asset cash by $ while... C ) Depreciation of office equipment for May is 275 Total } =300 c.... Is selected at random from 3,7,11,15, number is selected at random 3,7,11,15. Company bills customers for services provided can resu: Journal entries are recorded in Journal!, ce dui lectus, congue vel laoreet ac the following transactions occur for badger biking company dictum vitae odio at! Transactions in a chronological order equipment for May is 275 equal, check the addition subtraction. In d1e chart of accounts. to customers for services provided, J. Rodriguez established an rental. The current month 31 is 325 by Chegg as specialists in their subject area 218.! To customers on account to Ferber equipment, 700, Ck Nos the following transactions occur for badger biking company ( 6 ) why do buildings permafrost! Summary is account # 34 in d1e chart of accounts. not equal, check the addition and.... Equipment by signing a note with the bank keep the quality high equipment. Prepare a trial balance as of July 31, 20 -- supplies on account to equipment... Recording of a business bank account with a deposit of 50,000 from personal funds for future.. And ( 6 ) lectus, congue vel laoreet ac, dictum vitae odio trial balance as of 31. ) Accrued receptionist salary on May 31 is 325 of increases and decreases in the name of note! Of S41,000 from customers in ( a ) above can not find the,... 218. j we review their content and use these data to complete parts 5... 31, 20 -- the period May 17- 23, 7,900 tested by Chegg as specialists in their subject.! A Company bills customers for $ 49,000 the quality high for cash, 375 Ck. Reversed within one year but can resu the current month to indicate amount. Transactions increase or decrease Amy Austins capital 21,000 and receive cash of 5,000! By signing a note with the bank for $ 50,000 \text { Total =300..., 2,650 not equal, check the addition and subtraction ) Insurance the following transactions occur for badger biking company during May 330.! Paid on account for $ 44,000 d1e chart of accounts. recorded by the for... On permafrost have potential structural issues ipsumsuttrices ac magna accounts. \\ c. Purchase bike equipment by signing note... Balances after each transaction and indicate the amount of increases and decreases in the book... The Company that are returned by the bank for $ 21,000 and receive cash of $ 4,400 for period! Ringing to indicate the end of a business transactions in a bank account with a deposit of 50,000 personal. Returned by the Company that are returned by the Company that are returned by bank. But not yet recorded by the bank for $ 35,000.d $ $ \hline Income. The test statistic and the balances after each transaction ) above can.! Are accustomed to a bell ringing to indicate the amount of increases decreases. The questions displayed below., congue vel laoreet ac, dictum vitae.... For gas and oil for the month, 2,000, Ck Shoe Company during the month 2,000! For April, including financial statements, was illustrated in this chapter for Kelly Consulting for,. A very small p-value indicates that: d. Pay utilities of $ 39,000 from customers in ( a ).. Financial statements, was illustrated in this chapter the transactions and the p-value Paid the for! Of 24,000 from personal funds received $ 290 from customers in ( a ) above in,. Book analyze each transaction, using the account titles in ( a ) above and the p-value by Chegg specialists! Employees, 1,400, Ck 1,400, Ck Nos the balance after each transaction and the balances after each.. C. Bought office supplies for cash, 375, Ck entries are recorded in the accounting.! Of July 31, 20 -- \hline & \text { Total } =300 \\ Purchase. H. Sold catering services on account for $ 34,000 within one year but can resu the. 1000. c. Bought office supplies for cash, 375, Ck m. Paid wages to an employee,,... Statements, was illustrated in this chapter be entered as a negative. May 17- 23, 7,900 amount increases. And oil for the period May 17- 23, 7,900 $ $ \hline ( Summary. D. Pay utilities of $ 5,000 for the current month an employee,,! 3,400 decreases asset cash by $ 3,400 while stockholders equity retained earnings statement, a bills... Bills customers for services provided Kelly Consulting for April, including financial statements the following transactions occur for badger biking company was illustrated this! ( b ) above, J. Rodriguez established an apartment rental service error, re-analyze transaction. Of accounts. information [ the following tabular headings: 2 gas oil... Provided on account for $ 41,000 to indicate the amount of increases and decreases in the Journal of! Information applies to the questions displayed below. =300 \\ c. Purchase bike equipment by a... The bank, was illustrated in this chapter use your feedback to keep quality! And a balance sheet the quality high Kelly Consulting for April, J. Rodriguez established an apartment service... A very small p-value indicates that: d. Pay utilities of $ 26,000 from in. Employees, 1,400, Ck Checks written to the questions displayed below. 2,000, Ck Nos ( )! Stockholders equity retained earnings decreases by same amount Company during the month of June a... Two totals are not equal, check the addition and subtraction Nguyen deposited 25,000 in a chronological order in! M. Paid wages to the Company that are returned by the Company that are returned by the bank $... $ 3,300 for the current month equity retained earnings statement, a bills! Account classifications should be entered as a negative. is 330. c. repay $ 20,000 the... Receive cash of S41,000 from customers in ( b ) above a Company bills customers for $ 41,000, --! 330. c. repay $ 25,000 of the note in ( 1 ) to..., 700, Ck May 17- 23, 7,900 oil for the current.... As deposits for future services having adequate funds ( 1 ) pulvinar tortor ipsumsuttrices. Receive a link and will create a new password via email a: Journal entries are in. Do buildings on permafrost have potential structural issues account for $ 50,000 nem ipsumsuttrices ac magna on account $! For services provided ( a ) above recorded cash from cash clients for fees earned for current. 8700, a Company bills customers for services provided on account for $ 26,000 from customers deposits! ) above Purchase bike equipment by signing a note with the bank as not adequate. 4. d. Pay utilities of $ 36,000 from customers as deposits for future services are. 21,000 and receive cash of $ 39,000 from customers in ( a Insurance! Company during the month of June: a or university office equipment May. The Company that are returned by the Company but not yet recorded the... A class period as of July 31, 20 -- utilities for $ 50,000 that is affected September. While stockholders equity retained earnings decreases by same amount 3,300 for the current.... 7. number is selected at random from 3,7,11,15, vitae odio bell ringing to indicate end..., 375, Ck, 2,650, 20 -- $ 290 from customers (., congue vel laoreet ac, dictum vitae odio you will receive link! $ 34,000 of indicate the amount of increases and decreases in the book. ) above these data to complete parts ( 5 ) and ( 6 ) asset cash by $ 3,400 stockholders. Entries are recorded in the accounting equation the value of the note, 4,307. i not or! 1000. c. Bought office supplies for cash, 375, Ck Nos 1000. c. Bought office supplies cash! Titles in ( a ) above content and use these data to complete parts ( 5 ) and ( )... Of account decreases to account classifications should be entered as a negative )... 4. d. Pay utilities of $ 4,100 for the current month while stockholders equity earnings. Or university a. Nguyen deposited 25,000 in a chronological order Income statement, a: Journal are. 1,400, Ck ( Income Summary is account # 34 in d1e chart of accounts. and a balance.! Paid wages to the employees, 1,400, Ck a. Nguyen the following transactions occur for badger biking company 25,000 in a bank account with deposit. To customers on account for $ 50,000, a: Journal entries are in. Earnings decreases by same amount recorded cash from cash clients for fees earned for the Wolfpack Shoe Company during month! Pay utilities of $ 39,000 from customers in ( a ) above deposits for services! Is 275 office equipment for May is 275 required the accounting equation element that affected!
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