Accounting Exercise: Cash Payments Journal

Assume the contract described above is signed on October 1 and Mr. Ledger’s fiscal year end is December 31. Prepare all the required journal entries for Mr. Ledger between these two dates. Jan. 1 The company received https://turbo-tax.org/how-to-view-previous-turbo-tax-files-2020/ $ 560,000 cash and $ 240,000 of office furniture in exchange for $ 800,000 of capital stock. Problem E Marc Miller prepared the following trial balance from the ledger of the Quick-Fix TV Repair Company.

July 1 The company issued $ 600,000 of capital stock for cash. 14 Supplies were purchased on account for use this month, $ 3,000. He started business with capital of Rs. 15,000 and Land worth Rs. 10,000. Step 1 – At the time of providing interest to the partner via his/her capital account. Example Part 2 – 2,000 rent received in the previous month to be adjusted this month.

Comments for Basic Accounting Journal Entries Exercise

The company has reviewed historical financial data and determined that 0.5% of all desks sold are returned for a refund. During the month of January, the company sold 800 desks. LO

6.3Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20.

Record all the appropriate entries required by the two companies for this consignment transaction. You can download the paper by clicking the button above. …We want our people to be themselves and to be bold enough to apply their talents as individuals.

Exercise 5.15

A debit of $ 16,000 for a semiannual dividend was posted as a credit to the Capital Stock account. 29 Paid the equipment repair bill received on the 19th, $ 225. 20 Received bill for gasoline purchased and used in January, $ 180. 15 Received and paid a bill for $ 430 for supplies used in operations. 3 Paid rent for August on a building and laundry equipment rented, $ 3,000. 13 Purchased $ 240 of supplies on account for use in December.

The professor purchased all of the materials for the job. Miscellaneous Expense (Account No. 568), with a balance of $ 3,200, was omitted from the trial balance. 31 Sales of delivery services on account amounted to $ 11,400.

SHORT ANSWER QUESTIONS, EXERCISES AND PROBLEMS

However, sold goods to Rehman & sons Rs. 1,500 and sale by cash Rs. 5,000.

Paid rent for the month of August Rs. 4,400 and accrued rent expenses was Rs. 600. Step 2 – At the time of transferring interest to the P&L appropriation account. Example Part 1 – Received 2,000 rent advance in Dec for next month. Step 2 – Adjustment entry when the prepaid expense expires. It may be possible to receive discounts from suppliers in certain situations for e.g. if a firm purchases in bulk or in case of early payment.

Unit 3: The Accounting Cycle

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6.7Record journal entries for the following purchase transactions of Flower Company. LO

6.4Record the journal entries for the following sales transactions of Apache Industries. LO

6.4Record journal entries for the following sales transactions of Flower Company.

17 Cash received for delivery services to date amounted to $ 1,800. The cash was received, and a note promising to return the $ 80,000 on 2010 May 30, was signed. 15 Purchased trucks for $ 150,000, paying $ 120,000 cash and giving a 60-day note to the dealer for $ 30,000.