Recording Nonquantitative Journal Entries The following list includes a series of accounts for Sanjeev Corporation, which has
Question:
The following list includes a series of accounts for Sanjeev Corporation, which has been operating for three years. These accounts are listed and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, write none after the transaction. The first transaction is used as anexample.
Transcribed Image Text:
Account No. Account Title Account No. Account Title Cash 9. Wages Payable Income Taxes Payable Contributed Capital Retained Eamings Service Revenue Operating Expenses (wages, supplies) Income Tax Expense Interest Expense Accounts Receivable 10 Supplies Prepaid Expenses Equipment 11 12 13 6. Patents 14 Accounts Payable Note Payable 15 16 Transactions Debit Credit a. Example: Purchased equipment for use in the business; paid one-third cash and signed a note payable for the balance. b. Paid cash for salaries and wages eamed by employees this period. c. Paid cash on accounts payable for expenses incurred last period. d. Purchased supplies to be used later; paid cash. e. Performed services this period on credit. f. Collected cash on accounts receivable for services performed last period. g. Issued stock to new investors. h. Paid operating expenses incurred this period. i. Incurred operating expenses this period to be paid next period. j. Purchased a patent (an intangible asset): paid cash. k. Collected cash for services performed this period. 1. Used some of the supplies on hand for operations. m. Paid three-fourths of the income tax expense incurred for the year; the balance will be paid next year. n. Made a payment on the equipment note in (a); the payment was part principal and part interest expense. o. On the last day of the curent period, paid cash for an insurance policy covering the next two years. 5. 1, 8
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
Transactions Debit Credit a Example Purchased equipment for use in the business paid onethird cash a...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The following list includes a series of accounts for Sanjeev Corporation, which has been operating for three years. These accounts are listed and numbered for identification. Following the accounts...
-
The following list includes a series of accounts for B- ball Corporation, which has been operating for three years. These accounts are listed alphabetically and numbered for identification. Following...
-
The following list includes a series of accounts for B-Ball Corporation, which has been operating for three years. These accounts are listed alphabetically and numbered for identification. Following...
-
Find a harmonic function (x, y) in the right-half plane x > -1 such that on the boundary (-1, y) = 0, y
-
Nike uses the perpetual inventory system and sells $300,000 of sporting goods to Sears under credit terms of 1/10, net 30 on April 10, 2017. Nike's cost of the goods is $210,000, and it receives the...
-
On January 2, 2019, Twilight Hospital purchased a $100,000 special radiology scanner from Bella Inc. The scanner had a useful life of 4 years and was estimated to have no disposal value at the end of...
-
Name the various components of an I.C. engine.
-
A severe winter ice storm has swept across North Carolina and Virginia followed by more than a foot of snow and frigid, single-digit temperatures. These weather conditions have resulted in numerous...
-
As a health coach dealing with obese individuals, Give one example of a time you deferred to your group or family culture to make a moral decision.?
-
The following list of balance sheet items are in random order for Wilson Farms, Inc., at September 30, 2011: Instructions a. Prepare a balance sheet by using these items and computing the amount for...
-
Computing and Explaining the Total Asset Turnover Ratio The following data are from annual reports of Jens Jewelry Company: Compute Jens total asset turnover ratio for 2012 and 2011. What do these...
-
Recording Journal Entries Ryan Terlecki organized a new Internet company, CapUniverse, Inc. The company specializes in baseball-type caps with logos printed on them. Ryan, who is never without a cap,...
-
Create and test an HTML document that describes an unordered list of at least five popular books. The bullet for each book must be a small image of the book's cover. Find the images on the Web.
-
The Jasmine Tea Company purchased merchandise from a supplier for $ 3 6 , 9 0 2 . Payment was a noninterest - bearing note requiring Jasmine to make five annual payments of $ 9 , 0 0 0 beginning one...
-
Briefly explain why it is that firm 1 could increase its individual profits by increasing production from the cartel solution but that cartel itself could not increase profits by increasing production
-
provide program called FindSmallest to create a 1D array with 10 integer variables. The value of each integer variable in the 1D array is a random number between 1 and 100. After the 1D array is...
-
On January 1, 2022, Kingbird Outfitters signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of R$3,920,000. It was estimated that it would take 3 years...
-
A restaurant advertises a range of drinks using imported dairy-free coconut drink as part of its cuisine theme. The drinks are served unpackaged with a variety of mixers and garnishes. Due to a stock...
-
What will be necessary for Rent the Runways competitors to gain success? What do you think of efforts such as the retailers using CaaStle, Urban Outfitters effort to build its own fulfillment and...
-
The Place-Plus real estate development firm in Problem 24 is dissatisfied with the economists estimate of the probabilities of future interest rate movement, so it is considering having a financial...
-
The Consumer Price Index (CPI) is a measure of the average change in prices over time from a designated reference period, which equals 100. The index is based on prices of basic consumer goods and...
-
The financial statements of Zetar plc are presented in Appendix C. The companys complete annual report, including the notes to its financial statements, is available at www.zetarplc.com. Visit Zetars...
-
Explain sustainable income. What relationship does this concept have to the treatment of irregular itemson the income statement?
-
Duncan Inc. reported 2011 earnings per share of $3.26 and had no extraordinary items. In 2012, earnings per share on income before extraordinary items was $2.99, and earnings per share on net income...
-
You are a supervisor at your company. You've overheard Employee A making offensive comments to other employees, and Employee B has complained about these comments. You've given Employee A a verbal...
-
What is the probability of developing and dying from cancer today?
-
On January 1, 2024, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase...
Study smarter with the SolutionInn App