Required: 1) in the past, Little White Dog Inc. has used the following accounts on their...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Required: 1) in the past, Little White Dog Inc. has used the following accounts on their income statement Revenue, Depreciation Expense, Interest Expense, Rent Expense, Salaries Expense, Advertising Expense, and Supplies Expense. They use the Dividends account to record dividends. Not all accounts have been used each period. 1) Create all necessary joumal entries for the month of June 202X. Place your answer under "Requirement 1" in the "Answer tab. Note that the dates have been pre-populated. Ensure your journal entries match the appropriate date. Explanations are not required. 2) Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requirement 2" in the "Answer" tab. 3) Prepare the incons Statement for the month ended June 30, 202X. List expenses in decreasing order by amount. Place your answer under Requirement 3' in the "Answer" tab. Prepare the Statement of Retained Earnings for the month ended June 30, 202X. Place your answer under "Requirement 4" in the "Answer" tab. 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5" in the "Answer" tab. 6) Using the method outlined in the textbook, journalize the necessary closing entries for the month ended June 30, 202X Place your answer under "Requirement 6 in the "Answer" tab. Cash + Balance 2860 Assels Accounts Computers Receivable (net) 0 1100 + + Supplies 110 Land = 13200 BEDIBLIOT Accounts Note Payable Payable 0 8800 + During June 202X, the business completed these transactions: June 1: Received a cash investment totalling $9900 in exchange for common shares. June 5: Paid $550 for the current month's office rent. June 9: The business was invoiced for a $3300 purchase of office supplies. June 13: Performed services for a client and received $9350. June 20: Declared and paid a cash dividend of $660. + Salaries Interest Payable Payable 0 0 4 Shareholders' Equity Retained Earnings 4070 Common Shares 4400 ● June 1: Purchased three computers. The company paid $1100 in cash and took out a bank loan of $7150 to cover the remaining balance owing. The loan bears interest of 5% to be paid on June 1, next year. The computers are expected to last 3 years. June 23: Received $990 from a customer that was billed last month. June 25: Paid $1650 of a bill received earlier in the month. June 30: Billed a client for services rendered, $1650. June 30: A physical count received that $1650 worth of supplies are still on hand. June 30: Paid $880 for an advertising campaign that had been run during the month. Employee salaries were also accrued. Employees work 5 days each week and are paid $2000 in total every other Friday. The month ended on a Tuesday. Employees were last paid 2 weeks ago. Required: 1) in the past, Little White Dog Inc. has used the following accounts on their income statement Revenue, Depreciation Expense, Interest Expense, Rent Expense, Salaries Expense, Advertising Expense, and Supplies Expense. They use the Dividends account to record dividends. Not all accounts have been used each period. 1) Create all necessary joumal entries for the month of June 202X. Place your answer under "Requirement 1" in the "Answer tab. Note that the dates have been pre-populated. Ensure your journal entries match the appropriate date. Explanations are not required. 2) Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requirement 2" in the "Answer" tab. 3) Prepare the incons Statement for the month ended June 30, 202X. List expenses in decreasing order by amount. Place your answer under Requirement 3' in the "Answer" tab. Prepare the Statement of Retained Earnings for the month ended June 30, 202X. Place your answer under "Requirement 4" in the "Answer" tab. 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5" in the "Answer" tab. 6) Using the method outlined in the textbook, journalize the necessary closing entries for the month ended June 30, 202X Place your answer under "Requirement 6 in the "Answer" tab. Cash + Balance 2860 Assels Accounts Computers Receivable (net) 0 1100 + + Supplies 110 Land = 13200 BEDIBLIOT Accounts Note Payable Payable 0 8800 + During June 202X, the business completed these transactions: June 1: Received a cash investment totalling $9900 in exchange for common shares. June 5: Paid $550 for the current month's office rent. June 9: The business was invoiced for a $3300 purchase of office supplies. June 13: Performed services for a client and received $9350. June 20: Declared and paid a cash dividend of $660. + Salaries Interest Payable Payable 0 0 4 Shareholders' Equity Retained Earnings 4070 Common Shares 4400 ● June 1: Purchased three computers. The company paid $1100 in cash and took out a bank loan of $7150 to cover the remaining balance owing. The loan bears interest of 5% to be paid on June 1, next year. The computers are expected to last 3 years. June 23: Received $990 from a customer that was billed last month. June 25: Paid $1650 of a bill received earlier in the month. June 30: Billed a client for services rendered, $1650. June 30: A physical count received that $1650 worth of supplies are still on hand. June 30: Paid $880 for an advertising campaign that had been run during the month. Employee salaries were also accrued. Employees work 5 days each week and are paid $2000 in total every other Friday. The month ended on a Tuesday. Employees were last paid 2 weeks ago.
Expert Answer:
Answer rating: 100% (QA)
Answer Requirement 1 Journal Entries for June 202X June 1 Debit Cash 9900 Credit Common Shares 9900 June 1 Debit Computers 1100 Credit Cash 1100 June ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
Posted Date:
Students also viewed these accounting questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Dixie Irwin is the department manager for Religious Books, a manufacturer of religious books that are sold through Internet companies. Irwins bonus is based on reducing production costs. Irwin has...
-
A softball player swings a bat, accelerating it from rest to 3.0rev/s in a time of 0.20s. Approximate the bat as a 2.2-kg uniform rod of length 0.95m, and compute the torque the player applies to one...
-
A class named Building has a public, nonstatic method named getFloors(). If School is a child class of Building, and modelHigh is an object of type School, which of the following statements is valid?...
-
Assume that Reebok has developed two new types of athletic shoes. One is designed for distance runners, and the other has been developed for skateboarders. As a marketer, you need to evaluate the...
-
Diagrams of two self-service gasoline stations, both located on corners, are shown in Figure (a) and (b). Both have two rows of four pumps and a booth at which an attendant receives payment for the...
-
A14-11 Dividends (LO 14-6) In 20X3, Snowboard Ltd. had the following share capital outstanding: Preferred shares, no-par value; $1.70 dividend: authorized, unlimited shares; issued, 100,000 shares...
-
A "best practice" in auditing is to very clearly document the description of your audit scope (i.e., the criteria used to develop your sample). The scope should be described thoroughly enough that an...
-
In a T.A., the buyer of goods assumes which of these roles (pick all that apply) Group of answer choices Drawee Drawer Acceptor Payee
-
a) derive Equation of motion b) what is natural Period c) determine response of system to Support Motion d) determine the moment transmitted to the right end of the shoft
-
What are securities and how do they function in the financial markets? 2. What is the difference between stocks and bonds as types of securities? 3. How do securities markets, such as stock...
-
Describe two areas you believe you need to improve in order to become better at your job. Also describe two of your best skills/ strengths in reference to your job.
-
Analyze how HR can help organizations manage benefits thus contributing to profitability. Examine the impact of legally required benefits and discretionary benefits on a company's budget Explain how...
-
Tesco's International Growth Strategy Tesco is the largest grocery retailer in the United Kingdom, with a 25 percent share of the local market. In its home market, the company's strengths are reputed
-
Futura Company purchases the 61,000 starters that it installs inits standard line of farm tractors from a supplier for the price of$12.00 per unit. Due to a reduction in output, the company now has 2...
-
Wimot Trucking Corporation uses the units-of-production depreciation method because units-of-production best measures wear and tear on the trucks. Consider these facts about one Mack truck in the...
-
Pepper & Penson, a partnership, had these inventory data: Pepper and Penson need to know the companys gross profit percentage and rate of inventory turnover for 2014 under 1. FIFO. 2. LIFO. Which...
-
Covey Holding Company operates numerous businesses, including motel, auto rental, and real estate companies. The year 2014 was interesting for Covey, which reported the following on its income...
-
During the fourth quarter of 2014, Beachwear Sales, Inc., generated excess cash, which the company invested in trading securities: 2014 Nov 17 Purchased 2,100 common shares as an investment in...
-
Distinguish among the three types of responsibility
-
Using the information in E7-1, assume that in July 2002, Voss Company incurs the following manufacturing overhead costs. Instructions (a) Prepare a flexible budget performance report, assuming that...
-
Samano Company uses flexible budgets to control its selling expenses. Monthly sales are expected to range from \($170,000\) to \($200,000\). Variable costs and their percentage relationship to sales...
Study smarter with the SolutionInn App