During the month of December Lilac Corp received Electrical Services of $10,000 from Wisteria Electrical. The invoice
Question:
During the month of December Lilac Corp received Electrical Services of $10,000 from Wisteria Electrical. The invoice has not been received and the expense has not been recorded as of December 31st.
Required: Prepare the appropriate journal entry for December 31st.
During the last week of August the Employees of Daisy Inc. earned $50,000 in salaries. These salaries will be paid with the first payroll in September. Required: Prepare the appropriate journal entry for August 31st.
On October 1st, Iris Corp. signed a five month lease and paid $2,000 in cash. The term of the lease is five months beginning on October 1st.
Required: Prepare the appropriate journal entries for October 1st and October 31st.
4. On July 1st, Crocus Corp. purchased $20,000 worth of supplies on account. On July31st, $9,000 of supplies remained unused.
Required: Prepare the appropriate Journal entries for July 1st and July 31st.
5. On September 1st, Tiger Lily Inc. received a $300,000 cash retainer from
Dandelion Corp. for Consulting work to be provided in the future. During September Tiger Lily provided Dandelion with $250,000 worth of consulting services.
Required: Prepare the appropriate journal entry for September 30, 2019.
During the last week of August the Employees of Tulip Inc. earned $70,000 in salaries. These salaries will be paid with the first payroll in September. Required: Prepare the appropriate journal entry for August 31st.
During the month of November Carnation Corp. provided Geranium Inc. with $70,000 worth of Consulting Services. This amount has not been billed or recorded as of November 30th.
Required: Prepare the appropriate journal entry for November 30th.
Jonquil Company Income Statement 1-1/ 12-31
Revenue:
Expenses: Salaries $20,000 Rent $50,000 Total
Net Income
II. Prepare the Closing Entries for Jonquil Company:
Consulting Services:
$500,000
($70,000) $470,000
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso