Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events...
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Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations. Events Affecting Year 1: 1. Provided $160,000 of cleaning services on account. 2. Collected $120,000 cash from accounts receivable. 3. Paid salaries of $32,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Prepare general journal entries for the above events. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet A Provided $160,000 of cleaning services on account. Record the event. Note: Enter debits before credits. Event 1 General Journal Debit Credit Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations. Events Affecting Year 1: 1. Provided $160,000 of cleaning services on account. 2. Collected $120,000 cash from accounts receivable. 3. Paid salaries of $32,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Prepare general journal entries for the above events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet <A B C D Collected $120,000 cash from accounts receivable. Record the event. Note: Enter debits before credits. Event 2 General Journal Debit Credit Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations. Events Affecting Year 1: 1. Provided $160,000 of cleaning services on account. 2. Collected $120,000 cash from accounts receivable. 3. Paid salaries of $32,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Prepare general journal entries for the above events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet с D Paid salaries of $32,000 for the year. Record the event. Note: Enter debits before credits. Event 3 General Journal Debit Credit Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations. Events Affecting Year 1: 1. Provided $160,000 of cleaning services on account. 2. Collected $120,000 cash from accounts receivable. 3. Paid salaries of $32,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Prepare general journal entries for the above events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Record the event. Note: Eniter debits before credits. Event General Journal Debit Credit Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations. Events Affecting Year 1: 1. Provided $160,000 of cleaning services on account. 2. Collected $120,000 cash from accounts receivable. 3. Paid salaries of $32,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Prepare general journal entries for the above events. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet A Provided $160,000 of cleaning services on account. Record the event. Note: Enter debits before credits. Event 1 General Journal Debit Credit Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations. Events Affecting Year 1: 1. Provided $160,000 of cleaning services on account. 2. Collected $120,000 cash from accounts receivable. 3. Paid salaries of $32,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Prepare general journal entries for the above events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet <A B C D Collected $120,000 cash from accounts receivable. Record the event. Note: Enter debits before credits. Event 2 General Journal Debit Credit Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations. Events Affecting Year 1: 1. Provided $160,000 of cleaning services on account. 2. Collected $120,000 cash from accounts receivable. 3. Paid salaries of $32,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Prepare general journal entries for the above events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet с D Paid salaries of $32,000 for the year. Record the event. Note: Enter debits before credits. Event 3 General Journal Debit Credit Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations. Events Affecting Year 1: 1. Provided $160,000 of cleaning services on account. 2. Collected $120,000 cash from accounts receivable. 3. Paid salaries of $32,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Prepare general journal entries for the above events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Record the event. Note: Eniter debits before credits. Event General Journal Debit Credit
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Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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