Using the following Chart of Accounts, identify the accounts used for the following journal entries or...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Using the following Chart of Accounts, identify the accounts used for the following journal entries or state "no entry required" for both accounts, if none is required. Chart of Accounts Cash Accounts Receivable Supplies Prepaid Insurance Merchandise Inventory Furniture Equipment Land Accounts Payable Notes Payable Common Stock Sales Revenue Service Revenue Salaries Expense Rent Expense Insurance Expense Utilities Expense no entry required Transaction A new employee is hired to work 40 hours per week at $22/hour. Received and paid utility bill for past month, $458. Supplies worth $750 are purchased on account. Recorded cash sales to customer, $1,450. Client paid for services rendered previously, $325. Paid for inventory purchased on account last month, $1,250. Purchased equipment with bank loan, $25,000. Paid salaries due for the month, $1,725. DR Account CR Accoun Client paid for services rendered previously, $325. Paid for inventory purchased on account last month, $1,250. Purchased equipment with bank loan, $25,000. Paid salaries due for the month, $1,725. Sold inventory on account for $2,345. Paid for one year of fire insurance, $9,000. I Using the following Chart of Accounts, identify the accounts used for the following journal entries or state "no entry required" for both accounts, if none is required. Chart of Accounts Cash Accounts Receivable Supplies Prepaid Insurance Merchandise Inventory Furniture Equipment Land Accounts Payable Notes Payable Common Stock Sales Revenue Service Revenue Salaries Expense Rent Expense Insurance Expense Utilities Expense no entry required Transaction A new employee is hired to work 40 hours per week at $22/hour. Received and paid utility bill for past month, $458. Supplies worth $750 are purchased on account. Recorded cash sales to customer, $1,450. Client paid for services rendered previously, $325. Paid for inventory purchased on account last month, $1,250. Purchased equipment with bank loan, $25,000. Paid salaries due for the month, $1,725. DR Account CR Accoun Client paid for services rendered previously, $325. Paid for inventory purchased on account last month, $1,250. Purchased equipment with bank loan, $25,000. Paid salaries due for the month, $1,725. Sold inventory on account for $2,345. Paid for one year of fire insurance, $9,000. I
Expert Answer:
Answer rating: 100% (QA)
The given question can be solved by passing journal entries for each scenario The journal entries ar... View the full answer
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
Students also viewed these accounting questions
-
Adriana Lopez created Success Systems on October 1, 2009. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up...
-
Santana Rey created Business Solutions on October 1, 2018. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up...
-
Santana Rey created Business Solutions on October 1, 2020. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up...
-
Consider the Cobb-Douglas production function f(x, y) = 300x0.85, 0.15 When x = 4000 and y = 800, find the following. (Round your answers to two decimal places.) (a) the marginal productivity of...
-
For a fixed value of k (say k = 10), the family of logistic functions given by Equation 4 depends on the initial value P0 and the proportionality constant k. Graph several members of this family. How...
-
A 1.00-kg glider on a horizontal air track is pulled by a string at an angle θ. The taut string runs over a pulley and is attached to a hanging object of mass 0.500 kg as in Fig. P5.65. (a)...
-
Sunny Day Sunlamps, Inc., had Sales Revenue of $53 million, Sales Returns and Allowances of $2 million, and Sales Discounts of $0.3 million in 2010. Cost of goods sold was $23 million, and net income...
-
Using the information from C4-2 and assuming that the beginning budgetary and GAAP fund balance is $1,952,667, prepare the Statement of Revenues, Expenditures, and Changes in Fund BalanceBudget and...
-
Following is a table for the present value of $1 at compound interest: Year 6% 10% 12% 1 0.943 0.909 0.893 2 0.890 0.826 0.797 3 0.840 0.751 0.712 4 0.792 0.683 0.636 5 0.747 0.621 0.567 Following is...
-
It is now January 2018. The year 2017 finished well. The finalized year-end financial statements for 2017 are provided in the excel file associated with this assignment. Randolf and Tenisa at Comfy...
-
What are the challenges and strategies involved in implementing and managing distributed relational databases, including aspects related to data partitioning, replication, distributed query...
-
Product Cott has sales of $200,000, a contribution margin of 20%, and a margin of safety of $80,000. What is Cott's fixed cost? Snyder Co. manufactures fans with direct material costs of $10 per...
-
Calculate and interpret the present value of growth opportunities (PVGO): Here is a company's information: Share price $80 Expected earnings $5 Required return on shares 10%. Choose the best answer:...
-
explain your answers clearly . Q.3 Tamara is deciding whether to stay home or call her boyfriend. If she stays home, she and her boyfriend each get a payoff of 2. If she calls her boyfriend, a...
-
Explain what a team achieves when its members are content with their team tasks, accomplishments, and interpersonal relationships?
-
X 2) Determine the vector moment, M, (in units of ft lbs) on the 8.5 foot beam about the origin as a result of the force F = 250 i + 175 j - 150 k (lbs) acting on it as shown. N 35 y F
-
Case Study: Apply HR Management Principles "The problem, I'm afraid, may just be her age," Lisa Oliver, the executive housekeeper, said to Ashley Austin, the hotel's general manager. "What do you...
-
a. Show that the expansion of q(x) in ascending powers of x can be approximated to 10 2x + Bx 2 + Cx 3 where B and C are constants to be found. b. Find the percentage error made in using the series...
-
On January 1, 2021, Xu Ltd., which uses IFRS 16, entered into an eight-year lease agreement for a conveyor machine. Annual lease payments are $28,500 at the beginning of each lease year, which ends...
-
Chorus Aviation Inc. is a Canadian aviation holding company that provides, through Jazz Aviation LP, a significant part of Air Canadas domestic and transborder network. Chorus indicates in Note 1 to...
-
Henry Limited had investments in securities on its SFP for the first time at the end of its fiscal year ended December 31, 2020. Henry reports under IFRS and its investments in securities are to be...
-
To what population does the answer to Exercise 19.3 generalize? Exercise 19.3 I have a theory that if you ask participants to sort one-sentence characteristics of people (e.g., I eat too fast) into...
-
Following up the study referred to in Exercise 19.5, Hraba and Grant (1970) repeated the Clark and Clark study. The studies were not exactly equivalent, but they were close enough and the results are...
-
Combine the data from Exercises 19.5 and 19.6 into a two-way contingency table and run the appropriate test. How does the question that the two-way classification addresses differ from the questions...
Study smarter with the SolutionInn App