The following selected transactions for Wilsons Consulting, Inc., occurred during the month of April. Give the journal
Question:
The following selected transactions for Wilson’s Consulting, Inc., occurred during the month of April. Give the journal entry for each.
1. The firm provided services to customers for $10,000. Seventy percent was paid with cash and thirty percent was on account.
2. The firm paid $1,000 for part of a $3,000 purchase made in March on account.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (16 reviews)
1 Cash 7000 Accounts receivable 3000 Ser...View the full answer
Answered By
Ayush kedia
I am chartered Accountant by profession & member of the Institute of Chartered Accountants of India.I have completed my B.com Honours.i have knowledge in relation to accounts,Tax,cost,Auditing.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Question Posted:
Students also viewed these Accounting questions
-
The following transactions occurred during the month of April for Olakala Company: a. Purchased materials costing $3,000 on account. b. Requisitioned materials totalling $1,700 for use in production:...
-
The following selected transactions occurred at Home Staging by Clarissa during the year; sales taxes apply: Jan. 20. Purchased three living room sofas on account from Sofas R Us, $7,500, terms n/30,...
-
The following transactions occurred during the month of June 2011 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 100,000 shares of common stock in...
-
A semicircular plate of radius r, oriented as in the figure, is submerged in fluid of density 68 lb/ft 3 so that its diameter is located at a depth of m feet. Calculate the force on one side of the...
-
What are operating cash flows used for during each of the years of the operations phase of the project?
-
Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $27 per hour for as many hours as she chooses to work, and as a fossil collector, in which her pay...
-
What are the main characteristics of the Indian caste system, and how is it changing?
-
A regional beer distributor has $100,000 to spend on advertising in four markets, where each market responds differently to advertising. Based on observations of each market's response to several...
-
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15...
-
As a new graduate employee in a hospitality company, you are being introduced to the staff. The company owns several businesses. You have been informed that your initial job will require you to...
-
Indicate which of the following events would result in recognizing expenses for the year in which the described event takes place; give the journal entry. (Take the T-shirt companys point of view.)...
-
Determine how the accounts would be affected (increase or decrease and debit or credit) for the following transactions occurring in January 2009 for Networking Solutions, Inc.: 1. The company...
-
A second row element has a large jump between its third and fourth ionization energies. What is the element? (a) Li (b) Be (c) B (d) C
-
What are some intervention policies that make provisions for destitute college or university students in Ethiopia? Please provide Examples
-
Compare and contrast the strengths and weaknesses of two (2) federal mitigation programs. Be sure to explain how each functions to mitigate hazards in the United States.
-
Simplify C 52x-3
-
A perpetuity bond is a coupon bond with infinite maturity. The price-yield relation for the perpetuity bond is P = C/y where P is the price, C the coupon rate and y the yield. Consider two perpetuity...
-
When Matthew sends Richard a message, what key should he use to encrypt the message?
-
North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. Other data not yet recorded at December 31: a. Rent expired during the year,...
-
Match the following. Answers may be used more than once: Measurement Method A. Amortized cost B. Equity method C. Acquisition method and consolidation D. Fair value method Reporting Method 1. Less...
-
Prove Corollary 4.3. That is, let \(\left\{X_{n}ight\}_{n=1}^{\infty}\) be a sequence of independent random variables that have a common distribution \(F\). Let \(p \in(0,1)\) and suppose that \(F\)...
-
Whats new in the field of accounting information systems today? Select one new trend that was not mentioned in the chapter, but that you feel is important. Write a short report describing your...
-
The participants of such recreational activities as hang gliding, soaring, hiking, rock collecting, or skydiving often create local birds-of-a-feather (affinity) organizations. Two examples are the...
-
Many companies now provide a wealth of information about themselves on their websites. But how much of this information is useful for investment purposes? To help you answer this question, imagine...
-
Discuss the automotive industry in Munich Germany to include: a) Current size of the industry in terms of revenues, b) Detailed information on BMW in Munich, Baravia, c) BMWs main competitors in...
-
Using the Internet, identify a known sexual offender who has been arrested, convicted, and sentenced. Using the available information, describe each of the following: (a) The type of behavior that...
-
Of our secondary and tertiary education system, are we doing a great job preparing students for the professional world post-college, or should that be placed upon the employer? If we need have a...
Study smarter with the SolutionInn App