Record depreciation for the new truck. Prepaid taxes will be reversed within one year but can resu. Do I use the Transfer funds to field? Analyzing And Recording Transactions. c. Paid April rent for office and workroom, 3,150. d. Paid cash for supplies, 1,450. e. Purchased office and computer equipment on account, 6,500. f. Paid cash for annual insurance policies on automobile and equipment, 2,400. g. Received cash from a client for plans delivered, 12,000. h. Paid cash to creditors on account, 1,800. i. It was purchased on January 1, 2015. Q:Information on adjusting entries: (1) Music instruments were depreciated by straight-line method, A:Adjusting Journal Entries Linag Law Firm were completed during the month of November 2018,, A:Financial worksheets are the worksheets prepared at the end of an accounting period. 1203. h. Paid on account to Ferber Equipment, 700, Ck. Cash The bad debt expense is estimated to be $1,450. All are related to the use of delivery equipment. 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. 15.Paid annual premiums on property and casualty insurance, 3,600. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Property, Plant, and Equipment Been with Intuit for going on 6 years now. If you don't have thousands of dollars to invest in equipment, there is nothing wrong with starting out small. The journal entry would record a loss: (11) Mar. A business budget is a plan of expenses that a business estimates it will spend every month. Record the owners name in the Capital and Drawing T accounts. Presented below is the unadjusted trial balance of the Moises Dondoyano Information Estimate your self-employment tax and eliminate any surprises. Accounting Entries for the Purchase Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Credit. During the month, Knaus. (Record depreciation to date in 2015 for the truck.) following selected transactions 4. A:1. (f)Depreciation expense on the store equipment for 20--, 3,600. If you are working in a studio, you want at least two good lights and a few reflectors, as well as a couple stools, backdrops and props like toys for children to hold in their portraits. Instructions 1. Debit. 27.Paid miscellaneous expenses, 1,100. If you still cannot find the error, re-analyze each transaction. PARTICULAR Search our solutions OR ask your own Custom First of all, you should need to I am working with two types of transactions: These are purely fictional names not based on any real business that I know about. Apr. I spent my last 11 years at the I.R.S. 5 The company purchased k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). 4. The Prepaid, A:Adjusting Entry 8. Paid cash to creditors on account, 4,500. j. WebBusiness Accounting prepare an adjusted journal entries and adjusted trial balance 1. b. section about loan interest. Accounts containing only a single entry do not need a balance. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Carma Garcia opened Shifting Sands Cleaning Service on August 1, 2019. a., A:Closing entries: Journalize and post the closing entries. 1205. j. A new staff account inadvertantly charged the full amount to expense. 27.Paid utilities expense, 2,240. 2: Purchased office supplies for 1,400.Dec. Prepare the adjusting entries in the general journal and complete the worksheet. Required journal, Q:Prepare general journal entries for the following transactions of Valdez Services. (c)Supplies remaining at the end of the year, 2,400. WebFigure 4.4 Journal Entry 1: Inventory Acquired on Credit Notice that the word inventory is physically on the left of the journal entry and the words accounts payable are indented to the right. l. Gervais withdrew cash for personal use, 1,550, Ck. Bank loans enable a business to get an injection of cash into the business. 4. b. Purchased a used delivery truck for 28,000, paying cash. No. Adjustment info as of Sept 30, 2019: Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. A new staff account inadvertantly charged the full amount to expense. 504 (Utilities Expense). Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. It involves two accounts: Prepaid Expense Account and the related Expense Account. Rent unearned at July 31, 300. Debit Credit Cash $ 22,500 Accounts Receivable 17,350 Allowance for Doubtful Accounts $ 600 Inventory, December 31 70,350 Prepaid Insurance 5,200 Prepaid Rent 15,000 Equipment 60,000 Accumulated Depreciation- Eqpuipment 22,500 Accounts Payable 17,000 Notes Payable 25,000 Common Stock 10,000 Retained Earnings 92,450 Sales Revenue 397,300 Cost of Goods Sold 207,400 Salaries Expense (sales) 59,850 Advertising Expense 26,700 Salaries Expense (administration) 76,300 Supplies Expense 4,200 Total $ 564,850 $ 564,850, Financial Accounting: The Impact on Decision Makers. Debit: Loan Interest(expenseaccount) Credit: Loan(liability account). CREDIT Paid the salary of the assistant, 1,150, Ck. in Mand BBA- Specialization: Accounting, MBA- Specialization: Asset Management, EA. Here the owner of the firm has invested his personal equipment into his business which from the business' point of view is an increase in assets and a capital At a bare minimum, I recommend two physical copies. At that point I would begin paying on the credit card with my personal checking account. Ch 3: Adaptive Practice 501. e. Bought insurance for the truck for one year, 400, Ck. a. Select Journal entry. transferred Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Example 2: Another example: the owner of the company XZY invests a building which is evaluated to be $200,000 in the Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Since you have posted multiple questions and not specified which question needs to be solved,, A:In this numerical has covered the concept of journal Entry, Ledger accounts , Trial Balance, Q:During the period January to December 2020 the company completed the following transactions:, A:Journal Entries k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. December 21, 2020 at 12:54 am. Prepare T accounts, using the account titles in (1). Transaction analysis is a process that determines whether a particular business event has an economic effect on the assets, liabilities or equity of the business. Required 1. Paid garage 675 for miscellaneous repairs to the truck. Purchased a new truck for 58,500, paying cash. for 33 years. look into new cameralenses and make sure youre buying the right ones, equipment needed to start a photography business, Last-Minute Stocking Stuffers for Photography Fanatics, Tips For Photographing Holiday Lights From A Photojournalist. First week only $4.99! I have machinery that I have acquired over the past few years before my business was officially formed. Journalize and post the closing entries. No. a. 2006. j. Business Bad debts expense is estimated to be 1% of annual sales. The purchase price is 85,000, pays 25,000 cash and signs a note for the balance. a. Gervais deposited 25,000 in a bank account in the name of the business. Result: This will show an extra profit of $3,000 in the month you have chosen to record the loan forgiveness. 6. (Record depreciation to date for 2016 for the truck.) I worked for the I.R.S. No. A. a. On. Simple Accounting equation is, A:Journal is the initial step in recording the financial transaction, date wise as per the dual entity, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. Result: this provides a more balanced approach to increasing monthly profit results rather than a wham of $3,000 in one month like Scenario 1. A business license, a marketing plan and a full calendar of waiting clients won't help you at all if you don't have the tools you need to take exceptional photos. Since there are multiple subparts, we will answer only first three subparts. 1000. c. Bought office supplies for cash, 375, Ck. Add the accounts listed in part (3) as needed. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. Market value is $68,250 on December 31. On January 2, 2020, when the, A:>Accounting principle states that the cost of the long term assets (like equipment) is to be, Q:to For additional information on the 179 deduction, please see the following FAQ: Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement. REVN03B Module 2 - FINANCIAL ACCOUNTING - MODULE 2 On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. The first journal is to record the invoice for the purchase of the car. 1 Madison Harris, the owner,, A:The company named Pose-for-Pics have the some transaction. This is usually the easiest loan journal entry to record because it is simply receiving cash, then later adding in the monthly interest and making a regular repayment. 5. a. transferred E Hello Community! Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 2. Loans usually come with some kind of administration cost so this has been included in the journal. Transactions, Q:The following transactions of Atty. The owner invested personal equipment in the business. Been part of TTLive, Full Service TTL, was part of Accuracy guaran How to transfer personal assets to business asset? Impairment loss ($) You can add the items as depreciable assets for your business. It is a systematic record of a financial transaction of an organization recorded in, Q:On July 1, 2020, Matthew Victor opened a retail postal store.