S. Wallace, a speech therapist, opened a clinic in the name of Wallace Clinic. Her accountant prepared the following alphabetic list of accounts and balances as of June 30, 20--: ACCOUNT NAME BALANCE Accounts Payable Accounts Receivable Cash Miscellaneous Expense Office Equipment Office Furniture Professional Fees Rent Expense S. Wallace, Capital S. Wallace, Drawing Salary Expense Utilities Expense All the above accounts have normal balances. Prepare an income statement for June 30, 20- Wallace Clinic Income Statement For Month Ended June 30, 20-- Expenses: Total Expenses Subtotal QOOO Total Assots 0000 Prepare a balance sheet as of June 30, 20-- Wallace Clinic Balance Sheet June 30, 20-- Assats Prepare a statement of owner's equity for June 30, 20--. If an amount is zero, enter "0". Wallace Clinic Statement of Owner's Equity For Month Ended June 30, 20-- 8 00 Liabilities QO00 Owner's Equity Total Liabilities and Owner's Equity 2,865 1,102 51,693 720 2,000 1,800 5,952 990 52,000 920 1,120 472 QOQ

S. Wallace, a speech therapist, opened a clinic in the name of Wallace Clinic. Her accountant prepared the following alphabetic list of accounts and balances as of June 30, 20--: ACCOUNT NAME BALANCE Accounts Payable Accounts Receivable Cash Miscellaneous Expense Office Equipment Office Furniture Professional Fees Rent Expense S. Wallace, Capital S. Wallace, Drawing Salary Expense Utilities Expense All the above accounts have normal balances. Prepare an income statement for June 30, 20- Wallace Clinic Income Statement For Month Ended June 30, 20-- Expenses: Total Expenses Subtotal QOOO Total Assots 0000 Prepare a balance sheet as of June 30, 20-- Wallace Clinic Balance Sheet June 30, 20-- Assats Prepare a statement of owner's equity for June 30, 20--. If an amount is zero, enter "0". Wallace Clinic Statement of Owner's Equity For Month Ended June 30, 20-- 8 00 Liabilities QO00 Owner's Equity Total Liabilities and Owner's Equity 2,865 1,102 51,693 720 2,000 1,800 5,952 990 52,000 920 1,120 472 QOQ

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section: Chapter Questions

Problem 1CP

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QUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 - Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 - Renwick & Co. returned the office desks to its inventory. Aug 9 - Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 - Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick & Co. uses the net method to record sales and cash discounts and the perpetual inventory system. You may copy and paste from this list: Accounts receivable Discount Interest income Bad debt expense Bank Cash Cost of Goods Sold COGS REQUIRED: Interest receivable Inventory Notes receivable Par Premium Sales discounts Sales discounts forfeited Sales returns…
5. Jack's lawn care used the direct write-off method for accounting for uncollectible accounts. The company writes off $500 on Jane Doe's account. The journal entry to record this will include a debit of $500 to which account?
Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company. Assume the following account balances at January 1, 20X1: Accounts Receivable (control account) Accounts Receivable-John Gibrone $8,880 5,600 Accounts Receivable-Jim Garcia 2,180 Accounts Receivable-June Lin 1,100 DATE 20X1 Jan. 8 Cash GENERAL JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT 560 560 Accounts Receivable/John Gibrone Received partial payment on account from John Gibrone 20 Sales Returns and Allowances Sales Tax Payable Accounts Receivable/Jim Garcia Accept return of defective merchandise, Credit Memorandum 121; original sale made on Sales Slip 11102 of January 2, 20X1 300 24 324 Required: 1. Prepare a schedule of accounts receivable for Calderone Company at January 31, 20X1. 2. Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account…
Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?
Journalize the transactions of Roland Foster optical Dispensary. Include an explanation with each journal entry. (Record first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 15 "Accounts & Explanation" Line 1. Accounts payable -or- Accounts receivable -or- Cash -or- Office expenses -or- Office supplies Line 2. Accounts payable -or- Accounts receivable -or- Cash -or- Office expenses -or- Office supplies Line 3. Accounts payable -or- Accounts receivable -or- Cash -or- Office expenses -or- Office supplies Line 4. Accounts payable -or- Accounts receivable -or- Cash -or- Office expenses -or- Office supplies Line 5. Paid cash on account -or- Performed service for customers on account -or- Purchased office supplies on account -or- Received cash on account from customers
Transactions are first journalized and then posted to ledger accounts. In this exercise, however,your understanding of the relationship between the journal and the ledger is tested by asking you tostudy some ledger accounts and determine the journal entries that probably were made to producethese ledger entries. The following accounts show the first six transactions of Avenson InsuranceCompany. Prepare a journal entry (including a written explanation) for each transaction. Cash VehiclesNov. 1 120,000 Nov. 8 33,600 Nov. 30 9,400Nov. 25 12,000Nov. 30 1,400Land Notes PayableNov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000Nov. 30 8,000Building Accounts PayableNov. 8 58,600 Nov. 21 480 Nov. 15 3,200Office Equipment Capital StockNov. 15 3,200 Nov. 21 480 Nov. 1 120,000
Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company. Assume the following account balances at January 1, 20X1: Accounts Receivable (control account) $ 8,880 Accounts Receivable—John Gibrone 5,600 Accounts Receivable—Jim Garcia 2,180 Accounts Receivable—June Lin 1,100 GENERAL JOURNAL DATE DESCRIPTION POST.REF. DEBIT CREDIT 20X1 Jan. 8 Cash 560 Accounts Receivable/John Gibrone 560 Received partial payment on account from John Gibrone 20 Sales Returns and Allowances 300 Sales Tax Payable 24 Accounts Receivable/Jim Garcia 324 Accept return of defective…
The debits and credits from three related transactions are presented in the following creditor's account taken from the accounts payable ledger: Apex Performance Co. 101 W. Stratford Ave. NAME ADDRESS Post. Credit Balance Date Item Ref. Debit 20Y7 June 6 P49 12,000 12,000 J12 14 150 11,850 CP23 16 11,850 Describe each transaction and identify the source of each posting.
For each of the following, indicate if the statement reflects an input component, output component, or storage component of an accounting information system. 1. A credit card scanner at a grocery store is a(n) [ Select] component. 2. A report of patients who missed appointments at a doctor's office is a(n) [ Select] component. 3. Electronic files containing a list of current customers is aln) [ Select ] component. 4. A list of the day's cash and credit sales is aln) [ Select] component. 5. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory by an auto parts store is a(n) [ Select ] component.
For each of the following, indicate if the statement reflects an input component, output component, or storage component of an accounting information system. A. A credit card scanner at a grocery store. B. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory by an auto parts store. C. A report of patients who missed appointments at a doctors office. D. A list of the days cash and credit sales. E. Electronic files containing a list of current customers.
Prepare journal entries for the following transactions, using the accounts in the order listed: PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200. DR CR On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. DR DR DR DR DR DR or CR? CR On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. DR DR DR DR DR DR or CR?…
The following information is obtained from a review of the record keeping process. Analyze the given information and prepare a modified trial balance. Show your solutions. Ricanor Accounting Services Trial Balance Dec. 31, 2021 Debit Credit Cash P189,000 284,600 66,400 40,000 526,800 Accounts Receivable Supplies Prepaid Insurance Office Equipment Notes Payable Accounts Payable Ricanor, Capital Ricanor, Withdrawals P130,000 195,400 297,200 100,000 821,400 Service Income Salaries Expense Advertising Expense Totals 348,700 12,200 P1,467,700 P1,544,000 a. An account receivable for P 24,300 was incorrectly added as P 23,400 when computing the balance of the Accounts Receivable account. b. A debit posting from the journal for P5,200 is missing from the Salaries Expense account. C. A debit posting of P15,000 to Notes Payable should have been made to Accounts Payable. d. A debit posting of P25,000 to Supplies was incorrectly posted as P2,500. e. Credits to the ledger Accounts Payable account…