1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
fredd [130]
3 years ago
14

Required: Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Acc

ounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense. 1-Dec Began business by depositing $10500 in a bank account in the name of the company in exchange for 1050 shares of $10 per share common stock. 1-Dec Paid the rent for the current month, $950 . 1-Dec Paid the premium on a one-year insurance policy, $600 . 1-Dec Purchased Equipment for $3600 cash. 5-Dec Purchased office supplies from XYZ Company on account, $300 . 15-Dec Provided services to customers for $7200 cash. 16-Dec Provided service to customers ABC Inc. on account, $5200 . 21-Dec Received $2400 cash from ABC Inc., customer on account. 23-Dec Paid $170 to XYZ company for supplies purchased on account on December 5 . 28-Dec Paid wages for the period December 1 through December 28, $4480 . 30-Dec Declared and paid dividend to stockholders $200 .
Business
1 answer:
PtichkaEL [24]3 years ago
8 0

Answer:

journal entries to record the December transactions

1-Dec

Cash $10500 (debit)

Common Stock $10500 (credit)

1-Dec

Rent Expense $950 (debit)

Cash $950 (credit)

1-Dec

Prepaid Insurance $600 (debit)

Cash $600 (credit)

1-Dec

Equipment $3600 (debit)

Cash $3600 (credit)

5-Dec

Supplies Expense $300 (debit)

Accounts Payable $300 (credit)

15-Dec

Cash $7200 (debit)

Service Revenue $7200 (credit)

16-Dec

Accounts Receivable $5200 (debit)

Service Revenue $5200 (credit)

21-Dec

Cash $2400 (debit)

Accounts Receivable $2400 (credit)

23-Dec

Accounts Payable $170 (debit)

Cash $170 (credit)

28-Dec

Wages Expense $4480 (debit)

Cash $4480 (credit)

30-Dec

Dividends $200 (debit)

Cash $200 (credit)

Explanation:

The General Journal consists of Entries of Expenses, Capital Expenditures and Receipts and Payments in Cash.

You might be interested in
The ending inventory of finished goods for each quarter should equal 20% of the next quarter's budgeted sales in units. The fini
ale4655 [162]

Answer:

Instructions are below.

Explanation:

Giving the following information:

The ending inventory of finished goods for each quarter should equal 20% of the next quarter's budgeted sales in units. The finished goods inventory at the start of the year is 3,600 units.

<u>We weren't provided with enough information to solve the problem. But, I will leave the formula and a small example to guide an answer.</u>

<u></u>

Purchases= sales + desired ending inventory - beginning inventory

For example:

Sales 2nd Quarter= 27,000 units

Sales 3rd Quarter= 45,000 units

Production budget (in units):

Sales= 27,000

Desired ending inventory= (45,000*0.20)= 9,000

Beginning inventory= (3,600)

Total= 32,400 units

5 0
3 years ago
In examining its monthly bank statement, a company discovers that that its account was credited $30 for interest earned. The ent
Delvig [45]

Answer:

Added to Cash Book Balance in Bank Reconciliation Statement

Explanation:

Bank Reconciliation Statement BRS is made to correct for the mismatch between bank balance as per cash book & bank balance as per pas book.

If account has been credited (added) with $30 for interest earned, discovered later i.e not recorded in cash book : The amount has been added in passbook , but not in cashbook.

So, to match the difference : Interest earned but not recorded = $30 will be added to 'Favourable Debit balance as per cash book' , to achieve 'Favourable Credit balance as per pass book' in the BRS.

6 0
3 years ago
Negative items on a credit report that are not correct:
Sav [38]
Answer:
C

Explanation:

Something with a mistake is never best ignored it’s best if they change it and get it corrected.
5 0
3 years ago
5 year plan example for high school seniors
SOVA2 [1]

\huge{ \underline{ \underline{ \mathtt{ \purple{A} \pink{N} \green{S} \blue{W} \red{E} \orange{R}}}}}♡

A five year plan is a list of priorities you would like to accomplish over the next several years. As well as actions you can take when you make mistakes, so that you can still meet those goals.

Hope it helps ♡♡

7 0
2 years ago
LBC Corporation makes and sells a product called Product WZ. Each unit of Product WZ requires 3.5 hours of direct labor at the r
swat32

Answer:

The correct option is D

Labour budget = $1,974,175

Explanation:

The labour budget is the product of the standard labour cost per unit and the budgeted production in units

Labour budget = standard labour cost× production budget in unit

The production budget can bed determined by adjusting the sales budget for closing and opening inventories.  

Production budget = Sales budget +closing inventory - opening inventory

Production budget = 39,000 + 100 -200 = 38,900 units

Labour budget = $14.50× 3.5× 38,900 = $1,974,175

Labour budget = $1,974,175

6 0
3 years ago
Other questions:
  • Every month Sam Tabor is assigned a different job at Russo &amp; Daughters Financial Consulting. Sam enjoys the task variety and
    9·1 answer
  • A corporation sold 14,000 shares of its $1 par value common stock at a cash price of $13 per share. The entry to record this tra
    11·2 answers
  • If analytical procedures are performed with no indications of likely​ misstatements, ARIA will​ ________ and the sample size wil
    5·1 answer
  • Lisle Hair Company keeps track of the gender and age of its customers so it can target e-mails to them and be sure to have the r
    14·1 answer
  • When a u.s. company purchases and imports electronic parts from china to use to produce mp3 players within the united states, th
    5·1 answer
  • Cash Flow from Operating Activities (Indirect Method) The Azuza Company owns no plant assets and had the following income statem
    5·1 answer
  • Common stock, $10 par value (50,000 shares outstanding) $ 500,000 Preferred stock, 6% cumulative, $100 par value, 3,000 shares o
    14·1 answer
  • An investment will pay $200 at the end the year, $250 at the end of the next year, $400 at the end of the third year, and $500 a
    12·1 answer
  • I NEED HELP NOW PLEASE CAN SOME BODY HELO BY 9:20 OTHER WISE YOU WILL NOT GET THE BRAINLY CROWN
    9·1 answer
  • What phrase BEST describes a "bobblehead" figure of a team's mascot available for sale during a game?
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!