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postnew [5]
2 years ago
11

Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance

Business
1 answer:
andriy [413]2 years ago
7 0

Answer:

1. Record each transaction in the journal. Explanations are not required.

April 1

Dr Cash 70,000

    Cr Common stock 70,000

April 3

Dr Office supplies 1,100

Dr Furniture 1,300

    Cr Accounts payable 2,400

April 4

Dr Cash 2,000

    Cr Service revenue 2,000

April 7

Dr Land 30,000

Dr Building 150,000

    Cr Cash 40,000

    Cr Notes payable 140,000

April 11

Dr Accounts receivable 400

    Cr Service revenue 400

April 15

Dr Salaries expense 1,200

    Cr Cash 1,200

April 16

Dr Accounts payable 1,100

    Cr Cash 1,100

April 18

Dr Cash 2,700

    Cr Service revenue 2,700

April 19

Dr Accounts receivable 1,700

    Cr Service revenue 1,700

April 25

Dr Utilities expense 650

    Cr Accounts payable 650

April 28

Dr Cash 1,100

    Cr Accounts receivable 1,100

April 29

Dr Prepaid insurance 3,600

    Cr Cash 3,600

April 29

Dr Salaries expense 1,200

    Cr Cash 1,200

April 30

Dr Rent expense 2,100

    Cr Cash 2,100

April 30

Dr Dividends 3,200

    Cr Cash 3,200

2. Open the following four-column accounts including account numbers:

3. Post the journal entries to four-column accounts in the ledger,

I used an excel spreadsheet to answer questions 2 and 3

4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.

In order to prepare a trial balance we must prepare an income statement first.

Service revenue $6,800

Salaries expense -$2,400

Rent expense -$2,100

<u>Utilities expense -$650 </u>

Net income $1,650

retained earnings = net income - dividends = $1,650 - $3,200 = -$1,550

  Theodore McMahon, Attorney

               Balance Sheet

<u>For the Month Ended April 30, 2018</u>

Assets:

Cash $23,400

Accounts receivable $1,000

Prepaid insurance $3,600

Office supplies $1,100

Furniture $1,300

Land $30,000

Building $150,000

Total assets: $210,400

Liabilities and Equity:

Accounts payable $1,950

Notes payable $140,000

Common stock $70,000

Retained earnings ($1,550)

Total liabilities and equity: $210,400

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Accounts are classified in the ledger a. alphabetically b. chronologically c. so that accounts used most often are listed first
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Answer: In accordance with their appearance in the financial statements

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Which of the following is least likely to be a question or study of economic​ concern? A. What are the benefits to Tampa Bay of
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Answer:

The correct answer is B.

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Have a nice day!

3 0
3 years ago
Assume that one year ago, you bought 210 shares of a mutual fund for $20 per share and that you received an income dividend of $
kozerog [31]

Answer:

17.60%

Explanation:

The total return , in this case, can be ascertained using the holding period formula provided below:

total return=(P1-P0+dividend+capital gains)/P0

Holding period return refers to the total return earned for holding the mutual fund investment for 1 year.

P1=market value of the fund now=$23

P0=the initial cost of the fund=$20

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6 0
2 years ago
Chartworth Associates' financial statements indicated that the company had EBITDA of $3,145,903. It had depreciation of $633,000
creativ13 [48]

Answer:

$822,512

Explanation:

For this question, the tax rate is as per schedule below

Tax Rate Taxable Income 15% $0 to $50,000 : 25% 50,001 - 75,000 :34 % 75,001 - 100,000:  39% 100,001 - 335,000 :34% 335,001 – 10,000,000: 35% 10,000,001 - 15,000,000: 38% 15,000,001 - 18,333,333 35

EBITDA represents earnings before interest, depreciation, and tax.

The amount to be taxed will be the EBITDA minus depreciation and the interest amount.

The interest to be paid is 7.5 % of $1,25 million

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taxable amount will be

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