Purchased additional office equipment on account

Assignment Help Financial Accounting
Reference no: EM131263924

Journalize the transactions June 5. Purchased additional office equipment on account from Crawford Company, $1,800. June 6. Received cash from clients on account, $800. June 10. Paid cash for a newspaper advertisement to run during June, $120. June 12. Paid Crawford Company for part of the debt incurred on June 5, $800. June 12. Recorded services provided on account for the period June 1 to June 12, $2,250. June 14. Paid part-time receptionist for 2 weeks' salary, $400. (Note: Ignore any payroll tax or withholdings). June 17. Recorded cash from cash clients for fees earned during the period June 1-16, $3,175. June 18. Paid cash for supplies, $750. June 20. Recorded services provided on account for the period June 13-20, $1,100. June 24. Recorded cash from cash clients for fees earned for the period June 17-24, $1,850. June 26. Received cash from clients on account, $1,600. June 27. Paid part-time receptionist for two weeks' salary, $400. (Note: Ignore any payroll tax or withholdings). June 29. Paid telephone bill for June, $130.

Reference no: EM131263924

Questions Cloud

Concepts of cost-volume-profit analysis to potential venture : Examples of possible products could be cookies, birdhouses, jewelry, or custom t-shirts. Assume that you have decided to start a small business producing and selling this product. You will be applying the concepts of cost-volume-profit analysis to th..
Experiencing lower than expected performance for the year : Reaction Technology is experiencing lower than expected performance for the year. The CFO has suggested that they steadily increase inventory volumes for the remainder of the year. What effect does this have on reported earnings? Do you agree with th..
Determine the manufacturing overhead rate : Sports Unlimited makes softballs and baseballs for recreational use. It takes them 2.0 direct labor hours to make a softball and 1.5 direct labor hours to make a baseball. Budgeted production for the upcoming year is 15,000 softballs and 18,000 baseb..
When processing transaction in computerized system : When processing a transaction in a computerized system updates more than one system (such as payroll), the system is “integrated” into other systems. Other than Payroll, what systems are also updated when Payroll is processed? What are the advantages..
Purchased additional office equipment on account : Journalize the transactions June 5. Purchased additional office equipment on account from Crawford Company, $1,800. June 6. Received cash from clients on account, $800. June 10. Paid cash for a newspaper advertisement to run during June, $120. June 1..
Amount of unexpired insurance related to future periods : The prepaid insurance account had a beginning balance of $6,400 and was debited for $3,600 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future ..
How financial information will be obtained and processed : Accounting Information systems- The accountant’s job duties have dramatically changed within recent decades. As IT continues to advance and accounting information systems become more sophisticated, what do you foresee about how financial information ..
Prepare the journal entry to record bad debt expense : Novak Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $155,400 Allowance for Doubtful Accounts $3,890 Sales Revenue (all on credit) 800,700 Sales Returns and Allowances 50,330 Prepare the journal en..
Estimated cost of goods sold : Very likely to be strongly influenced by forces beyond the control of NT Inc. Hence, it must be carefully estimated for an accurate proforma income statement which is CRITICALLY dependent on this.... estimated cost of goods sold

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Capitalized in the cost of the new warehouse

Bee Wood, Inc., a construction company, decides to build a new warehouse. The following information is applicable to the project: Construction will begin January 1, 2016, and is expected to end December 31,2017. How much interest must be capitalized ..

  Accordance with generally accepted accounting principles

Under what circumstances is it appropriate to record goodwill in the accounts? How should goodwill, properly recorded on the books, be written off in accordance with generally accepted accounting principles?

  Prepare the journal entries

Prepare the journal entries related to the contract.

  Cost of the merchandise sold

Paid rent for May, $5,000. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. Paid freight on purchase of May 3, $600. Sold merchandise on account to Karman Co., terms 2/10, n/30, FOB shipping point, $68,..

  Depreciation and other machine-related expenses

During the past year, actual plantwide overhead was $385,000. Each department's overhead consists primarily of depreciation and other machine-related expenses. Selected budgeted and actual data from the St. Falls plant for the past year are as follow..

  Disqualify a business or investment expenditure

Various criteria will disqualify the deduction of a business or investment related expenditure. Which of the following criteria will not disqualify a business or investment expenditure?

  Jre2 recognizes revenue upon contract completion

JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,350,000. JRE2 recognizes revenue upon contract completion.

  Classification of cost in direct material direct labor

classification of cost in direct material direct labor overheads etc.using the code letters below indicate in the space

  What does the term consolidation process mean

what does the term consolidation process mean? What is the purpose of a worksheet during the consolidation process?

  About segment margin and common costs

Choose a well-known publicly traded company that none of your other classmates have chosen, and describe the operating segments reported (this information will be in the notes to the financial statements). Include a link to this financial statement i..

  American micro devices pricing method

Which of the support cost functions would you expect to be the most reliable for explaining and predicting support - What do you think of American Micro Device's pricing method?

  Determine the company degree of operating leverage

Determine the company degree of operating leverage. and Using the degree of operating leverage, estimate the impact on net income of a 5% increase in sales.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd