Reference no: EM131058959
Part A
Prepare in proper form journal entries for the following transactions. Omit explanations.
October
2 Owner made a cash investment into the company $5,000
8 Bought supplies on account $100.
10 Paid salaries, $700
15 Paid for supplies purchased on October 8
21 Received company telephone bill, to be paid later, $30
Part B
Record the following selected transactions for January in a two-column journal, identifying each entry by letter:
(a) Earned $7,000 fees; customer will pay later.
(b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit
(c) Paid $3,000 for rent for January.
(d) Purchased $2,500 of supplies on account.
(e) A. Allen $1,000 investment in the company.
(f) Received $7,000 in cash for fees earned previously.
(g) Paid $1,200 to creditors on account.
(h) Paid wages of $6,250.
(i) Received $7,150 from customers on account.
(j) A. Allen withdrawal of $1,750.
Part C
(1) From the following items in the income statement columns of the worksheet of Friend's Tutoring at December 31, prepare the closing entries without explanation, assuming that a $1,000 withdrawal was made during the period.
Income Statement
Account Debit Credit
Tutoring Fees 3,450
Wages Expense 700
Rent Expense 600
Supplies Expense 450
Insurance Expense 250 _____
2,000 3,450
Net Income 1,450 _____
Total $3,450 $3,450
(2) A summary of selected ledger accounts appear below for S. Ball for the current calendar year.
|
S. Ball Ca ital
|
|
S Ball, Withdrawals
|
12/31
|
6.500
|
1/1
|
27,000
|
3/31
|
2,000
|
12/31 6,000
|
|
|
12/31
|
4,250
|
10/31
|
3,000
|
|
|
|
|
|
12/22
|
1,000
|
|
|
|
|
|
Income Summary
|
|
|
|
|
12/31
|
12,750
|
12/31 17,000
|
|
|
|
12/31
|
4,250
|
|
|
Answer the following questions.
a. What was the total amount of withdrawals for the year?
b. What was the net income?
c. What was the total revenue?
d. What were the total expenses?
What is the resistance of the resistor
: A capacitor that is initially uncharged is connected in series with a resistor and an emf source with E = 100 Vand negligible internal resistance. Just after the circuit is completed, the current through the resistor is 6.2×10-5 A. The time const..
|
Exegesis of one of the philosophical theories
: Write a 4-6 page (typed, double spaced, 1000-1400 words) paper that completes both of the following steps. The paper is due on Ilearn at the end of the exam week. Late papers will lose 1/2 letter grade for every day they are late.
|
What is the current in the primary
: A transformer with an efficiency of 80% is connected to 50-volt alternating current source. The voltage and current in the secondary are 500 Volts and 0.1 Amperes respectively. What is the current in the primary?
|
What is the current role that the executive plays
: Examine the role of the executive branch in healthcare policy. What is the current role that the executive plays? How has this role changed over time? Based on the current administration, how do you foresee new developments in the role of executi..
|
What was the total amount of withdrawals for the year
: What was the total amount of withdrawals for the year? What was the net income? What was the total revenue? What were the total expenses?
|
Voltage at the output of the secondary
: The primary of a transformer is connected to a source of voltage that has two components: an alternating current (AC) component of 120 volts and a steady direct current (DC) component of 5 volts. The number of turns of the primary is 300 and the t..
|
Why is cvd so prevalent when it is largely preventable
: What impact does CVD have on the healthcare system and society? Why is CVD so prevalent when it is largely preventable? Can the issues of CVD even be "fixed" considering all that the healthcare profession has done in the last few decades to preve..
|
Behavior in two-three sentences
: A lightweight ball hangs by a thread. When a charged rod is held near, the ball moves toward the rod, touches the rod, then quickly "flies away" from rod. Explain this behavior in two-three sentences.
|
Analysis process assignment consists of four parts
: Your Annotated Bibliography must have 8 sources. Please go back to the prompt for the unit, located under "files" to refer to the guidelines for how many peer-reviewed/ scholarly, popular, hard-copy sources you must have as a minimum.
|