1 answer

I can't figure out adjusting journal entries and T acct Transaction List Sept. 1Purchased new office...

Question:

I can't figure out adjusting journal entries and T acct

Transaction List Sept. 1Purchased new office furniture of S6,000 by signing a one-year note payable with vendor. The stated i

Chart of Accounts Here is Finito Photographys chart of accounts. All balances shown below represent the beginning balances f

Adjusting Information a) Finito accrues interest on short-term loan at the end of each month. b) Depreciation needs to be rec

Transaction List Sept. 1Purchased new office furniture of S6,000 by signing a one-year note payable with vendor. The stated interest rate is 10%. 2 Purchased 30 units of the new coffee table books from supplier, Art Image, on account for $14.50 each. Credit terms are 2/10, 1/30. Shipping terms are FOB Destination. Freight charges on this order amount to $35. 3 Was granted allowance from Art Image for 2 defective units of coffee table book. 4 Paid landlord S1,200 for rent for business space. 5 Billed Mr. Barclay S200 for individual photo consulting work. 6 Sold 15 coffee table books to Book Cove, a local bookseller, for $22.50 each. Credit terms are 2/10,n/30 and shipping is FOB Destination. Freight charges amount to $40.00. 7 Completed $3,800 photo shoot for Swiggs Bar & Grille. The entire balance in "Customer Deposits" represents the prepayment from this customer on August 24th 8 Paid utility bill to PG&E from last month (previously accrued). 9 Received full customer payment from LaSalle Co. 10 Billed Coast West for corporate video services amounting to $3,500. 11 Sold 4 coffee table books to Wine Country Restaurant for $22.50 each. Credit terms are 2/10, n/30 and shipping is FOB Destination. Freight charges amount to $20.00 12 Billed client Betsy Alder and Keith Barnook $400 for preliminary photos completed. 13 Paid S6,200 for two weeks' salaries earned by employees. In addition to this biweekly salary, the previously accrued salaries of $1,260 was paid. 14 Book Cove returned 1 unit. Finito granted customer an allowance and returned the unit to inventory. 15 Received payment from Book Cove for earlier purchase of coffee table books. 16 Received $12,000 cash from corporate client, CocoReno athletic Wear, for photo services. 17 Sold 5 coffee table books to Recycle Books for $22.50 each. Credit terms are 2/10, n/30 and shipping is FOB Destination. Freight charges amount to $20.00. 18 Received full customer payment from The Verb. 19 Paid to Office Super the full balance owed. 20 New customer Mystic Café prepaid $2,000 for their photo shoot schedule in October 21 Received payment from Recycle Books. 22 Owner took out $5,000 for the month. 23 Paid Art Image for balance owed. 24 Mr. Barclay notified Tony that he would be unable to pay his account due to his pending bankruptcy. 25 Received September's utility bill from PG&E for $105. It will be paid next month. 27 Paid S6,200 for two weeks' salaries earned by employees. 30 Sold old office equipment for $1,900. This office equipment was purchased August 1st at a cost of $4,000 and was estimated to have annual depreciation expense of $800 per year. Additional Information > All shipping costs are paid in cash. Finito uses a perpetual inventory system and tracks costs using the first-in first-out method.
Chart of Accounts Here is Finito Photography's chart of accounts. All balances shown below represent the beginning balances for September. Balance Acct. No. Account Name Balance 101 Cash $ 30,330.00 106 Accounts receivable 10,250.00 107 Allowance for Doubtful Accounts 110 Merchandise Inventory 124 Supplies 1,300.00 128 Prepaid Insurance 2,739.00 163 Office Equipment 4,000.00 164 Accumulated Depreciation - Office Equip. 66.67 167 Photo/Video Equipment 21,000.00 168 Accumulated Depreciation -Photo/Video 333.33 175 Office Furniture 176 Accumulated Depreciation Office Furniture 201 Accounts Payable 4,095.00 209 Salaries Payable 1,260.00 236 Customer Deposits 380.00 240 Interest Payable 245 Short-Term Note Payable 301 Common stock 50,000.00 302 Retained earnings 13,484.00 305 Dividends Acct. No. Account Name 401 Sales Revenue 403 Photo Services Revenue 410 Sales Returns and Allowances 412 Sales Discounts 501 Cost of Goods Sold 612 Depreciation Expense-Office Equip. 613 Depreciation Expense - Photo/Video 615 Depreciation Expense-Office Furn. 620 Delivery Expense 622 Salaries Expense 625 Bad Debt Expense 637 Insurance Expense 640 Rent Expense 650 Supplies Expense 684 Repairs Expense -Photo/Video 690 Utilities Expense 710 Interest revenue 715 Gain on Sale 810 Interest Expense 815 Loss on Sale Subsidiary Account Balances September 1, subsidiary accounts balances outstanding from August. Accounts Receivable La Salle Co. $3,550.00 The Verb 6,700.00 Accounts Payable PG&E $ 95 Office Super 4,000.00 Open additional subsidiary accounts for new customers or suppliers as needed.
Adjusting Information a) Finito accrues interest on short-term loan at the end of each month. b) Depreciation needs to be recorded for the company's fixed assets. - The photo/video equipment is estimated to be $4.000 per year. - The newly purchased office furniture is expected to have a useful life of 5 years. c) One month of insurance coverage has been used the monthly premium is $242. d) After viewing the book returned by Book Cove on the 13th, the book is determined to be damaged and in an unsellable state. e) Finito uses the percent of sales method to estimate uncollectible accounts and estimates a 2% uncollectible rate of total revenue.

Answers

Sr. No. To/By Particular Dr.   Cr.
1 To Office Funiture $         6,000.00
To Interest Payable $             600.00
By Vendor $     6,600.00
2 To Coffee table Books $             435.00
By Art Image $         435.00
To Freight $               35.00
By Art Image $           35.00
3 To Art Image $               29.00
By Allowance granted $           29.00
4 To Rent $         1,200.00
By Landlord $     1,200.00
5 To Mr. Barclay $             200.00
By Photo Consulting Income $         200.00
6 To Book Cove (22.50 Rate x 15 Qty. + 40 Freight) $             377.50
By Coffee Table Books $         377.50
7 To Swiggs Bar & Grille $         3,800.00
By Photo Shoot Consulting Income $     3,800.00
8 To PG & E $               95.00
By Cash $           95.00
9 To Cash $         3,550.00
By La Salle Co. $     3,550.00
10 To Coast West $         3,500.00
By Corporate Video Services $     3,500.00
11 To Wine Country Restaurant (22.50 Rate x 4 Qty. + 20 Freight) $             110.00
By Coffee Table Books $         110.00
12 To Betsy Alder and Keith Burnook $             400.00
By Photo Shoot Consulting Income $         400.00
13 To Salary Exp. $         6,200.00
By Cash $     6,200.00
To Salary Payable $         1,260.00
By Cash $     1,260.00
14 To Coffee Table Books $               22.50
By Book Cove $           22.50
15 To Cash $             355.00
By Book Cove $         355.00
16 To Cash $       12,000.00
By CocoReno athletic $   12,000.00
17 To Recycle Books (22.50 Rate x 5 Qty.

+ 20 Freight)

$             132.50
By Coffee Table Books $         133.00
18 To Cash $         6,700.00
By The Verb $     6,700.00
19 To Office Super $         4,000.00
By Cash $     4,000.00
20 To Mystic Café prepaid $         2,000.00
By Advance against Photo Shoot Consulting $     2,000.00
21 To Cash $             132.50
By Recycle Books $         132.50
22 To Owner Withdrawl Monthly $         5,000.00
By Cash $     5,000.00
23 To Art Image $             441.00
By Cash $         441.00
24 To Account Receiveble $             200.00
By Mr. Barclay $         200.00
25 To Utilities Exp. $             105.00
By Utilities Payable $         105.00
26 To<
Know the answer?
Add Answer to:
I can't figure out adjusting journal entries and T acct Transaction List Sept. 1Purchased new office...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coin

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Looking to get all the journal entries for the following! and the adjusting journals as well!...

    Looking to get all the journal entries for the following! and the adjusting journals as well! Thank you! ACCTG 211 Accounting Cycle Project 150 Points Blank Co.

    Is a retail business that uses the perpetual inventory system. The account balances for Blank Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation- Store Equipment 210...

  • make the journal entries for each transaction as the seller Problem 2 Betty Croaker Kitchens We...

    make the journal entries for each transaction as the seller Problem 2 Betty Croaker Kitchens We Sell Merchandise (we are the seller) Betty Croaker opened Betty Croaker Kitchens on January 2. The following transaction occurred during the month.

    January 1 -Sold merchandise on account to Phil's Barry Muffins, $230. January 2- Cash sales for the week, $900. January 3 - Received a bill for freight $200 (FOB shipping point) and paid the January 4 - Received a bill for freight...

  • Record the following transactions in the T-accounts provided for S&V Office Supply Company. EXERCISE ONE: Record...

    Record the following transactions in the T-accounts provided for S&V Office Supply Company.

    EXERCISE ONE: Record the following transactions in the T-accounts provided (NEXT PAGE) for S & V Office Supply Company. 1) S& V purchased $500 worth of merchandise for cash. There were no shippng costs. S & V purchased $4,000 of merchandise on account: Terms n/30. FOB Shipping Point (buyer pays).

    2) S&V separately paid cash to the freight company- $45. Recognized revenue of $500 on the cash...

  • Mer Lea P5-35A Journalizing purchase and sal Journalize the following transac World. No explanations are receivable...

    Mer Lea P5-35A Journalizing purchase and sal Journalize the following transac World. No explanations are receivable with the vendor or customer at the end of each month.

    8 purchase and sale transactions he following transactions that occurred in November 2018 for Julie's Fun explanations are needed. Identify each accounts payable and accounts with the vendor or customer name. Julie's Fun World estimates sales returns NOV.4 Purchased merchandise inventory on account from Vera Company, $5,000. Terms 3/10, n/EOM, FOB shipping 6...

  • Problem 5-1A Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of...

    Problem 5-1A Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers.

    At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for...

  • The following selected transactions were completed by Capers Company during October of the current year: Oct....

    The following selected transactions were completed by Capers Company during October of the current year: Oct.

    1 Purchased merchandise from UK Imports Co., $13,031, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,150, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $205 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,800, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co.

    For $4,600 of merchandise returned from purchase on October 4. 13...

  • . Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office...

    . Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Building; Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense.

    Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Check your spelling carefully and do not abbreviate. When applicable, use only the account names provided in the problem statement.) Requirement 1.

    Record each transaction in...

  • Solve the part using the info provided. Open the images in a new tab if you...

    Solve the part using the info provided. Open the images in a new tab if you are having issue with the font size. Thank you.

    Problem 5-01A (Video) Sarasota's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of May, Sarasota's inventory consisted of books purchased for $1,600. During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,300 from Kline Publishers,...

  • Please fill out the charts below with the given information.

    The following selected transactions were completed...

    Please fill out the charts below with the given information. The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar.      2              Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The...

  • Please complete in Excel b. Post the entries to T-Accounts. i. Use a new TAB in...

    Please complete in Excel b. Post the entries to T-Accounts.

    I. Use a new TAB in EXCEL to create the T-Accounts. (Hint: the CASH will have the most postings) ii. Line up the T-Accounts in organized columns, under each of the following categories; (Assets, Liabilities, Equity, Revenues, Expenses) The trial balance of DeCore Design Service as of January 1, 2020 had the following normal balances: $ 12,000 2,500 350 1,200 2,100 500 1,000 Cash Accounts Receivable Supplies Prepaid Insurance Truck...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.

ADVERTISEMENT
ADVERTISEMENT

.

Similar Solved Questions

1 answer
3) Let us build a geometry, S, using the three axioms of incidence geometry with one...
3) Let us build a geometry, S, using the three axioms of incidence geometry with one additional axiom added: Incidence Axiom l: For every point P and every point Q (P and Q not equal), there exists a unique line, I, incident with P and Q. Incidence Axiom 2: For every line / there exist at least two ...
1 answer
Style of subordinate participation Vroom states that a manager who makes a decision alone and then...
style of subordinate participation Vroom states that a manager who makes a decision alone and then attempts to "sell" it to the rest of the group is employing a 2. consult (group) b. facilitate c. decide d. delegate e consult individually)...
1 answer
Yellow Tartan is a levered firm with the following financial statements: Balance Sheet Income Statement Total...
Yellow Tartan is a levered firm with the following financial statements: Balance Sheet Income Statement Total assets $ 1,000,000 Sales $ 3,500,000 Variable costs -$ 1,200,000 Bonds (coupon rate of 8%) $200,000 Fixed costs -$ 1,000,000 Bonds (coupon rate of 6%) $ 300,000 Depreciation -$ 600,000 Commo...
1 answer
Think about the following conditions, which are commonly diagnosed and treated in today’s society: Hypertension High...
Think about the following conditions, which are commonly diagnosed and treated in today’s society: Hypertension High Cholesterol Obesity Pre-Menstrual Syndrome Repetition Strain Injury Attention Deficit Disorder Restless Leg Syndrome Prostate Cancer Screening Irritable Bowel Syndrome Social P...
1 answer
QUESTION 2 The following is a list of 10 control plans and ten system failures that...
QUESTION 2 The following is a list of 10 control plans and ten system failures that have control implications. Match the letter from the list of the best control plan to prevent the system failure from occurring. A letter should be used only once I can approve all customer orders. a. b. Any correcti...
1 answer
6. Suppose the demand and supply curves for a particular product are given below. D: P...
6. Suppose the demand and supply curves for a particular product are given below. D: P = 160 − Q S: P = 10 + 2Q What is the equilibrium price, Pe , and equilibrium, Qe ? a. Pe = 140; Qe = 10. b. Pe = 80; Qe = 50. c. Pe = 110; Qe = 50. d. Pe = 50; Qe = 40. e. None of the above. Please show deta...
1 answer
A carbon compound contains 12.8% of carbon, 2.1% of hydrogen and 85.1% of bromine. The molecular weight of the compound is 187.9. What is the molecular formula of the compound? (Atomic weight: H = 1.008, C = 12.0, Br = 79.9)
A carbon compound contains 12.8% of carbon, 2.1% of hydrogen and 85.1% of bromine. The molecular weight of the compound is 187.9. What is the molecular formula of the compound? (Atomic weight: H = 1.008, C = 12.0, Br = 79.9)...
1 answer
Toxaway Company is a merchandiser that segments its business into two divisions—Commercial and Residential. The company’s...
Toxaway Company is a merchandiser that segments its business into two divisions—Commercial and Residential. The company’s accounting intern was asked to prepare segmented income statements that the company’s divisional managers could use to calculate their break-even points and mak...
1 answer
I Human lbi genes aeeulatod locuy do ntro I vegions (LCRs), Hoh) do the LCRS of...
I Human lbi genes aeeulatod locuy do ntro I vegions (LCRs), Hoh) do the LCRS of these genes qlt their expre Ton...
1 answer
Problem 5-2A a-b,d (Video) (Part Level Submission) Cullumber Diesel owns the Fredonia Barber Shop. He employs...
Problem 5-2A a-b,d (Video) (Part Level Submission) Cullumber Diesel owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base rate of $1,530 per month. One of the barbers serves as the manager and receives an extra $570 per month. In addition to the base rate, each barber also receive...
1 answer
P15-4A r mortgage note on Decem- P154A Talkington Electronics issues a $400,000, 8%, 15-yea schedule and...
P15-4A r mortgage note on Decem- P154A Talkington Electronics issues a $400,000, 8%, 15-yea schedule and journal entriesber 31, 2016. The proceeds from the note are to be used in financing a new research for a mortgage note rato Prepare instal ent payments (LO 3,4) b) December 31 debit ble. rat...
1 answer
Do you feel that cognitive biometric will be part of our everyday life in the future?  ...
Do you feel that cognitive biometric will be part of our everyday life in the future?   In what way? Explain....
2 answers
What will be the integration path used in Ampere's law to calculate the magnetic field B?...
What will be the integration path used in Ampere's law to calculate the magnetic field B? at a distance r from the axis of the inner cylinder? A solid cylindrical conductor is supported by insulating disks on the axis of a conducting tube with outer radius Ra = 6.15cm and inner radius Rb = 3.3...
1 answer
The Use of Medical Terminology of the Endocrine, Cardiovascular, and Respiratory Systems in Medical Reports Select a bod...
The Use of Medical Terminology of the Endocrine, Cardiovascular, and Respiratory Systems in Medical Reports Select a body system (Gastrointestinal System or the Urinary System). Create an example of a brief detailed medical note written in SOAP format for your selected body system. S: O: A: P:...
1 answer
Proton Speed
A proton's speed as it passes point A is 4.30×104 . It follows the trajectory shown in the figure.What is the proton's speed at point B?...
1 answer
Classify each characteristic according to whether it describes positive economics or normative economics. Positive economics Normative...
Classify each characteristic according to whether it describes positive economics or normative economics. Positive economics Normative economics Answer Bank describes current economic events involves recommendations or arguments about what should be is concerned with making predictions about how the...
1 answer
In 2018, the internal auditors of KJI Manufacturing discovered the following material errors made in prior...
In 2018, the internal auditors of KJI Manufacturing discovered the following material errors made in prior years:    Equipment was purchased on June 30, 2016, for $175,000. The purchase was incorrectly recorded as a debit to repair and maintenance expense. The equipment has a useful life ...