Reference no: EM133104906
Question - Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense.
Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank.
Oct. 1. Paid rent for the month, $4,300.
Oct. 3. Paid advertising expense, $2,740.
Oct. 5. Paid cash for supplies, $1,170.
Oct. 6. Purchased office equipment on account, $18,000.
Oct. 12. Received cash from customers on account, $5,870.
Oct. 20. Paid creditor on account, $1,720.
Oct. 27. Paid cash for miscellaneous expenses, $740.
Oct. 30. Paid telephone bill for the month, $270.
Oct. 31. Fees earned and billed to customers for the month, $39,100.
Oct. 31. Paid electricity bill for the month, $470.
Oct. 31. Paid dividends, $3,000.
|
Prepare a trial balance as at July
: Prepare a trial balance as at 31 July 2021 - July 10 The company received cash $1,500 as fees for services provided to a customer
|
|
Describe key characteristics of enterprise systems
: Describe key characteristics of Enterprise Systems and Explain the concept of ERP systems, including its evolution, components, and architecture
|
|
Construct the firm income statement
: The firm pays a $1.63 dividend per share, and the firm has no interest-bearing debt. Construct the firm income statement
|
|
What the total financial income to be recognized
: ABC leases an asset from XYZ, a lease financier, At XYZ's perspective, the total financial income to be recognized for the entire term of the lease is
|
|
Journalize the selected transactions for october
: Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted
|
|
Differentiate current liabilities to non-current liabilities
: Define liabilities. What are the essential characteristics of an accounting liability? Differentiate current liabilities to non-current liabilities
|
|
Analyze each transaction and show the effect of each
: Analyze each transaction and show the effect of each on the accounting equation for a corporation. Purchased inventory on account at a cost of $128,000
|
|
How much of the premium will be amortized
: Assuming an effective interest rate of 5 percent, approximately how much of the premium will be amortized on December 31, 2016
|
|
Determine Millie taxable income and taxes
: Millie Co. completed its first year of operations on December 31, 2017, with pre-tax financial income of $400,000. Determine Millie taxable income and taxes
|