Journalize the selected transactions for october

Assignment Help Accounting Basics
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.

Reference no: EM133104906

Questions Cloud

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

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the overapplied or underapplied overhead

Calculate the overapplied or underapplied overhead for each possible overhead allocation base. Use the rounded answers from part

  Make an income statement and a retained earnings statement

on june 1 beardsley service co. was started with an initial investment in the company of 22100 cash. here are the

  What would the proper accounting treatment

If ACME cancelled their Pilot service on February 17th, 2016 (before it's installation), what would the proper accounting treatment

  On december 1 2013 colonel wilder borrowed 400000 at 12

on december 1 2013 colonel wilder borrowed 400000 at 12 interest and pledged 500000 in accounts receivable as

  What does the debt to equity ratio

ACCT 212 Unit 1 Problems FA/15 - Chapters 12-14 - How will Marketplace, Inc. report treasury stock on its balance sheet as of December 31, 2016 and Journalize these transactions. Explanations are not required - What does the debt to equity ratio show..

  Discuss custom cabinetry applies overhead at the rate

Custom Cabinetry applies overhead at the rate of direct labor cost

  Find the dividend yield for Microsoft on December

Find the dividend yield for Microsoft on December 31, current year, and previous year. Round percentages to two decimal places

  Calculate the amount required to settle the invoice

Sunglow Company received an invoice for $146,250 dated November 8, 2017 with payment terms 3/5, 2/20, Calculate the amount required to settle the invoice

  What is the operating activities

Accounts payable pertain to operating expenses. What is the operating activities section of the statement of cash flows using the indirect method

  What is the project payback

Project L requires an initial outlay at t = 0 of $72,000, its expected cash inflows are $14,000 per year for 10 years, What is the project payback

  What amount will be in the investment fund on december

If Wagner will earn 12% on the investment, what amount will be in the investment fund on December 31, 2017

  Identify related parties and party transactions For Nike

ASSIGNMENT - ACCOUNTING FOR CORPORATE STRUCTURES. For Nike Australia Pty Ltd, identify the related parties and the related party transactions

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