User Account

All Pages

Journalize the transactions for July in a two-column journal

Assignment Help Accounting Basics
Reference no: EM132706874

Problem - Off-Peak 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, and Miscellaneous Expense. Journalize the following selected transactions for July 20Y9 in a two-column journal.

July 1 Paid rent for the month, $4,500.

July 2 Paid advertising expense, $1,800.

July 5 Paid cash for supplies, $900.

July 6 Purchased office equipment on account, $12,300.

July 10 Received cash from customers on account, $4,100.

July 15 Paid creditor on account, $1,200.

July 27 Paid cash for repairs to office equipment, $500.

July 30 Paid telephone bill for the month, $180.

July 31 Fees earned and billed to customers for the month, $26,800.

July 31 Paid electricity bill for the month, $315.

July 31 Paid dividends, $2,000.

Reference no: EM132706874

Questions Cloud

What is the cost of discount foregone : Y Inc. purchases materials on credit with a 2/10, n/30 term. If Y Inc. does not pay during the discount period, what is the cost of discount foregone?
What will happen to the return on investment stom division : The current controllable margin for Stom Division is $124,000. If the equipment is purchased, what will happen to the return on investment Stom Division?
Which type of non-traditional threat are they : Discuss a specific non-state actor that threatens the U.S. today. Which type of non-traditional threat are they?
Identify a significant career challenge the leader faced : Identify a significant career challenge the leader faced and how the challenge was handled. Did the response align more with a managerial role or a leadership r
Journalize the transactions for July in a two-column journal : Journalize the following selected transactions for July 20Y9 in a two-column journal. July 10 Received cash from customers on account, $4,100
How would a utilitarian evaluate marketing plan : Support your positions and provide citations for all outside sources used to develop and defend your position.
Define how friedman admonition could be used : The often-cited economist, Milton Friedman (1962), argued that "few trends could so thoroughly undermine the very foundation of our free society.
Explain why the market value of common stock often differs : Explain why the market value of common stock often differs from its liquidation value or its book value. should the investor purchase this stock? Why?
Attempted to address and thwart terrorism : What are some of the ways in which states have attempted to address and thwart terrorism? Have these efforts been successful?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Total income tax expense on financial statements

Assuming the U.S. tax rate is 35% and no valuation allowance is required, what is North's total income tax expense reported on its financial statements for 2010?

  Record the closing entries in general journal form

All the accounts have their normal debit and credit balances. Record the closing entries in general journal form

  What amount should be reported as cash

Problem - Bank Reconciliation and Entries. If a balance sheet were prepared for Remedy Medical Co. on April 30, 2014, what amount should be reported as cash

  Determine the cost of ending work in process

Manzer Company uses the FIFO method to account for the cost of production, Determine the cost of ending work in process and the cost of goods transferred out

  Prepare an argument supporting the value of forecasting

ACC 573- Create an argument supporting the value of forecasting to an organization. Provide support for your argument.

  Compute the earnings per share of common stock

Compute the earnings per share of common stock assuming the dividend on preferred stock was not declared and the preferred stock is cumulative

  Journalize adjusting entry to recognize depletion expense

Determine the depletion rate per ton. Journalize the adjusting entry to recognize the depletion expense. During the year 2020, 1,000,000 tons mined and sold.

  Determine proper balance in Allowance to Reduce Inventory

Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2017. Explain the rationale for the use of the LCNRV rule

  The company desires that the inventory on hand at the end

walsh company expects sales of product w to be 59000 units in april 74000 units in may and 69000 units in june. the

  What are the total appraisal cost for the abrams corporation

What are the total appraisal costs for the Abrams Corporation? The Abrams Corporation incurred the quality costs for the year ending December 31, 2018

  Balance sheet of a manufacturing company

Which one of the following does not appear on the balance sheet of a manufacturing company?

  Adjustment to record accrued salaries at the end of the year

Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded:

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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