Reference no: EM131215535
Journal entries and trial balance
On January 1, 2014, Alicia Masingale established Leopard Realty, which completed the following transactions during the month:
a. Alicia Masingale transferred cash from a personal bank account to an account to be used for the business in exchange for capital stock, $23,500.
b. Paid rent on office and equipment for the month, $4,000.
c. Purchased supplies on account, $1,800.
d. Paid creditor on account, $675.
e. Earned sales commissions, receiving cash, $16,750.
f. Paid automobile expenses (including rental charge) for month, $1,000, and miscellaneous expenses, $800.
g. Paid office salaries, $2,150.
h. Determined that the cost of supplies used was $925.
i. Paid dividends, $1,600.
Instructions
1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Capital Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanations may be omitted.
2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance.
3. Prepare an unadjusted trial balance as of January 31, 2014.
4. Determine the following:
a. Amount of total revenue recorded in the ledger.
b. Amount of total expenses recorded in the ledger.
c. Amount of net income for January.
5. Determine the increase or decrease in retained earnings for January.
|
Contrast the features of the compensatory
: Compare and contrast the features of the compensatory, multiple cut-off, and multiple hurdle models of selection decisions - Employee selection is one of the most important decisions a manager can make.
|
|
International trade and foreign direct investment
: In Lessons 3 to 9, you explored a variety of factors influencing international business operations, many of which are on a national scale or most relevant to larger, established corporations. Now it is time to examine the relevance of internationa..
|
|
Example of marketing research in a newspaper
: Find an example of marketing research in a newspaper article or trade journal, such as The Wall Street Journal, Advertising Age, Marketing News, Business Week, or Forbes
|
|
What industries benefit most from this type of tool
: What features does the tool have? What industries benefit most from this type of tool? What similar tools are available from competing BI solution provides?
|
|
Prepare an unadjusted trial balance as of january 31
: Journalize entries for transactions. -Prepare an unadjusted trial balance as of January 31, 2014.- Determine the increase or decrease in retained earnings for January.
|
|
Segmentation and targeting principles
: Segmentation and targeting principles are often mistaken as being the same in marketing. For this discussion:
|
|
What are the two features of command-and-control regulation
: What are the two features of command-and-control regulation? Go back and reread Section 13.1, 13.2, or 13.3 and explain to what degree the national legislation covering air, water, and land has these two features. Give examples.
|
|
Determining the elements of culture
: Using the internet, find and report on a company that is using any of the "Elements of Culture" presented in the text in their marketing efforts.
|
|
Provide the correct journal entries
: Provide the correct journal entries.- Stockholders invest an additional $19,000 in the business. - Purchased supplies on account (did not pay cash) $800.
|