Recently, Josh paid interest of, $4,500 on a personal loan of $75,000 that he used to begin the business. Supplies expense refers to the cost of consumables used during a reporting period .

The entry to write off the account is as follows: assume that the D. L. Ross account of $4,200 written off on May 10 is later collected on November 21. The actual work of dry cleaning is done by another company at wholesale rates. Count the supplies on hand. When a customer's account is identified as uncollectible, it is written off against the allowance account. 61,700 1,850 650 25,000 41,500 – 3,600, Bal. 2. Expert Answer . 1.

The product cost per unit for the example business is determined for the entire year. Indicate the effect of each transaction and the balances after each transaction, usi 2. excess of March’s net income of $16,050 over Amy Austin’s withdrawals of $3,900. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month. b. 1. Owner’s equity is the right of owners to the assets of the business. 56,500 4,000 1,700 50,000 13,800 – 5,000, Bal. Prepare an income statement for July, a retained earnings statement for July, and a balance sheet as of July 31. Daten über Ihr Gerät und Ihre Internetverbindung, darunter Ihre IP-Adresse, Such- und Browsingaktivität bei Ihrer Nutzung der Websites und Apps von Verizon Media. j. Instructions. My options are: Accounts payable, Capital stock, dividends, fees earned, rent expense, sal. Yahoo ist Teil von Verizon Media. k. Determined that the cost of supplies on hand was $5,900; therefore, the cost of supplies used during the month was $3,600. Für nähere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklärung und Cookie-Richtlinie. Dies geschieht in Ihren Datenschutzeinstellungen.

Generally Accepted Accounting Principles, As a result of FASB Statement of Financial Accounting Standards No 86, Josh Reilly is the owner of Dispatch Delivery service Recently Josh paid, increased and the records provide the results and evidence needed to show the, KASB Institute of Technology, Karachi (Main Campus), Indiana University, Purdue University Indianapolis. Bal.

The cost of merchandise sold was $5,000. The cash sales, receipts, and shortage of $22 ($35,690 - $35,668) would be recorded as follows: SELLER PAYS THE SALES COLLECTED TO THE TAXING AUTORITY, Dr. Bad Debit Expense 10,000 (25,000 - 15,000), IF YOU ARE WILLING TO PAY AND SIGN A NOTE.

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Discovered an error in computing a commission; received cash from the salesperson for the overpayment. What is the role of accounting in business? At the end of the accounting period, the supplies on hand are counted and the movement recorded as an expense item in the income statement. ExTone Company records the reinstatement and the collection as follows: At the end of the current year, Accounts Receivable has a balance of $800,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and sales for the year total $3,500,000. Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120. Determine the amount of owner's equity (Cecil Jameson's capital) as of July 1 of the current year.

Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

Billed insurance companies for sales commissions earned, $12,500.

To illustrate, assume that Nancy Smith's account of $5,000, which was written off on April 2, is collected later on June 10. Billed insurance companies for sales commissions earned, $12,500. 4. Describe how Reliable Repair Service should record the. f. Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300. 52,550 4,000 1,700 50,000 13,800 – 5,000 – 2,500 – 1,150 – 300, Bal. Expert Answer .

Previous question Next question Get more help from Chegg. Bal. 10. Determine the amount of owner’s equity (Cecil Jameson’s capital) as of July 1, State the assets, liabilities, and owner’s equity as of July 1 in equation form, similar to that shown in this chapter. There are two types of supplies that may be charged to expense , which are: Factory supplies . This is the starting point for making an adjustment entry for supplies on hand. Opened a business bank account with a deposit of $25,000 from personal funds. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 325. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31. Sie können Ihre Einstellungen jederzeit ändern. $665 of supplies had been used during the month, and this $665 will go to the income statement as an expense.

j. 48,050 950 650 25,000 – 4,000 41,500 – 5,000 – 3,600 – 3,050 – 900 – 1,600, Total liabilities and owner’s equity$49,000. Paid cash to owner for personal use, $5,000. The cost of the returned merchandise was $3,300.

To be presented in Word, following APA guidelines.

Paid $50,000 for the purchase of land adjacent to land currently owned by D’Lite Dry Cleaners as a future building site.

D’Lite Dry Cleaners is owned and operated by Joel Palk.

Fees accrued but unbilled at March 31 are $16,825, Unbilled Fees earned at April 30, $23,700, To transfer Expenses to the Income Summary, To transfer The Income Summary to Retained Earnings, To transfer dividends to Retained Earnings, Sell 100 units of product x for $500 cash with a cost of $350. Briefly explain why the owner's investment and revenues increased owner's equi 3. In actual practice, manufacturers calculate their product costs monthly or quarterly. 2. Added $75 to the invoice for prepaid freight. For example, a $1,500 credit in the cash column should correspond with a $1,500 debit in the supplies column. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in exchange for common stock with a deposit of $35,000 in the business bank account.

Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Assets 5Liabilities1 Owner’s Equity Cash + Receivable + Supplies = Accounts Payable + Amy Austin, Capital – Amy Austin, Drawing + Fees Earned – Rent Expense – Salaries Expense –Supplies Expense – Auto Expense – Misc.

Prepare an income statement for July, a statement of owner’s equity for July. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month. d. Earned sales commissions, receiving cash, $41,500. k. Jameson withdrew $1,000 in cash from the business for personal use.

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