Compute entries for depreciation, accrued salary, and accrued property taxes in Accounting Cycle? Account: CASH Date Turn
Fantastic news! We've Found the answer you've been seeking!
Question:
Compute entries for depreciation, accrued salary, and accrued property taxes in Accounting Cycle?
Transcribed Image Text:
Account: CASH Date Turn 0 Turn 1 Turn 3 Turn 4 Turn 5 Turn 6 Turn 7 Turn 9 Turn 11 Turn 12 Turn 13 Turn 14 Turn 15 Turn 16 Turn 17 Turn 18 Turn 20 Turn 21 Turn 22 Turn 24 Turn 26 Date Turn 6 Turn 13 Turn 14 Turn 19 Turn 11 Turn 23 Turn 25 Account: SALARY REVENUE Debit Date Turn 11 Debit Account: RENT REVENUE Date Debit Date 1500 Turn 11 200 22 Date 200 200 200 20 Turn 11 8 200 Account: UTILITIES EXPENSE Debit Debit Account: DIVIDENDS PAYABLE Debit 140 Credit Account: MISCELLANEOUS INCOME Credit 120 200 260 200 60 6 220 350 220 26 140 140 20 26 100 Credit 200 200 200 Credit 22 8 14 200 Credit Credit 200 No: 100 Balance 1500 1380 1180 920 720 920 860 854 634 656 306 506 706 906 926 934 714 688 548 408 388 362 262 No: 600 Balance -200 -400 -600 -400 No: 601 Balance -22 -30 -44 No: 603 Balance -200 No: 701 Balance 140 No: 302 Balance -200 Account: INCOGNITO INC, CAPITAL Debit Credit Date Turn 0 Account: BUILDINGS-HOUSES Debit Date Turn 1 Turn 4 Turn 6 Turn 9 Turn 12 Turn 17 Turn 21 Date Turn 3 Turn 5 Turn 14 Account: INVESTMENTS-RAILROADS Debit Turn 7 Turn 18 Turn 22 Turn 24 Account: RENT EXPENSE Date Debit Date Turn 15 Turn 16 Date Turn 23 Turn 25 120 260 60 220 350 220 140 Account: INVESTMENT INCOME Date 200 200 Turn 11 6 26 20 26 Account: ACCOUNTS RECEIVABLE Date Turn 11 Account: RETAINED EARNINGS Debit Debit Credit 8 14 No: 600 Balance 1500 -1500 Credit Debit Credit 20 200 Credit 200 Account: INCOME TAX EXPENSE 8 Credit Credit Debit Credit 100 No: 210 Balance 120 380 440 660 1010 1230 1370 No: 221 Balance 200 400 200 No: 700 Balance 6 32 52 78 No: 602 Balance -20 -28 No: 110 Balance 8 22 No: 510 Balance 200 No: 703 Balance 100 Account: CASH Date Turn 0 Turn 1 Turn 3 Turn 4 Turn 5 Turn 6 Turn 7 Turn 9 Turn 11 Turn 12 Turn 13 Turn 14 Turn 15 Turn 16 Turn 17 Turn 18 Turn 20 Turn 21 Turn 22 Turn 24 Turn 26 Date Turn 6 Turn 13 Turn 14 Turn 19 Turn 11 Turn 23 Turn 25 Account: SALARY REVENUE Debit Date Turn 11 Debit Account: RENT REVENUE Date Debit Date 1500 Turn 11 200 22 Date 200 200 200 20 Turn 11 8 200 Account: UTILITIES EXPENSE Debit Debit Account: DIVIDENDS PAYABLE Debit 140 Credit Account: MISCELLANEOUS INCOME Credit 120 200 260 200 60 6 220 350 220 26 140 140 20 26 100 Credit 200 200 200 Credit 22 8 14 200 Credit Credit 200 No: 100 Balance 1500 1380 1180 920 720 920 860 854 634 656 306 506 706 906 926 934 714 688 548 408 388 362 262 No: 600 Balance -200 -400 -600 -400 No: 601 Balance -22 -30 -44 No: 603 Balance -200 No: 701 Balance 140 No: 302 Balance -200 Account: INCOGNITO INC, CAPITAL Debit Credit Date Turn 0 Account: BUILDINGS-HOUSES Debit Date Turn 1 Turn 4 Turn 6 Turn 9 Turn 12 Turn 17 Turn 21 Date Turn 3 Turn 5 Turn 14 Account: INVESTMENTS-RAILROADS Debit Turn 7 Turn 18 Turn 22 Turn 24 Account: RENT EXPENSE Date Debit Date Turn 15 Turn 16 Date Turn 23 Turn 25 120 260 60 220 350 220 140 Account: INVESTMENT INCOME Date 200 200 Turn 11 6 26 20 26 Account: ACCOUNTS RECEIVABLE Date Turn 11 Account: RETAINED EARNINGS Debit Debit Credit 8 14 No: 600 Balance 1500 -1500 Credit Debit Credit 20 200 Credit 200 Account: INCOME TAX EXPENSE 8 Credit Credit Debit Credit 100 No: 210 Balance 120 380 440 660 1010 1230 1370 No: 221 Balance 200 400 200 No: 700 Balance 6 32 52 78 No: 602 Balance -20 -28 No: 110 Balance 8 22 No: 510 Balance 200 No: 703 Balance 100
Expert Answer:
Answer rating: 100% (QA)
ANSWER Accounting cycle is a process of recording all the financial transactions and processing them ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Skreenz-N-Things [SNT] manufactures and sells high-quality digital products. One of the popular products is a commercial cloud-based digital storage unit called Storit which sells for $5,100 per unit...
-
Find the POI depth and the H , and the sigma V. The foundation depth is 110 and the basement depth is 0. Type 1 Example: end bearing piles with basement. V gravel silt clay gravel silt Sand Type 2...
-
The titration of 42.35 mL of H2SO4 requires 21.17 mL of 0.5000 M NaOH for complete neutralization. Calculate the concentration of H2SO4. Why is the answer 0.1250 M H2SO4?
-
Recruitment and selection involves the following except: a) building a pool of candidates. b) applicants completing application forms. c) downsizing the organization. d) employment planning and...
-
Financial statements and additional information for Noble Equipment Corp. are available for download from McGraw-Hills Connect or your course instructor (see the Preface for more information). The...
-
What is the difference between the accounting for a small stock dividend and the accounting for a large stock dividend'!
-
The following information relates to Grigg plc: 1. On 1 April 2008 the company had 100,000 10 per cent debentures in issue. The interest on these _debentures is paid on 30 September and 31 March. 2....
-
Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1...
-
Stopexploding on chegg. we pay chegg for the service. having me emailyou and send you money is innapropriate. teinberg Corporation and Dietrich Corporation are identical firms except that Dietrich is...
-
Chillco Corporation produces containers of frozen food. During April, Chillco produced 750 cases of food and incurred the following actual costs. Variable overhead Fixed overhead Actual labor cost...
-
A German Shepherd has 4 puppies in a litter.The random variableXrepresents the number of female puppies born in the litter.Construct the probability distribution for the random variableXin the table...
-
4. Make sure you use appropriate in-text citation and referencing to avoid plagiarism 5. Proofread all your answers. 6. Submit the answer sheet to the Assignment 2 Submission Folder. Questions...
-
How estimate of the appropriate EBITDA multiple for Performance Coatings with reference to the comparable companies as set. For simplicity, assume net debt equals total debt. Note, the multiple must...
-
You are a Project Coordinator at Centennial College You report to Sandy Sun, who is the Project Manager (PM) You are presenting (synchronously) the Project Charter to the new CEO at Centennial...
-
An analysis of the professional fees for 2021 revealed the following expenses: Legal and accounting fees related to the issuance of shares of 34,700 Costs incurred regarding the renegotiating of the...
-
A time you achieved a work or personal goal you didn't think was possible. What was the challenge, and what did you do to work toward accomplishing it? How did you follow through on your commitment?
-
Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,400 in raw materials were...
-
Which of the following gives the range of y = 4 - 2 -x ? (A) (- , ) (B) (- , 4) (C) [- 4, ) (D) (- , 4] (E) All reals
-
Quince Corporation has taxable income of $450,000 for its 2012 calendar tax year. Calculate the corporation's income tax liability for 2012 before tax credits. $_________
-
Your supervisor has asked you to research the following situation concerning Owen and Lisa Cordoncillo. Owen and Lisa are brother and sister. In May 2012, Owen and Lisa exchange business pickup...
-
Sally and Charles Heck received the following dividends and interest during 2012: Assuming the Hecks file a joint tax return, complete Schedule B of Form 1040 (on page 2-33) for them for the 2012 tax...
-
The credit sales and purchases for the month of December 19X7 in respect of C Dennis & Son Ltd were: Write up all of the relevant books and ledger accounts for the month. Net, after trade discount...
-
Mudgee Ltd issued the following invoices to customers in respect of credit sales made during the last week of May 19X7. The amounts stated are all net of Value Added Tax. All sales made by Mudgee Ltd...
-
C Taylor, a wholesale dealer in electrical goods, has three departments: (a) Hi Fi, (b) TV, and (c) Sundries. The following is a summary of Taylors sales invoices during the period 1 to 7 February...
Study smarter with the SolutionInn App