The first seven transactions of Follett Advertising, Inc., have been posted to the companys accounts: Requirement 1.
Question:
Requirement
1. Prepare the journal entries that served as the sources for the seven transactions. Include an explanation for each entry. As Follett moves into the next period, how much cash does the business have? How much does Follett owe in totalliabilities?
Transcribed Image Text:
Cash Supplies Land Equipment (1) 8,700(4) 3,000 (3) 50(S)(4 33,000 (2) 9,000 | (6) 270 (5) 65 (7) 3,500 (7) 3,500 Accounts Payable Note Payable Common Stock (6) 270 (3) 500 (2) 9,000 (4) 30,000 1) 8,700
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (14 reviews)
Req1 Journal ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 1 ...View the full answer
Answered By
Jonas Araujo
I have recently received the degree of PhD. In Physics by the Universidade Federal do Maranhão after spending a term in Durham University, as I have been awarded a scholarship from a Brazilian mobility program. During my PhD. I have performed research mainly in Theoretical Physics and published works in distinguished Journals (check my ORCID: https://orcid.org/0000-0002-4324-1184).
During my BSc. I have been awarded a scholarship to study for a year in the University of Evansville, where I have worked in detection-analysis of photon correlations in the the Photonics Laboratory. There I was a tutor in Electromagnetism, Classical Mechanics and Calculus for most of that year (2012).
I am very dedicated, honest and a fast learner, but most of all, I value a job well done.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
Question Posted:
Students also viewed these Accounting questions
-
The first seven transactions of Gallagher Advertising, Inc., have been posted to the companys accounts as follows: Requirement 1. Prepare the journal entries that served as the sources for the seven...
-
The first seven transactions of Fournier Advertising, Inc., have been posted to the company's accounts: Requirement 1. Prepare the journal entries that served as the sources for the seven...
-
The first seven transactions of Fournier Advertising, Inc., have been posted to the companys accounts as follows: Requirement 1. Prepare the journal entries that served as the sources for the seven...
-
A car of mass m starts from rest and accelerates so that the instantaneous power delivered to the car has a constant magnitude P. The instantaneous velocity of this car is proportional to : (a) t'P 0...
-
If you want to be 99% confident of estimating the population proportion to within a sampling error of +0.04, what sample size is needed?
-
A four-stroke, four-cylinder spark ignition engine has the following data : Piston diameter \(=100 \mathrm{~mm} ;\) Engine runs at a speed of \(800 \mathrm{rpm}\); Length of stroke \(=200...
-
Assume HPC, Inc., began December with 60 units of inventory that cost a total of $720. During December, HPC, Inc., purchased and sold goods as follows: HPC, Inc., uses perpetual inventory. Under the...
-
On August 31, the balance sheet of Nashville Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000,...
-
Pharoah Hardware reported cost of goods sold as follows. 2021 2022 Beginning inventory $ 20,000 $ 30,500 Cost of goods purchased 152,000 200,000 Cost of goods available for sale 172,000 230,500 Less:...
-
Kofi Allon, who is 32 years old and single, is employed as a technical consultant for a large electronics distributor. He lives at 678 Birch Street, LaMesa, CA 91941. Kofi's Social Security number is...
-
Refer to Exercises 2-16A and 2-17A. In Exercises 2-16A, Dr. Rebecca Gray opened a medical practice specializing in physical therapy. During the first month of operation (January), the business,...
-
The accounts of Lake Oaks Pool Service, Inc., follow with their normal balances at April 30, 2014. The accounts are listed in no particular order. Requirements 1. Prepare the companys trial balance...
-
If the pressure of an ideal monatomic gas is increased while the number of moles is kept constant, what happens to the average translational kinetic energy of one atom of the gas? Is it possible to...
-
When a test for a standard deviation is performed, it does not matter whether the population is normal, so long as the sample is large. In Exercises 7 and 8, determine whether the statement is true...
-
Give three examples of internal control policies and procedures that may affect the scope of substantive tests of inventories.
-
How does the CPA audit dividend and interest income?
-
How does the auditor guard against inclusion in the final inventory listing of count sheets or tags containing fictitious inventory items?
-
What evidence would an auditor examine for in- vestments valued at cost? Underlying equity? Market value?
-
Rank methylamine, dimethylamine, and diethylamine in order of increasing base strength. Explain your rankings in relation to their molecular structure.
-
What are three disadvantages of using the direct write-off method?
-
Groupthink is the convergence of the group on the best idea. True or False
-
Consider the unadjusted trial balance of Edison, Inc., at December 31, 2016, and the related month-end adjustment data. Adjustment data at December 31, 2016, include the following: a. Accrued service...
-
Answer the following questions about prepaid expenses: a. On July 1, Davis Tree Service prepaid $ 12,000 for six months' rent. Give the adjusting entry to record rent expense at July 31. Include the...
-
Peppertree Rentals, Inc.'s, unadjusted and adjusted trial balances at June 30, 2016, follow: Requirements 1. Make the adjusting entries that account for the differences between the two trial...
-
Data Table Unit data: Beginning inventory Production January February March 0 100 100 1,000 950 1,020 900 950 1,030 Sales Variable costs: Manufacturing cost per unit produced $ 900 $ 900 $ 900...
-
Job Costing Activity based costing Crambin Pvt Ltd manufactures two products, Product C and Product D. In the current year Crambin produced 4,000 units of Product C and 2,000 units of Product D. The...
-
A 3-year, $3,000 face value bond has a coupon rate of 7%. The current yield of this bond is 5.083% from year 2 to year 3 (as calculated at year 2 right after the 2nd coupon payment). Given that the...
Study smarter with the SolutionInn App