Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

could you journalize the transactions for the month of april Notes Relating to Balances: begin{tabular}{|l|r|} hline multicolumn{2}{|c|}{ Customers and balances } hline Tesco inc.

could you journalize the transactions for the month of april
image text in transcribed
image text in transcribed
image text in transcribed
Notes Relating to Balances: \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ Customers and balances } \\ \hline Tesco inc. & $3,200 \\ \hline Holiister inc. & $6,400 \\ \hline Calvin Due inc. & $4,250 \\ \hline Ceorge inc. & $2,100 \\ \hline Dockers inc. & $920 \\ \hline Total & $16,870 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ Suppliers and Ealances } \\ \hline DKNY Co. & $12,000 \\ \hline GAP Co. & 50 \\ \hline XYC Co. & 50 \\ \hline Total & $12,000 \\ \hline \end{tabular} The bank loan hars an annual Interest rate of 7% and has monthly principal payment of $1,440. Page 1 Required: a) Prepare the journal entries for the month of April. You will also need to update the inventory in the table for each purchase and sale found under the Irventory Valuation tab of this workbook. b) Post the above journal entries to the accounts. c) Complete the bank reconciliation report. d) Record the joumal entries from the bank reconciliation and post amounts to general ledger accounts e) Complete the 10 -column warksheet. e) Post the adjusting entries to the accounts f) lournalize and post the adjustments. g) Prepare the multistep income statement, calculation of retained earnings, classified balance sheet found under the financlal statements tab of this workbook. h)Answer the analysis questions from 'a' to 'T' found under the financial statements tab of this warkbock. Transections for the mants of Narile At the end of April, the following adjustment had to be journalized to properly report the balances of the company's accounts: \begin{tabular}{|l|l|} \hline Apr 30 & For Prepaid insurance, record the adjustment of $620 to the current month expense. \\ \hline \end{tabular} Apr 30 For Unearned Revenue, $3,750 still remains unearned at the end of Apri. Apr30 Monthly depreciation on the equipment was $1,820. Notes Relating to Balances: \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ Customers and balances } \\ \hline Tesco inc. & $3,200 \\ \hline Holiister inc. & $6,400 \\ \hline Calvin Due inc. & $4,250 \\ \hline Ceorge inc. & $2,100 \\ \hline Dockers inc. & $920 \\ \hline Total & $16,870 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ Suppliers and Ealances } \\ \hline DKNY Co. & $12,000 \\ \hline GAP Co. & 50 \\ \hline XYC Co. & 50 \\ \hline Total & $12,000 \\ \hline \end{tabular} The bank loan hars an annual Interest rate of 7% and has monthly principal payment of $1,440. Page 1 Required: a) Prepare the journal entries for the month of April. You will also need to update the inventory in the table for each purchase and sale found under the Irventory Valuation tab of this workbook. b) Post the above journal entries to the accounts. c) Complete the bank reconciliation report. d) Record the joumal entries from the bank reconciliation and post amounts to general ledger accounts e) Complete the 10 -column warksheet. e) Post the adjusting entries to the accounts f) lournalize and post the adjustments. g) Prepare the multistep income statement, calculation of retained earnings, classified balance sheet found under the financlal statements tab of this workbook. h)Answer the analysis questions from 'a' to 'T' found under the financial statements tab of this warkbock. Transections for the mants of Narile At the end of April, the following adjustment had to be journalized to properly report the balances of the company's accounts: \begin{tabular}{|l|l|} \hline Apr 30 & For Prepaid insurance, record the adjustment of $620 to the current month expense. \\ \hline \end{tabular} Apr 30 For Unearned Revenue, $3,750 still remains unearned at the end of Apri. Apr30 Monthly depreciation on the equipment was $1,820

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Marketing

Authors: David Brown, Alex Thompson

1st Edition

0367773422, 9780367773427

More Books

Students also viewed these Accounting questions

Question

A closed subset of a compact set is compact.

Answered: 1 week ago