DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015. 2 Purchased a one-year insurance...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6658324dcbf6d_0776658324dbdfd8.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6658324e2f026_0786658324e28abf.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6658324e71209_0786658324e6c2ea.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6658324ea50de_0786658324ea0e0f.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6658324ee8ba2_0786658324ee15a5.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6658324f3bac0_0796658324f36501.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6658324f7b661_0796658324f76f58.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6658324fb1089_0796658324fabb84.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6658325003ddc_0796658324ff2fb8.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6658325040623_080665832503b348.jpg)
Transcribed Image Text:
DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015. 2 Purchased a one-year insurance policy for $16,800. 7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January. 12 Collected a total of $8,000 on account from credit customers during the first week of January. 12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. 13 Collected a total of $9,000 on account from credit customers during the second week of January. 14 Returned supplies that were damaged for a cash refund of $1,500. 15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January. 20 Purchased supplies for $10,000 from White's, Inc.; received Invoice 2384 payable in 30 days. 20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January. 20 Collected a total of $11,200 on account from credit customers during the third week of January. 21 Issued Check 1018 for $14,130 to pay for maintenance work on the office equipment. 22 Issued Check 1019 for $7,200 to pay for special promotional advertising to new businesses in the local newspaper. 23 Received the monthly telephone bill for $2,050 and paid it with Check 1020. 26 Collected a total of $3,200 on account from credit customers during the fourth week of January. 27 Issued Check 1021 for $6,000 to Office Plus as payment on account for Invoice 2223. 28 Sent Check 1022 for $5,350 in payment of the monthly bill for utilities. 29 Sold services for $38,000 in cash and $5,500 on credit during the fourth week of January. 31 Issued Checks 1023-1027 for $65,600 to pay the monthly salaries of the regular employees and three part-time workers. 31 Issued Check 1028 for $24,000 for personal use. 31 Issued Check 1029 for $8,300 to pay for maintenance services for the month. 31 Purchased additional equipment for $30,000 from Contemporary Equipment Company; issued Check 1030 for $20,000 and bought the rest on credit. The equipment has a five-year life and no. salvage value. 31 Sold services for $15,200 in cash and $3,240 on credit on January 31. ADJUSTMENTS 31 Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $9,400 on hand. 31 Compute and record the adjustment for expired insurance for the month. 31 Record the adjustment for one month of expired rent of $4,000. 31 Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February. DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015. 2 Purchased a one-year insurance policy for $16,800. 7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January. 12 Collected a total of $8,000 on account from credit customers during the first week of January. 12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. 13 Collected a total of $9,000 on account from credit customers during the second week of January. 14 Returned supplies that were damaged for a cash refund of $1,500. 15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January. 20 Purchased supplies for $10,000 from White's, Inc.; received Invoice 2384 payable in 30 days. 20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January. 20 Collected a total of $11,200 on account from credit customers during the third week of January. 21 Issued Check 1018 for $14,130 to pay for maintenance work on the office equipment. 22 Issued Check 1019 for $7,200 to pay for special promotional advertising to new businesses in the local newspaper. 23 Received the monthly telephone bill for $2,050 and paid it with Check 1020. 26 Collected a total of $3,200 on account from credit customers during the fourth week of January. 27 Issued Check 1021 for $6,000 to Office Plus as payment on account for Invoice 2223. 28 Sent Check 1022 for $5,350 in payment of the monthly bill for utilities. 29 Sold services for $38,000 in cash and $5,500 on credit during the fourth week of January. 31 Issued Checks 1023-1027 for $65,600 to pay the monthly salaries of the regular employees and three part-time workers. 31 Issued Check 1028 for $24,000 for personal use. 31 Issued Check 1029 for $8,300 to pay for maintenance services for the month. 31 Purchased additional equipment for $30,000 from Contemporary Equipment Company; issued Check 1030 for $20,000 and bought the rest on credit. The equipment has a five-year life and no. salvage value. 31 Sold services for $15,200 in cash and $3,240 on credit on January 31. ADJUSTMENTS 31 Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $9,400 on hand. 31 Compute and record the adjustment for expired insurance for the month. 31 Record the adjustment for one month of expired rent of $4,000. 31 Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The parabolic spandrel shown is revolved about the x axis to form a homogeneous solid of revolution of mass m, using direct integration, express the moment of inertia of the solid with respect to the...
-
Use flexible-budget formulas to construct a flexible budget based on the volume of sales.
-
Warehouse System Inc. recognized service revenue of $960,000 on its financial statements in 2011. Assume, however, that the tax code requires this amount to be recognized for tax purposes in 2012....
-
8 Homework Question 14 of 16 < -12 E Word Riverbed is a publishing company with a number of different book lines. Each line has contracts with a number of different authors. The company also owns a...
-
Question 9 3 pts On February 1, the ABC Inc. sold merchandise on account to XYZ Co. for $5,500, term 2.5/10, n/30. On February 3, XYZ Co. returned merchandise worth $325 to ABC. On February 9, XYZ...
-
Bonus Company had the following amounts in its statement of cash flows for the year ended December 3 1 , 2 0 2 2 . Net decrease in cash from operating activities $ 1 1 2 , 0 0 0 Net decrease in cash...
-
We have learned that leadership is not limited to businesses. Parents, relatives, students, friends, neighbors, and volunteers represent a small example of those who lead. You may find that there is...
-
Sensitivity and scenario analysis aid the capital budgeting decision process by changing the underlying assumptions on which the decision is based. True False QUESTION 2 In the present-value...
-
Use the quadratic formula to solve. Express your answer in simplest form. 1062 +336+25= 5
-
Consider a market of seven (7) equally-sized firms that compete through production. Market demand is P = 250- Q and each firm has a marginal cost of $10. What will be each INDIVIDUAL firm's quantity...
-
The new revenue recognition is likely to have a significant accounting and reporting impact particularly for the manufacturing industry. Use this section to articulate why this assertion might be...
-
Give an example of a decision where creditors are expropriated by shareholders, without the debt agreement being renegotiated. Explain.
-
According to this theory, can the value of a companys equity be nil?
-
Is this view of the company opposed to the theory of markets in equilibrium?
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App