Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you open the excel files the question's are within the documents. Each separate document is a different question and all questions can be answered

If you open the excel files the question's are within the documents. Each separate document is a different question and all questions can be answered on the spreadsheet. Thanks!

image text in transcribed Journal Entry Assignment #3 Due: March 22 On July 1, June Juniper collected $900 cash from a customer in advance for future services to be performed. June Juniper is in the business of small business accounting consulting. Record the journal entry associated with this transaction. General Journal Date Description Post Ref. Debit Credit Journal Entry Assignment #4 Due: April 3 A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Record the journal entries associated with these three transactions. General Journal Date Description Post Ref. Debit Credit Journal Entry Assignment #5 Due: April 10 Tara Westmount, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000. What is the journal entry required to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed? Hint: Refer back to Chapter 4, where you learned how to close out the accounts at the end of the year. For this assignment, you will only have one entry, just the one to close out Income Summary. Although, when closing, we typically have four entries to complete. You will need to create the first two entries separately to determine the amount for this assignment. General Journal Date Description Post Ref. Debit Credit Journal Entry Assignment #6 Due: April 17 Pippa's Paralegal Services completed these transactions in February: a. February 1 - Completed work for a client on credit for $500 b. February 5 - Completed work for a client and received $800 cash c. February 28 - Received $500 cash for the work described in (a). Prepare journal entries to record the above transactions. (Hint - you will have three entries) General Journal Date Description Post Ref. Debit Credit Journal Entry Assignment #7 Due: April 24 Juno Company had $500 of office supplies available at the beginning of the current year. During the year Juno Company purchased $2,750 worth of office supplies. On December 31 of this year $375 worth of office supplies remained. Prepare the journal entry to adjust the supplies account. General Journal Date Description Post Ref. Debit Credit Journal Entry Assignment #8 Due: May 1 A company purchased store equipment for $4,300 by trading in old equipment with a cost of $2,000 and that had accumulated depreciation of $1,900 as of the exchange date. The company received a $75 trade-in allowance for the old equipment with the balance of $4,225 paid in cash. Prepare the journal entry to record the exchange, assuming the transaction had commercial substance. General Journal Date Description Post Ref. Debit Credit

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

Step: 3

blur-text-image

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

Accounting Information Systems Controls And Processes

Authors: Leslie Turner, Andrea B Weickgenannt, Mary Kay Copeland

4th Edition

1119577810, 9781119577812

More Books

Students also viewed these Accounting questions

Question

Imagine you remain in the job listed under point

Answered: 1 week ago

Question

Always have the dignity of the other or others as a backdrop.

Answered: 1 week ago