TranscribedText: Selected transactions for Ivanhoe Ltd. during its first month of operations are presented below: Mar. 2 Issued commonshares for $11,500 cash. 4 Purchased used car for $1,900 cash and $8,600 on account, for use in the business. 10 Billed customers $2,200 for services performed. 13 Paid $275 cash to advertise business opening. 25 Received $1,900 cash from customers billed on March 10. 27 Paid amount owing for used car purchased on March 4. 30 Received $850 cash from a customer for services to be performed in April. 31 Declared and paid $300 of dividends to shareholders. The journal entries for Ivanhoe Ltd. were prepared below: Date Account Titles and Explanation Debit Credit Mar. 2 Cash 11,500 Common Shares 11,500 4 Vehicles 10,500 Cash 1,900 Accounts Payable 8,600 10 Accounts Receivable 2,200 Service Revenue 2,200 13 Advertising Expense 275 Cash 275 25 Cash 1,900 Accounts Receivable 1,900 27 Accounts Payable 8,600 Cash 8,600 30 Cash 850 Deferred Revenue 350 31 Dividends Declared 300 Cash 300Using T accounts, post the journal entries to the general ledger, and determine the ending balances in each account. (Post entries in the order presented in the problem statement. If the ending balance is O enter that amount on the normal balance side.) Cash Accounts Receivable Vehicles Accounts Payable Deferred Revenue The following is a list of accounts, in alphabetical order, for Wildhorse Ltd. at December 31, 2024. All accounts have a normal balance. Accounts payable $3,700 Income tax expense $1,160 Accounts receivable 8,700 Office expense 6.600 Accumulated depreciation-equipment 6,200 Rent expense 4.200 Cash 23,200 Retained earnings 25.460 Common Shares 9,400 Salaries expense 11,300 Deferred revenue 4,400 Salaries payable 5,200 Depreciation expense 4,200 Service revenue 35.200 Dividends declared 6,700 Supplies 5,700 Equipment 14,400 Supplies expense 3.400 Prepare a trial balance. Blossom Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from Cullumber Led. for $35.840, terms n/30, FOB shipping point. 6 The appropriate company paid freight costs of $896 on the merchandise purchased on April 3. 7 Purchased supplies on account for $6,400. 8 Returned merchandise to Cullumber and received a credit of $4,480. The merchandise was returned to inventory for future resale. 30 Paid the amount due to Cullumber in full. Record the above transactions in Blossom's books. (List all debit entries before credit entries. Credit account titles are automatically indente when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit CreditListed below are some transactions for Wildhorse Products Led., which uses a perpetual inventory system and reports under ASPE. May Sold inventory on account to Blossom Inc, terms 2/10, n/30. Selling price $26,000; cost $10,400. 2 3 Received a portion of the inventory sold on the previous day because it was damaged and could never be sold in the future. Selling price $1,950; cost $780. 5 Received a portion of the inventory sold on May 2 that was in good condition and could be sold to other customers in the future. Selling price $3,350, cost $1,560. 7 Received payment in full from Blossom Inc. for the amount due from the sale made on May 2.Record the journal entry or entries for each of the transactions above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) v (To record sales) v (To record inventory)Waughn Advertising Ltd's opening trial balance on January 1 shows Supplies 51,480, On Januwary 11, the comparny purchased additional supplies for 1,740 on account. On January 31, there are $1.180 of supplies on hand. (a) Prepare the journal entry to record the purchase of supplies on January 11 (Credit account titles are autematically indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, sefect "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 11 The total weekly payroll for Monty Auto Repairs Ltd. is $4,850 ($970 per day). The payroll is paid every Saturday for employee salaries earned during the same five-day workweek (Monday through Friday, inclusive). Salaries were last paid on Saturday, September 25. This year the company's year end, September 30, falls on a Thursday. Salaries will be paid next on Saturday, October 2. (a) Prepare the journal entry to record payment of the salaries on September 25. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Sep. 25Brothers Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2024: 1. Purchased a one-year insurance policy on June 1 for $1,500 cash. 2. Paid $6.000 on August 31 for five months' rent in advance. 3. On September 4, received $2.700 cash in advance from a corporation to sponsor a game each month for a total of nine months for the most improved students at a local school. 4. Signed a contract for cleaning services starting December 1, for $900 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Cleaning to record this prepayment.) 5. On December 5, received $1,370 in advance from a gaming club. Determined that on December 31, $400 of these games had not yet been played.For each of the above transactions, prepare the journal entries to record the initial transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 2024The following is a list of accounts, in alphabetical order, for Cullumber Lid. at December 31, 2024. All accounts have a normal balance. Accounts payable $4,000 Income tax expense $1,250 Accounts receivable 9,000 Office expense 6.900 Accumulated depreciation-equipment 6,500 Rent expense 4,500 Cash 25,000 Retained earnings 26.750 Common shares 10,000 Salaries expense 11,600 Deferred revenue 4,700 Salaries payable 5,500 Depreciation expense 4,500 Service revenue 37.000 Dividends declared 7,000 Supplies 6.000 Equipment 15,000 Supplies expense 3.700Prepare a statement of changes in equity for the year ended December 31, 2024. (If an amount reduces the account balance then enter with negative sign or parentheses e g. (45) or -45.) CULLUMBER LTD. Statement of Changes in Equity Common Retained Total Shares Earnings EquityCulver Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 147 tents. This consists of 49 tents purchased in February at a cost of $211 each and 98 tents purchased in March at a cost of $229 each. During April, the company had the following purchases and sales of tents: Purchases Sales Date Units Unit Cost Units Unit Price Apr. 3 72 $380 10 193 $277 17 263 380 24 285 291 30 203 380 (a) Determine the cost of goods sold and the cost of the ending inventory using FIFO. Cost of goods sold $ Ending inventory $

Selected transactions for Ivanhoe Ltd. during its first month of operations are presented below: Mar. 2 Issued common shares for $11,500 cash. 4 Purchased used car for $1,900 cash and $8,600 on account, for use in the business. 10 Billed customers $2,200 for services performed. 13 Paid $275 cash to advertise business opening. 25 Received $1,900 cash from customers billed on March 10. 27 Paid amount owing for used car purchased on March 4. 30 Received $850 cash from a customer for services to be performed in April. 31 Declared and paid $300 of dividends to shareholders. The journal entries for Ivanhoe Ltd. were prepared below: Date Account Titles and Explanation Debit Credit Mar. 2 Cash 11,500 Common Shares 11,500 4 Vehicles 10,500 Cash 1,900 Accounts Payable 8,600 10 Accounts Receivable 2,200 Service Revenue 2,200 13 Advertising Expense 275 Cash 275 25 25 Cash 1,900 Accounts Receivable 1,900 27 Accounts Payable 8,600 Cash 8,600 30 Cash 850 Deferred Revenue 850 31 Dividends Declared 300 Cash 300