Journalizing transactions, posting to T-accounts, and preparing a trial balance
Problem P2-41 continues with the consulting business begun in Problem P1-54 in
Chapter 1. Here you will account for Daniels Consulting’s transactions as it is actually
done in practice.
Daniels Consulting completed the following transactions during December 2016:
Dec. 2 Daniels contributed $20,000 cash in exchange for capital.
2 Paid monthly office rent, $2,000.
3 Paid cash for a computer, $3,600. This equipment is expected to remain in service
for five years.
4 Purchased office furniture on account, $3,000. The furniture should last for
five years.
5 Purchased office supplies on account, $800.
9 Performed consulting service for a client on account, $2,500.
12 Paid utilities expenses, $150.
18 Performed service for a client and received cash of $2,100.
21 Received $2,400 in advance for client service to be performed in the future.
21 Hired an administrative assistant to be paid $2,055 on the 20th day of each
month. The secretary begins work immediately.
26 Paid $200 on account.
28 Collected $400 on account.
30 Daniels withdrew $1,000.
Requirements
1. Journalize the transactions, using the following accounts: Cash; Accounts
Receivable; Office Supplies; Equipment; Furniture; Accounts Payable; Unearned
Revenue; Daniels, Capital; Daniels, Withdrawals; Service Revenue; Rent Expense;
and Utilities Expense. Explanations are not required.
2. Open a T-account for each of the accounts.
3. Post the journal entries to the T-accounts, and calculate account balances. Formal
posting references are not required.
4. Prepare trial balance as of December 31, 2016.
5. Prepare the income statement of Daniels Consulting for the month ended
December 31, 2016.
6. Prepare the statement of owner’s equity for the month ended December 31, 2016.
7. Prepare the balance sheet as of December 31, 2016.
8. Calculate the debt ratio for Daniels Consulting at December 31, 2016.
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Journalize The Following Merchandising Transactions For Csi Systems Assuming It
/in Uncategorized /by developerJournalize the following merchandising transactions for CSI Systems assuming it uses (a) a periodic inventory system and (b) a perpetual inventory system.1. On November 1, CSI Systems purchases merchandise for $1,400on credit with terms of 2/5, n/30, FOB shipping point; invoice datedNovember 1.2. On November 5, CSI Systems pays cash for the November 1 purchase.3. On November 7, CSI Systems discovers and returns $100 of defectivemerchandise purchased on November 1 for a cash refund.4. On November 10, CSI Systems pays $80 cash for transportationcosts with the November 1 purchase.5. On November 13, CSI Systems sells merchandise for $1,500on credit. The cost of the merchandise is $750.6. On November 16, the customer returns merchandise from theNovember 13 transaction. The returned items sell for $200 and cost $100.
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Journalizing Stock Issuance And Cash Dividends And Preparing The Stockholders Eq
/in Uncategorized /by developerJournalizing stock issuance and cash dividends and preparing the stockholders’ equity section of the balance sheet:
B-Mobile Wireless needed additional capital to expand, so the business
incorporated. The charter from the state of Georgia authorizes B-Mobile to issue
70,000 shares of 5%, $100 par value cumulative preferred stock, and 110,000
shares of $2 par value common stock. During the first month, B-Mobile completed
the following transactions: *** TOTAL Stockholder’s Equity is $504,000 ****
Oct. 2
Issued 19,000 shares of common stock for a building with a market value of $250,000.
Oct.6
Issued 800 shares of preferred stock for $110 per share.
Oct.9
Issued 15,000 shares of common stock for cash of $90,000.
Oct.10
Declared a $16,000 cash dividend for stockholders of record on Oct. 20.
Use a separate Dividends Payable account for preferred and common stock.
Oct.25
Paid the cash dividend.
Requirements
1. Record the transactions in the general journal.
2. Prepare the stockholders’ equity section of B-Mobile’s balance sheet at October 31, 2014. Assume B-Mobile’s net income for the month was $92,000.
AttachmentDateOct 2 Oct 6 Oct 9 Oct 10 Oct 10 Oct 25 DescriptionBuildingTo Common stock19,000*2To Paid in excess ofpar Debit250,000 CashTo Preferredstock(800*100)To Paid in excess ofpar…
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Journalizing Transactions Posting To T Accounts And Preparing A Trial Balance Pr
/in Uncategorized /by developerJournalizing transactions, posting to T-accounts, and preparing a trial balance
Problem P2-41 continues with the consulting business begun in Problem P1-54 in
Chapter 1. Here you will account for Daniels Consulting’s transactions as it is actually
done in practice.
Daniels Consulting completed the following transactions during December 2016:
Dec. 2 Daniels contributed $20,000 cash in exchange for capital.
2 Paid monthly office rent, $2,000.
3 Paid cash for a computer, $3,600. This equipment is expected to remain in service
for five years.
4 Purchased office furniture on account, $3,000. The furniture should last for
five years.
5 Purchased office supplies on account, $800.
9 Performed consulting service for a client on account, $2,500.
12 Paid utilities expenses, $150.
18 Performed service for a client and received cash of $2,100.
21 Received $2,400 in advance for client service to be performed in the future.
21 Hired an administrative assistant to be paid $2,055 on the 20th day of each
month. The secretary begins work immediately.
26 Paid $200 on account.
28 Collected $400 on account.
30 Daniels withdrew $1,000.
Requirements
1. Journalize the transactions, using the following accounts: Cash; Accounts
Receivable; Office Supplies; Equipment; Furniture; Accounts Payable; Unearned
Revenue; Daniels, Capital; Daniels, Withdrawals; Service Revenue; Rent Expense;
and Utilities Expense. Explanations are not required.
2. Open a T-account for each of the accounts.
3. Post the journal entries to the T-accounts, and calculate account balances. Formal
posting references are not required.
4. Prepare trial balance as of December 31, 2016.
5. Prepare the income statement of Daniels Consulting for the month ended
December 31, 2016.
6. Prepare the statement of owner’s equity for the month ended December 31, 2016.
7. Prepare the balance sheet as of December 31, 2016.
8. Calculate the debt ratio for Daniels Consulting at December 31, 2016.
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Joy And Karl Contract For The Sale Of Joy S Prize Winning Show Dog For 1 000 Unk
/in Uncategorized /by developer19. Joy and Karl contract for the sale of Joy’s prize-winning show dog for $1,000. Unknown to either party, the dog has died. Karl is A) not required to pay due to the unilateral mistake.B) required to pay because he assumed the risk the dog might die. C) entitled to another dog of equivalent valueD) not required to pay due to the mutual mistake.
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Joy Cunningham Co Purchased A Machine On January 1 2012 For 449 900 At That Time
/in Uncategorized /by developerJoy Cunningham Co. purchased a machine on January 1, 2012, for $449,900. At that time, it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2015, the firm’s accountant found that the entry for depreciation expense had been omitted in 2013. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2015. At present, the company uses the sum-of-the-years’-digits method for depreciating equipment.
Prepare the general journal entries that should be made at December 31, 2015, to record these events. (Ignore tax effects.)
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Joyce Ingalls Is The Daughter Of The Late Fred Ingalls Who Died Aug 15 2010 One
/in Uncategorized /by developerJoyce Ingalls is the daughter of the late Fred Ingalls, who died Aug 15,2010. One of the items included in his gross estate was a traditional(regular/non-Roth) IRA valued at several million dollars. Mr.Ingalls’s estate will owe taxes, but no estate taxes had been paid by March 1.2011, the date Joyce filed her 2010 was a $50,000distribution from her father’s IRA. After talking with a friend , she wonders whether a Sec.691(c) deduction was available on her 2010 return, and she has contracted you to resolve this issue. write a memo in which you adrress whether Joyce is entitled to claim a Sec.681(c) deduction for income in respect of a decedent (IRD) she collected, given that no estate tac has yet been paid on the IRD or any other inclusion in her father’s gross estate. Also address in a conceptual manner how the deduction, assuming it is available, is calculated. At a minimum you should consult the following sources:IRC Sec. 691(c)FSA 200011023
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Joyful Gas Company An Independent Oil Producer In Dallas Texas In March Company
/in Uncategorized /by developerJoyful Gas Company an independent oil producer in Dallas, Texas. In March, company geologist discovered a pool of oil that tripled the company’s proven reserves. Prior to disclosing the new oil to the public, Joy Gas Company quietly bought most of its stock as treasury stock. After the discovery was announced, the company’s stock price increased from $5 to $28.
Please discuss and answer at least two the following questions:
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Joyner Brenda E Payne Dinah 2002 Evolution Implementation A Study Of Values Busi
/in Uncategorized /by developerJoyner, Brenda E; Payne, Dinah (2002) “Evolution & Implementation: A study of Values, Business Ethics and Corporate Social Responsibility”,Journal of Business Ethics
Download the article, read it carefully and answer the following:
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Jpmorgan Chase Is The Company Can You Please Help Wit This Paper Only 3 Pages
/in Uncategorized /by developerJPMOrgan Chase is the company. Can you please help wit this paper only 3 pages? those are the guidelines of writing this paper and those are the sub headings.
Provide an overview of the organization’s crisis situation and the ethical implications.
Consider the organization mission, vision, values, and culture
How well did the organization communicate during the crisis?
Where open lines of communication established?
Did the organization authentically acknowledge and own their contribution to the situation?
Did the leader demonstrate candor?
Did they effectively use the media to deliver key messages?
Did they share good and bad news?
Did they exhibit consistent and believable communication?
Did they involve employees and customers in the communication efforts?
Were their actions aligned with the mission and values
What recommendation would you make to improve the communication approach?
Consider crisis communication techniques, communication best practices and ethical responsibilities
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Juan And Hailey Heard That Spraying Vinegar On Plant Leaves Will Prevent Caterpi
/in Uncategorized /by developerJuan and Hailey heard that spraying vinegar on plant leaves will prevent caterpillars from eating the leaves. They decide to design an experiment to see if this is true. They mark a line down the middle of the garden and then spray the plants on one side of that garden with vinegar. For the next ten days, they spray the same side of the garden with vinegar and observe how many caterpillars they can count on each side of the line. After ten days, if there were more caterpillars on the non-vinegar side of the garden than on the side sprayed with vinegar, Juan and Hailey will conclude that vinegar does prevent caterpillars from eating the leaves.
A.) Identify three variables that were not specifically controlled in the experimental design.
B.) For each of these variables, describe how they might have affected the outcome of Juan and Hailey’s experiment.
c.) For each of the variables listed, suggest a way to better control them if the experiment were to be repeated.
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