Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance Theodore McMahon opened a law office on April 1, 2018. During the first month of operations, the business completed the following transactions:
Requirements
1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid insurance; Land; Building; Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required.
2. Open the following four-column accounts including account numbers: Cash, 101; Accounts Receivable, 111; Office Supplies, 121; Prepaid Insurance, 131; Land, 141; Building, 151; Furniture, 161; Accounts Payable, 201; Utilities Payable, 211; Notes Payable, 221; Common Stock, 301; Dividends, 311; Service Revenue, 411; Salaries Expense, 511; Rent Expense, 521; and Utilities Expense, 531.
3. Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the journal entries were recorded on page 1 of the journal.
4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.
Answers
Answer:
1. Record each transaction in the journal. Explanations are not required.
April 1
Dr Cash 70,000
Cr Common stock 70,000
April 3
Dr Office supplies 1,100
Dr Furniture 1,300
Cr Accounts payable 2,400
April 4
Dr Cash 2,000
Cr Service revenue 2,000
April 7
Dr Land 30,000
Dr Building 150,000
Cr Cash 40,000
Cr Notes payable 140,000
April 11
Dr Accounts receivable 400
Cr Service revenue 400
April 15
Dr Salaries expense 1,200
Cr Cash 1,200
April 16
Dr Accounts payable 1,100
Cr Cash 1,100
April 18
Dr Cash 2,700
Cr Service revenue 2,700
April 19
Dr Accounts receivable 1,700
Cr Service revenue 1,700
April 25
Dr Utilities expense 650
Cr Accounts payable 650
April 28
Dr Cash 1,100
Cr Accounts receivable 1,100
April 29
Dr Prepaid insurance 3,600
Cr Cash 3,600
April 29
Dr Salaries expense 1,200
Cr Cash 1,200
April 30
Dr Rent expense 2,100
Cr Cash 2,100
April 30
Dr Dividends 3,200
Cr Cash 3,200
2. Open the following four-column accounts including account numbers:
3. Post the journal entries to four-column accounts in the ledger,
I used an excel spreadsheet to answer questions 2 and 3
4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.
In order to prepare a trial balance we must prepare an income statement first.
Service revenue $6,800
Salaries expense -$2,400
Rent expense -$2,100
Utilities expense -$650
Net income $1,650
retained earnings = net income - dividends = $1,650 - $3,200 = -$1,550
Theodore McMahon, Attorney
Balance Sheet
For the Month Ended April 30, 2018
Assets:
Cash $23,400
Accounts receivable $1,000
Prepaid insurance $3,600
Office supplies $1,100
Furniture $1,300
Land $30,000
Building $150,000
Total assets: $210,400
Liabilities and Equity:
Accounts payable $1,950
Notes payable $140,000
Common stock $70,000
Retained earnings ($1,550)
Total liabilities and equity: $210,400
Final answer:
The process involves journalizing each transaction that occurred in April 2018, posting these journal entries into their corresponding accounts and then preparing a trial balance to check that total debits equal total credits. However, without specific transactional data, a step-by-step guide could not be provided.
Explanation:
The question pertains to the fundamentals of financial accounting, primarily dealing with the concepts of journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance. Due to the lack of specific transactional data provided within the question, an exact step-by-step guide cannot be provided. However, the process can be generally explained and understand in following steps:
- Journalizing Transactions: Here, each business transaction that occurred during April 2018 would be recorded. These entries involve pairs of debt and credit entries, corresponding to individual business operations.
- Posting Journal Entries: The journal entries would then be transferred or 'posted' to the corresponding four-column accounts. In this case sequentially to accounts: Cash, 101; Accounts Receivable, 111; and so on, following the provided list of accounts.
- Preparation of Trial Balance: The trial balance summarizes all of the ledger accounts, including its final balances. It is used to verify that total debits equal total credits, crucial for maintaining the balance in double-entry accounting.
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If the money supply exceeds money demand, people will ____ bonds which will cause bond prices to ____ and the nominal interest rate to _____ until money demand equals money supply. A. buy; rise; fall B. sell; fall; fall C. sell; rise; fall D. buy; fall; rise
a) motivation.
b) organizational citizenship behaviors (OCB).
c) ethical sensitivity.
d) ability.
Answers
Answer:
d) ability
Explanation:
Based on the information provided regarding the scenario at hand it seems that Dave is trying to improve his employees' abilities and role-perception. Dave wants this training to allow his employees to gain the knowledge of how to operate correctly and efficiently during work-hours in order to increase overall performance and at the same time customer satisfaction.
Answers
Answer:
multifactor productivity = 8.3%
Explanation:
given data
Total cost for chemicals = $10
Total cost of labor = $40
Total cost of misc = $5
use of chemical = 50%
solution
first we get here total initial cost that is
total initial cost = 10 + 40 + 5
total initial cost = $55
and
Increase in cost of chemical is = 10 + (0.5) × (10)
Increase in cost of chemical = 15
so Total increase in cost will be
Total increase in cost = $15 + $40 + $5
Total increase in cost = 60
so
increase in cost % = × 100
increase in cost % = × 100
increase in cost % = 91.67 %
so
change in multifactor productivity is = 100% - 91.7%
multifactor productivity = 8.3%
Answers
Answer:
$10.98
Explanation:
Dividend per year;
D1 to D2 = 0
D3 = 1.25
D4 = 1.25 (1.21) = 1.5125
D5 = 1.5125 (1.21) = 1.8301
D6 = 1.8301 (1.08) =1.9765
Find Present values of each dividend at 18% required return;
PV( D1 to D2) = 0
PV( D3) = 1.25/1.18³ = 0.7608
PV( D4) = 1.5125 / (1.18^4) = 0.7801
PV( D5) = 1.8301 / (1.18^5) = 0.8000
PV( D6 onwards)
PV( D6 onwards) = 8.6393
Next, sum up the PVs;
= 0 + 0.7608 + 0.7801 + 0.8000 + 8.6393
= 10.98
Therefore, this stock is valued at $10.98
They should have a different design than the business card.
They provide the contact information for a business.
They are seldom needed in small organizations.
Business cards and letterheads should be of similar design.
They have the same information as a business card.
Answers
Answer:
B- They provide the contact information for a business.
E- Business cards and letterheads should be of similar design
Explanation:
A letterhead is the heading found at the top of a paper and it usually includes the name of the organization, the logo and the contact information. The letterheads help to provide a professional image and consistency should be maintain in all the business stationery. According to that, the answer is that the two statements that describe letterheads are: they provide the contact information for a business and business cards and letterheads should be of similar design.
hope this helps pls let me know
Answers
Answer:
Revenue= $503,538.46
Explanation:
Giving the following information:
In 2019, X Company's profit function was 0.31R - $89,000, where R is revenue. In 2020, the relationship between revenue and variable costs will not change, but fixed costs will increase by $16,020.
Tax rate= 35%
Desired profit= 33,200
X= 0.31R - (89,000+16,020)= 0.31R - 105,020
We need to incorporate the effect of the tax rate:
X= [(0.31R - 105,020)*(1-t)]
33,200= [(0.31*R) - 105,020]*(1-0.35)
33,200/0.65= 0.31R - 105,020
51,076.92 + 105,020= 0.31R
503,538.46= R
Answers
Answer:
Fixed Cost = $24,000 Variable cost = $5
Explanation:
You have to use the High-Low method
From the table you got, you pick the higher and the lowest unit sold
and calculate the diference between them:
Now 14,400 Units generates a cost of 72,000 Dividing we get the variable component
Then we calculate for the fixed cost:
Fixed Cost = 24,000