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Began his business with equipment valued at 40,000 and place 400,000 in the Paid the office rent for the month, 1,800, Ck. 501 (Rent Expense). 505. m. Paid the salary of the assistant, 1,150, Ck. The company plans to do a large spread, magazine advertisement on January 15, 2019. Paid $60,000 cash on the purchase of equipment No. That will give you more options to control the depth of field. When we increase liabilities, we credit it. Required 1. It is a systematic record of a financial transaction of an organization recorded in, Q:On July 1, 2020, Matthew Victor opened a retail postal store. You can always take advantage of sales and snatch up a cheap point-and-shoot, but, Why do we love stocking stuffers? Connect with and learn from others in the QuickBooks Community. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. Paid the salary of the assistant, 1,150, Ck. 1- the owner, A:Accounting equation of the business says that all assets of the business should be equal to total, Q:john began an Upholstery cleaning business on October 1,2020 and engaged in the You are required to, A:Introduction: Debit Credit Cash $ 22,500 Accounts Receivable 17,350 Allowance for Doubtful Accounts $ 600 Inventory, December 31 70,350 Prepaid Insurance 5,200 Prepaid Rent 15,000 Equipment 60,000 Accumulated Depreciation- Eqpuipment 22,500 Accounts Payable 17,000 Notes Payable 25,000 Common Stock 10,000 Retained Earnings 92,450 Sales Revenue 397,300 Cost of Goods Sold 207,400 Salaries Expense (sales) 59,850 Advertising Expense 26,700 Salaries Expense (administration) 76,300 Supplies Expense 4,200 Total $ 564,850 $ 564,850, Financial Accounting: The Impact on Decision Makers. Unexpired insurance Tk. Adjusting Entries are the entries that make the accrual principle work for the, Q:The following information is available as of year-end On March 1 of this year, B. Gervais established Gervais Catering Service. Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. Scenario 2: offsetting the amount to Expenses. $360,000 Simple Accounting equation is, A:Journal is the initial step in recording the financial transaction, date wise as per the dual entity, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. 3. Thank you for the question, As per the honor code, we are allowed to answer three, A:Note ;- Dear student, Determine the net income for March. Book Value ($) Prepare a journal Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation ExpenseEquipment, and Supplies Expense. Foot the T accounts and show the balances. On the Lets gather your business info screen, in the Business Income Recorded depreciation on the remaining truck. Thanks Kristine for your help. The bank may be able to provide a schedule listing all expected repayment dates and amounts for the life of the loan. It was purchased on January 1, 2015. 9. Computer. Can you think of any reason why the amount determined in (4) might not be the net income for October? No. Every loan journal entry adjusts the value of a few account categories on the general ledger. The purchase price is 85,000, pays 25,000 cash and signs a note for the balance. C. Paid creditors on account, 2,300. 7. DEBIT No. Sales Tax. Agoodcameraand camera lenses, of course, let you point and shoot. Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. June 11. Both sides have equal importance, and both must be recorded. 3 Transferred to the business personal photography Although your camera and your computer may come with free image processing software, and though there are less expensive options on the market, the standard is still Adobe's products, Lightroom and Photoshop. The amount was $1,100. I currently own a sole proprietorship business and Im making payments on a credit card with the business checking account. On March 1 of this year, B. Gervais established Gervais Catering Service. It has an estimated residual value of 16,000 and an estimated useful life of 10 years. Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. One extremely important fact or that often gets overlooked is what photography equipment is needed to start aphotography business. a. depreciation of the store, A:Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized, Q:The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal. 2. a. section about loan interest. A published author and professional speaker, David Weedmark has advised businesses on technology, media and marketing for more than 20 years. 2014 Jan. 4. Insurance premiums expired during the year are 3,150. c. Depreciation of equipment during the year is 5,250. d. Depreciation of trucks during the year is 4,000. e. Wages accrued but not paid at January 31 are 900. Journals: Aug. 1 Madison Harris, the owner, invested $12,750 cash and $54,825 of photography equipment in the company in exchange for common stock. 4. Account Titles = P2,000, A:Calculation of impairment loss Dec. 3: Received 2,000 cash in photography fees earned previously. b. PARTICULARS WebFigure 4.4 Journal Entry 1: Inventory Acquired on Credit Notice that the word inventory is physically on the left of the journal entry and the words accounts payable are indented to the right. Paid cash to creditors on account, 4,500. j. G. Paid office salaries, 2,500. 503. h. Sold catering services on account, 4,307 (Catering Income). B. There is no bank account involved in this journal. On top of that, it may be prudent to look into cloud backup. Gear may not be the most important thing in producing creative images, but it is necessary and you will need a certain amount of it. Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. 32,500 of photography equipment in the business. Received P 72,000.00 cash advance from a customer for one year services to be rendered starting, A:AnnualDepreciation(straightlinemethod)=(Costoftheassets-Residualvalue)/Expectedlife, Q:Henry-K Company purchased a computer system for 21,600 on January 1, 2020. Mirrorless cameras have a variety of sensors as well and are becoming more popular with pro photographers who need to travel light, including travel photographers and wedding photographers. Required 1. Kindly resubmit the question along with, A:Following are the journal entries for the month of July in the books of Ms: This free bookkeeping spreadsheet helps self-employed people track income and expenses from bank accounts, credit cards and cash and shows a summary report. No. There are a couple of ways tolook into new cameralenses and make sure youre buying the right ones. Consider thetype of photographyyoull be shooting landscape photography vs. aerial photography before you make a selection. For long-exposure shots, get a remote shutter control, either wired or wireless, so you won't jostle the camera by pressing the shutter button. ADJUSTMENT FOR DEPRECIATION OF ASSET On December 1, delivery equipment was purchased for 7,200. 3. 15.Received cash for job completed, 8,950. Determine the net income or net loss for April. Record the transactions and the balance after each transaction. This is usually the easiest loan journal entry to record because it is simply receiving cash, then later adding in the monthly interest and making a regular repayment. Theres a lot of debate in online forums as to whether a professional can use this camera or that camera. After an inventory count at year end, the staff accountant noted that the inventory market value was lower than what was on the books (cost). The estimated useful life of the truck is four years, with a residual value of 4,000 for the truck. Likewise, there is no impact on the total assets of the balance sheet as the net book value of the fully depreciated equipment here is zero. Entry 4: JCC then sells three pallets of concrete mix to a contractor. No. Can we also transfer smaller items like office supplies I bought personally before the incorporation date? And just record them on the first day of Paid garage 900 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. Q:The balance in theequipment accountbefore adjustment on December 31, 2007 is $60,000 and the, A:Depreciation is the reduction in the value of an asset over a useful life of the asset. Briefly explain why issuing common stock and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. WebLets assume that your business purchases a new van on January 1. During the month, he completed the following transactions connected with his professional practice: a. Section 179 is the only thing I see related to this, but that seems to be if you purchased the equipment in the current tax year. Since you have posted a question with multiple sub-parts, we will solve first three sub-parts, Q:An auto-body repair shop has been in business for 23 years. The insurance was prepaid on January 1, 2018. No. Since we only answer up to 3 sub-parts, well answer the first 3. Excel Applications for Accounting Principles, College Accounting (Book Only): A Career Approach. 3003. h. Received and paid the bill for utilities, 349, Ck. 1004. j. 1. 3. 2. As a general rule, the more money you spend on a camera, the better quality it is. Paid rent on office and equipment for the month, 3,600. c. Paid automobile expenses (including rental charge) for the month, 1,350, and miscellaneous expenses, 600. d. Purchased office supplies on account, 1,200. e. Earned sales commissions (revenue) from selling real estate, receiving cash, 19,800. f. Paid creditor on account, 750. g. Paid office salaries, 2,500. h. Withdrew cash for personal use, 3,500. i. a. Wallace deposited 24,000 in a bank account in the name of the business. The journal entries would be: The entries could be separated as illustrated or it could be combined into one entry with a debit to cash for $125,000 ($100,000 from Sam and $25,000 from Ron) and the other debits and credits remaining as illustrated. His primary business is family portraiture, but he frequently travels to add to his ongoing Tattoos of Asia project. Entering a manual journal is handy for adjusting your books without affecting the bank accounts, like when you need to move a transaction from one account category to another like with the loan forgiveness. The loan will offset the Accounts Payable and you will monitor the balance owing through the loan liability account, not through the accounts payable account. Instructions 1. You'll have to create a journal entry to record the business expense paid with personal funds. Scenario 1: allocating the amount to Other Income. Cameras are cameras. ADJUSTMENT FOR DEPRECIATION OF ASSET On July 1, delivery equipment was purchased for 4,320. Record the closing entries on Page 27 of the journal. A:Required journal entries are given below: Q:The following transactions relates to Edwards Co for the month of January 2013. The repayment of the expense loan into Best Boot's bank account: Debit:Bank(assetaccount) Credit:Designer Doors Loan Receivable(asset account). No. expects to, A:Financial statements are those statements and reports which are prepared at the end of accounting, Q:Safety First Company completed all of its October 31,2020 adjustments in preparation for preparing, A:Impairment exists if recoverable amount is less than carrying amount of an assets Paid cash for miscellaneous expenses, 375. j. 3. 5. When we sell the table, we write off the remaining balances in both Fixed Assets and Accumulated Depreciation in the general ledger. First step in, Q:Oriole Clark opened Orioles Cleaning Service on July 1, 2022. All are related to the use of delivery equipment. In fact, your phone probably has a better camera than what a good digital camera had to offer just 10 or 15 years ago. Market value is $68,250 on December 31. You might want to invest in either an 85mm prime lens or a 70-200mm zoom lens. Start your trial now! You can ask a new questionor browse more Fundamental of abmquestions. Webtransferred to the business personal photography equipment journal entry. All the accounts will be transferred to Income summary . (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Accumulated, Q:Please make the adjustments and adjusted trial balanceAdditional information for adjustments: When we talk about how tostart aphotography business, we often talk about portfolios, skill-sets, clients, abusiness plan, business licenseand of coursebusiness name, and all the important aspects of getting yourself off the ground. Transactions completed during the month of July follow. Dec. 31. 30.Paid wages of employees, 4,800. Dec. 31. Oct. 2. If you want any, Q:Oriole Clark opened Orioles Cleaning Service on July 1, 2020. additional, A:Adjustment journals are the journal entries passed at the end of the reporting period to record the, Q:Prepare adjusting journal entries, as needed, considering the account prepare an adjusted journal entries and adjusted trial balance. Record the transactions and the balance after each transaction. Results of Journal Entry. Hello. WebThe company purchased $12,000 equipment and paid in cash. Instructions 1. Q:Prepare adjusting journal entries, as needed, considering the account balances excerpted from the, A:Given information is: The difference between the book value of the asset and our sales proceeds is recognized as a gain. They use the percentage of sales method allowed by GAAP. A journal entry is used to record a business transaction in the accounting records of a business. Rent it and grabinstorepickup wherever possible until you know exactly the level of quality and power you will require. Bank loans enable a business to get an injection of cash into the business. Instructions 1. The equipment has no salvage value. Credit. WebThe four most common bookkeeping errors are: Expensing inventory, capital assets, capital leases, loan payments and personal expenses (see table summary below). Record the transactions and the balance after each transaction. Prepare journal entries for the, A:Preliminary net income, likewise called net income, is determined as sales minus expense of products, Q:Sammi started her business on 1 January 2021 called Trendy. var FIX=FIX||{}; A loan journal entry can be recorded in different ways in bookkeeping software, here are three of them: Contents:Bank LoansLoan Interest PayableCar LoansIntercompany loansLoan forgiveness. 2. The sales team worked the last week in December, but will not be paid until January 5th. 4. 5. Extend the balances to the appropriate balance columns after each transaction is posted. 7. Whenstarting yourownphotography business, there is some photography equipment that is necessary and some that can be postponed. adding business information, continue through the screens to enter the 30. Do I use the Transfer funds to field? 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. The third journal adds the loan interest to the loan. You want a stable tripod that won't vibrate in the wind, especially if you are taking long-exposure shots. An analysis of the company insurance policies indicates that the Prepaid Insurance account is to be reduced for 528 of expired insurance. WebQuestion: Journal Entries: Journalize the following transactions for a new business Jan 1 - Owner transferred cash from personal bank account to new business account, $25,000 Jan 2 - Paid rent for office and equipment for the month of January, $2,800 Jan 5 - Purchased supplies for future use on account, $1,200 Jan 6 - Paid by check marketing No. 3. July 1 to July 15, Q:July 1 Orioleinvested $20,200cash in the business. Post-Closing Trial Balance Dec 1: Services are performed and clients are billed for 12,000. No. 2006. j. If you don't have thousands of dollars to invest in equipment, there is nothing wrong with starting out small. However, even the best models won't always give you the same quality as a professional DSLR. Journal Entries - Journal Entries are the recording of transactions of the organization. During July, the following, A:Note: 501. e. Bought insurance for the truck for one year, 400, Ck. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. WebBusiness Accounting prepare an adjusted journal entries and adjusted trial balance 1. This is for a straight transfer of cash of $1,200 to from Best Boots to Designer Doorswithout a loan agreement and without interest; the business owner decides to repay it with $300 per month for 4 months. needed information. I recommend choosing them carefully and renting them before you buy if that is an option. 2001. c. Bought supplies for cash, 362, Ck. The first journal is to record the invoice for the purchase of the car. Transactions completed during the month follow. During July, the company, A:For Closing entries , 4. Spend the time to make sure this is a quality machine to save yourself time and money in the long-run. Record the adjusting entries on Page 26 of the journal. Web1. Q:Leora Diamond began a professional practice on June 1 and plans to prepare financial statements at, A:Since we answer up to 3 sub-parts, we'll answer the first 3. 7. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Write the account totals from the left side of the equals sign and add them. The plan can help the owner make good spending decisions. The rent was paid in advance, for the full year, on January 1, 2018. CREDIT 1206. k. Sold services to customers for cash for the second half of the month, 820. l. Received and paid the bill for the business license, 75, Ck. Will you need to turn photos around quickly? Best Boots buys an office printer for Designer Doors for $220.00. Are you struggling to get customers to pay you on time, But, theres more to this than just delivering one job. Transactions completed during the month of March follow. 3 Paid two months rent deposit The bad debt expense is estimated to be $1,450. Sometimes it is necessary to transfer an amount or balance of one account to some other account. The rent was paid in advance, for the full year, on January 1, 2018. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. Heres the journal entry to record the sale of the asset. a. On. 6. WebPhoto Journal invites you to reflect on your photography, motivations, and dreams. following selected transactions Are the camera lenses you want to use available on that body? 4. 2 Paid two months' rent in advance for a studio, $900. 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. Debit:Designer Doors Loan Receivable(asset account)Credit:Bank(assetaccount), Debit:Bank(assetaccount) Credit:Best Boots Loan Payable(asset account). If you want any. 1207. m. Paid wages to an employee, 1,200, Ck. 2. 506 (Salary Expense). 7. No. If you still cannot find the error, re-analyze each transaction. Credit, Q:OrioleClark openedOrioles Cleaning Service on July 1, 2022. Loans usually come with some kind of administration cost so this has been included in the journal. The Cash Loan Journal Entry In Best Boots Is: Debit: Designer Doors Loan Receivable (asset account) Credit: Bank (asset account) In this case, perhaps you might want to look into a 50mm f/1.8 prime lens. 3004. i. 27.Paid utilities expense, 2,240. Instructions 1. Please resubmit the question, Q:Prepare general journal entries to record the following transactions for XYZ Group that occurred, A:Since you have asked multiple questions, we will solve the first question for you.