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General Ledger accounting question?0KEVIN JONES2012-08-06 01:45:02
This is a homework problem I'm getting. Brooks March 1 invested 150,000 in cash, along with 22,000 in office equipment business. Cash $ 6,000 2.3 6-month prepaid rental office 3.3 makes credit purchases of office equipment for $ 3000 and $ 1200 for supplies. Payment must be made within 10 days. 6.3 complete services for the client. Collected $ 4000 3.9 completed project for the customer $ 7500 due in 30 days 3/12 paid $ 4200 to pay off the debt created in 3.3 3/19 paid $ 5000 in bonus cash on 12 month insurance policy 22.03 receive $ 3500 cash as partial payment for work performed 3.9 3/25 finished the job for another client for $ 3820 on credit. 29.3 withdrew $ 5100 for personal use 03.30 buy $ 600 of additional office supplies credit 3/31 paid $ 500 cash for utility bills . On the website I'm working , the general ledger to this problem calls for debits, credits and balance for : 1.3 3/2 3/6 3/12 03.19 22.03 29.03 03.31 I've done this 10 times and I'm not getting the correct answer. Could someone please help me solve this? God knows it should be easy , but I must be debited credit where it should or something. UGH ! Thank you !
Accounting general journal question?0Dian:そ 2012-09-25 03:45:03
I have no idea how to answer the following questions: Marina Tally established M. Tally Consulting Services (MTC) on 1 July 2009 and kept her accounting records on an accrual basis. The financial year ends on 30 June 2010. The following transactions occurred during the 2009-2010 financial year. You are required to: Q1. Complete the necessary General Journal adjusting entries and where necessary the reversing entries on July 1 2010. Narrations not required. Q2. Explain your treatment of item 5: Allowance for Doubtful Debts and the usefulness or otherwise of having an allowance. 1. MTC borrowed $6000 from the CBD Bank on 30 April 2010, the interest 8% p.a. payable on 30 July 2010. Interest accrued has not been recorded. 2. MTC recorded unearned service revenue of $450 on 15 May 2010, the service was rendered on 15 June the balance adjustment has yet to be made. 3. MTC bought a multi-function copier machine for $1500 on 1 September 2009. The useful life of the machine is estimated 5 years, with no residual value. Make the necessary depreciation entry. 4. On 1 December 2009, MTC paid $1200 for a12 month insurance policy for professional service. The payment was initially recorded as prepaid insurance. 5. MTC during the year to 30 June 2010, debts totalling $500 proved to be uncollectible and were written off. Marina decided to create an allowance for doubtful debts of $1200. 6. MTC provided consulting service of $520 to one of their client Aussie Cheese Pty Ltd on 1 May 2010. The business sent an invoice to Aussie Cheese Pty Ltd on the same day and recorded the consulting fees as $502. 7. On 1 June 2010, M Tally Consulting Services paid office rent of $3000 for the 3 month period ending 31 August 2010 the payment was initially recorded as rent expense. 8. With business expansion, MTC recruited a receptionist, the fortnight salary (10 working days) is $2000 the next pay day is Friday 2 July 2010. 9. MTC performed $3000 of consulting service for H. Any June 28th 2010. The consulting services have not yet been recorded and the customer has not been invoiced as at 30th June. 10. During the year MTC paid $5670 for stationery expenses, as at June 30th 2010 stationery on hand amounted to $670. Any help would be appreciated!
How do you print the general ledger in Quickbooks?0Abas2012-08-21 07:15:02
I need to print a report and I can not do that for insurance auditor coming tomorrow ! Help !
Where do I record an insurance deductible in the general ledger?0Tawanza2012-07-01 12:15:02
I had an insurance claim by lightning. Expenditure was made ​​an insurance claim , less $ 500, which was the amount of the deductible. The recorded as an expense. When I received the insurance check that credits the account receivable. Is this the correct way to record the $ 500 deductible ?
Need help making general ledger. May1Paid rent (80% selling space, 20% office space)S&P Management Co.2?0luie2012-08-30 10:15:03
2 Issued credit memo on returned merch. Knox, Inc. Apr. 28 175 MedlinePlus Total selling price (gross) Knox, Inc. Apr. 28 4725 MedlinePlus 3 Received credit memo on returned merch. Peyton Products 798 on April 29 MedlinePlus 4 Purchased merchandise on credit Gear Supply Co. May 4 n/10 EOM 37,072 MedlinePlus Store supplies purchased on credit Gear Supply Co. May 4 n/10 EOM 574 MedlinePlus Office supplies purchased on credit Gear Supply Co. May 4 n/10 EOM 83 MedlinePlus 5 Received payment less discount and return Knox, Inc. Apr. 28 n/10 EOM 4459 MedlinePlus 8 Paid inv. minus 2% discount and May 3 return Peyton Products Apr. 29 3411? MedlinePlus 9 Sold store supplies for cash at a cost 350 MedlinePlus 10 office equipment purchased on credit Gear Supply Co. May 10 n/10 EOM 4074 MedlinePlus 11 Received payment less discount Hensel Company May 2 5978 MedlinePlus 11 Purchased merchandise on credit Garcia, Inc. May 10 2/10, n/60 8800 MedlinePlus 12 Received credit memo on returned merch. Gear Supply Co. May 10 854 MedlinePlus 15 Check issued for sales salaries Payroll 5320 3412 MedlinePlus Check issued for office salaries Payroll 3412 3150 MedlinePlus 15 Cash sales for the first half of month (cost $ 38,200) 59,220 MedlinePlus 16 goods sold on credit (cost $ 1,890) Hensel Company 8786 2/10, n/60 17Purchased 3990 creditFink merchandise Corp. May 14 2/10, n/60 13,650 19 Paid invoice less discount Garcia, Inc. 10 May 3413 22 goods sold on credit (cost $ 4,990) Lee Services 8787 2/10, n/60 6850 MedlinePlus Discount 23 invoice amount minus Fink Corp. May 14 3414 13 377 MedlinePlus 24 Purchased merchandise on credit Gear Supply Co. May 23 n/10 EOM 8120 MedlinePlus Supplies purchased on credit Gear Supply Co. stores May 23 n/10 EOM 630 MedlinePlus Office supplies purchased on credit Gear Supply Co. May 23 n/10 EOM 280 MedlinePlus 25 Purchased merchandise on credit Peyton Products May 23 2/10, n/30 3080 MedlinePlus 26 goods sold on credit (cost $ 8,230) Crane Corp. 8788 2/10, n/60 14,210 MedlinePlus Paid 26 April 3415 Electricity bill 1283 Perennial MedlinePlus 29 wrote the check to the owner for personal use Jenny Colo 3416 7000 MedlinePlus 30 Received payment less discount Lee Services May 22 6713 MedlinePlus 30 Check issued for sales salaries Payroll 3417 5320 MedlinePlus Check issued for office salaries Payroll 3417 3150 MedlinePlus 31 cash sales from the second half of month (cost $ 42,500) 66,052 MedlinePlus MedlinePlus Additional information: MedlinePlus one. MedlinePlus expired insurance $ 553 b. Store supplies MedlinePlus 2632 ending inventory c. Ending inventory office supplies 504 MedlinePlus d. 567 Estimated Depreciation warehouse equipment MedlinePlus e. Estimated depreciation of office equipment 329
General journal accounting...?0Elizabeth White2012-08-15 12:11:02
June 14 : Check # 5004 was used to purchase an insurance policy that covers one year of their computer equipment for $ 5,976.00 from Insurance Seth. The effective date of the policy was 16 June and the invoice number was 2387.
Accounting general journal help needed plz?0Nice watch2012-08-31 02:54:02
" In the review of the accounting records of the bsuiness is MedlinePlus entry is April 4 recorded incorrectly in insurance a / c instead of electricity a / c " MedlinePlus MedlinePlus ok now I've done that part . MedlinePlus this is where I'm stuck . MedlinePlus MedlinePlus MedlinePlus " a check for this amount ($ 770) was sent to the wrong person and check # 1 has been canceled . no.7 a new check was issued to pay the light " MedlinePlus this is what I have: MedlinePlus MedlinePlus "Electricity RD $ 700 MedlinePlus GST RD $ 70 MedlinePlus MedlinePlus CR Bank $ 770 ( Reversal of entry to April 4 ) MedlinePlus MedlinePlus How I can do the last part plz
Accounting: General Journal posting?0Baylee2012-09-22 06:15:09
On May 1st I purchased a campground. I paid $1000 for May's insurance premium on the new campground. How would I post to General Ledger? Debit; Insurance Expense $1000 Credit: Cash $1000 ??
Accounting Help? Can you hlep me record this transaction in a general journal?0Gab2012-08-24 02:23:20
- Paid dividends of $ 850 for the period MedlinePlus - Payment of the annual premium for liability insurance MedlinePlus $ 1,500 - Equiptment bought for $ 500 in cash and a promissory note for $ 2,500
General Accounting Office finds competition benefits, guess who?0bullfrog2012-08-13 19:21:02
The GAO found that competition led to lower premiums for customers and lower profits for the health insurance companies , stating that " greater competition was associated with a decline in profits , " and that " the most competitive markets are associated with the lowest rates . " Masters of the obvious,unite! For anyone who has the slightest idea about the free market , the conclusion of this study makes sense: Competition is good for the consumer , not the shareholder conglomerate . Check the full article Buzzflash.com
Accounting Help - Accounting Question?0niel2012-07-15 17:44:02
P10 -5A Fordyce electronics issues $ 400,000 , 8% of 10 year mortgage note on December 31, 2010 . The proceeds of the note will be used to finance a new research laboratory. The terms of the note provide semiannual payments , excluding property taxes and insurance, $ 29,433 . Payments are due on June 30 and December 31 . Complete schedule of installment payments during the first 2 years. ( Round answers to 0 decimal places, eg 125. Use rounded amounts for future calculations . ) Semiannual Interest Period Cash payment Interest expenses reduction of Home Balance Date of issue $ $ 1 2 3 4 Prepare the entries for (1) the loan and (2) the first two installments. ( For multiple debit / credit entries quantities listed in descending eg 10 , 5, 3, 2. Response and back to 0 decimal places, eg 125. ) Date Account / Description Debit Credit 2010 December 31 2011 June 30 December 31 Show how the total liability of the mortgage must be reported on the balance sheet at December 31, 2011 . ( Response and back to 0 decimal places, eg , 125. ) Current liabilities 12/31/11 Long-term debt
Accounting Question??????????0Nick2012-07-04 17:04:02
I need to know which are debits and which are credits. I actually spent over an hour on this problem and cannot seem to balance a trial balance. Question: The following is a list of accounts and their balances for Lee Company on December 31 1993: Cash $ 500. Y. Lee, Withdrawals $ 300. Notes Payable 800. Fees Revenue 4,000. Prepaid Insurance 200. Rent Expense 400. Office Equipment. 3,800. Salary Expense 700. Y. Lee, Capital 1,200. Utility Expense 100. (If I had the answer I could better understand accounting in general) Thank You Kindly, ~Jason

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