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Question;Below is a Chart of Accounts with a corresponding letter. For each transaction below:Chart of Accounts:A. Accounts Payable B. Accounts ReceivableC. Owner's CapitalD. CashE. Computer EquipmentF. Cost of Goods SoldG. Owner's DrawingH. Merchandise Inventory (Perpetual)I. Prepaid InsuranceJ. SalesK. Service RevenueL. Telecommunication ExpenseM. Sales Discount1. Following the General Journal entry format, place the letter of the account to be debited in the first line for each transaction and the letter of the account to be credited next.2. Using the following abbreviations, indicate for each entry which special journal the entry would go in if the company used special journals:CR ? Cash Receipts JournalCP ? Cash Payments JournalS ? Sales JournalP ? Purchases JournalGJ ? General JournalJan.1 Owner invested $10,000 of computer equipment to start the business. Jan. 3 Purchased $5,000 of software for resale to clients on account.Jan. 5 Sold $1,500 of software to a client on account, terms 2/10, n/30, costing $650.Jan. 7 Performed $2,000 of consulting services for a client and billed the client.Jan. 9 Purchased a 12-month insurance policy by paying $9,000 cash.Jan. 11 Collected payment in full from the customer related to the transaction on Jan. 5th.Jan. 13 Purchased a new computer costing $1,500 by paying $500 down and the balance due in 30 days.Jan. 15 Owner withdrew $750.Jan. 17 Paid the month?s telecommunication bill, which was $550.Jan. 19 Performed $3,000 of consulting services. Half was paid on this day, and half is to be paid in 15 days.2- Using the Adjusted Trial Balance below, properly and in good form, complete a Multiple Step Income Statement, Statement of Owner's Equity, and Classified Balance Sheet. ABC CompanyAdjusted Trial Balance12/31/2010 Debit CreditCash 94000 Accounts Receivable 21010 Merchandise Inventory 181900 Office Supplies 540 Land 25000 Equipment 200000 Accumulated Depreciation, Equipment 13000Accounts Payable 18100Salaries Payable 2400Loan Payable 85000D. Panther, Capital 228750D. Panther, Withdrawals 43000 Sales 1311000Sales Returns & Allowances 2200 Cost of Goods Sold 800000 Sales Salaries Expense 180000 Advertising Expense 10000 Office Salaries Expense 70000 Office Supplies Expense 1400 Rent Expense ? Store 14000 Utilities Expense - Store 5000 Telecommunication Expense - Admin. 4500 Interest Expense 5700 Totals 1658250 16582503- Partners Audrey, Betty, and Charles have capital account balances of $120,000 each. The income and loss ratio is 5:3:2, respectively. In the process of liquidating the partnership, noncash assets with a book value of $100,000 are sold for $40,000. The balance of Charles's Capital account after the sale is:$90,000$102,000$108,000None of these is correctThe partnership agreement of Amos, Baker, and Collins provides for the following income ratio: (a) Amos, the managing partner, receives a salary allowance of $36,000, (b) each partner receives 10% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Amos $200,000, Baker $400,000, and Collins $600,000. If partnership net income is $240,000, the amount distributed to Baker should be:$68,000$84,000$88,000None of these is correct


Paper#44835 | Written in 18-Jul-2015

Price : $22