Hw-1584 acc205 qs 1-4 | Accounting homework help

  

1. Recognition of normal balances
The following items appeared in the accounting records of Triguero’s, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company’s viewpoint. Also indicate the normal account balance of each item.
 

a. The albums, tapes, and CDs held for sale to customers.
b. A long-term loan owed to Citizens Bank.
c. Promotional costs to publicize a concert.
d. Daily sales of merchandise sold,
e. Amounts due from customers,
f. Land held as an investment,
g. A new fax machine purchased for office use.
h. Amounts to be paid in 10 days to suppliers,
i. Amounts paid to a mall for rent.

  

1. Basic journal entries
The following April transactions pertain to the Jennifer Royall Company:
 

Apr. 1 Jenni¬fer Royall invested cash of $15,000 and land valued at $10,000 into the business.
Apr. 5 Provided $1,200 of services to Jason Ratchford, a client, on account.
Apr. 9 Paid $250 of salaries to an employee.
Apr. 14 Acquired a new computer for $3,200, on account.
Apr. 20 Collected $800 from Jason Ratchford for services provided on April 5.
Apr. 24 Borrowed $7,500 from BestBanc by securing a six-month loan.
 

Prepare journal entries (and explanations) to record the preceding transactions and events.

  

1. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:
 

Building $44,000 Accounts receivable $24,000
Cash 17,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
 

Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)

  

1. Journal entry preparation. On January 1 of the current year, Peter Houston invested $100,000 cash into his company MuniServ. The cash was obtained from an owner investment by Peter Houston of $70,000 and a $30,000 notes payable. Shortly thereafter, the company ac¬quired selected assets of a bankrupt competitor. The acquisition included land ($15,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $20,000 (an account payable) by February 15.
 

During January, the company had additional cash outlays for the follow¬ing items:
 

Purchases of store equipment $4,600
Note payment 500
Salaries expense 2,300
Advertising expense 700
 

The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400. All customers have been billed; by month end, $3,700 had been received in settlement of account balances.
 

Instructions
a. Present journal entries that reflect MuniServ’s January transactions, including the $100,000 raised from the owner investment and loan (See exhibit 2.6).
b. Compute the total debits, total credits, and ending balance that would be found in the company’s Cash account (Post to “T” Accounts, see exhibit 2.3 and 2.4).
c. Prepare a trail balance as of January 31 (See exhibit 2.9).

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more