Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. what are the correct journal entries and adjusting

What are the correct journal entries and adjusting entries for the below transaction? I'm having trouble...

80.2K

Verified Solution

Question

Accounting

What are the correct journal entries and adjusting entries forthe below transaction? I'm having trouble identifying the journaland adjusting entries in 'bank situations'. The textbook doesn'tcome with answers.

01-January-2016

Open business bank account with transfer of personal funds

$210,000

02-January-2016

EFT for rental of office space. Immediate occupancy. 60 monthsat $3500 per month.

$210,000

11-January-2016

Office equipment purchased for cash to get discount from theretail price of $56,000.

$50,000

11-January-2016

The office equipment will be replaced in 5 years at an expectedcost of $67,000.

$67,000

13-January-2016

Bank loan approved and credited to account. Payable in 2021

$310,000

28-June-2016

Credit sales. EFT payment to be received in 90 days.

$65,500

04-July-2016

Employee timesheets submitted for work performed. Payment (EFT)to be made in 7 days.

$5,200

29-July-2016

Cash sales.

$33,500

12-December-2016

Credit sales. EFT payment to be received in 90 days.

$42,500

28-December-2016

Employee timesheets submitted for work performed. Payment (EFT)to be made in 7 days.

$5,720

Assume that credit sales \"to be received in 90 days\" arereceived in exactly 90 days and that EFT wage payments are made inexactly 7 days.

Answer & Explanation Solved by verified expert
4.1 Ratings (645 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Consider a chocolate maker that will need 10,000 tons of cocoa beans next year. Suppose the...

Finance
Q

Do you think that opportunity cost and inflation are linked to the time value of money?...

Finance
Q

You are studying Drosophila melanogaster and you hypothesize that a particular protein called “Eyeless” is essential for...

Biology
Q

According to DuBrin (2015), \"Early life experiences have a major impact on self-esteem\" (p. 55). A...

Psychology
Q

The city maintains a landfill that has been recorded during the current year within its parks....

Accounting
Q

In some reptiles incubation temperature of the nest determines the sex ratio Select which answers...

Biology
Q

QA thin circular disc of mass M and radius R is rotating in a horizontal...

Physics
Q

Omar Industries manufactures two products: Regular and Super. The results of operations for 20x1 follow....

Accounting
Q

Problem 6-8A (Part Level Submission) Mercer Inc. is a retailer operating in British Columbia. Mercer...

Accounting
Q

EX 2. Choose any five encumbrance transactions and complete the following ...

Accounting
Q

Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types...

Accounting
Q

I need to find the net gains/loss percentage. Company ...

Finance