🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Accounting
1
answer
0
watching
125
views

I NEED HELP MAKING A GENERAL JOURNAL FORTHIS

1. Record the receipt of $55,750 cash from customers forsubscriptions that had already been earned in 2014.

2.Record the receipt of $240,000 cash from Electronic Arts, Inc.for service earned in the month of January.

3.Record the purchase of 10 new computer servers for $35,400;paid $14,300 as cash and signed a three year note for the remainderowed.

4.Record the payment of $11,000 for an Internet advertisementrun on Yahoo! in January.

5.Record the sale of 11,200 monthly subscriptions at $11 eachfor services provided during January. Half was collected in cashand half was sold on account.

6.Record the receipt of an electric and gas utility bill for$5,570 for January utility services. The bill will be paid inFebruary.

7.Record the payment of $340,000 in wages to employees for workdone in January.

8.Record the purchase $3,600 of supplies on account.

9.Record the payment of $3,600 cash to the supplier in (h).

Watch
1
answer
0
watching
125
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Jarrod Robel
Jarrod RobelLv2
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

QUESTION 6

Which of the following statements is not true regarding prepaidexpenses?

Prepaid expenses represent assets.

Prepaid expenses are shown in a special section of the incomestatement.

Prepaid expenses become expenses only as goods or services areused up.

Prepaid expenses appear in the balance sheet.

4 points

QUESTION 7

The balance of an unearned revenue account:

Appears in the balance sheet as a component of stockholders'equity.

Appears in the income statement along with other revenueaccounts.

Appears in a separate section of the income statement forrevenue not yet earned.

Appears in the liability section of the balance sheet.

4 points

QUESTION 8

As of January 31, Hudson Corporation owes $600 to U-Rent-It forequipment used during January. If no adjustment is made for thisitem at January 31, how will Hudson's financial statements beaffected?

Cash will be overstated at January 31.

Net income for January will be overstated.

Stockholders' equity will be understated.

The financial statements will be accurate since the $600 doesnot have to be paid yet.

4 points

QUESTION 9

The accountant for the Linville Company forgot to make anadjusting entry to record revenue earned but not yet billed tocustomers. The effect of this error is:

An overstatement of assets.

An overstatement of stockholders' equity.

Understatement of both assets and stockholders' equity

Overstatement of both assets and stockholders' equity.

4 points

QUESTION 10

An adjusting entry involving recognition of unrecorded revenueis necessary at the end of March in which of the followingsituations?

Financial Consultants received payment in February forconsulting services rendered in March.

Financial Consultants began working for a client on March 15;bills will be sent monthly beginning April 15.

Financial Consultants made payment in January for office rentfor the first three months of the year.

On March 31, a major customer paid his bill for a consulting jobcompleted in February.

4 points

QUESTION 11

Which of the following entries causes an immediate decrease inassets and in stockholders' equity?

The entry to record depreciation expense.

The entry to record revenue earned but not yet received.

The entry to record the earned portion of rent received inadvance.

The entry to record accrued wages payable.

4 points

QUESTION 12

The CPA firm auditing Greer Company found that net income hadbeen overstated. Which of the following errors could be thecause?

Failure to record depreciation expense for the period.

No entry made to record purchase of land for cash on the lastday of the year.

Failure to record payment of an account payable on the last dayof the year.

Failure to make an adjusting entry to record revenue which hadbeen earned but not yet billed to customers.

Record Transactions for the month of January. Write journalentries for the information provided.

January Transactions for Francine’s Fast Deliveries, Inc.

Jan.1 - Owners invest $16,000 of additional cash in thebusiness.

Jan. 2 - a)2Supplies are purchased for $1,000
b) Insurance is paid for 12 months beginning January 1: $5,700(Record as an asset)
c) Rent is paid for 3 months beginning in January: $4,500 (Recordas an asset)
d) Two employees are hired. Each employee will be paid $2,400 permonth

Jan. 3 - FFD borrows $30,000 from 1st State Bank at 10% annualinterest.

Jan. 6 -A delivery van is purchased for cash. Including tax thetotal cost was $24,000. It will be used for 4 years and will bedepreciated monthly using straight-line with no salvage value. Afull month of depreciation will be charged in January.

Jan. 7 - $600 of the receivables from December’s sales arecollected.

Jan. 8 - $400 of the accounts payable from December are paid.

Jan. 9 - Performed services for customers on account. Mailedinvoices totaling $10,400.

Jan. 10 - Services are performed for cash customers: $7,600.

Jan. 16 - Wages for the first half of the month are paid on January16: $2,400.

Jan. 20 - The company receives $3,500 from a customer for anadvance order for services to be provided in January andFebruary.

Jan. 25 -Collections from customers on account (see January 9transaction): $4,500

Jan. 30 - a)The last 2 weeks wages earned by employees are $1,200per employee and will be paid on February 3.
b)A $1,200 utility bill for January arrived. It is due on February15.

Use this additional Information for adjusting entries at January31:(separate this from the original journal entries)

a) Supplies on hand on January 31 total $250.

b) The company completed 40% of the deliveries for the customer whopaid in advance on January 20.

c) Interest is accrued for the bank loan. (Assume a full month forthe 1st State Bank loan.)

d) Adjust the prepaid asset accounts as needed

e) Record January Depreciation

I have already answered questions 1 and 2, I don't need help with those. I posted those for the information in case you need it for the other questions.

[The following information applies to the questions displayed below.]

Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10. At the start of January 2015, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows:
Cash $ 2,360,000
Accounts Receivable 152,000
Supplies 19,100
Equipment 948,000
Land 1,920,000
Building 506,000
Accounts Payable 109,000
Unearned Revenue 152,000
Notes Payable (due 2018) 80,000
Common Stock 2,200,000
Retained Earnings 3,364,100

In addition to the above accounts, VGC’s chart of accounts includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense.

Required:
1.

Analyze the effect of the January transactions (shown below) on the accounting equation, and indicate the account, amount, and direction of the effect (+ for increase and − for decrease) of each transaction. (Enter any decreases to account balances with a minus sign.)


a. Received $52,250 cash from customers for subscriptions that had already been earned in 2014.
b.

Received $235,000 cash from Electronic Arts, Inc. for service revenue earned in January.
c.

Purchased 10 new computer servers for $41,900; paid $12,000 cash and signed a three-year note for the remainder owed.
d. Paid $15,600 for an Internet advertisement run on Yahoo! in January.
e.

Sold 10,100 monthly subscriptions at $10 each for services provided during January. Half was collected in cash and half was sold on account.
f.

Received an electric and gas utility bill for $5,900 for January utility services. The bill will be paid in February.
g. Paid $310,000 in wages to employees for work done in January.
h. Purchased $5,100 of supplies on account.
i. Paid $5,100 cash to the supplier in (h).
Assets = Liabilities + Stockholders’ Equity
a. Cash 52,250
Accounts Receivable (52,250)
b. Cash 235,000 Service Revenue 235,000
c. Equipment 41,900
Cash (12,000) Notes Payable (long-term) 29,900
d. Cash (15,600) Advertising Expense (15,600)
e. Cash 50,500 Service Revenue 101,000
Accounts Receivable 50,500
f. Accounts Payable 5,900 Utilities Expense (5,900)
g. Cash (310,000) Salaries and Wages Expense (310,000)
h. Supplies 5,100 Accounts Payable 5,100
i. Cash (5,100) Accounts Payable (5,100)
2.

Prepare journal entries for the January transactions listed in part 1, using the letter of each transaction as a reference. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)


No Transaction General Journal Debit Credit
1 a Cash 52,250
1 Accounts Receivable 52,250
2 b Cash 235,000
2 Service Revenue 235,000
3 c Equipment 41,900
3 Cash 12,000
3 Notes Payable (long-term) 29,900
4 d Advertising Expense 15,600
4 Cash 15,600
5 e Cash 50,500
5 Accounts Receivable 50,500
5 Service Revenue 101,000
6 f Utilities Expense 5,900
6 Accounts Payable 5,900
7 g Salaries and Wages Expense 310,000
7 Cash 310,000
8 h Supplies 5,100
8 Accounts Payable 5,100
9 i Accounts Payable 5,100
9 Cash 5,100

3.

Create T-accounts, enter the beginning balances shown above, post the journal entries to the T-accounts, and show the unadjusted ending balances in the T-accounts.
4. Prepare an unadjusted trial balance as of January 31, 2015.
VANISHING GAMES CORPORATION
Unadjusted Trial Balance
At January 31, 2015
Account Name Debit Credit
Cash
Accounts Receivable
Supplies
Equipment
Buildings
Land
Accounts Payable
Unearned Revenue
Notes Payable (long-term)
Common Stock
Retained Earnings
Service Revenue
Salaries and Wages Expense
Advertising Expense
Utilities Expense
Total $0 $0
5.

Prepare an Income Statement for the month ended January 31, 2015, using unadjusted balances from part 4.
VANISHING GAMES CORPORATION
Income Statement
For the Month Ended January 31, 2015
Revenues
Service Revenue
Total Revenues
Expenses
Salaries and Wages Expense
Utilities Expense
Advertising Expense
Total Expenses
Net Income

6.

Prepare a Statement of Retained Earnings for the month ended January 31, 2015, using the beginning balance given above and the net income from part 5. Assume VGC has no dividends.

VANISHING GAMES CORPORATION
Statement of Retained Earnings
For the Month Ended January 31, 2015
Retained Earnings, January 1, 2015
Add: Net Income
Less: Dividends
Retained Earnings, January 31, 2015 $0

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in