[SOLVED] On October 1, 20X1, Helen Kennedy opened

> How is a multicolumn special journal proved at the end of each month?

> Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firmâs worksheet for the year ended December 31, 20X1. INSTRUCTIONS 1. Prepare a classifie

> Enoteca Fine Wines is a retail store selling vintage wines. On December 31, 20X1, the firm’s general ledger contained the accounts and balances below. All account balances are normal. Cash $ 29,886 Accounts Receivable 1,500 Prepaid Advertising 480 Suppli

> Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On December 31, 20X1, the firm’s general ledger contained the accounts and balances that follow. INSTRUCTIONS 1. Prepare the Trial Balance section of a 10-colum

> The Green Thumb Gardener is a retail store that sells plants, soil, and decorative pots. On December 31, 20X1, the firm’s general ledger contained the accounts and balances that appear below. INSTRUCTIONS 1. Prepare the Trial Balance section of a 10-colu

> On July 31, 20X1, after one month of operation, the general ledger of Michael Mendoza, CPA, contained the accounts and balances given below. INSTRUCTIONS 1. Prepare a partial worksheet with the following sections: Trial Balance, Adjustments, and Adjusted

> On July 1, 20X1, Cherie Wang established Cherie Wang Financial Services. Selected transactions for the first few days of July follow. INSTRUCTIONS 1. Record the transactions on page 1 of the general journal. Omit descriptions. Assume that the firm initia

> Based on the information below, record the adjusting journal entries that must be made for Kisling Distributors on June 30, 20X1. The company has a June 30 fiscal year-end. Use 18 as the page number for the general journal. a.–b. Merchandise Inventory, b

> The following information relates to Ponte Manufacturing Companyâs workersâ compensation insurance premiums for 20X1. On January 15, 20X1, the company estimated its premium for workersâ compensation i

> 1. Complete Form 940, the Employerâs Annual Federal Unemployment Tax Return. Assume that all wages have been paid and that all quarterly payments have been submitted to the state as required. The payroll information for 20X1 appears bel

> Certain transactions and procedures relating to federal and state unemployment taxes follow for Robinâs Nest LLC, a retail store owned by Robin Roberts. The firmâs address is 2007 Lovely Lane, Dallas, TX 75268-0967. Th

> Assume you are the accountant for Catalina Industries. John Catalina, the owner of the company, is in a hurry to receive the financial statements for the year ended December 31, 20X1, and asks you how soon they will be ready. You tell him you have just c

> 1. On July 15, the firm issued a check to deposit the federal income tax withheld and the FICA tax (both employee and employer shares for the third month [June]). Based on your computations in Problem 11.2A, record the issuance of the check in general jo

> A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 20X1, appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. INSTRUCTI

> The payroll register of Exterior Cleaning Company showed total employee earnings of $5,000 for the payroll period ended July 14. INSTRUCTIONS 1. Compute the employer’s payroll taxes for the period. Use rates of 6.2 percent for the employer’s share of the

> Metro Media Company pays its employees monthly. Payments made by the company on October 31 follow. Cumulative amounts for the year paid to the persons prior to the October 31 payroll are also given. 1. Tori Parker, president, gross monthly salary of $20,

> Alex Wilson operates On-Time Courier Service. The company has four employees who are paid on an hourly basis. During the workweek beginning December 15 and ending December 21, 20X1, employees worked the number of hours shown below. Information about thei

> Country Covers has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30, these employees worked the hours shown below. Information about hourly rates, marital status, withholding allowances, and cumulative

> Robin Market works for Cycle Industries. Her pay rate is $14.50 per hour and she receives overtime pay at one and one-half times her regular hourly rate for any hours worked beyond 40 in a week. During the pay period that ended December 31, 20X1, Robin w

> The following transactions took place at Fabulous Fashions Outlet during July 20X1. Fabulous Fashions Outlet uses a perpetual inventory system. The firm operates in a state with no sales tax. Record the transactions in a general journal. Use 8 as the pag

> On August 1, 20X1, the accountant for Western Exports downloaded the company’s July 31, 20X1, bank statement from the bank’s website. The balance shown on the bank statement was $28,810. The July 31, 20X1, balance in the Cash account in the general ledge

> During the bank reconciliation process at Fontes & Barone Consultancy on May 2, 20X1, the following two errors were discovered in the firm’s records. 1. The checkbook and the cash payments journal indicated that Check 2206 dated April 17 was issued for $

> On June 1, 20X1, Jenna Davis opened the Leadership Coaching Agency. She plans to use the chart of accounts given below. INSTRUCTIONS 1. Journalize the transactions. Be sure to number the journal pages and write the year at the top of the Date column. Inc

> On August 31, 20X1, the balance in the checkbook and the Cash account of the Sonoma Creek Bed and Breakfast was $13,031. The balance shown on the bank statement on the same date was $13,997. NOTES a. The firm’s records indicate that a $1,600 deposit date

> On May 2, 20X1, PHF Vacations received its April bank statement from First City Bank and Trust. Enclosed with the bank statement, which appears below, was a debit memorandum for $210 that covered an NSF check issued by Doris Fisher, a credit customer. Th

> The Hike and Bike Outlet is a retail store. Transactions involving purchases and cash payments for the firm during June 20X1 are listed below, as are the general ledger accounts used to record these transactions. INSTRUCTIONS 1. Open the general ledger a

> Awesome Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 20X1 follow, along with the general ledger accounts used to record these transactions. INSTRUCTIONS 1. Open th

> The cash payments of The Aristocrats Jewels, a retail business, for June and the general ledger accounts used to record these transactions appear below. INSTRUCTIONS 1. Open the general ledger accounts and enter the balances as of June 1. 2. Record all p

> Car Geek is a retail store that sells car care products over the Internet. The firmâs cash receipts for February and the general ledger accounts used to record these transactions are shown below. INSTRUCTIONS 1. Open the general ledger

> Office Plus is a retail business that sells office equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for September are shown below. The general ledger accounts and the creditorsâ accounts in t

> The Old English Garden Shop is a retail store that sells garden equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for July are listed below. The general ledger accounts used to record these transactions are als

> This problem is a continuation of Problem 8.1A. INSTRUCTIONS 1. Set up an accounts payable subsidiary ledger for Lens Queen. Open an account for each of the creditors listed below and enter the balances as of June 1, 20X1. Arrange the accounts payable le

> Lens Queen is a retail store that sells cameras and photography supplies. The firmâs credit purchases and purchases returns and allowances transactions for June 20X1 appear below, along with the general ledger accounts used to record th

> French Taylor is a new staff accountant for Fashion House Beauty Supply. He has asked you to review the financial statements prepared for April to find and correct any errors. Review the income statement and balance sheet that follow and identify the err

> Bella Floral Designs is a wholesale shop that sells flowers, plants, and plant supplies. The transactions shown below took place during January. All customers have credit terms of n/30. INSTRUCTIONS 1. Record the transactions in the proper journal. Use 7

> Elegant Dining sells china, glassware, and other gift items that are subject to an 8 percent sales tax. The shop uses a general journal and a sales journal similar to those illustrated in this chapter. All customers have payment terms of n/30. INSTRUCTIO

> Towncenter Furniture specializes in modern living room and dining room furniture. Merchandise sales are subject to an 8 percent sales tax. The firmâs credit sales and sales returns and allowances for February 20X1 are reflected below, a

> Great Lakes Appliances is a retail store that sells household appliances. Merchandise sales are subject to an 8 percent sales tax. The firmâs credit sales for July are listed below, along with the general ledger accounts used to record

> A partially completed worksheet for At Home Pet Care Service, a firm that grooms pets at the ownerâs home, follows. INSTRUCTIONS 1. Record balances as of December 31 in the ledger accounts. 2. Prepare the worksheet. 3. Journalize (use 3

> On December 31, after adjustments, Ponthieu Companyâs ledger contains the following account balances: INSTRUCTIONS 1. Record the balances in the ledger accounts as of December 31. 2. Journalize the closing entries in the general journal

> A completed worksheet for The Best Group is shown below. INSTRUCTIONS 1. Record balances as of December 31, 20X1, in the ledger accounts. 2. Journalize (use 3 as the page number) and post the adjusting entries. Use account number 131 for Prepaid Advertis

> Research Associates, owned by Alex Raman, is retained by large companies to test consumer reaction to new products. On January 31, 20X1, the firmâs worksheet showed the following adjustments data: (a) supplies used, $2,340; (b) expired

> Shayla Green owns Creative Designs. The trial balance of the firm for January 31, 20X1, the first month of operations, is shown below. INSTRUCTIONS 1. Complete the worksheet for the month. 2. Prepare an income statement, statement of ownerâ&#

> The completed worksheet for Chavarria Corporation as of December 31, 20X1, after the company had completed the first month of operation, appears below. INSTRUCTIONS 1. Prepare an income statement. 2. Prepare a statement of owner’s equity. The owner made

> Brenda Jo Smith is an architect who operates her own business. The accounts and transactions for the business follow. INSTRUCTIONS (1) Analyze the transactions for January 20X1. Record each in the appropriate T accounts. Identify each entry in the T acco

> The adjusted trial balance of Campus Book Store and Supply Company as of November 30, 20X1, after the firmâs first month of operations, appears below. Appropriate adjustments have been made for the following items: a. Supplies used duri

> The trial balance of Ortiz Company as of January 31, 20X1, after the company completed the first month of operations, is shown in the partial worksheet below. INSTRUCTIONS Complete the worksheet by making the following adjustments: supplies on hand at th

> Four transactions for Airline Maintenance and Repair Shop that took place in November 20X1 appear below, along with the general ledger accounts used by the company. INSTRUCTIONS Record the transactions in the general journal and post them to the appropri

> The following journal entries were prepared by an employee of International Marketing Company who does not have an adequate knowledge of accounting. INSTRUCTIONS Examine the journal entries carefully to locate the errors. Prepare journal entries to corre

> The transactions that follow took place at the Cedar Hill Recreation and Sports Arena during September 20X1. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons. INSTRUCTIONS Record eac

> The following accounts and transactions are for Vincent Sutton, Landscape Consultant. INSTRUCTIONS Analyze the transactions. Record each in the appropriate T accounts. Identify each entry in the T accounts by writing the letter of the transaction next to

> The following occurred during June at Brown Financial Planning. INSTRUCTIONS Analyze each transaction. Use T accounts to record these transactions and be sure to put the name of the account on the top of each account. Record the effects of the transactio

> Since graduating from college five years ago, you have worked for a national chain of menâs clothing stores. You have held several positions within the company and are currently manager of a local branch store. Over the past three years

> Home Suppliers, Inc. sells a variety of consumer products. Its comparative income statement and balance sheet for the years 2022 and 2021 are presented on the following pages. The Retained Earnings balance on January 1, 2021, was $188,442. Also, Preferre

> At the beginning of the summer, Humphrey Nelson was looking for a way to earn money to pay for his college tuition in the fall. He decided to start a lawn service business in his neighborhood. To get the business started, Humphrey used $6,000 from his sa

> The chart of accounts and account balances of The Purple Company on January 1, 2022, are shown below. The company does not use reversing entries. Round all computations to the nearest whole dollar. 1. Open the general ledger accounts and enter the balanc

> The Fashion Rack is a retail merchandising business that sells brand-name clothing at discount prices. The firm is owned and managed by Teresa Lojay, who started the business on April 1, 20X1. This project will give you an opportunity to put your knowled

> This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Eliâs Consulting Services for the month of January 2020. Assume that you are the chief acco

> On December 1, Karl Zant opened a speech and hearing clinic. During December, his firm had the following transactions involving revenue and expenses. Did the firm earn a net income or incur a net loss for the period? What was the amount? Paid $6,200 for

> At the beginning of September, Helen Rojas started Rojas Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following infor

> The following equation shows the effects of a number of transactions that took place at Cantu Auto Repair Company during the month of July. Describe each transaction.

> Technology World had the following revenue and expenses during the month ended July 31. Did the firm earn a net income or incur a net loss for the period? What was the amount? Fees for computer repairs $93,600 Advertising expense 16,200 Salaries expense

> The Business Center had the transactions listed below during the month of June. Show how each transaction would be recorded in the accounting equation. Compute the totals at the end of the month. The headings to be used in the equation follow. TRANSACTIO

> The following financial data are for the dental practice of Dr. Jose Ortiz when he began operations in July. Determine the amounts that would appear in Dr. Ortiz’s balance sheet. 1. Owes $42,000 to the Sanderson Equipment Company. 2. Has cash balance of

> Indicate the impact of each of the transactions below on the fundamental accounting equation (Assets = Liabilities + Ownerâs Equity) by placing an âIâ to indicate an increase and a â

> Santiago Madrid opened a gym and fitness studio called Perfect Body Fitness and Spa Center at the beginning of November of the current year. It is now the end of December, and Madrid is trying to determine whether he made a profit during his first two mo

> The fundamental accounting equations for several businesses follow. Supply the missing amounts.

> Just before Henderson Laboratories opened for business, Eugene Henderson, the owner, had the following assets and liabilities. Determine the totals that would appear in the firm’s fundamental accounting equation (Assets = Liabilities + Owner’s Equity). C

> Harbor Corporation is manufacturing a part that is used in its finished product. The costs for each unit of the part follow: Direct materials $ 34 Direct labor 35 Manufacturing overhead: Variable costs $25 Fixed costs 8 33 Total cost $102 The fixed overh

> Santa Clara Microelectronics is considering the purchase of a new factory machine at a cost of $195,000. The machine would perform a function that is now being performed by hand. The new machine would have a life of 10 years, would produce 16,500 units a

> The standard cost sheet for the leading product made by Queen Corporation shows the following data: Direct materials $ 52 Direct labor (3 hours at $23/hour) 69 Manufacturing overhead: Variable costs (3 hours at $23/hour) 69 Fixed costs (3 hours at $20/ho

> Wisconsin Manufacturing has an opportunity to export 2,500 units of its product to a foreign country. The current selling price is $176, but the special order will be sold at a unit price of $110. This special order will not affect its current sales, all

> Memphis Company is considering replacing its existing wrapping system with new equipment. The existing system has a book value of $125,000 and a remaining useful life of two years. The new wrapping system would cost $300,000 and have a useful life of fiv

> Starmont Manufacturing Co. divided all of its costs and expenses into fixed and variable components. Data for the company’s first year of operations follows. Ignore income taxes. Beginning inventory of finished goods –0– Units produced (no work in proces

> The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. Cash $120,000 Accounts Receivable 48,000 Maintenance Expense 18,400 Advertising Expense 15,560 Fees Earned 107,200 Ping Chung, Capital, April 1 ? Salari

> The standard cost card for a unit of Product AX at the Cleaning Chemicals Corp. shows the following standard cost information: Materials: 2 gallons at $12 per gallon $ 24 Labor: 5 hours at $20 per hour 100 Overhead: 80% of direct labor 80 Total $204 Duri

> In preparing the standard cost for each unit of QS500, the company’s only product, the accountant for Total Earth Solvents Corporation has developed the following data for the year 20X1: Total budgeted production, 23,000 units Raw material: Two units of

> In Woodinville Power Corporation’s factory, fixed indirect labor costs are $6,300 per month. Variable indirect labor costs are $1.40 per direct labor hour. The budget for the month of May 20X1 calls for employment of 16,500 direct labor hours. Compute th

> The standard cost card for a unit of Product AX at the Cleaning Chemicals Corp. shows the following standard cost information: Materials: 2 gallons at $12 per gallon $ 24 Labor: 5 hours at $20 per hour 100 Overhead: 80% of direct labor 80 Total $204 Duri

> James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactio

> Alpha Companyâs records show the following data for the four quarters of 20X1: Compute the fixed and variable elements of utilities cost, using the high-low point method.

> At SanAn Corporation, production is started in the fab department. The work is then transferred to the finishing department, where goods are completed and then transferred to the finished goods storeroom. Data about the company’s costs during September 2

> The cutting department is the first department of BrakeParts Co. On April 1, 20X1, the beginning inventory in this department consisted of 700 units. Costs for the beginning work in process were as follows: Materials (100% complete) $7,000 Labor (60% com

> On April 1, 20X1, the assembly department of Ros Inc. had no beginning work in process. During the month, production was started on 10,000 units. The total cost of materials was $60,000. All materials were placed in production at the start of the manufac

> Information about production in the fabricating department of the AGAM Company for March 20X1 follows: Beginning inventory –0– Transferred in from prior department 20,000 units Transferred out to next department 16,000 units Ending inventory, work in pro

> Contemporary Furniture, a wholesale distributor of modern casual furniture, frequently accepts promissory notes from its customers at the time of sale. Because Contemporary Furniture regularly needs cash to meet its own obligations, it frequently discoun

> 1. Why should management be concerned about paying its invoices on a timely basis? 2. Why is it important for a firm to maintain a satisfactory credit rating? 3. Suppose you are the new controller of a small but growing company and you find that the firm

Question: On October 1, 20X1, Helen Kennedy opened