1) Southwest Tours Co. is a travel agency. The nine transactions recorded by Sou
ID: 2467329 • Letter: 1
Question
1) Southwest Tours Co. is a travel agency. The nine transactions recorded by Southwest Tours during April 2014, its first month of operations, are indicated in the following T accounts:
A)Prepare the nine journal entries from which the postings were made. For a compound transaction, if an amount box does not require an entry, leave it blank.
2)
The debit and credit totals are not equal as a result of the following errors:
The cash entered on the trial balance was overstated by $8,000.
A cash receipt of $4,100 was posted as a debit to Cash of $1,400.
A debit of $12,350 to Accounts Receivable was not posted.
A return of $235 of defective supplies was erroneously posted as a $325 credit to Supplies.
An insurance policy acquired at a cost of $3,000 was posted as a credit to Prepaid Insurance.
The balance of Notes Payable was overstated by $21,000.
A credit of $3,450 in Accounts Payable was overlooked when the balance of the account was determined.
A debit of $6,000 for dividends was posted as a debit to Retained Earnings.
The balance of $28,350 in Advertising Expense was entered as $23,850 in the trial balance.
Miscellaneous Expense, with a balance of $4,600, was omitted from the trial balance.
A)Prepare a corrected unadjusted trial balance as of January 31, 2014. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank.
Prepare a horizontal analysis of Paragon Company's income statements.
4) The data below were adapted from the financial statements of Kamen Corporation, prior to its filing for bankruptcy.
a. Prepare a horizontal analysis for the income statement showing the amount and percent of change in each of the categories below:
Round percent answers to one decimal place. Enter all dollar amounts and percentages as positive numbers.
(I need the % change)
5) Utopia Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on October 31, 2014, is shown below.
The following business transactions were completed by Utopia Realty during November 2014:
Enter the following transactions on Page 18 of the two-column journal.
A) Journalize the transactions for November in a two-column journal beginning on Page 18. For a compound transaction, if an amount box does not require an entry, leave it blank.
B) Use the attached spreadsheet to complete parts 1 and 3. Click on the Spreadsheet icon above to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.
1. Record the November 1, 2014, balance of each account in the appropriate balance column of a four-column account. The word Balance has been entered in the item section and a check mark () has been placed in the Posting Reference column.
3. Post to the ledger, extending the account balance to the appropriate balance column after each posting.
4. Using the balances from the spreadsheet, prepare an unadjusted trial balance of the ledger as of November 30, 2014. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank.
Cash Equipment Dividends (1) 40,500 (2) 2,850 (3) 29,200 (9) 4,100 (7) 16,200 (3) 5,250 (4) 4,450 (6) 12,150 (9) 4,100Explanation / Answer
1. Journal entries
3.
Ask rest parts seprately
Sr. No. Particulars Debit Credit 1 Cash 40500 To common stock 40500 2 Supplies 2850 To cash 2850 3 equipment 29200 To cash 5250 To accounts payable 23950 4 Operating exp 4450 To cash 4450 5 Accounts recivable 21850 To service revenue 21850 6 Cash 12150 To accounts payable 12150 7 Cash 16200 To accounts receivable 16200 8 Operating exp 1800 To supplies 1800 9 Dividend 4100 To cash 4100Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.