basic journal entries
Creative Pixels, LLC is a small graphic design studio that was launched in late December. The company started operations in January and had the following financial transactions during the month:
January 10- Purchased office supplies for $1,500 cash
supplies debit for 1500
cash credit for 1500
what is the point of adjusting entries?
Mellayne will be the judge of whether your answer is good enough. If it is not good enough, she will turn the question to another group
finish the formula:
Assets = _____________ + _________________
*30-second time limit*
liabilities; stockholders' equity
Soft Launch Strategies sells merchandise for $8,000 cash. The inventory cost was $3,200. What are the journal entries to record the sale and COGS?
record the sale:
cash 8,000
sales revenue 8,000
record cost of goods sold
COGS 3200
inventory 3200
On April 10, WTF threads, a fashion startup, purchased thread worth $2,500 from Yarnalong.
Yarnalong offers a 15% trade discount on service purchases of $2,000 or more.
This is an example of a ____________________
trade discount
what fictional character was NOT an accountant?
A. Angela Martin – The Office
B. Chandler Bing – Friends
C. Ebenezer Scrooge – A Christmas Carol
D. Louis Tully – Ghostbusters
*30 SECOND TIME LIMIT*
B. Chandler Bing – Friends
Creative Pixels, LLC is a small graphic design studio that was launched in late December. The company started operations in January and had the following financial transactions during the month:
January 12- Took out $10,000 note from the bank for business expansion
debit cash 10,000
credit note payable 10,000
IDK & Co. has received rent of $1,200 in advance. Half of it has been earned by year end, what amount would they record in the adjusting entry
$600
No Notes, LLC borrows $5,000. What is the effect on the accounting equation?
*1 minute time limit*
assets increase
liabilities increase
Petty with a Purpose sells 350 paintbrushes for $4 each. What is the revenue and the cost of goods sold (COGS) if each brush cost $2.25?
*1 MINUTE 30 SECOND TIME LIMIT*
cogs: 787.5
revenue: 1400
On April 10, Nova Trends, a fashion startup, purchased advertising services worth $2,500 from Luxe Promotions. Luxe offers a 15% trade discount on service purchases of $2,000 or more.
The service was provided on account. Record the journal entry.
Advertising expense 2,125
accounts payable 2,125
which school has the largest school of accountancy in georgia?
Kennesaw State University!!!
Creative Pixels, LLC is a small graphic design studio that was launched in late December. The company started operations in January and had the following financial transactions during the month:
January 15- Made a $4,000 sale of services, on account
*30 SECOND TIME LIMIT*
debit accounts receivable: 4,000
credit sales revenue: 4,000
IDGAF Consulting Paid $1,200 for a one-year insurance policy. What is the adjusting entry after 3 months?
($1,200 / 12) × 3 = $300
Debit Insurance Expense $300
Credit Prepaid Insurance $300
The owner invests $1,500. What is the effect on the accounting equation?
assets increase $1500
stock holders equity increases $1500
Beginning Inventory is $40,000. Purchases are $120,000. Ending Inventory is $55,000 at the end of the year, record the adjusting entry
*2 MINUTE TIME LIMIT*
supplies expense 105,000
supplies 105,000
On May 8, Bright Signs Co., a printing company, sold banners to a customer for $350 on account. On May 10, the customer decided to return the banners, and Bright Signs issued a full credit for the amount.
Record the journal entries for both May 8 and May 10
*3 MINUTE TIME LIMIT*
MAY 8
ACCOUNTS RECEIVABLE 350
SALES REVENUE 350
MAY 10
SALES RETURN 350
ACCOUNTS RECEIVABLE 350
according to business insider, what is the best business degree to get in college?
*100 bonus points if you can tell me why, I talk about it all the time*
accounting
bonus points if you say:
- job versatility (you can do a lot with an accounting degree)
January 21- Purchased equipment worth $5,000; paid $2,000 in cash and the remainder on account. record this transaction
TIME LIMIT 30 SECONDS!!
debit equipment: $5,000
credit accounts payable: $3,000
credit cash: $2,000
A company earned $600 of interest revenue at year end, what would be the adjusting entry recorded december 31?
*1 MINUTE 30 SECOND TIME LIMIT*
Deferred revenue $600
Interest Revenue $600
On January 1, Certified Lover Brand purchases equipment for $5,000. They pay $2,000 in cash and finance the remaining $3,000 on account.
What is the effect on the accounting equation?
Total Assets: +$3,000 net (equipment up $5,000, cash down $2,000)
Liabilities: +$3,000
Equity: No change
Assets ↑ 3,000 = Liabilities ↑ 3,000 + Equity (no change)
Delulu Enterprises has obtained 5,000 units of inventory this year for $50 each (cost of goods available for sale)
They sold all 3,570 of these units for $75 (cost of goods sold)
what is the company's ending inventory balance
Total units purchased: 5,000
Cost per unit: $50
Total cost of goods available for sale: 5,000 × $50 = $250,000
Units sold: 3,570
Units remaining (aka ending inventory): 5,000 − 3,570 = 1,430 units
Ending Inventory = 1,430 × $50 = $71,500
On March 5, Trendy Textiles purchased fabric inventory from Style Suppliers for $4,000 on account. The invoice included credit terms of 2/10, n/30. Trendy Textiles paid the invoice on March 12.
How much did Trendy Textiles pay?
Record the journal entry Trendy Textiles makes when payment is made.
1. 3,920
2. Accounts payable 3,920
sales discount 80
cash 4,000
What did Mellayne give away/bring to the very first SI session?
chick-fil-a giftcards
January 7- Purchased equipment worth $7,000; paid $3,000 in cash and the remainder on account
On January 15th, the company pays for the remainder of the equipment purchase from January 7
30 SECOND TIME LIMIT!!!
debit accounts payable: $4,000
credit cash: $4,000
Can’t Even Inc.'s supplies account has $800 at the start of the month. $300 of supplies remain at month-end. What is the adjustment entry
*ONE MINUTE TIME LIMIT*
$800 - $300 = $500 used
Debit Supplies Expense: $500
Credit Supplies: $500
On January 1st, 2036 Hot Girl Holdings buys $15,000 in prepaid rent to be spread evenly over the next two years.
They make an adjusting entry on December 31, 2036
What is the effect on the accounting equation of the adjusting entry, include numbers.
*2 MINUTE TIME LIMIT*
debit rent expense: $7500
credit prepaid rent: $7500
assets decrease by 7500
stockholders' equity decreases by 7500
Using FIFO, a company sells 750 taco kits.
They bought 200 kits at $4, 300 at $6, 400 at $7. What is total COGS and Ending Inventory?
*4 MINUTE TIME LIMIT*
cogs: 4350
ending inventory: 1050
COGS = 200×$4 + 300×$6 + 250×$7 = $800 + $1,800 + $1,750 = $4,350
Ending Inventory = 150 kits at $7 = $1,050
On June 3, Metro Media Agency provided advertising services worth $2,200 to Urban Styles, a local clothing store. The service was sold on account. On June 7, Urban Styles expressed dissatisfaction with the ad’s design and response rate. Metro Media agreed to a $300 sales allowance, reducing the amount owed by Urban Styles. Urban Styles pays cash on June 14 on accounts receivable.
record all necessary journal entries
June 3.
accounts receivable 2,200
service revenue 2,200
June 7.
sales allowance 300
accounts receivable 300
June 14
cash 1,900
accounts receivable 1,900
What is Mellayne's favorite concept 2101
LIFO,FiFO, AND WEIGHTED AVERAGE