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Show each of the following transactions in the accounting equation. Then, tell whether or not the...
Show each of the following transactions in the accounting equation. Then, tell whether or not the...
Show each of the following transactions in the accounting equation. Then, tell whether or not the original transaction as given is one that results in the recognition of revenue or expenses. a (Click the icon to view the transactions.) Enter the transactions in the accounting equation. (Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines. Some of the account names will be abbreviated. ) Begin by entering transaction a. Chico Inc. paid its...
Required: 1. Analyze the effect of the January transactions (shown below) on the accounting equation, and...
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 $70,000 cash from customers for subscriptions that had already been earned in 2014 b. Received $190,000 cash from Electronic Arts, Inc for service revenue earned in January c. Purchased 10 new computer servers for...
Analyzing Transactions Prepare a table to summarize the following transactions as they affect the accounting equation....
Analyzing Transactions Prepare a table to summarize the following transactions as they affect the accounting equation. 1. Services provided on account of $1,530 2. Purchases of supplies on account for $1,365 3. Services provided for cash of $750 4. Purchase of equipment for cash of $4,240 5. Issuance of a promissory note for $2,500 6. Collections on account for $890 7. Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000 8. Payment...
1 Show how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 sha...
1
Show how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 shares of $0.02 par value common stock for cash of $99,750 Issued 1,000 shares of $95 par value preferred stock for cash at $115 per share Purchased 1,000 shares of treasury stock for $3.00 per share i.e., the company bought its own common stock in the stock market) Show how each transaction would affect the accounting equation. Some of the...
Transactions a. The company started as a corporation with a $13,450 cash contribution from the owners...
Transactions a. The company started as a corporation with a $13,450 cash contribution from the owners in exchange for common stock. b. Service revenues on account amounted to $8,750. C. Cash collections of accounts receivable amounted to $7,175. d. Purchased supplies on account for $65 and used all of them. e. On December 15, 2010, the company paid $4,500 in advance for leased office space. The lease does not go into effect until 2011. Print Print Done Done Sharp Technology...
Enter each transaction into the accounting equation. Begin by entering transaction a. Then, enter each transaction...
Enter each transaction into the accounting equation. Begin by
entering transaction a. Then, enter each transaction in the order
they occurred. (Use parentheses or a minus sign when entering
account decreases. Use only the necessary input lines.)
i Transactions Marlene and Pamela opened up MP Public Relations Firm by contributing $22,750 on July 1, 2009, in exchange for common stock. The firm borrowed $15,000 from the bank on July 1 . The note is a 1-year, 10% note, with both...
how how each of the following transactions affects the accounting equation: March 1 April 1 June...
how how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 shares of $0.02 par value common stock for cash of $99.750 Issued 1,000 shares of $95 par value preferred stock for cash at $115 per share Purchased 1,000 shares of treasury stock for $3.00 per share (i.e., the company bought its own common stock in the stock marke Show how each transaction would affect the accounting equation. Some of the account...
According to the revenue principle, revenues should be recognized when they are earned, which happens when...
According to the revenue principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. points Required: The following transactions occurred in September 2017. For each of the transactions, if revenue is to be recognized in September, indicate the amount. Amount eBook Print Transaction Acustomer pays $28 cash for 28 song files from Apple's iTunes...
Analyzing Transactions Prepare a table to summarize the following transactions as they affect the accounting equation....
Analyzing Transactions Prepare a table to summarize the following transactions as they affect the accounting equation. Services provided on account of $1,530 Purchases of supplies on account for $1,365 Services provided for cash of $750 Purchase of equipment for cash of $4,240 Issuance of a promissory note for $2,500 Collections on account for $890 Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000 Payment of $4,000 in salaries and wages Payment of...
Exercise: Transactions and their effect on the accounting equation (20 points) INSTRUCTIONS: For each transaction, identify...
Exercise: Transactions and their effect on the accounting equation (20 points) INSTRUCTIONS: For each transaction, identify the account titles that would be used. Additionally, determine the impact on the accounting equation by writing “Increase (I)”, “Decrease (D), or Both (B). If something is not affected then leave it blank. EXAMPLE: X Corp. issues $50,000 of common stock for cash. Account Titles Amount Assets Liabilities Equity Cash $50,000 Increase Increase Common Stock $50,000 Events: ABC Company borrows $100,000 from Origin Bank....
Show each of the following transactions in the accounting equation. Then, tell whether or not the original transaction as given is one that results in the recognition of revenue or expenses. a (Click the icon to view the transactions.) Enter the transactions in the accounting equation. (Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines. Some of the account names will be abbreviated. ) Begin by entering transaction a. Chico Inc. paid its...
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 $70,000 cash from customers for subscriptions that had already been earned in 2014 b. Received $190,000 cash from Electronic Arts, Inc for service revenue earned in January c. Purchased 10 new computer servers for...
Analyzing Transactions Prepare a table to summarize the following transactions as they affect the accounting equation. 1. Services provided on account of $1,530 2. Purchases of supplies on account for $1,365 3. Services provided for cash of $750 4. Purchase of equipment for cash of $4,240 5. Issuance of a promissory note for $2,500 6. Collections on account for $890 7. Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000 8. Payment...
1
Show how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 shares of $0.02 par value common stock for cash of $99,750 Issued 1,000 shares of $95 par value preferred stock for cash at $115 per share Purchased 1,000 shares of treasury stock for $3.00 per share i.e., the company bought its own common stock in the stock market) Show how each transaction would affect the accounting equation. Some of the...
Transactions a. The company started as a corporation with a $13,450 cash contribution from the owners in exchange for common stock. b. Service revenues on account amounted to $8,750. C. Cash collections of accounts receivable amounted to $7,175. d. Purchased supplies on account for $65 and used all of them. e. On December 15, 2010, the company paid $4,500 in advance for leased office space. The lease does not go into effect until 2011. Print Print Done Done Sharp Technology...
Enter each transaction into the accounting equation. Begin by
entering transaction a. Then, enter each transaction in the order
they occurred. (Use parentheses or a minus sign when entering
account decreases. Use only the necessary input lines.)
i Transactions Marlene and Pamela opened up MP Public Relations Firm by contributing $22,750 on July 1, 2009, in exchange for common stock. The firm borrowed $15,000 from the bank on July 1 . The note is a 1-year, 10% note, with both...
how how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 shares of $0.02 par value common stock for cash of $99.750 Issued 1,000 shares of $95 par value preferred stock for cash at $115 per share Purchased 1,000 shares of treasury stock for $3.00 per share (i.e., the company bought its own common stock in the stock marke Show how each transaction would affect the accounting equation. Some of the account...
According to the revenue principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. points Required: The following transactions occurred in September 2017. For each of the transactions, if revenue is to be recognized in September, indicate the amount. Amount eBook Print Transaction Acustomer pays $28 cash for 28 song files from Apple's iTunes...
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