Homework Answers
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| Event | Type | Cash | Accounts Receivable | Supplies | Prepaid Rent | Land | Accounts Payable | Salaries Payable | Unearned Revenue | Common Stock | Retained Earnings | |
| 1 | AS | $ 66,000 | $ 66,000 | |||||||||
| 2 | AS | $ 2,400 | $ 2,400 | |||||||||
| 3 | AE | $ -30,000 | $ 30,000 | |||||||||
| 4 | AU | $ -2,400 | $ -2,400 | |||||||||
| 5 | AS | $ 54,000 | $ 54,000 | |||||||||
| 6 | AU | $ -27,000 | $ -27,000 | |||||||||
| 7 | AE | $ 44,000 | $ -44,000 | |||||||||
| 8 | CE | $ 3,800 | $ -3,800 | |||||||||
| 9 | AU | $ -1,600 | $ -1,600 | |||||||||
| Total | $ 50,600 | $ 10,000 | $ 800 | $ - | $ 30,000 | $ - | $ 3,800 | $ - | $ 66,000 | $ 21,600 | ||
| Event | Type | Cash | Accounts Receivable | Supplies | Prepaid Rent | Land | Interest Receivable | Accounts Payable | Salaries Payable | Unearned Revenue | Common Stock | Retained Earnings |
| Bal | $ 50,600 | $ 10,000 | $ 800 | $ - | $ 30,000 | $ - | $ 3,800 | $ - | $ 66,000 | $ 21,600 | ||
| 1 | AS | $ 26,000 | $ 26,000 | |||||||||
| 2 | AU | $ -3,800 | $ -3,800 | |||||||||
| 3 | AE | $ -5,400 | $ 5,400 | |||||||||
| 4 | AE | $ 30,000 | $ -30,000 | |||||||||
| 5 | AS | $ 6,600 | $ 6,600 | |||||||||
| 6 | AS | $ 1,600 | $ 1,600 | |||||||||
| 7 | AS | $ 38,000 | $ 38,000 | |||||||||
| 8 | AE | $ 39,000 | $ -39,000 | |||||||||
| 9 | AU | $ -5,000 | $ -5,000 | |||||||||
| 10 | AU | $ -25,500 | $ -25,500 | |||||||||
| 11 | AU | $ -4,500 | $ -4,500 | |||||||||
| 12 | CE | $ -1,650 | $ 1,650 | |||||||||
| 13 | AU | $ -1,500 | $ -1,500 | |||||||||
| 14 | CE | $ 4,500 | $ -4,500 | |||||||||
| 15 | AS | $ 1,000 | $ 1,000 | |||||||||
| Total | $112,500 | $ 9,000 | $ 900 | $ 900 | $ - | $ 1,000 | $ 1,600 | $ 4,500 | $ 4,950 | $ 92,000 | $ 21,250 | |
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Required information The following information applies to the questions displayed below. Alcorn Service Company was formed...
Required information (The following information applies to the questions displayed below.) Alcorn Service Company was formed...
Required information (The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $62,000 cash from the issue of common stock. 2. Purchased $1,600 of supplies on account. 3. Purchased land that cost $22,000 cash. 4. Paid $1,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $46,000. 6. Paid $23,000 cash for other operating expenses. 7. Collected $40,000...
Required information [The following information applies to the questions displayed below.) Alcorn Service Company was formed...
Required information [The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $75,000 cash from the issue of common stock. 2. Purchased $4,200 of supplies on account. 3. Purchased land that cost $48,000 cash. 4. Paid $4,200 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $72,000. 6. Paid $36,000 cash for other operating expenses. 7. Collected $53,000...
[The following information applies to the questions displayed below.] Alcorn Service Company was formed on January...
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $78,000 cash from the issue of common stock.
Purchased $4,800 of supplies on account.
Purchased land that cost $54,000 cash.
Paid $4,800 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $78,000.
Paid $39,000 cash for other operating expenses.
Collected $56,000 cash from accounts receivable.
Information for 2018 Adjusting Entries...
Required information [The following information applies to the questions displayed below.] Alcorn Service Company was formed...
Required information
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $80,000 cash from the issue of common stock.
Purchased $5,200 of supplies on account.
Purchased land that cost $58,000 cash.
Paid $5,200 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $82,000.
Paid $41,000 cash for other operating expenses.
Collected $58,000 cash from accounts receivable.
Information for 2018...
Required information [The following information applies to the questions displayed below.] Alcorn Service Company was formed...
Required information
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $80,000 cash from the issue of common stock.
Purchased $5,200 of supplies on account.
Purchased land that cost $58,000 cash.
Paid $5,200 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $82,000.
Paid $41,000 cash for other operating expenses.
Collected $58,000 cash from accounts receivable.
Information for 2018...
Help Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period...
Help Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $64,000 cash from the issue of common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26,000 cash. 4. Paid $2,000 cash to settle accounts payable created in 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected $42,000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized accrued...
[The following information applies to the questions displayed below.] Alcorn Service Company was formed on January...
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $78,000 cash from the issue of common stock.
Purchased $4,800 of supplies on account.
Purchased land that cost $54,000 cash.
Paid $4,800 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $78,000.
Paid $39,000 cash for other operating expenses.
Collected $56,000 cash from accounts receivable.
Information for 2018 Adjusting Entries...
12 Required information (The following information applies to the questions displayed below.) Alcorn Service Company was...
12 Required information (The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $76,000 cash from the issue of common stock. 2. Purchased $4,400 of supplies on account 3. Purchased land that cost $50,000 cash 4. Pald $4,400 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $74,000 6. Paid $37,000 cash for other operating expenses....
Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1....
Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $74,000 cash from the issue of common stock. 2. Purchased $4,000 of supplies on account. 3. Purchased land that cost $46,000 cash. 4. Paid $4,000 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $70,000. 6. Paid $35.000 cash for other operating expenses. 7. Collected $52.000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized...
Required information The following information applies to the questions displayed below. Alcorn Service Company was formed...
Required information The following information applies to the questions displayed below. Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $66,000 cash from the issue of common stock. 2. Purchased $2,400 of supplies on account. 3. Purchased land that cost $30,000 cash. 4. Paid $2,400 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $54,000. 6. Paid $27,000 cash for other operating expenses. 7. Collected $44,000...
Required information (The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $62,000 cash from the issue of common stock. 2. Purchased $1,600 of supplies on account. 3. Purchased land that cost $22,000 cash. 4. Paid $1,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $46,000. 6. Paid $23,000 cash for other operating expenses. 7. Collected $40,000...
Required information [The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $75,000 cash from the issue of common stock. 2. Purchased $4,200 of supplies on account. 3. Purchased land that cost $48,000 cash. 4. Paid $4,200 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $72,000. 6. Paid $36,000 cash for other operating expenses. 7. Collected $53,000...
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $78,000 cash from the issue of common stock.
Purchased $4,800 of supplies on account.
Purchased land that cost $54,000 cash.
Paid $4,800 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $78,000.
Paid $39,000 cash for other operating expenses.
Collected $56,000 cash from accounts receivable.
Information for 2018 Adjusting Entries...
Required information
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $80,000 cash from the issue of common stock.
Purchased $5,200 of supplies on account.
Purchased land that cost $58,000 cash.
Paid $5,200 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $82,000.
Paid $41,000 cash for other operating expenses.
Collected $58,000 cash from accounts receivable.
Information for 2018...
Required information
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $80,000 cash from the issue of common stock.
Purchased $5,200 of supplies on account.
Purchased land that cost $58,000 cash.
Paid $5,200 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $82,000.
Paid $41,000 cash for other operating expenses.
Collected $58,000 cash from accounts receivable.
Information for 2018...
Help Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $64,000 cash from the issue of common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26,000 cash. 4. Paid $2,000 cash to settle accounts payable created in 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected $42,000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized accrued...
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $78,000 cash from the issue of common stock.
Purchased $4,800 of supplies on account.
Purchased land that cost $54,000 cash.
Paid $4,800 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $78,000.
Paid $39,000 cash for other operating expenses.
Collected $56,000 cash from accounts receivable.
Information for 2018 Adjusting Entries...
12 Required information (The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $76,000 cash from the issue of common stock. 2. Purchased $4,400 of supplies on account 3. Purchased land that cost $50,000 cash 4. Pald $4,400 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $74,000 6. Paid $37,000 cash for other operating expenses....
Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $74,000 cash from the issue of common stock. 2. Purchased $4,000 of supplies on account. 3. Purchased land that cost $46,000 cash. 4. Paid $4,000 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $70,000. 6. Paid $35.000 cash for other operating expenses. 7. Collected $52.000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized...
Required information The following information applies to the questions displayed below. Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $66,000 cash from the issue of common stock. 2. Purchased $2,400 of supplies on account. 3. Purchased land that cost $30,000 cash. 4. Paid $2,400 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $54,000. 6. Paid $27,000 cash for other operating expenses. 7. Collected $44,000...
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