Sl No. | Transaction | (a) | (b) | ||||||
1 | Paid telephone bill for the month | O | - | ||||||
2 | Sold land for cash,at a gain | I | + | ||||||
3 | Acquired land by issuing common shares | NC | NE | ||||||
4 | Paid a cash dividend to preferred shareholders | F | - | ||||||
5 | Performed services for cash | O | + | ||||||
6 | Performed services on account | NC | NE | ||||||
7 | Purchased inventory for cash | O | - | ||||||
8 | Purchased inventory on account | NC | NE | ||||||
9 | Paid income tax | O | - | ||||||
10 | Made principal repayment on a trade note payable | F | - | ||||||
11 | Paid semi-annual bond interest | O | - | ||||||
12 | Received rent from a tenant in advance | O | + | ||||||
13 | Recorded depreciation expense | NC-Direct method of cash flow statement | NE | ||||||
O-Indirect method of cash flow statement (add back to net income) | NE | ||||||||
15 | Issued preferred shares for cash | F | + | ||||||
16 | Collected cash from customers on account | O | + | ||||||
17 | Issued a note payable | F | + | ||||||
18 | Paid insurance for the month | O | - | ||||||
omit transaction#14; ignore reference to IFRS TIUUIMTE P17-1B You are provided with the following transactions that...
Classify transactions by activity. Indicate impact on cash and profit. (LOI) AP (b) P17-1B You are provided with the following transactions that took place during a recent fiscal year: (a) Transaction Classification 1. Paid telephone bill for the month. 2. Sold land for cash, at a gain. 3. Acquired land by issuing common shares. 4. Paid a cash dividend to preferred shareholders. 5. Performed services for cash. 6. Performed services on account. 7. Purchased inventory for cash. 8. Purchased inventory...
a recent fiscal year: Problems: Set B (a) Classification PI7-18 You are provided with the following transactions that took place during a recent fis impact on 01) AP ons by Transaction 1. Paid telephone bill for the month. 2. Sold land for cash, at a gain. 3. Acquired land by issuing common shares. 4. Paid a cash dividend to preferred shareholders. 5. Performed services for cash. 6. Performed services on account. 7. Purchased inventory for cash. 8. Purchased inventory on...
SI56 Cash provided by operating Chwed by Chord Dud a) Calle the fresh flow for each company ( Which m e ans to be in a financial position TAKING IT FURTHER ly comparing the companies' cash flow can you tell which company Problems: Set B Prepaid are proded with the following transactions that took place during a recent fiscal Accedi Interest Classification w ing! using the TAKING is determi PE LODA Transaction telephone bill for the month Sladoch again. Acquired...
Shareholders’ equity accounts are affected by a number of transactions and events, and, in many instances, there will be more than one account affected for one transaction or event. For the following list of transactions and events, indicate from the drop-down menus which shareholders’ equity account(s) will be affected, and how they will be affected (Increased, Decreased, or Not Applicable). If the transaction or event does not affect a shareholders’ equity account, indicate that by selecting "Not Applicable." Where required,...
help me fill this please. thank you and thumbs up!. Cash Transaction Paid advertising expense of $165. Issued $600 of common stock for cash. Performed services for cash $450. Performed services on account $500. Paid $215 of last month's salaries. Paid $200 for last month's utilities. Paid $250 cash for miscellaneous expenses. Paid cash dividend of $125. Paid salary expense $250 cash. Collected $250 of accounts receivable. Sold land for cash $500. Received utilities bill, $175 to be paid next...
Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares. 2 Purchased equipment for $70,000 cash. 3 Purchased supplies on account, $800. 10 Performed landscaping services for customers on account, $7,900. 14 Paid $500 on accounts payable. 18 Collected cash from customers on account, $5,000. 23 Paid utilities expense, $300. 25 Performed landscaping services for customers and received cash of $2,500. 30 Paid the...
5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.) Read the requirement" (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke. Date Accounts and Explanation Debit Credit May 1 CE May 2: Purchased office supplies on account, $550. Date Accounts and Explanation Debit Credit May 2 (6) (10) May 4:...
Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the following information: a. Compton purchased a tract of land from Jacobsen Real Estate for $925,000 cash. b. Compton issued 2,000 shares of its common stock to George Micros in exchange for $110,000 cash, C. Compton purchased a John Deere tractor for $53,000 on credit. d. Michael Rotunno paid Compton $9,400 cash for services performed. The services had been performed by Compton several months ago...
Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the following information: a. Compton purchased a tract of land from Jacobsen Real Estate for $1,016,000 cash. b. Compton issued 2,000 shares of its common stock to George Micros in exchange for $100,000 cash. c. Compton purchased a John Deere tractor for $67,000 on credit. d. Michael Rotunno paid Compton $9,200 cash for services performed. The services had been performed by Compton several months ago...
During the first year of operations, Smith Corporation had the following transactions: • Jan. 1 - Issued 50,000 shares of $1 par value common stock at $20 per share. May 24 - Reacquired 5,000 shares of common stock issued on Jan. 1 for $23 per share. · Dec. 8 - Paid $ 22,500 cash dividends. Required: Prepare the journal entries for the above transactions. NO explanations required. Account Date Jan. 1 Debit Credit May 24 Dec. 8 Study Guide Review...