Homework Answers
Answer is option B.
Because ordering supplies to be delivered in next month so right now there is no transaction takes place.
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Which of t he following would not be recorded as an accounting transaction? Multiple Choice Issuing...
Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No...
Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed $4,040 from a local bank on a note due in six months. Received $4,730 cash from investors and issued common stock to them. Purchased $1,200 in equipment, paying $300 cash and promising the rest on a note due in one year. Paid...
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease...
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease stockholders' equity. Decrease liabilities. Required: For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equ remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a nega 35 Assets Liabilities Transaction 1. Issue common stock in exchange for cash, S15,000 2. Purchase equipment for cash,...
AP2-9 (Transaction analyois and the basic accounting equation) Primrose Beauty Supplies Lra. was incorporated in January...
AP2-9 (Transaction analyois and the basic accounting equation) Primrose Beauty Supplies Lra. was incorporated in January 2016. Primrose had the following transactio ons in first month: Date: Jan. 1 Received $150,000 in exchange for issuing 15,000 common shares. AP Borrowed $100,000 from the local bank at 9%. The terms of the borrow loan is to be repaid at the end of each month in the amount of $5,000 per month plus interest. Leased a commercial warehouse, paying $8,000, of which...
On April 1, Adventures Travel Agency, Inc. began operations. The following transactions were completed during the month.
Exercise 2-9 On April 1, Adventures Travel Agency, Inc. began operations. The following transactions were completed during the month. 1. Stockholders invested $24,000 in the business in exchange for common stock. 2. Obtained a bank loan for $7,000 by issuing a note payable. 3. Paid $11,000 cash to buy equipment. 4. Paid $1,200 cash for April office rent. 5. Paid $1,450 for supplies. 5 Purchased $600 of advertising in the Daily Herald, on account. 7. Performed services for $18,000: cash of $2,000 was received from customers, and the...
Cash flows from financing activities do not include: Multiple Choice repayment of a bank loan. cash...
Cash flows from financing activities do not include: Multiple Choice repayment of a bank loan. cash received from issuing preferred stock. declaration of a cash dividend. cash paid for treasury stock. Sales revenue for Hy Marx Tutoring was $320,000. The following data are from the accounting records of Marx: Accounts receivable, January 1 $ 76,000 Accounts receivable, December 31 60,000 The cash received from customers was: Multiple Choice $260,000. $304,000. $320,000. $336,000. Cash equivalents have each of the following characteristics...
of the following, which typically would not be classified as a current liability? Multiple Choice o...
of the following, which typically would not be classified as a current liability? Multiple Choice o A six-month bank loan to be paid with the proceeds from the sale of common stock. . Rent revenue received in advance. 0 0 A long-term noté payable maturing within the coming year. 0 Estimated liability from cash rebate program Google Chrome
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...
Question 3 Identifying Transactions and Preparing Journal Bengal Corporation was formed on July 1, 2017. Prepare...
Question 3 Identifying Transactions and Preparing Journal Bengal Corporation was formed on July 1, 2017. Prepare journal entries for the following events If an event is not a transaction write "no transaction. Use the following accounts • Accounts Payable • Accounts Receivable • Cash • Common Stock • Equipment • Land • Notes Payable (long-term) Notes Payable (short-term) • Supplies a) Received $70,000 cash invested by owners and issued common stock b) A lumber supplier delivered lumber supplies to Bengal...
J.K. Builders was incorporated on July 1. For each of the following transaction for J.K. builders,...
J.K. Builders was incorporated on July 1. For each of the following transaction for J.K. builders, give the accounting equation effects of the adjustments required at the end of the month on July 31 and compute total assets, total liabilities, and total stockholders' equity. (Enter any decreases to account balances with a minus sign.) a. Received $70,000 cash invested by owners and issued common stock. b. Bought an unused field from a local farmer by paying $60,000 cash. As a...
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200...
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200 Which of the following could be an explanation for this transaction? Multiple Choice Provided services on account Pald cash to settle accounts payable Collected cash from customers Which of the following could be an explanation for this transaction? Multiple Choice Ο Provided services on account Ο Paid cash to settle accounts payable Ο Collected cash from customers Ο Borrowed money to support operating activities
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease stockholders' equity. Decrease liabilities. Required: For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equ remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a nega 35 Assets Liabilities Transaction 1. Issue common stock in exchange for cash, S15,000 2. Purchase equipment for cash,...
AP2-9 (Transaction analyois and the basic accounting equation) Primrose Beauty Supplies Lra. was incorporated in January 2016. Primrose had the following transactio ons in first month: Date: Jan. 1 Received $150,000 in exchange for issuing 15,000 common shares. AP Borrowed $100,000 from the local bank at 9%. The terms of the borrow loan is to be repaid at the end of each month in the amount of $5,000 per month plus interest. Leased a commercial warehouse, paying $8,000, of which...
of the following, which typically would not be classified as a current liability? Multiple Choice o A six-month bank loan to be paid with the proceeds from the sale of common stock. . Rent revenue received in advance. 0 0 A long-term noté payable maturing within the coming year. 0 Estimated liability from cash rebate program Google Chrome
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...
Question 3 Identifying Transactions and Preparing Journal Bengal Corporation was formed on July 1, 2017. Prepare journal entries for the following events If an event is not a transaction write "no transaction. Use the following accounts • Accounts Payable • Accounts Receivable • Cash • Common Stock • Equipment • Land • Notes Payable (long-term) Notes Payable (short-term) • Supplies a) Received $70,000 cash invested by owners and issued common stock b) A lumber supplier delivered lumber supplies to Bengal...
J.K. Builders was incorporated on July 1. For each of the following transaction for J.K. builders, give the accounting equation effects of the adjustments required at the end of the month on July 31 and compute total assets, total liabilities, and total stockholders' equity. (Enter any decreases to account balances with a minus sign.) a. Received $70,000 cash invested by owners and issued common stock. b. Bought an unused field from a local farmer by paying $60,000 cash. As a...
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200 Which of the following could be an explanation for this transaction? Multiple Choice Provided services on account Pald cash to settle accounts payable Collected cash from customers Which of the following could be an explanation for this transaction? Multiple Choice Ο Provided services on account Ο Paid cash to settle accounts payable Ο Collected cash from customers Ο Borrowed money to support operating activities
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