Homework Answers
| Ex 3-9A. | ||||||||||||||
| a. | Journal entries: | |||||||||||||
| Date | Account titles and explanation | Debit | Credit | |||||||||||
| 2016 | ||||||||||||||
| Accounts receivable | 160000 | |||||||||||||
| Sevice revenue | 160000 | |||||||||||||
| (Services performed on credit) | ||||||||||||||
| Cash | 120000 | |||||||||||||
| Accounts receivable | 120000 | |||||||||||||
| (Cash collected) | ||||||||||||||
| T-Accounts: | ||||||||||||||
| Cash | ||||||||||||||
| Date | Particulars | Debit | Date | Particulars | Credit | |||||||||
| Accounts receivable | 120000 | |||||||||||||
| Accounts receivable | ||||||||||||||
| Date | Particulars | Debit | Date | Particulars | Credit | |||||||||
| Sevice revenue | 160000 | Cash | 120000 | |||||||||||
| Sevice revenue | ||||||||||||||
| Date | Particulars | Debit | Date | Particulars | Credit | |||||||||
| Accounts receivable | 160000 | |||||||||||||
| b. | Assets | Liab. | + | Equity | Rev. | - | Exp | = | Net income |
Cash flow | ||||
| Cash | + |
Accts. Rec. |
Ret.Earn. | |||||||||||
| 160000 | 160000 | 160000 | 0 | 160000 | NA | NA | ||||||||
| 120000 | -120000 | 120000 | Operating activities | |||||||||||
| 120000 | 40000 | 160000 | 160000 | 0 | 160000 | |||||||||
| c. | Amount of revenue to be reported= $ 160000 | |||||||||||||
| d. | Cashflow from operating activities=$ 120000 |
         |
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Exercise 3-9
Davos Company performed services on account for $160,000 in
2016. Davos collected $120,000 cash...
Chapter LO 3- Davos Compuy performol services on account for S160.000 in 2016 Dos coled 5120000...
Chapter LO 3- Davos Compuy performol services on account for S160.000 in 2016 Dos coled 5120000 cash fom acoounts civahle daring 3016 and the remaining $0.000 ws colctod in cash dus ng 2ol Required Recerd the Recend the 2006 tansactions in a horicenial stalements model lke theflewing one Determine the anount of Davos wodld repet on the 2016 ice statemest Determine the amosune of cash flow from operating activitics Daves would repoet on the 016 stateent of e. Open a...
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash....
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash. 3. Incurred $62,000 of other operating expenses on account 4. Paid $23,500 cash to an employee for salary. 5. Collected $71,000 cash from accounts receivable. 6. Paid $26,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,400 at the end of Year 1. Required a. Show the effects of the events on the financial statements...
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash....
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account 4. Paid $16,500 cash to an employee for salary 5. Collected $50.000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend to the stockholders. 8. Accrued salaries were $2,600 at the end of Year 1. wipped Box Him Terences Required a. Show the effects on the financial...
At the beginning of 2016, Oak Consulting had the following normal balances in its accounts: Account...
At the beginning of 2016, Oak Consulting had the following
normal balances in its accounts:
Account
Balance
Cash
$42,000
Accounts receivable
25,000
Accounts payable
8,400
Common stock
24,000
Retained earnings
34,600
The following events apply to Oak's Consulting for 2016:
1.
Provided $185,000 of services on account.
2.
Incurred $45,800 of operating expenses on account.
3.
Collected $140,000 of accounts receivable.
4.
Paid $120,000 cash for salaries expense.
5.
Paid $31,400 cash as a partial payment on accounts
payable.
6....
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account....
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account. 4. Paid $1,260 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,400 6. Paid cash for operating expenses of $21,700. 7. Determined that at the end of the accounting period $145 of office supplies remained on hand. 8. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000...
In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash from the issue of common stock. The company invested $21,000 cash in the purchase of land. Required (Hint Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
Exercise 3-10B James Jones received a $90,000 cash advance on March 1, Year 1. for legal...
Exercise 3-10B
James Jones received a $90,000 cash advance on March 1, Year 1. for legal services to be performed EX н E h. Assuming no other transactions occur in Year 2, determine the amount of net income and the g. Show the Year 2 transaction in a horizontal statements model like the one shown in Requiremena Laura Moss started and operated a small family consulting firm in Year 1. The firm was affected by two events: (1) Moss provided...
Required information Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing...
Required information Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 (The following information applies to the questions displayed below.) At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 34,900 15,600 10,500 28,100 11,900 The following events apply to Oak Consulting for Year 2: 1. Provided $66,100 of services on...
Chapter LO 3- Davos Compuy performol services on account for S160.000 in 2016 Dos coled 5120000 cash fom acoounts civahle daring 3016 and the remaining $0.000 ws colctod in cash dus ng 2ol Required Recerd the Recend the 2006 tansactions in a horicenial stalements model lke theflewing one Determine the anount of Davos wodld repet on the 2016 ice statemest Determine the amosune of cash flow from operating activitics Daves would repoet on the 016 stateent of e. Open a...
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash. 3. Incurred $62,000 of other operating expenses on account 4. Paid $23,500 cash to an employee for salary. 5. Collected $71,000 cash from accounts receivable. 6. Paid $26,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,400 at the end of Year 1. Required a. Show the effects of the events on the financial statements...
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account 4. Paid $16,500 cash to an employee for salary 5. Collected $50.000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend to the stockholders. 8. Accrued salaries were $2,600 at the end of Year 1. wipped Box Him Terences Required a. Show the effects on the financial...
At the beginning of 2016, Oak Consulting had the following
normal balances in its accounts:
Account
Balance
Cash
$42,000
Accounts receivable
25,000
Accounts payable
8,400
Common stock
24,000
Retained earnings
34,600
The following events apply to Oak's Consulting for 2016:
1.
Provided $185,000 of services on account.
2.
Incurred $45,800 of operating expenses on account.
3.
Collected $140,000 of accounts receivable.
4.
Paid $120,000 cash for salaries expense.
5.
Paid $31,400 cash as a partial payment on accounts
payable.
6....
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account. 4. Paid $1,260 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,400 6. Paid cash for operating expenses of $21,700. 7. Determined that at the end of the accounting period $145 of office supplies remained on hand. 8. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash from the issue of common stock. The company invested $21,000 cash in the purchase of land. Required (Hint Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
Exercise 3-10B
James Jones received a $90,000 cash advance on March 1, Year 1. for legal services to be performed EX н E h. Assuming no other transactions occur in Year 2, determine the amount of net income and the g. Show the Year 2 transaction in a horizontal statements model like the one shown in Requiremena Laura Moss started and operated a small family consulting firm in Year 1. The firm was affected by two events: (1) Moss provided...
Required information Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 (The following information applies to the questions displayed below.) At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 34,900 15,600 10,500 28,100 11,900 The following events apply to Oak Consulting for Year 2: 1. Provided $66,100 of services on...
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