Homework Answers
Solution
1)
Answer: Issuance of common stock to stockholders
Explanation: Cash debited (increased) by $31000 and Common Stock credited (increased) by $31000. It generally means that the company must have made any issue of stock to public or any other person in cash.
2)
Answer: Earned Revenue on Account
Explanation: Accounts Receivable has been debited (increased) by $3800 and Service Revenue credited (increased) by $3800. It generally means that the company has provided any service to any person on account.
3)
Answer: Purchased equipment on account
Explanation: Accounts Payable credited (increased) by $13400 and Equipment debited (increased) by $13400. It happens when equipment bought on account.
4)
Answer: Collected cash on account
Explanation: Cash debited (increased) by $190 and Accounts Receivable credited (decreased) by $190. That means cash recovery made from receivables.
5)
Answer: Cash purchase of equipment
Explanation: Cash credited (decreased) by $410 and Equipment debited (increased) by $410. That means equipment bought in cash.
6)
Answer: Paid cash on account
Explanation: Cash credited (decreased) by $8000 and Accounts Payable debited (decreased) by $8000. That means payable balances have been settled in cash.
7)
Answer: Earned revenue and received cash
Explanation: Cash debited (increased) by $790 and Service Revenue credited (increased) by $790. This generally happens when services have been provided in exchange of cash.
8)
Answer: Paid Cash for Salaries expenses
Explanation: Cash credited (decreased) by $1500 and Salaries expenses account has been debited in Profit and Loss Account by $1500. That means Salaries has been paid in cash.
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5. The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction....
2: Data Table ASSETS = LIABILITIES + EQUITY Contributed Capital Retained Earnings Cash + + Equipment...
2: Data Table ASSETS = LIABILITIES + EQUITY Contributed Capital Retained Earnings Cash + + Equipment = Accounts + - Dividends + - Accounts Receivable Common Stock +31,000 Service Revenue Salaries Expense payable 1 +31,000 +3,800 +3,800 Bal. $31,000+ $3,800 + $31,000 + + $3,800 +13,400 +13,400 Bal. $13,400 = $13,400 + $31,000 + $3,800 $31,000+ +190 $3,800 + -190 $31,190 + $3,610 + $13,400 + $31,000 + $3,800 $13,400 = +410 -410 Bal. $3,610 + $13,810 = $31,000 $3,800...
To purchase office supplies. analysis of the first eight transactions of Advanced Accounting Service follows. Describe...
To purchase office supplies. analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. LIABILITIES + Cash ASSETS + Accounts Receivable Equipment Accounts Payable + EQUITY Wel + Service - Salaries Withdrawals Revenue Expense 1 Wel, Capital +31,000 +31,000 +3,800 Bal. $31,000 + $3,800 $31,000 +3,800 $3,800 +13,400 + $13,400 +12,400 513,400 $13,400 + $3,800 + 331,000 + $31,000 + $13.400 + $3,800 + 513,610 Bal. $31,000 + $3,800 4 +190 -190 Bal. 531,190 + $3,610...
CH Learning Objective 4 E1-28 Using the accounting equation to analyze business transactions The analysis of...
CH Learning Objective 4 E1-28 Using the accounting equation to analyze business transactions The analysis of the first cight transactions of Advanced Accounting Service follows Dt: cnc cách transactan. ASSETS LIABILITIES + EQUITY Contributed Capital + Retained Earnings Cash + Accounts +Equipment Accounts + Common - Dividends + Service - Salaries Receivable Payable Stock Revenue Expense 1 +31,000 +31,000 +3800 +3,800 Bal. $31,000+ $3,800 $31,000 + 53,800 +13,400 Bal. 531,000 + 53,800 + $13,400 $13,400 + $31,000 + $3,800 4...
NEED HELP WITH T-ACCOUNTS AND TRIAL BALANCE Transaction Analysis and Trial Balance Make T-accounts for the...
NEED HELP WITH T-ACCOUNTS AND TRIAL BALANCE
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Mead Pet Hospital owned by R. Mead, a veterinarian Cash, Accounts Receivable, Supplies: Office Equipment Accounts Payable; Common Stock Dividends: Professional Fees Earned; Salaries Expense; and Rent Expense. Using the accounting equation, record each of the transactions in columnar format. Prepare journal entries and record the following December transactions in the T- accounts and key...
Transaction Analysis and Trial Balance Mary Aker opened a tax practice on June 1. The following...
Transaction Analysis and Trial Balance Mary Aker opened a tax practice on June 1. The following accounts will be needed to record her transactions for June: Cas Library, Office Furniture and Fixtures; Accounts Payable; Notes Payable; Common Stock; Dividends; Professional Fees Earl Advertising Expense; Utilities Expense; and Interest Expense. The following transactions occured during the month of June June 1 Aker opened a business checking account at a local bank, investing $16,300 in her practice in exchange for common stock...
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general...
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, an attorney: Cash; Accounts Receivable: Office Equipment: Legal Database Subscription: Accounts Payable; Common Stock Dividends: Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Using the accounting equation, record each of the transactions in a columnar format. Prepare journal entries and record the following October transactions in the T- accounts and key all entries with the number identifying the...
The following events apply to Complete Business Service in 2018, its first year of op 1....
The following events apply to Complete Business Service in 2018, its first year of op 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in the future. 8. Purchased $1,450...
Transaction Analysis and Trial Balance Pam Black owns Artsy Graphics, a firm providing designs for advertisers...
Transaction Analysis and Trial Balance Pam Black owns Artsy Graphics, a firm providing designs for advertisers and market analysts. On July 1, the business's general ledger showed the following normal account balances: Cash $6,800 Accounts Payable $2,100 Accounts Receivable 10,700 Notes Payable 4,200 Common Stock 2,000 Retained Earnings 9,200 Total Assets $17,500 Total Liabilities and Stockholders' Equity $17,500 The following transactions occurred during the month of July: 1 Paid July rent, $510. 2 Collected $7,100 on account from customers. 3...
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general...
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Mead Pet Hospital, owned by R. Mead, a veterinarian Cash: Accounts Receivable: Supplies Office Equipment Accounts Payable; Common Stock Dividends: Professional Fees Earned: Salaries Expense, and Rent Expense. Using the accounting equation, record each of the transactions in columnar format. Prepare journal entries and record the following December transactions in the T- accounts and key all entries with the number identifying the...
6. The first nine transactions of North-West Airplane Repair have been posted to the T-accounts. Provide...
6. The first nine transactions of North-West Airplane Repair have been posted to the T-accounts. Provide an explanation for each of the nine transactions. Click the icon to view the nine transactions.) 1. (1) 9. (9) 6: Data Table LIABILITIES + EQUITY Retained Earnings Contributed Capital + - - + + Common Stock 370,000 - (1) (8) Dividends 7,000 Service Revenue 21,000 - 9) (2) Rent Expense 1,400 (5) (4) Cash (1) 370,000 360,000 (2) 133260.000 1.2005) 19) 21,000 1,500...
2: Data Table ASSETS = LIABILITIES + EQUITY Contributed Capital Retained Earnings Cash + + Equipment = Accounts + - Dividends + - Accounts Receivable Common Stock +31,000 Service Revenue Salaries Expense payable 1 +31,000 +3,800 +3,800 Bal. $31,000+ $3,800 + $31,000 + + $3,800 +13,400 +13,400 Bal. $13,400 = $13,400 + $31,000 + $3,800 $31,000+ +190 $3,800 + -190 $31,190 + $3,610 + $13,400 + $31,000 + $3,800 $13,400 = +410 -410 Bal. $3,610 + $13,810 = $31,000 $3,800...
To purchase office supplies. analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. LIABILITIES + Cash ASSETS + Accounts Receivable Equipment Accounts Payable + EQUITY Wel + Service - Salaries Withdrawals Revenue Expense 1 Wel, Capital +31,000 +31,000 +3,800 Bal. $31,000 + $3,800 $31,000 +3,800 $3,800 +13,400 + $13,400 +12,400 513,400 $13,400 + $3,800 + 331,000 + $31,000 + $13.400 + $3,800 + 513,610 Bal. $31,000 + $3,800 4 +190 -190 Bal. 531,190 + $3,610...
CH Learning Objective 4 E1-28 Using the accounting equation to analyze business transactions The analysis of the first cight transactions of Advanced Accounting Service follows Dt: cnc cách transactan. ASSETS LIABILITIES + EQUITY Contributed Capital + Retained Earnings Cash + Accounts +Equipment Accounts + Common - Dividends + Service - Salaries Receivable Payable Stock Revenue Expense 1 +31,000 +31,000 +3800 +3,800 Bal. $31,000+ $3,800 $31,000 + 53,800 +13,400 Bal. 531,000 + 53,800 + $13,400 $13,400 + $31,000 + $3,800 4...
NEED HELP WITH T-ACCOUNTS AND TRIAL BALANCE
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Mead Pet Hospital owned by R. Mead, a veterinarian Cash, Accounts Receivable, Supplies: Office Equipment Accounts Payable; Common Stock Dividends: Professional Fees Earned; Salaries Expense; and Rent Expense. Using the accounting equation, record each of the transactions in columnar format. Prepare journal entries and record the following December transactions in the T- accounts and key...
Transaction Analysis and Trial Balance Mary Aker opened a tax practice on June 1. The following accounts will be needed to record her transactions for June: Cas Library, Office Furniture and Fixtures; Accounts Payable; Notes Payable; Common Stock; Dividends; Professional Fees Earl Advertising Expense; Utilities Expense; and Interest Expense. The following transactions occured during the month of June June 1 Aker opened a business checking account at a local bank, investing $16,300 in her practice in exchange for common stock...
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, an attorney: Cash; Accounts Receivable: Office Equipment: Legal Database Subscription: Accounts Payable; Common Stock Dividends: Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Using the accounting equation, record each of the transactions in a columnar format. Prepare journal entries and record the following October transactions in the T- accounts and key all entries with the number identifying the...
The following events apply to Complete Business Service in 2018, its first year of op 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in the future. 8. Purchased $1,450...
Transaction Analysis and Trial Balance Pam Black owns Artsy Graphics, a firm providing designs for advertisers and market analysts. On July 1, the business's general ledger showed the following normal account balances: Cash $6,800 Accounts Payable $2,100 Accounts Receivable 10,700 Notes Payable 4,200 Common Stock 2,000 Retained Earnings 9,200 Total Assets $17,500 Total Liabilities and Stockholders' Equity $17,500 The following transactions occurred during the month of July: 1 Paid July rent, $510. 2 Collected $7,100 on account from customers. 3...
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Mead Pet Hospital, owned by R. Mead, a veterinarian Cash: Accounts Receivable: Supplies Office Equipment Accounts Payable; Common Stock Dividends: Professional Fees Earned: Salaries Expense, and Rent Expense. Using the accounting equation, record each of the transactions in columnar format. Prepare journal entries and record the following December transactions in the T- accounts and key all entries with the number identifying the...
6. The first nine transactions of North-West Airplane Repair have been posted to the T-accounts. Provide an explanation for each of the nine transactions. Click the icon to view the nine transactions.) 1. (1) 9. (9) 6: Data Table LIABILITIES + EQUITY Retained Earnings Contributed Capital + - - + + Common Stock 370,000 - (1) (8) Dividends 7,000 Service Revenue 21,000 - 9) (2) Rent Expense 1,400 (5) (4) Cash (1) 370,000 360,000 (2) 133260.000 1.2005) 19) 21,000 1,500...
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