Homework Answers
a) Accounting equation
| Transaction Analysis | ||||||||
| Assets | = | Liabilities | + | Stockholder's equity | ||||
| a | Cash | 10700 | Common Stock | 10700 | ||||
| b | Equipment | 5350 | Notes payable | 5350 | ||||
| c | Cash | -3070 | Account payable | -3070 | ||||
Journal entries
| No | account and explanation | Debit | Credit |
| 1 | Cash | 10700 | |
| Common Stock | 10700 | ||
| 2 | Equipment | 5350 | |
| Notes payable | 5350 | ||
| 3 | Account payable | 3070 | |
| Cash | 3070 | ||
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Stockholders contribute $10,700 cash to a company in exchange for common stock. The company purchases $5,350...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
During the month, a company enters into the following transactions: Borrows $5,250 of cash from the...
During the month, a company enters into the following
transactions:
Borrows $5,250 of cash from the bank by signing a formal
agreement to repay the loan in 2 years.
Buys $5,500 of new equipment on account.
Pays off $3,500 of accounts payable.
Pays off $1,750 of notes payable.
Required:
Show the effect of these transactions on the basic accounting
equation.
Prepare the journal entries that would be used to record the
transactions.
Required A Required B Show the effect of...
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As of December 31, Year 1, Moss Company had total cash of $166,000, notes payable of...
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The following transactions were completed by the company. a. The owner invested $15,000 cash in the...
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Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
During the month, a company enters into the following
transactions:
Borrows $5,250 of cash from the bank by signing a formal
agreement to repay the loan in 2 years.
Buys $5,500 of new equipment on account.
Pays off $3,500 of accounts payable.
Pays off $1,750 of notes payable.
Required:
Show the effect of these transactions on the basic accounting
equation.
Prepare the journal entries that would be used to record the
transactions.
Required A Required B Show the effect of...
Transactions a. The company started as a corporation with a $13,450 cash contribution from the owners in exchange for common stock. b. Service revenues on account amounted to $8,750. C. Cash collections of accounts receivable amounted to $7,175. d. Purchased supplies on account for $65 and used all of them. e. On December 15, 2010, the company paid $4,500 in advance for leased office space. The lease does not go into effect until 2011. Print Print Done Done Sharp Technology...
As of December 31, Year 1, Moss Company had total cash of $166,000, notes payable of $86,600, and common stock of $53,400. During Year 2, Moss eamed $46,000 of cash revenue, paid $25,000 for cash expenses, and paid a $4.000 cash dividend to the stockholders Required a. Determine the amount of retained earnings as of December 31, Year 1. b. & c. Create an accounting equation and record the beginning account balances, revenue, expense, and dividend events under the appropriate...
a. The owner invested $18.600 cash in the company in exchange for its common stock b. The company purchased supplies for $1,400 cash. C. The owner invested $11,800 of equipment in the company in exchange for more common stock d. The company purchased $380 of additional supplies on credit e. The company purchased land for $10,800 cash Required: Enter the impact of each transaction on individual items of the accounting equation (Enter decreases to account balances with a minus sign.)...
1. Issued 54,000 shares of common stock in exchange for $540,000 in cash. 2. Purchased equipment at a cost of $88,000. $22,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $164,000. The company uses the perpetual inventory system 4. Credit sales for the month totaled $240,000. The cost of the goods sold was $144,000. 5. Paid $7.250 in rent on the warehouse building...
The following events occurred for Favata Company a. Received $12,000 cash from owners and issued stock to them. b. Borrowed $9,000 cash from a bank and signed a note due later this year. C. Bought and received $1,000 of equipment on account. Purchased land for $16,000; paid $1,400 in cash and signed a long-term note for $14,600 Purchased $5,000 of equipment, paid $1,400 in cash and charged the rest on account Required: For each of the events (a) through (e),...
The following transactions were completed by the company. a. The owner invested $15,000 cash in the company in exchange for its common stock. b. The company purchased supplies for $500 cash. c. The owner invested $10,000 of equipment in the company in exchange for more common stock, d. The company purchased $200 of additional supplies on credit. e. The company purchased land for $9,000 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter...
7. Issued 56,000 shares of common stock in exchange for $560,000 in cash. 2. Purchased equipment at a cost of $92,000. $23,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $170,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $250,000. The cost of the goods sold was $150,000. 5. Paid $7,500 in rent on the warehouse building...
As of December 31, Year 1, Moss Company had total cash of $165,000 notes payable of $86,500, and common stock of $53,300. During Year 2. Moss earned $45,000 of cash revenue, paid $24.500 for cash expenses, and paid a $3.900 cash dividend to the stockholders. Required a. Determine the amount of retained earnings as of December 31 Year 1. Rotained earnings nces b.& c. Create an accounting equation and record the beginning account balances, revenue expense and dividend events under...
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