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Required information (The following information applies to the questions displayed below) The following transactions occurred during...
Required information [The following information applies to the questions displayed below) The following transactions occurred during...
Required information [The following information applies to the questions displayed below) The following transactions occurred during March, the first month of operations for Quality Galleries, Inc.: Capital stock was issued in exchange for $360,000 cash * Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance. * Made a $35.000 cash payment on the note payable from the purchase of equipment * Sold a piece of equipment for cash of $18,000....
Required information [The following information applies to the questions displayed below.) The following transactions occurred during...
Required information [The following information applies to the questions displayed below.) The following transactions occurred during July: 1. Received $950 cash for services performed during July. 2. Received $5,550 cash from the issuance of common stock to owners. 3. Received $475 from a customer as payment for services performed during June. 4. Billed $3,800 to customers for services performed on account in July 5. Borrowed $2,600 from the bank and signed a promissory note. 6. Received $1,225 from a customer...
The following transactions occurred during March, the first month of operations for Canyon Products, Inc.: 1....
The following transactions occurred during March, the first month of operations for Canyon Products, Inc.: 1. Issued 50,000 shares of capital stock in exchange for $600,000 cash. 2. Purchased land for $400,000, using a $150,000 cash down payment and signing a note payable for the balance. 3. Made a $60,000 cash payment on the note payable from the purchase of land. 4. Purchased equipment on credit from Burton, Inc. for $63,000. What is the balance in the Cash account at...
Required information [The following information applies to the questions displayed below.) Below are the transactions for...
Required information [The following information applies to the questions displayed below.) Below are the transactions for Ute Sewing Shop for March, the first month of operations. March 1 Issue common stock in exchange for cash of $1,000. March 3 Purchase sewing equipment by signing a note with the local bank, $700. March 5 Pay rent of $400 for March. March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha...
Required information The following information applies to the questions displayed below.) Below are the transactions for...
Required information The following information applies to the questions displayed below.) Below are the transactions for Ute Sewing Shop for March, the first month of operations. March Issue common stock in exchange for cash of $1,100. March ) Purchase saving equipment by signing a note with the local bank, $800. March 5 Pay Tent of $410 for March. March 7 Martha, a customer places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $610....
Required information [The following information applies to the questions displayed below) Tyrell Co. entered into the...
Required information [The following information applies to the questions displayed below) Tyrell Co. entered into the following transactions involving short-term liabilities Year 1 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, 535,200 note payable along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NSR Bank by signing a 120day, 12%, $60,000 note payable. ? Paid the amount due on...
Required information [The following information applies to the questions displayed below. Griffin Service Company, Inc., was...
Required information [The following information applies to the questions displayed below. Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year: a. Received $70,000 cash from the six investors; each investor was issued 8,400 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $18,000; one-fourth was paid in cash and the company signed a note...
Required information (The following information applies to the questions displayed below.) During January 2015, the first...
Required information (The following information applies to the questions displayed below.) During January 2015, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $24,000 cash. 2. Purchased $6,000 of equipment, paying $1,200 cash and signing a promissory note for $4,800. 3. Received $10,800 in cash for consulting services performed in January. 4. Purchased $1,800 of supplies on account; all of the supplies were used in January. 5. Provided consulting...
Required information The following information applies to the questions displayed below) Lisa Frees and Amelia Ellinger...
Required information The following information applies to the questions displayed below) Lisa Frees and Amelia Ellinger have been operating a catering business for several years. In March, the partners plan to expand by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March a. Received $80,000 cash from each of the two shareholders to form the corporation. In addition to $2,000 in accounts receivable, $5,300...
Required information The following information applies to the questions displayed below] Tyrell Co. entered into the...
Required information The following information applies to the questions displayed below] Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr 20 Purchased $37,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory System. 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8 annual interest along with paying $2,500 in cash 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 118...
Required information [The following information applies to the questions displayed below) The following transactions occurred during March, the first month of operations for Quality Galleries, Inc.: Capital stock was issued in exchange for $360,000 cash * Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance. * Made a $35.000 cash payment on the note payable from the purchase of equipment * Sold a piece of equipment for cash of $18,000....
Required information [The following information applies to the questions displayed below.) The following transactions occurred during July: 1. Received $950 cash for services performed during July. 2. Received $5,550 cash from the issuance of common stock to owners. 3. Received $475 from a customer as payment for services performed during June. 4. Billed $3,800 to customers for services performed on account in July 5. Borrowed $2,600 from the bank and signed a promissory note. 6. Received $1,225 from a customer...
Required information [The following information applies to the questions displayed below.) Below are the transactions for Ute Sewing Shop for March, the first month of operations. March 1 Issue common stock in exchange for cash of $1,000. March 3 Purchase sewing equipment by signing a note with the local bank, $700. March 5 Pay rent of $400 for March. March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha...
Required information The following information applies to the questions displayed below.) Below are the transactions for Ute Sewing Shop for March, the first month of operations. March Issue common stock in exchange for cash of $1,100. March ) Purchase saving equipment by signing a note with the local bank, $800. March 5 Pay Tent of $410 for March. March 7 Martha, a customer places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $610....
Required information [The following information applies to the questions displayed below) Tyrell Co. entered into the following transactions involving short-term liabilities Year 1 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, 535,200 note payable along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NSR Bank by signing a 120day, 12%, $60,000 note payable. ? Paid the amount due on...
Required information [The following information applies to the questions displayed below. Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year: a. Received $70,000 cash from the six investors; each investor was issued 8,400 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $18,000; one-fourth was paid in cash and the company signed a note...
Required information (The following information applies to the questions displayed below.) During January 2015, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $24,000 cash. 2. Purchased $6,000 of equipment, paying $1,200 cash and signing a promissory note for $4,800. 3. Received $10,800 in cash for consulting services performed in January. 4. Purchased $1,800 of supplies on account; all of the supplies were used in January. 5. Provided consulting...
Required information The following information applies to the questions displayed below) Lisa Frees and Amelia Ellinger have been operating a catering business for several years. In March, the partners plan to expand by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March a. Received $80,000 cash from each of the two shareholders to form the corporation. In addition to $2,000 in accounts receivable, $5,300...
Required information The following information applies to the questions displayed below] Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr 20 Purchased $37,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory System. 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8 annual interest along with paying $2,500 in cash 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 118...
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