Homework Answers
Preparing Tabular form of Transactions:-
Vivid Voice
Tabular form of Transactions
For the Month of July
| No. | Assets | = | Liabilities | + | Equity | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | + | Accounts Receivable | + | Supplies | + | Equipment | = | Accounts Payable | + | Natalie Gold, Capital | Explanation of Equity Transactions | |
| Beg. Bal. | $6,000 | + | $1,200 | + | $1,900 | + | $6,500 | = | $4,000 | + | $11,600 | |
| a. | 800 | + | (800) | + | + | = | + | |||||
| b. | (2,500) | + | + | + | = | (2,500) | + | |||||
| c. | 1,100 | + | + | + | = | + | 1,100 | Revenue | ||||
| d. | (950) | + | + | + | = | + | (950) | Wages Expense | ||||
| e. | (1,200) | + | + | + | = | + | (1,200) | Rent Expense | ||||
| f. | (600) | + | + | + | = | + | (600) | Utilities Expense | ||||
| g. | + | 1,600 | + | + | = | + | 1,600 | Revenue | ||||
| h. | Not | + | Effects | + | + | = | + | |||||
| Totals | $2,650 | + | $2,000 | + | $1,900 | + | $6,500 | = | $1,500 | + | $11,550 | |
Revenue=($1,100+$1,600)=$2,700**
Preparing Income Statement, Statement of Changes in Equity and Balance Sheet for the Month Ended July 31,2020:-
Vivid Voice
Income Statement
For the Month Ended July 31,2020
| Accounts | Amount | Amount |
|---|---|---|
| Revenues** | $2,700 | |
| Less:- Expenses | ||
| Wages Expense | $950 | |
| Rent Expense | 1,200 | |
| Utilities Expense | 600 | |
| Total Expenses | $(2,750) | |
| Loss | ($50) | |
Vivid Voice
Statement of Changes in Equity
For the Month Ended July 31,2020
| Accounts | Amount |
|---|---|
| Natalie Gold, Capital, July 1,2020 | $11,600 |
| Less:- Loss | ($50) |
| Natalie Gold, Capital, July 31,2020 | $11,550 |
Vivid Voice
Balance Sheet
July 31,2020
| Assets | Amount | Liabilities and Equity | Amount |
|---|---|---|---|
| Cash | $2,650 | Liabilities:- | |
| Accounts Receivable | 2,000 | Accounts Payable | $1,500 |
| Supplies | 1,900 | Equity:- | |
| Equipment | 6,500 | Natalie Gold, Capital, July 31 | $11,550 |
| Total Assets | $13,050 | Total Liabilities and Equity | $13,050 |
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Natalie Gold is the owner of the marketing agency Vivid Voice. The company focuses on online...
Oliver Nicholas, the owner of Nicholas Marketing Services, prepared the following trial balance at December 31,...
Oliver Nicholas, the owner of Nicholas Marketing Services,
prepared the following trial balance at December 31, 2021.
NICHOLAS MARKETING SERVICES
Trial Balance
December 31, 2021
Debit Credit
Cash $6,500
Accounts receivable 21,280
Supplies 3,720
Prepaid insurance 4,650
Prepaid rent 3,165
Equipment 27,500
Unearned revenue $3,400
Notes payable 15,600
O. Nicholas, capital
34,660
O. Nicholas, drawings
3,600
Service revenue 39,200
Interest expense 150
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Salaries expense 13,455
Telephone expense...
PREPARE A CLASSIFIED BALANCE SHEET 2:06:08 PM / Remaining: 109 min. Adjusted Trial Balance July 31,...
PREPARE A CLASSIFIED BALANCE SHEET
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DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an...
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NEED NOW DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused...
NEED NOW
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an increase ), or no change (NC) in assets, liabilities, and owner's equity. (20%) Transaction Liabilities ), a decrease 1. Investment by owner 2. Paid cash on account Assets Owner's Equity 3. Purchase office Supplies on Account 4. Collection of accounts receivable 5. Withdrawal of cash by owner 6. Billed customers for services performed 7. Paid rent expense 8. Paid cash on accounts...
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an...
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an increase ), or no change (NC) in assets, liabilities, and owner's equity. (20%) Transaction Liabilities ), a decrease 1. Investment by owner 2. Paid cash on account Assets Owner's Equity 3. Purchase office Supplies on Account 4. Collection of accounts receivable 5. Withdrawal of cash by owner 6. Billed customers for services performed 7. Paid rent expense 8. Paid cash on accounts payable 9....
Classify each of the following items as revenues (R), expenses 1. Cost of sales 4. Owner...
Classify each of the following items as revenues (R), expenses 1. Cost of sales 4. Owner withdraw 2. Service revenue 5. Rent expense 3. Wages expense 6. Rental revenue Classify each of the following items as assets (A), liabilities (L 1. Land 3. Equipment 2. Owner, Capital 4. Accounts payabl On December 31, Hawkin's records show the following ac December income statement for Hawkin. Classify each of the following items as assets (A), liabilities (L), or equity (EQ). 1. Land...
Please help me. Thank you so much <3 Santana Rey, owner of Business Solutions, decides to...
Please help me.
Thank you so much <3
Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $ 24,807 18,293 43,100 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold Depreciation expense-office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses Net...
Google CengageNOWV2 Online teaching and learning resource from Cengage Learning The assets and liabilities of Thompson...
Google CengageNOWV2 Online teaching and learning resource from Cengage Learning The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $191,800 at April 1, the beginning of the current year. Mr. Thompson invested an additional $17,000 in the business during the year. Accounts payable $1,200 Miscellaneous expense $600 Accounts receivable 10,340 Office expense 530 Cash 32,320...
PLEASE DO 1-22 & 1-23 THANKYOU Exercise 1-22 Effects of transactions on the accounting equation L06,...
PLEASE DO 1-22 & 1-23
THANKYOU
Exercise 1-22 Effects of transactions on the accounting equation L06, 7 eXcel CHECK FIGURE: Accounts payable, March 31, 2020 = $2,350 a. Ali Omar invested 54,300 cash and $15,000 of equipment to start his business, Omar's Yard Care. b. Purchased various supplies on account; $1,600. c. Bought supplies on credit; $950. d. Omar signed a $4,000 contract to do yard work beginning in May. e. Did work for a client on account; $550. f....
View Policies Current Attempt in Progress Nancy Jackson opened a law office on July 1, 2020....
View Policies Current Attempt in Progress Nancy Jackson opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,200, Accounts Receivable $1,900, Supplies $500, Equipment $6,300, Accounts Payable $4,300, and Owner's Capital $9,600. During August, the following transactions occurred. 1. Collected $1,600 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Recognized revenue of $8,500, of which $3,200 is collected in cash and the balance is due in September. Purchased additional equipment...
Oliver Nicholas, the owner of Nicholas Marketing Services,
prepared the following trial balance at December 31, 2021.
NICHOLAS MARKETING SERVICES
Trial Balance
December 31, 2021
Debit Credit
Cash $6,500
Accounts receivable 21,280
Supplies 3,720
Prepaid insurance 4,650
Prepaid rent 3,165
Equipment 27,500
Unearned revenue $3,400
Notes payable 15,600
O. Nicholas, capital
34,660
O. Nicholas, drawings
3,600
Service revenue 39,200
Interest expense 150
Rent expense 6,700
Salaries expense 13,455
Telephone expense...
PREPARE A CLASSIFIED BALANCE SHEET
2:06:08 PM / Remaining: 109 min. Adjusted Trial Balance July 31, 2020 Account Titles No. Debit Credit $8,300 9,000 15,800 101 112 157 158 201 208 301 306 400 429 711 726 732 Cash Accounts Receivable Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense $7,700 4,700 1,900 45,200 16,200 64,200 6,500 9,500 56,000 15,400 $130,200 $130,200 riepai a MICIE...
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an increase ), or no change (NC) in assets, liabilities, and owner's equity. (20%) Transaction Liabilities ), a decrease 1. Investment by owner 2. Paid cash on account Assets Owner's Equity 3. Purchase office Supplies on Account 4. Collection of accounts receivable 5. Withdrawal of cash by owner 6. Billed customers for services performed 7. Paid rent expense 8. Paid cash on accounts payable 9....
NEED NOW
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an increase ), or no change (NC) in assets, liabilities, and owner's equity. (20%) Transaction Liabilities ), a decrease 1. Investment by owner 2. Paid cash on account Assets Owner's Equity 3. Purchase office Supplies on Account 4. Collection of accounts receivable 5. Withdrawal of cash by owner 6. Billed customers for services performed 7. Paid rent expense 8. Paid cash on accounts...
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an increase ), or no change (NC) in assets, liabilities, and owner's equity. (20%) Transaction Liabilities ), a decrease 1. Investment by owner 2. Paid cash on account Assets Owner's Equity 3. Purchase office Supplies on Account 4. Collection of accounts receivable 5. Withdrawal of cash by owner 6. Billed customers for services performed 7. Paid rent expense 8. Paid cash on accounts payable 9....
Classify each of the following items as revenues (R), expenses 1. Cost of sales 4. Owner withdraw 2. Service revenue 5. Rent expense 3. Wages expense 6. Rental revenue Classify each of the following items as assets (A), liabilities (L 1. Land 3. Equipment 2. Owner, Capital 4. Accounts payabl On December 31, Hawkin's records show the following ac December income statement for Hawkin. Classify each of the following items as assets (A), liabilities (L), or equity (EQ). 1. Land...
Please help me.
Thank you so much <3
Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $ 24,807 18,293 43,100 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold Depreciation expense-office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses Net...
Google CengageNOWV2 Online teaching and learning resource from Cengage Learning The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $191,800 at April 1, the beginning of the current year. Mr. Thompson invested an additional $17,000 in the business during the year. Accounts payable $1,200 Miscellaneous expense $600 Accounts receivable 10,340 Office expense 530 Cash 32,320...
PLEASE DO 1-22 & 1-23
THANKYOU
Exercise 1-22 Effects of transactions on the accounting equation L06, 7 eXcel CHECK FIGURE: Accounts payable, March 31, 2020 = $2,350 a. Ali Omar invested 54,300 cash and $15,000 of equipment to start his business, Omar's Yard Care. b. Purchased various supplies on account; $1,600. c. Bought supplies on credit; $950. d. Omar signed a $4,000 contract to do yard work beginning in May. e. Did work for a client on account; $550. f....
View Policies Current Attempt in Progress Nancy Jackson opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,200, Accounts Receivable $1,900, Supplies $500, Equipment $6,300, Accounts Payable $4,300, and Owner's Capital $9,600. During August, the following transactions occurred. 1. Collected $1,600 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Recognized revenue of $8,500, of which $3,200 is collected in cash and the balance is due in September. Purchased additional equipment...
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