Following are transactions for Valdez Services, a company owned by Brina Valdez.
a. Brina Valdez invested $20,000 cash in the company.
b. The company provided services to a client and immediately received $900 cash.
c. The company received $10,000 cash from a client in payment for services to be provided next year.
d. The company received $3,500 cash from a client in partial payment of accounts receivable.
e. The company borrowed $5,000 cash from the bank by signing a note payable.
1. Prepare general journal entries for the above transactions of Valdez Services.
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Following are transactions for Valdez Services, a company owned by Brina Valdez. a. Brina Valdez invested...
Following are transactions for Valdez Services, a company owned by Brina Valdez. a. Brina Valdez invested...
Following are transactions for Valdez Services, a company owned by Brina Valdez. a. Brina Valdez invested $20,000 cash in the company In exchange for common stock. b. The company provided services to a client and Immediately received $900 cash. c. The company recelved $10,000 cash from a client in payment for services to be provided next year. d. The company received $3,500 cash from a client in partial payment of accounts receivable. e. The company borrowed $5,000 cash from the...
2. Listed below are three reasons why a transaction would not yield a revenue. Match each...
2. Listed below are three reasons why a transaction would not yield a revenue. Match each of the reasons to the transaction it properly describes. Transaction ces Reason This transaction changed the form of an asset from a receivable to cash. Total assets were not increased (revenue was recognized when the services were originally provided) This transaction brought in cash (increased assets), but it also increased a liability by the same amount (no goods or services were provided to generate...
Following are transactions for Dana Services (a corporation), Which uses monthly accounting periods a. Shareholders invested...
Following are transactions for Dana Services (a corporation), Which uses monthly accounting periods a. Shareholders invested $38 250 cash in the company b. The company provided $1 350 of services on credit C. The company provided services to a client and immediately received $1,575 cash d. The company received 59,150 cash from a client in payment for services to be provided next year e. The company received S4 500 cash from a client in partial payment of an account receivable...
Following are the transactions for Valdez Services. a. The company paid $2,000 cash for payment on...
Following are the transactions for Valdez Services.a. The company paid $2,000 cash for payment on a 6 -month-old account payable for office supplies.b. The company paid $1,200 cash for the just completed two-week salary of the receptionist.c. The company paid $39,000 cash for equipment purchased.d. The company paid $800 cash for this month's utilities.e. Owner (B. Valdez) withdrew $4,500 cash from the company for personal use.1. Prepare general journal entries for the above transactions of Valdez Services.
The following transactions occurred during July: 1. Received $900 cash for services provided to a customer...
The following transactions occurred during July:1. Received $900 cash for services provided to a customer during July.2. Received $2,200 cash investment from Bob Johnson, the owner of the business.3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. Provided services to a customer on credit, $375.5. Borrowed $6,000 from the bank by signing a promissory note.6. Received $1,250 cash from a customer for services to be performed next year.What was the...
Following are the transactions for Valdez Services a. The company paid $2.000 cash for payment on...
Following are the transactions for Valdez Services.a. The company paid $2000 cash for payment on a 3 -month-old account payable for office supplies.b. The company paid $2200 cash for the just completed two-week salary of the receptionist.c. The company paid $50.000 cash for equipment purchased.d. The company paid $800 cash for this month's utilities.e. The company paid a $5.000 cash dividend to the owner (sole shareholder).1. Prepare general journal entries for the above transactions of Valdez Services.2. Listed below are...
The transactions of El Shamaa Company appear below. a. Kareem El Shamaa, owner, invested $14,750 cash...
The transactions of El Shamaa Company appear below. a. Kareem El Shamaa, owner, invested $14,750 cash in the company. b. The company purchased office supplies for $428 cash. c. The company purchased $8,157 of office equipment on credit. d. The company received $1,740 cash as fees for services provided to a customer. e. The company paid $8,157 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,127 as fees for...
The transactions of Spade Company appear below. Kacy Spade, owner, invested $14,500 cash in the company...
The transactions of Spade Company appear below.
Kacy Spade, owner, invested $14,500 cash in the company in
exchange for common stock.
The company purchased office supplies for $421 cash.
The company purchased $8,019 of office equipment on
credit.
The company received $1,711 cash as fees for services provided
to a customer.
The company paid $8,019 cash to settle the payable for the
office equipment purchased in transaction c.
The company billed a customer $3,074 as fees for services
provided.
The...
The transactions of Spade Company appear below. Kacy Spade, owner, invested $10,000 cash in the company...
The transactions of Spade Company appear below.
Kacy Spade, owner, invested $10,000 cash in the company in
exchange for common stock.
The company purchased office supplies for $290 cash.
The company purchased $5,530 of office equipment on
credit.
The company received $1,180 cash as fees for services provided
to a customer.
The company paid $5,530 cash to settle the payable for the
office equipment purchased in transaction c.
The company billed a customer $2,120 as fees for services
provided.
The...
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $100,750 cash in the...
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock. b. The company purchased office supplies for $1,250. cash. c. The company purchased $10,050 of office equipment on credit. d. The company received $15,500 cash as fees for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,700...
Following are transactions for Valdez Services, a company owned by Brina Valdez. a. Brina Valdez invested $20,000 cash in the company In exchange for common stock. b. The company provided services to a client and Immediately received $900 cash. c. The company recelved $10,000 cash from a client in payment for services to be provided next year. d. The company received $3,500 cash from a client in partial payment of accounts receivable. e. The company borrowed $5,000 cash from the...
2. Listed below are three reasons why a transaction would not yield a revenue. Match each of the reasons to the transaction it properly describes. Transaction ces Reason This transaction changed the form of an asset from a receivable to cash. Total assets were not increased (revenue was recognized when the services were originally provided) This transaction brought in cash (increased assets), but it also increased a liability by the same amount (no goods or services were provided to generate...
Following are transactions for Dana Services (a corporation), Which uses monthly accounting periods a. Shareholders invested $38 250 cash in the company b. The company provided $1 350 of services on credit C. The company provided services to a client and immediately received $1,575 cash d. The company received 59,150 cash from a client in payment for services to be provided next year e. The company received S4 500 cash from a client in partial payment of an account receivable...
Following are the transactions for Valdez Services.a. The company paid $2,000 cash for payment on a 6 -month-old account payable for office supplies.b. The company paid $1,200 cash for the just completed two-week salary of the receptionist.c. The company paid $39,000 cash for equipment purchased.d. The company paid $800 cash for this month's utilities.e. Owner (B. Valdez) withdrew $4,500 cash from the company for personal use.1. Prepare general journal entries for the above transactions of Valdez Services.
Following are the transactions for Valdez Services.a. The company paid $2000 cash for payment on a 3 -month-old account payable for office supplies.b. The company paid $2200 cash for the just completed two-week salary of the receptionist.c. The company paid $50.000 cash for equipment purchased.d. The company paid $800 cash for this month's utilities.e. The company paid a $5.000 cash dividend to the owner (sole shareholder).1. Prepare general journal entries for the above transactions of Valdez Services.2. Listed below are...
The transactions of El Shamaa Company appear below. a. Kareem El Shamaa, owner, invested $14,750 cash in the company. b. The company purchased office supplies for $428 cash. c. The company purchased $8,157 of office equipment on credit. d. The company received $1,740 cash as fees for services provided to a customer. e. The company paid $8,157 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,127 as fees for...
The transactions of Spade Company appear below.
Kacy Spade, owner, invested $14,500 cash in the company in
exchange for common stock.
The company purchased office supplies for $421 cash.
The company purchased $8,019 of office equipment on
credit.
The company received $1,711 cash as fees for services provided
to a customer.
The company paid $8,019 cash to settle the payable for the
office equipment purchased in transaction c.
The company billed a customer $3,074 as fees for services
provided.
The...
The transactions of Spade Company appear below.
Kacy Spade, owner, invested $10,000 cash in the company in
exchange for common stock.
The company purchased office supplies for $290 cash.
The company purchased $5,530 of office equipment on
credit.
The company received $1,180 cash as fees for services provided
to a customer.
The company paid $5,530 cash to settle the payable for the
office equipment purchased in transaction c.
The company billed a customer $2,120 as fees for services
provided.
The...
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