Homework Answers
Solution
| Assets | = | Liabilities | + | Stockholder's equity | |||
| Contributed capital | + | Retained earnings | |||||
| a. | $ 18,200.00 | $ 18,200.00 | |||||
| b. | $ 0 | ||||||
| c. | $ (1,500.00) | $ (1,500.00) | |||||
| d. | $ (3,500.00) | $ (3,500.00) | |||||
Effect of transaction b is zero on total asset because increase in cash is equal to decrease in accounts receivable created in entry a.
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Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed...
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Hart, Attorney af Law, experienced the following transactions in year 1, the first year of operations:...
Hart, Attorney af Law, experienced the following transactions in
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services to be performed evenly over the next 12 months.
2. Performed legal services for cash of $61,500.
3. Purchased $1,400 of office supplies on account.
4. Paid $1,260 of the amount due on accounts payable.
5. Paid a cash dividend to the stockholders of $4,900.
6. Paid cash for operating expenses...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $13,800. b. Collected $7,300 from client related to services performed in Item a. C. Paid $1,500 dividend to stockholders. d. Pald salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If...
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Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
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Cullumber company entered into these transactions during May 2022,
Cullumber Company entered into these transactions during May 2022, its first month of operations. 1. 2. 3. 4. 5. 6. 7. 8. 9. Stockholders invested $37,000 in the business in exchange for common stock of the company. Purchased computers for office use for $33,800 from Ladd on account. Paid $4,500 cash for May rent on storage space. Performed computer services worth $15,400 on account. Performed computer services for Wharton Construction Company...
Hart, Attorney af Law, experienced the following transactions in
year 1, the first year of operations:
1. Accepted $18,200 on April 1, year 1, as a retainer for
services to be performed evenly over the next 12 months.
2. Performed legal services for cash of $61,500.
3. Purchased $1,400 of office supplies on account.
4. Paid $1,260 of the amount due on accounts payable.
5. Paid a cash dividend to the stockholders of $4,900.
6. Paid cash for operating expenses...
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