Homework Answers
| Transaction | General Journal | Debit | Credit |
| 1. | Cash | $40,000 | - |
| Common stock | - | $40,000 | |
| 2. | Land | $28,000 | - |
| Cash | - | $28,000 | |
| 3. | Equipment | $15,000 | - |
| Cash | - | $3,000 | |
| Accounts payable | - | $12,000 | |
| 4. | Supplies | $800 | - |
| Account payable | - | $800 | |
| 5. | Prepaid insurance | $1,000 | - |
| Cash | - | $1,000 | |
| 6. | Cash | $3,000 | - |
| Service revenue | - | $3,000 | |
| 7. | Cash | $4,000 | - |
| Accounts receivable | - | $4,000 | |
| 8. | Salaries and wages expense | $2,500 | - |
| Cash | - | $2,500 | |
| 9. | Dividend | $2,000 | - |
| Cash | - | $2,000 |
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Received 3000 cash for seneste Received S000 fo c es previously performed Paidwestcmployees for 2.500 Paid...
7. Paid cash for charitable contributions $35.00 & Received cash on account from Eden Wedding Planners,...
7. Paid cash for charitable contributions $35.00 & Received cash on account from Eden Wedding Planners, $300.00 1-M Mastery Problem: Determining how transactions change an accounting equation L04, 5, 6 Peter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem Owner's Equity Trans Liabilities Acets Pay Paws & Claws Co. Peter Gentry Acts Ree Dr Shephard +...
answers for the red x's $880,000 40,000 Cash receipts: Cash received from customers Cash received from...
answers for the red x's
$880,000 40,000 Cash receipts: Cash received from customers Cash received from issuing common stock Cash payments: Cash paid for operating expenses Cash paid for land Cash paid as dividends The cash balance as of June 1, 2017, was $50,000. 758,000 150,000 10,000 Prepare a statement of cash flows for Paradise Travel Service for the year ended May 31, 2018. Use the minus sign to indicate cash outflows, cash payments and decreases in cash Paradise Travel...
Print 3. As the manager of Margarita Mexican Restaurant, you must deal with a variety of...
Print 3. As the manager of Margarita Mexican Restaurant, you must deal with a variety of business transactions. Provide an explanation for the following transactions: (Click the icon to view the transactions.) 3: More Info a. Debit Equipment and credit Cash. b. Debit Dividends and credit Cash. C. Debit Wages Payable and credit Cash. d. Debit Equipment and credit Common Stock e. Debit Cash and credit Unearned Revenue. f. Debit Advertising Expense and credit Cash. g. Debit Cash and credit...
A: Received cash of $35,000 from the issue of common stock. B: Performed $54,000 of services...
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
Question 7 (2 points) Received cash from a customer that was previously billed. What account is...
Question 7 (2 points) Received cash from a customer that was previously billed. What account is credited? a) Cash b) Accounts Receivable c) Fees Earned O d) Accounts Payable
May 18: Paid $2,600, an amount owed to a creditor 19: Received $2,000 from customers who...
May 18: Paid $2,600, an amount owed to a creditor 19: Received $2,000 from customers who were previously billed 20: Provided services totaling $7500; received 10% and the remainder is on account 21: Received $4000 for work to be performed at a future date 22: Purchased a building costing $90,000; paid 12% and signed a 6% note for the remainder 23: Purchased equipment costing $14000; Paid 5% and the remainder is on account 24: Paid salaries, $11,750 25: Provided services...
Sept. 1 5 7 Purchased supplies for $1,090 cash. Paid $480 cash dividend to stockholders. Received...
Sept. 1 5 7 Purchased supplies for $1,090 cash. Paid $480 cash dividend to stockholders. Received $6,200 down payment from customer for services to be provided in the future. Received $840 cash from a previously billed customer for payment of services provided in the prior month. Purchased equipment for $3,700 by paying $1,450 cash and issued a note payable for the balance. 16 22 Date Account Titles and Explanation Debit Credit db
1 Received Dec. Received $26,000 cash from Christian in exchange for commorn 2 5 9 stock....
1 Received Dec. Received $26,000 cash from Christian in exchange for commorn 2 5 9 stock. Received $3,200 cash from customers for services performed. Paid $450 cash for office supplies. Performed services for a customer and billed the customer for services rendered, $2,400. 10 Received $500 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $275. 20 Paid utility invoice received on December 10 25 Collected cash in full from customer billed on December...
More Info a. b. C d. Received contribution of $11,000 cash from Marilyn Mitchell in exchange...
More Info a. b. C d. Received contribution of $11,000 cash from Marilyn Mitchell in exchange for common stock. Performed service for a client and received cash of $1,500 Paid off the beginning balance of accounts payable. Purchased supplies from Office Max on account, $600. Collected cash from a customer on account, $2,500. Cash dividends of $1,200 were paid to stockholders. Consulted for a new band and billed the client for services rendered, $6,000 Recorded the following business expenses for...
9 and 10 9. Beatrice Company received $4,000 in cash revenues, paid cash expenses of $3,450,...
9 and 10
9. Beatrice Company received $4,000 in cash revenues, paid cash expenses of $3,450, and paid a cash dividend of $300 to its stockholders. It engaged in no other transactions during the period. Which of the following statements is true regarding the classification of these activities in Beatrice's Statement of Cash Flows? A. $4,000 received in cash revenues is a financing activity. B. $3,450 paid in cash expenses is an operating activity. C. $300 in cash paid for...
7. Paid cash for charitable contributions $35.00 & Received cash on account from Eden Wedding Planners, $300.00 1-M Mastery Problem: Determining how transactions change an accounting equation L04, 5, 6 Peter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem Owner's Equity Trans Liabilities Acets Pay Paws & Claws Co. Peter Gentry Acts Ree Dr Shephard +...
answers for the red x's
$880,000 40,000 Cash receipts: Cash received from customers Cash received from issuing common stock Cash payments: Cash paid for operating expenses Cash paid for land Cash paid as dividends The cash balance as of June 1, 2017, was $50,000. 758,000 150,000 10,000 Prepare a statement of cash flows for Paradise Travel Service for the year ended May 31, 2018. Use the minus sign to indicate cash outflows, cash payments and decreases in cash Paradise Travel...
Print 3. As the manager of Margarita Mexican Restaurant, you must deal with a variety of business transactions. Provide an explanation for the following transactions: (Click the icon to view the transactions.) 3: More Info a. Debit Equipment and credit Cash. b. Debit Dividends and credit Cash. C. Debit Wages Payable and credit Cash. d. Debit Equipment and credit Common Stock e. Debit Cash and credit Unearned Revenue. f. Debit Advertising Expense and credit Cash. g. Debit Cash and credit...
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
Question 7 (2 points) Received cash from a customer that was previously billed. What account is credited? a) Cash b) Accounts Receivable c) Fees Earned O d) Accounts Payable
May 18: Paid $2,600, an amount owed to a creditor 19: Received $2,000 from customers who were previously billed 20: Provided services totaling $7500; received 10% and the remainder is on account 21: Received $4000 for work to be performed at a future date 22: Purchased a building costing $90,000; paid 12% and signed a 6% note for the remainder 23: Purchased equipment costing $14000; Paid 5% and the remainder is on account 24: Paid salaries, $11,750 25: Provided services...
Sept. 1 5 7 Purchased supplies for $1,090 cash. Paid $480 cash dividend to stockholders. Received $6,200 down payment from customer for services to be provided in the future. Received $840 cash from a previously billed customer for payment of services provided in the prior month. Purchased equipment for $3,700 by paying $1,450 cash and issued a note payable for the balance. 16 22 Date Account Titles and Explanation Debit Credit db
1 Received Dec. Received $26,000 cash from Christian in exchange for commorn 2 5 9 stock. Received $3,200 cash from customers for services performed. Paid $450 cash for office supplies. Performed services for a customer and billed the customer for services rendered, $2,400. 10 Received $500 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $275. 20 Paid utility invoice received on December 10 25 Collected cash in full from customer billed on December...
More Info a. b. C d. Received contribution of $11,000 cash from Marilyn Mitchell in exchange for common stock. Performed service for a client and received cash of $1,500 Paid off the beginning balance of accounts payable. Purchased supplies from Office Max on account, $600. Collected cash from a customer on account, $2,500. Cash dividends of $1,200 were paid to stockholders. Consulted for a new band and billed the client for services rendered, $6,000 Recorded the following business expenses for...
9 and 10
9. Beatrice Company received $4,000 in cash revenues, paid cash expenses of $3,450, and paid a cash dividend of $300 to its stockholders. It engaged in no other transactions during the period. Which of the following statements is true regarding the classification of these activities in Beatrice's Statement of Cash Flows? A. $4,000 received in cash revenues is a financing activity. B. $3,450 paid in cash expenses is an operating activity. C. $300 in cash paid for...
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