Homework Answers
Solution:
|
Transaction |
Cash in bank |
+ |
A/R |
+ |
Supplies |
+ |
Prepaid Insurance |
= |
A/P |
+ |
Capital |
|
|
Beg. Bal |
2,500 |
+ |
+ |
200 |
+ |
100 |
= |
1,300 |
+ |
1,500 |
||
|
1 |
-500 |
+ |
+ |
+ |
= |
+ |
-500 |
Expense |
||||
|
Balance |
2,000 |
+ |
+ |
200 |
+ |
100 |
= |
1,300 |
+ |
1,000 |
||
|
2 |
700 |
+ |
+ |
+ |
= |
+ |
700 |
Investment |
||||
|
Balance |
2,700 |
+ |
+ |
200 |
+ |
100 |
= |
1,300 |
+ |
1,700 |
||
|
3 |
-75 |
+ |
+ |
+ |
= |
+ |
-75 |
Expense |
||||
|
Balance |
2,625 |
+ |
+ |
200 |
+ |
100 |
= |
1,300 |
+ |
1,625 |
||
|
4 |
1,050 |
+ |
+ |
+ |
= |
+ |
1,050 |
Revenue |
||||
|
Balance |
3,675 |
+ |
+ |
200 |
+ |
100 |
= |
1,300 |
+ |
2,675 |
||
|
5 |
+ |
+ |
275 |
+ |
= |
275 |
+ |
|||||
|
Balance |
3,675 |
+ |
+ |
475 |
+ |
100 |
= |
1,575 |
+ |
2,675 |
||
|
6 |
+ |
285 |
+ |
+ |
= |
+ |
285 |
Revenue |
||||
|
Balance |
3,675 |
+ |
285 |
+ |
475 |
+ |
100 |
= |
1,575 |
+ |
2,960 |
|
|
7 |
-450 |
+ |
+ |
+ |
= |
+ |
-450 |
Expense |
||||
|
Balance |
3,225 |
+ |
285 |
+ |
475 |
+ |
100 |
= |
1,575 |
+ |
2,510 |
|
|
8 |
-185 |
+ |
+ |
185 |
+ |
= |
+ |
|||||
|
Balance |
3,040 |
+ |
285 |
+ |
660 |
+ |
100 |
= |
1,575 |
+ |
2,510 |
Add Answer to:
7. Paid cash for charitable contributions $35.00 & Received cash on account from Eden Wedding Planners,...
1-M Mastery Problem: Determining how transactions change an accounting equation L04, 5, 6 Peter Gentry operates...
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. Acets. Rec.- Prepaid + Dr. Shephard + Supplies + Insurance = 100 Peter Gentry. Capital Cash + Beg Bal 2.500 200 1,300 -500...
Received cash on account fom De Shephard $150.00 10 Pad cash on m a caw ca....
Received cash on account fom De Shephard $150.00 10 Pad cash on m a caw ca. 500.00 11. Podcash for one month of insurance $100.00 12 Received cash from sales 5475.00 1 Owner withinwegurity in the form of cash. 800.00 Cikalonge Problem: Determining how transactions change an accounting equation 104,5,6 + Owner's Equity owns a tutoring service called Homework Helper On October 30, Homework Helper's accounting equatio nd the following account balances. Use the form in your Working Papers to...
Determining how revenue, expen 1-4 Application Problem. Determining how te transactions change an accounting equat uity...
Determining how revenue, expen 1-4 Application Problem. Determining how te transactions change an accounting equat uity Shannon O'Bryan operates a service busin shown in the following accounting equation. a service business called Edgecliff Photography, Edgecliff Photography uses the acco ng equation. Use the form in your Working Papers to complete this problem, O Shannon O Bryan Capi Acts Pay 1.025 Actes Fan Wedding Planes - Instructions: For each transaction, complete the following. Transaction 1 is given as an example a....
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased...
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased equipment for $21,000 cash. 4. Paid $6,000 for rent in advance). 5. Performed services for $7,800 cash. 6. Paid $2,160 for utilities 7. Performed services for $10,500 on account 8. Received $6,600 from charge account customers 9. Paid salaries of $4,500 to employees 10. Paid $6,000 to a creditor on account Indicate the impact of each of the transactions above on the fundamental accounting...
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...
a. Received contributions from five investors of $60,000 in cash ($12,000 each), a barn valued at $100,000, land valued...
a. Received contributions from five investors of $60,000 in cash ($12,000 each), a barn valued at $100,000, land valued at $90,000, and supplies valued at $12,000. Each investor received 3,000 shares of stock with a par value of $0.01 per share. b. Built a small barn for $62,000. The company paid half the amount in cash on April 1, 2017, and signed a three-year note payable for the balance. C. Provided $35,260 in animal care services for customers, all on...
Apr 3: Received $75,000 cash proceeds from refinancing her house. Assets = Liabilities + Cash +...
Apr 3: Received $75,000 cash proceeds from refinancing her house. Assets = Liabilities + Cash + AR + Supplies + Furniture AP + CS Stockholders' equity Retained earnings Revenue Expense Dividends 3) + + Bal Anr 5 75 m. mm en in the Apr 5: $75,000 of common stock in the business was sold to Julia Judge. The cash proceeds were deposited in a new business bank account titled Judge and Associates, Inc Assets Liabilities Stockholders' equity Cash AR •...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
Paid wages to part-time employee, $1,200. e la Received cash for services performed on account in...
Paid wages to part-time employee, $1,200. e la Received cash for services performed on account in transaction (i), $400. FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owner's equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongs income statement (IS), statemen of owner's equity (SOE), or balance sheet (BS)-in a format similar to the following. Account Classification Financial Statement Cash Rent Expense Accounts Payable Service Fees...
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. Acets. Rec.- Prepaid + Dr. Shephard + Supplies + Insurance = 100 Peter Gentry. Capital Cash + Beg Bal 2.500 200 1,300 -500...
Received cash on account fom De Shephard $150.00 10 Pad cash on m a caw ca. 500.00 11. Podcash for one month of insurance $100.00 12 Received cash from sales 5475.00 1 Owner withinwegurity in the form of cash. 800.00 Cikalonge Problem: Determining how transactions change an accounting equation 104,5,6 + Owner's Equity owns a tutoring service called Homework Helper On October 30, Homework Helper's accounting equatio nd the following account balances. Use the form in your Working Papers to...
Determining how revenue, expen 1-4 Application Problem. Determining how te transactions change an accounting equat uity Shannon O'Bryan operates a service busin shown in the following accounting equation. a service business called Edgecliff Photography, Edgecliff Photography uses the acco ng equation. Use the form in your Working Papers to complete this problem, O Shannon O Bryan Capi Acts Pay 1.025 Actes Fan Wedding Planes - Instructions: For each transaction, complete the following. Transaction 1 is given as an example a....
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased equipment for $21,000 cash. 4. Paid $6,000 for rent in advance). 5. Performed services for $7,800 cash. 6. Paid $2,160 for utilities 7. Performed services for $10,500 on account 8. Received $6,600 from charge account customers 9. Paid salaries of $4,500 to employees 10. Paid $6,000 to a creditor on account Indicate the impact of each of the transactions above on the fundamental accounting...
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...
a. Received contributions from five investors of $60,000 in cash ($12,000 each), a barn valued at $100,000, land valued at $90,000, and supplies valued at $12,000. Each investor received 3,000 shares of stock with a par value of $0.01 per share. b. Built a small barn for $62,000. The company paid half the amount in cash on April 1, 2017, and signed a three-year note payable for the balance. C. Provided $35,260 in animal care services for customers, all on...
Apr 3: Received $75,000 cash proceeds from refinancing her house. Assets = Liabilities + Cash + AR + Supplies + Furniture AP + CS Stockholders' equity Retained earnings Revenue Expense Dividends 3) + + Bal Anr 5 75 m. mm en in the Apr 5: $75,000 of common stock in the business was sold to Julia Judge. The cash proceeds were deposited in a new business bank account titled Judge and Associates, Inc Assets Liabilities Stockholders' equity Cash AR •...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
Paid wages to part-time employee, $1,200. e la Received cash for services performed on account in transaction (i), $400. FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owner's equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongs income statement (IS), statemen of owner's equity (SOE), or balance sheet (BS)-in a format similar to the following. Account Classification Financial Statement Cash Rent Expense Accounts Payable Service Fees...
Most questions answered within 3 hours.
-
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 55 minutes ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 57 minutes ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 56 minutes ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 1 hour ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 1 hour ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 1 hour ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 1 hour ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 1 hour ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 1 hour ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 1 hour ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 1 hour ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 2 hours ago