Homework Answers
Ans.
| Cash | Net Income | ||
| b | Recorded an adjusting entry recording use of $25 of supplies | $0 | -$25 |
| c | Made sales of $1,380 all on account | $0 | $1,380 |
| d | Recd $950 from customers in payment of their account | $950 | $0 |
| e | Purchased equipment for Cash $2,750 | -$2,750 | $ |
| f | Recorded depreciation $730 | $ | -$730 |
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Current Attempt in Progress Transactions that affect earnings do not necessarily affect cash. Identify the effect,...
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each...
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) Cash -$100 Net Income $0 a. Purchased $100 of supplies for cash. b. Recorded an adjusting entry to record use of $20 of...
Current Attempt in Progress Transactions that affect cash do not necessarily affect net income. Identify the...
Current Attempt in Progress Transactions that affect cash do not necessarily affect net income. Identify the impact, if any, of each of the following transactions on cash and net Income. The first transaction has been completed for you as an example. (For decreases use either a negative sign preceding the number, e.3.-45 or parenthesis, e.g. (45). If an answer is zero, please enter O. Do not leave any fields blank.) Transactions Cash Profit (a) Purchased supplies for cash, $100. $100...
Question 1 of 10 -/1 E View Policies Current Attempt in Progress Transactions that affect earnings...
Question 1 of 10 -/1 E View Policies Current Attempt in Progress Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number eg.-15,000 or parentheses eg. (15,000).J Cash - $112 Net Income $0 (a) Purchased $112 of supplies for...
BE3.2 (LO 1), C Transactions that affect net income do not necessarily affect cash. Identify the...
BE3.2 (LO 1), C Transactions that affect net income do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. Cash Net Income $o a. Purchased $100 of supplies for cash. $100 b. Recorded an adjusting entry to record use of $20 of the above supplies. c. Made sales of $1,300, all on account. d. Received $800 from customers...
Do all at he same time Transactions that affect cash do not necessarily affect net income. Identify the impact, if any,...
Do all at he same time
Transactions that affect cash do not necessarily affect net income. Identify the impact, if any, of each of the following transactions on cash and net income. The first transaction has been completed for you as an example. (For decreases use either a negative sign preceding the number, e.g.-45 or parenthesis, e.g. (45). If an answer is zero, please enter 0. Do not leave any fields blank.) Transactions Cash Profit (a) Purchased supplies for cash,...
Current Attempt in Progress Selected transactions for Cullumber Corporation during September 2018, its first month in...
Current Attempt in Progress Selected transactions for Cullumber Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $1,300 cash for rent for the month of September. 5 Purchased equipment for $9,700, paying $2,000 in cash and the balance on account. 8 Earned $6,900 in revenue, receiving $1,100 cash and $5,800 on account of services provided. 12 Incurred $500 in advertising expense on account. 20 Paid...
Question 3 View Policies Current Attempt in Progress Presented below are transactions related to Coronado, Inc....
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Current Attempt in Progress On April 1, Larkspur, Inc. began operations. The following transactions were completed...
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Current Attempt in Progress On April 1, Sage Hill Inc. began operations. The following transactions were...
Current Attempt in Progress On April 1, Sage Hill Inc. began operations. The following transactions were completed during the month. 1. 2 3. 4. 5. 6. 7. Issued common stock for $25,400 cash. Obtained a bank loan for $7,400 by issuing a note payable. Paid $11,700 cash to buy equipment. Paid $1,300 cash for April office rent. Paid $1,550 for supplies. Purchased $640 of advertising in the Daily Herald, on account. Performed services for $19,100: cash of $2,120 was received...
View Policies Current Attempt in Progress Bounce House Party Supply Ltd.rents bouncy castles and inflatable slides...
View Policies Current Attempt in Progress Bounce House Party Supply Ltd.rents bouncy castles and inflatable slides for parties, school fairs, and company picnics. The company also sells party supplies such as balloons, streamers, and piñatas. The company started business in September and had the following transactions in its first month: Date: Sept. 1 1 3 8 11 Bounce House Party Supply Ltd. issued 29,600 common shares for $192,400 cash. The company took out a $118,400 bank loan with an interest...
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) Cash -$100 Net Income $0 a. Purchased $100 of supplies for cash. b. Recorded an adjusting entry to record use of $20 of...
Current Attempt in Progress Transactions that affect cash do not necessarily affect net income. Identify the impact, if any, of each of the following transactions on cash and net Income. The first transaction has been completed for you as an example. (For decreases use either a negative sign preceding the number, e.3.-45 or parenthesis, e.g. (45). If an answer is zero, please enter O. Do not leave any fields blank.) Transactions Cash Profit (a) Purchased supplies for cash, $100. $100...
Question 1 of 10 -/1 E View Policies Current Attempt in Progress Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number eg.-15,000 or parentheses eg. (15,000).J Cash - $112 Net Income $0 (a) Purchased $112 of supplies for...
BE3.2 (LO 1), C Transactions that affect net income do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. Cash Net Income $o a. Purchased $100 of supplies for cash. $100 b. Recorded an adjusting entry to record use of $20 of the above supplies. c. Made sales of $1,300, all on account. d. Received $800 from customers...
Do all at he same time
Transactions that affect cash do not necessarily affect net income. Identify the impact, if any, of each of the following transactions on cash and net income. The first transaction has been completed for you as an example. (For decreases use either a negative sign preceding the number, e.g.-45 or parenthesis, e.g. (45). If an answer is zero, please enter 0. Do not leave any fields blank.) Transactions Cash Profit (a) Purchased supplies for cash,...
Current Attempt in Progress Selected transactions for Cullumber Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $1,300 cash for rent for the month of September. 5 Purchased equipment for $9,700, paying $2,000 in cash and the balance on account. 8 Earned $6,900 in revenue, receiving $1,100 cash and $5,800 on account of services provided. 12 Incurred $500 in advertising expense on account. 20 Paid...
Question 3 View Policies Current Attempt in Progress Presented below are transactions related to Coronado, Inc. May 10 Purchased goods billed at $16,400 subject to cash discount terms of 2/10./60. 11 Purchased goods billed at $15,500 subject to terms of 1/15,1/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $10,600 subject to cash discount terms of 2/10,n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts...
Current Attempt in Progress On April 1, Larkspur, Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $29,300 cash. 2 Obtained a bank loan for $8.500 by issuing a note payable. 3. Paid $13,400 cash to buy equipment. 4 Paid $1,500 cash for April office rent. 5. Paid $1.750 for supplies 6. Purchased $730 of advertising in the Daily Herald, on account 7. Performed services for $22.000 cash of $2,440 was received from...
Current Attempt in Progress On April 1, Sage Hill Inc. began operations. The following transactions were completed during the month. 1. 2 3. 4. 5. 6. 7. Issued common stock for $25,400 cash. Obtained a bank loan for $7,400 by issuing a note payable. Paid $11,700 cash to buy equipment. Paid $1,300 cash for April office rent. Paid $1,550 for supplies. Purchased $640 of advertising in the Daily Herald, on account. Performed services for $19,100: cash of $2,120 was received...
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