Homework Answers
| Event | Account debited | A/c Credited | |
| 1 | Acquired Cash from the issue of common Stock | Cash | Common Stock |
| 2 | Provided services for Cash | Cash | Service revenue |
| 3 | Paid Cash for salaries expense | Salaries expense | Cash |
| 4 | Purchased supplies for Cash | Supplies | Cash |
| 5 | Paid in Advance for two year lease on office space | Prepaid rent | Cash |
| 6 | Provided services on account | Account receivable | Service revenue |
| 7 | Recognized expense for prepaid rent that had been used up by the end of the accounting period | Rent expense | Prepaid rent |
| 8 | Recorded accrued salaries at the end of the accounting period | Salaries expense | Salaries payable |
| No | Assets | = | Liabilities | + | Equity | Revenue | - | Expenses | = | Net income | Cash flows | |
| 1 | + | NA | + | NA | NA | NA | + | FA | ||||
| 2 | + | NA | + | + | NA | + | + | OA | ||||
| 3 | - | NA | - | NA | + | - | - | OA | ||||
| 4 | - | NA | - | NA | + | - | - | OA | ||||
| 5 | NA | NA | NA | NA | NA | NA | + | OA | ||||
| 6 | + | NA | + | + | NA | + | + | OA | ||||
| 7 | - | NA | - | NA | + | - | - | OA | ||||
| 8 | NA | + | - | NA | + | - | - | OA | ||||
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requirea .. In parallel columns, list the accounts that would be debited and credited for each...
Required a. In parallel columns, list the accounts that would be debited and credited for each...
Required a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: Event Account Debited Account Credited (1) Acquired cash from the issue of common stock. (2) Provided services for cash. (3) Paid cash for salaries expense. (4) Purchased supplies for cash. (5) Paid in advance for two-year lease on office space. (6) Provided services on account. |(7) Recognized expense for prepaid rent that had been used up by the end...
LOJ RELIUCU OLUCU JONES OL UIC CHU ULIE OLLUT Venuu. b. Use a horizontal statements model...
LOJ RELIUCU OLUCU JONES OL UIC CHU ULIE OLLUT Venuu. b. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (+), decreases (-), or does not affect (NA) each element of the financial statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, and FA for financing activity. The first event is shown as...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
1. Eaned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adjusted the...
1. Eaned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, Issued on September 1, 2018 had a one-year term and an 8 percent annual interest rate. Required a. What is the amount of b. What amount of cash was paid for interest in 2018? c. Use a horizontal statements model to show how each event affects the balance sheet, income statement,...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balan...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balance accounting events apply to Parks Co. for the year 2011 ations when the business acquired $20,000 cash from the issue of common stock 2. Performed services and collected cash of $1,000. . Collected $4,500 of cash in advance for services to be provided over the next 12 months...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU),...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU),...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (0), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
Identifying transaction type and effect on the financial statements Required Identify whether each of the following...
Identifying transaction type and effect on the financial statements Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), ass exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (I), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA),...
Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $45,000...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $45,000 cash from the issue of common stock.
Performed services on account for $73,000.
Paid a $4,500 cash dividend to the stockholders.
Collected $51,000 of the accounts receivable.
Paid $45,000 cash for other operating expenses.
Performed services for $11,000 cash.
Recognized $1,500 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset...
ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or clalms exchange CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event Increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), Investing activities (A), or financing activities (FA), or does not...
Required a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: Event Account Debited Account Credited (1) Acquired cash from the issue of common stock. (2) Provided services for cash. (3) Paid cash for salaries expense. (4) Purchased supplies for cash. (5) Paid in advance for two-year lease on office space. (6) Provided services on account. |(7) Recognized expense for prepaid rent that had been used up by the end...
LOJ RELIUCU OLUCU JONES OL UIC CHU ULIE OLLUT Venuu. b. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (+), decreases (-), or does not affect (NA) each element of the financial statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, and FA for financing activity. The first event is shown as...
1. Eaned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, Issued on September 1, 2018 had a one-year term and an 8 percent annual interest rate. Required a. What is the amount of b. What amount of cash was paid for interest in 2018? c. Use a horizontal statements model to show how each event affects the balance sheet, income statement,...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balance accounting events apply to Parks Co. for the year 2011 ations when the business acquired $20,000 cash from the issue of common stock 2. Performed services and collected cash of $1,000. . Collected $4,500 of cash in advance for services to be provided over the next 12 months...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (0), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
Identifying transaction type and effect on the financial statements Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), ass exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (I), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA),...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $45,000 cash from the issue of common stock.
Performed services on account for $73,000.
Paid a $4,500 cash dividend to the stockholders.
Collected $51,000 of the accounts receivable.
Paid $45,000 cash for other operating expenses.
Performed services for $11,000 cash.
Recognized $1,500 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or clalms exchange CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event Increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), Investing activities (A), or financing activities (FA), or does not...
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