ZuoTi.Pro
Question
Financial Accounting Review. Please answer all questions.
BD O-12, 13EO-23,29 6 Prepare an adjusted trial balance BE015-18 7 Prepare financial statements 8 | Journalize and post closing entries | -1E-41 9 Prepare a post-closing trial balance E 0-38 E 0-42 LO 1 -Analyze Business Transactions BE0-1 Presented below are three economic events. In each column, indicate whether the event increased (+), decreased (-), or had no effect (NE) on assets, liabilities, and stockholders equity. (a) | Purchased supplies on account. (b) Received cash for performing a service. (c) Expenses paid in cash. 1 IPag e
E0-4 An analysis of the transactions made during August by Wolfe Company during its first month of operations is shown bel STOCKHOLDERS EQUITY Retained Earnings LIAB CHh + | A/R + | Supp. | Equip AP + | Revenue Expenses Dividends Details Comm. Stk. 1 +20,000 21,000 +20,000 +5,000 +4,000 - 750 4 +4,100 5,400 - 1,500 2,000 - 800 8450-450 3,000 +750 9,500 2,000 800 Rent - 3,000 300 Salaries Utilities 0 +300 (a) Describe each transaction: (b) How much did stockholders equity increase? (c) How much was net income for the month? 10. 2 Page
E0-5 The following accounts, in alphabetical order, were selected from recent financial statements of rispy Kreme Doughnuts, Inc. Indicate the normal balance and financial statement where the account is presented. Normal Balance Financial Statement (Dr. or Cr.) (BS or IS) Accounts Payable Accounts Receivable Common Stock Depreciation Expense Interest Expense Interest Income Inventories Prepaid Expenses Property and Equipment Revenues LO 2-Journalize Transactions BE0-4 credit on the account and For each of the following accounts, indicate the effect of a debit or a the normal balance. Normal Balance Effect of Debit Effect of Credit (a) Accounts Payable (b) Advertising Expense (c) Service Revenue (d) Accounts Receivable (e) Retained Earnings (D Dividends
BE0-6 ransactions for Jayne Company for the month of June are presented below. Journalize each transaction June 1 Istue comon sto $ ci 2 Buys equipment on account for $1,100. 3 Pays $740 to landlord for June rent. 12 Sends Wil Wheaton a bill for $700 after completing welding work. 4/Page
E0-7 o McCall Real Estate Agency. Journalize the transactions. Do not This information relates t provide explanations. Oct. 1 Stockholders invest $30,000 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $36,000. 3 Buys office furniture for $3,800, on account. 6 Sells a house and lot for E.C. Roads; commissions due from Roads, $10,800 (not paid by Roads at this time). 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. 27 Pays $700 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October.
The May transactions of Chulak Corporation were as follows. Journalize the transactions. Do not provide explanations. May 4 Paid $700 due for supplies previously purchased on account. 7 Performed advisory services on account for $6,800. 8 Purchased supplies for $850 on account. 9 Purchased equipment for $1,000 in cash. 17 Paid employees $530 in cash. 22 Received bill for equipment repairs of $900. 29 Paid $1,200 for 12 months of insurance policy. Coverage begins June 1. 6 Page
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

BEO 6

1) cash account debit. 5000

Stock account credit 5000

2) equipment account debit 1100

Supplier account credit 1100.

3) Rent account debit. 740

Cash account credit. 740

12)Wil Wheaton account debit 700

Process work account credit 700

0 0
Add a comment
Know the answer?
Add Answer to:
Financial Accounting Review. Please answer all questions. BD O-12, 13EO-23,29 6 Prepare an adjusted trial balance...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Service revenues and Salaries and wages expense as well. This information relates to McCall Real Estate...

    Service revenues and Salaries and wages expense as well. This information relates to McCall Real Estate Agency. Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000. Oct. 1 Buys office furniture for $3,800, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,800 (not paid by Roads at this time). Receives cash of $140 as commission for acting as rental agent renting...

  • This information relates to McCall Real Estate Agency. Oct. 1 2 3 6 Stockholders invest $30,000...

    This information relates to McCall Real Estate Agency. Oct. 1 2 3 6 Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000. Buys office furniture for $3,800, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,800 (not paid by Roads at this time). Receives cash of $140 as commission for acting as rental agent renting an apartment. Pays $700 on account...

  • This information relates to McCall Real Estate Agency. Oct. 1 2 3 6 Stockholders invest $30,000...

    This information relates to McCall Real Estate Agency. Oct. 1 2 3 6 Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000. Buys office furniture for $3,800, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,800 (not paid by Roads at this time). Receives cash of $140 as commission for acting as rental agent renting an apartment. Pays $700 on account...

  • WPLUS: M US Male Cem • Kimmel, Financial Accounting, se FINANCIAL ACCOUNT ce Assignment Gradebook ORION...

    WPLUS: M US Male Cem • Kimmel, Financial Accounting, se FINANCIAL ACCOUNT ce Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR FALSCREEN PRINTER VERSION Exercise 3-9 This informations to MC Real Estate Agency Oct. i 2 3 6 10 27 30 Stockholders invest $31.450 in exchange for common stock of the corporation Hires an administrative assistant at an annual salary of $41.540. Buy office furniture for $4,050, on account. Sells a house and lot for E.C. Roads, commissions due from Roads,...

  • PLEASE!! ANSWER QUICKLY. PROVIDE ALL ANSWERS This information relates to Blue Real Estate Agency. Oct. 1...

    PLEASE!! ANSWER QUICKLY. PROVIDE ALL ANSWERS This information relates to Blue Real Estate Agency. Oct. 1 Stockholders invest $31,400 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $32,760. 3 Buys office furniture for $3,840, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,230 (not paid by Roads at this time). 10 Receives cash of $240 as commission for acting as rental agent...

  • I, Financial Accounting, 8e CALCU Exercise 3-9 This information relates to McCall Real Estate Agency. Oct....

    I, Financial Accounting, 8e CALCU Exercise 3-9 This information relates to McCall Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $31,100 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $31,320. Buys office furniture for $3,970, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $12,380 (not paid by Roads at this time). Receives cash of $240 as commission for acting...

  • This information relates to Marigold Real Estate Agency. Oct. 1 2 3 6 Stockholders invest $29,800...

    This information relates to Marigold Real Estate Agency. Oct. 1 2 3 6 Stockholders invest $29,800 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $30,840. Buys office furniture for $3,680, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,070 (not paid by Roads at this time). Receives cash of $200 as commission for acting as rental agent renting an apartment. Pays $780 on account...

  • Journalize the Transaction. Prepare Trial Balance and the STATEMENT OF FINANCIAL POSITION. Thankyouuu so so much...

    Journalize the Transaction. Prepare Trial Balance and the STATEMENT OF FINANCIAL POSITION. Thankyouuu so so much 2. Prepare a Trial Balance 3. Prepare the Statement of Financial Position E. Flores is a painting contractor. During the month of April of the current year, he completed the following transactions: April 2 Invested in the business painting equipment valued at P52,300 and placed P271,000 in a business checking account. 2 Acquired a service vehicle costing P280,000. Paid P50,000 cash and signed a...

  • Oct. 1 2 3 6 10 27 30 Stockholders invest $33,540 in exchange for common stock...

    Oct. 1 2 3 6 10 27 30 Stockholders invest $33,540 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $37,680. Buys office furniture for $3,710, on account. Sells a house and lot for E. C. Roads; commissions due from Roads $12,710 (not paid by Roads at this time). Receives cash of $220 as commission for acting as rental agent renting an apartment. Pays $650 on account for the office furniture purchased...

  • This information relates to McCall Real Estate Agency. Oct. 1 2 3 6 10 27 30...

    This information relates to McCall Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $ 29,200 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $30,120. Buys office furniture for $3,620, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,010 (not paid by Roads at this time). Receives cash of $140 as commission for acting as rental agent renting an apartment....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT