Homework Answers
| Date | Description | Assets | Liabilities | Shareholders equity | |||
| Increase | Decrease | Increase | Decrease | Increase | Decrease | ||
| Aug-04 | issued common shares for $15000 | X | X | ||||
| Aug-08 | purchased equipment on account for $2000 | X | X | ||||
| Aug-10 | sold service on account for $500 | X | X | ||||
| Aug-15 | purchased supplies for $300 cash | X | X | ||||
| Aug-18 | received cash from customer for the sale on Aug 10 | X | X | ||||
| Aug-27 | paid employee wages of $3000(not previously accrued) | X | X |
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rince Edward Island QUESTION N1 - Analyzing Transactions Using the Accounting Equation 6 marks (suggested time:...
Edward Island QUESTION #2 - Recording Journal Entries - 10 marks (suggested time: 18 minutes) minutes)...
Edward Island QUESTION #2 - Recording Journal Entries - 10 marks (suggested time: 18 minutes) minutes) Spoke's Repair Inc. opened on May 1, 2019. The following events and transactions occurred during May. May 1 May 3 May 4 May 5 May 6 May 8 May 10 May 15 May 16 May 17 Received $10,000 and issued common shares. Paid $4,500 cash for equipment. Purchased supplies on account for $400. Performed repair services on account for $500. Paid $ 700 for...
Analyzing Transactions Prepare a table to summarize the following transactions as they affect the accounting equation....
Analyzing Transactions Prepare a table to summarize the following transactions as they affect the accounting equation. Services provided on account of $1,530 Purchases of supplies on account for $1,365 Services provided for cash of $750 Purchase of equipment for cash of $4,240 Issuance of a promissory note for $2,500 Collections on account for $890 Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000 Payment of $4,000 in salaries and wages Payment of...
Analyzing Transactions Prepare a table to summarize the following transactions as they affect the accounting equation....
Analyzing Transactions Prepare a table to summarize the following transactions as they affect the accounting equation. 1. Services provided on account of $1,530 2. Purchases of supplies on account for $1,365 3. Services provided for cash of $750 4. Purchase of equipment for cash of $4,240 5. Issuance of a promissory note for $2,500 6. Collections on account for $890 7. Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000 8. Payment...
Several transactions are listed below, with the accounting equation stated to the right side of each....
Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Select answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction. Assets Liabilities + Stockholders' Equity Example A stockholder invests in his new business by giving equipment valued at...
Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions...
Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. Provide services to customers on account for $47,000. b. Receive cash of $39,000 from customers in (a) above. c. Purchase bike equipment by signing a note with the bank for $32,000. d. Pay utilities of $4,700 for the current month. Analyze each transaction and indicate the amount of increases and decreases in the...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
Qs 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions...
Qs 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $7,400 cash earned. b. The company completed commission work for a client and sent a bill for $5,900 to be received within 30 days. c. The company paid an assistant $2,350 cash as wages for the period. d. The company collected $2,950 cash as a partial payment...
6. Indicate the effects of the following business transactions on the accounting equation of Vivian's Online...
6. Indicate the effects of the following business transactions on the accounting equation of Vivian's Online Video store. Transaction (a.) is answered as a guide. a. Received cash of $10,000 from owner and gave capital. Answer: Increase asset (Cash); Increase equity (Vivian, Capital) b. Earned video rental revenue on account, $2,800. C. Purchased office furniture on account, $300. 6/5/20 Accounting 1 Assignment 1.1 Handout 2017 Pearson Education d. Received cash on account, $400. e. Pald cash on account, $100. f....
LO2-3 EXERCISE 2.6 The Accounting Equation A number of business transactions carried out by Smalling Manufacturing...
LO2-3 EXERCISE 2.6 The Accounting Equation A number of business transactions carried out by Smalling Manufacturing Company are as follows a. Borrowed money from a bank. b. Sold land for cash at a price equal to its cost. c. Paid a liability d. Returned for credit some of the office equipment previously purchased on credit but not yet paid for. (Treat this the opposite of a transaction in which you purchased office equipment on credit e. Sold land for cash...
QS 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions...
QS 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. eBook a. The company completed consulting work for a client and immediately collected $7,500 cash earned. b. The company completed commission work for a client and sent a bill for $6,000 to be received within 30 days. c. The company paid an assistant $2.400 cash as wages for the period. d. The company collected $3,000 cash as a partial...
Edward Island QUESTION #2 - Recording Journal Entries - 10 marks (suggested time: 18 minutes) minutes) Spoke's Repair Inc. opened on May 1, 2019. The following events and transactions occurred during May. May 1 May 3 May 4 May 5 May 6 May 8 May 10 May 15 May 16 May 17 Received $10,000 and issued common shares. Paid $4,500 cash for equipment. Purchased supplies on account for $400. Performed repair services on account for $500. Paid $ 700 for...
Analyzing Transactions Prepare a table to summarize the following transactions as they affect the accounting equation. 1. Services provided on account of $1,530 2. Purchases of supplies on account for $1,365 3. Services provided for cash of $750 4. Purchase of equipment for cash of $4,240 5. Issuance of a promissory note for $2,500 6. Collections on account for $890 7. Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000 8. Payment...
Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Select answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction. Assets Liabilities + Stockholders' Equity Example A stockholder invests in his new business by giving equipment valued at...
Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. Provide services to customers on account for $47,000. b. Receive cash of $39,000 from customers in (a) above. c. Purchase bike equipment by signing a note with the bank for $32,000. d. Pay utilities of $4,700 for the current month. Analyze each transaction and indicate the amount of increases and decreases in the...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
Qs 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $7,400 cash earned. b. The company completed commission work for a client and sent a bill for $5,900 to be received within 30 days. c. The company paid an assistant $2,350 cash as wages for the period. d. The company collected $2,950 cash as a partial payment...
6. Indicate the effects of the following business transactions on the accounting equation of Vivian's Online Video store. Transaction (a.) is answered as a guide. a. Received cash of $10,000 from owner and gave capital. Answer: Increase asset (Cash); Increase equity (Vivian, Capital) b. Earned video rental revenue on account, $2,800. C. Purchased office furniture on account, $300. 6/5/20 Accounting 1 Assignment 1.1 Handout 2017 Pearson Education d. Received cash on account, $400. e. Pald cash on account, $100. f....
LO2-3 EXERCISE 2.6 The Accounting Equation A number of business transactions carried out by Smalling Manufacturing Company are as follows a. Borrowed money from a bank. b. Sold land for cash at a price equal to its cost. c. Paid a liability d. Returned for credit some of the office equipment previously purchased on credit but not yet paid for. (Treat this the opposite of a transaction in which you purchased office equipment on credit e. Sold land for cash...
QS 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. eBook a. The company completed consulting work for a client and immediately collected $7,500 cash earned. b. The company completed commission work for a client and sent a bill for $6,000 to be received within 30 days. c. The company paid an assistant $2.400 cash as wages for the period. d. The company collected $3,000 cash as a partial...
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