Homework Answers
Solution
| Assets | = | Liabilities | + | Stockholder's equity | |||
| Contributed capital | + | Retained earnings | |||||
| a. | $ 40,000.00 | $ 40,000.00 | |||||
| b. | $ 15,300.00 | $ 15,300.00 | |||||
| c. | $ 8,000.00 | $ 8,000.00 | |||||
| d. | $ (8,000.00) | $ (8,000.00) | |||||
There is no entry for revenue or expense hence retained earnings column will be empty.
Supplies are asset not expense. It will be expensed when supplied are used.
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Cornerstone Exercise 2-21 (Algorithmic) Transaction Analysis Morgan Inc. entered into the following transactions: a. Issued common...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $13,800. b. Collected $7,300 from client related to services performed in Item a. C. Paid $1,500 dividend to stockholders. d. Pald salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $18,200. b. Collected $8,100 from client related to services performed in Item a. c. Paid $1,500 dividend to stockholders. d. Paid salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If...
M O ULINEASST entSessionLocatore dinprogress false Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered...
M O ULINEASST entSessionLocatore dinprogress false Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $13,800. b. Collected $7,300 from client related to services performed in Item a. c. Paid $1,500 dividend to stockholders. d. Pald salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in...
Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the...
Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the following information: a. Compton purchased a tract of land from Jacobsen Real Estate for $1,016,000 cash. b. Compton issued 2,000 shares of its common stock to George Micros in exchange for $100,000 cash. c. Compton purchased a John Deere tractor for $67,000 on credit. d. Michael Rotunno paid Compton $9,200 cash for services performed. The services had been performed by Compton several months ago...
Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the...
Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the following information: a. Compton purchased a tract of land from Jacobsen Real Estate for $925,000 cash. b. Compton issued 2,000 shares of its common stock to George Micros in exchange for $110,000 cash, C. Compton purchased a John Deere tractor for $53,000 on credit. d. Michael Rotunno paid Compton $9,400 cash for services performed. The services had been performed by Compton several months ago...
Cornerstone Exercise 8-20 (Algorithmic) Notes Payable Rogers Machinery Company borrowed $320,000 on June 1, with a...
Cornerstone Exercise 8-20 (Algorithmic) Notes Payable Rogers Machinery Company borrowed $320,000 on June 1, with a 3-month, 7.5%, interest-bearing note. Required: 1. Record the borrowing transaction. Jun. 1 (Record issuance of note payable) 2. Record the repayment transaction. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar, if required. Sept. 1 (Record payment of note and interest)
Cornerstone Exercise 2-25 (Algorithmic) Journalize Transactions Four transactions that occurred during May are listed below. a....
Cornerstone Exercise 2-25 (Algorithmic) Journalize Transactions Four transactions that occurred during May are listed below. a. May 5: Borrowed cash of $17,800 from Middle State Bank. b. May 10: Made cash sales of $14,500 to customers. C. May 19: Paid salaries of $8,600 to employees for services performed. d. May 22: Purchased and used $4,600 of supplies in operations of the business. Required: Prepare journal entries for the transactions. May 5 (Record borrowing of cash from bank) (Record cash sale)...
Cornerstone Exercise 2-24 (Algorithmic) Journalize Transactions Four transactions that occurred during June are listed below. a....
Cornerstone Exercise 2-24 (Algorithmic) Journalize Transactions Four transactions that occurred during June are listed below. a. June 1: Issued common stock to several investors for $63,400. b. June 8: Purchased equipment for $12,200 cash. C. June 15: Made cash sales of $20,100 to customers. d. June 29: Paid a $6,500 dividend to stockholders. Required: Prepare journal entries for the transactions. June 1 (Record issuance of common stock) (Record purchase of equipment) 15 - (Record cash sale) 29 (Declared and paid...
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Cornerstone Exercise 4-21 (Algorithmic) Cash Over and Short On a recent day, Pence Company obtained the following data from its cash registers: Cash Sales per Register Tape Cash in Register after Removing Opening Change $12,650.01 Register 1 $12,656.12 11,429.57 11,591.18 Register 2 Register 3 11,425.42 11,590.18 Pence deposits its cash receipts in its bank account daily Required: amount box does not require an entry, leave it blank. Round your ans 35,676.87 x Prepare a journal entry to record Cash Cash...
Cornerstone Exercise 9-31 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $1,450,000 in...
Cornerstone Exercise 9-31 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $1,450,000 in 10% bonds (payable on December 31, 2029) on January 1, 2020, for $1,290,500. Interest is paid on June 30 and December 31. The market rate of interest is 12%. Required: Prepare the amortization table through December 31, 2021, using the effective interest rate method. If an amount box does not require an entry, leave it blank and if the answer is zero, enter "0"....
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $13,800. b. Collected $7,300 from client related to services performed in Item a. C. Paid $1,500 dividend to stockholders. d. Pald salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $18,200. b. Collected $8,100 from client related to services performed in Item a. c. Paid $1,500 dividend to stockholders. d. Paid salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If...
M O ULINEASST entSessionLocatore dinprogress false Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $13,800. b. Collected $7,300 from client related to services performed in Item a. c. Paid $1,500 dividend to stockholders. d. Pald salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in...
Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the following information: a. Compton purchased a tract of land from Jacobsen Real Estate for $1,016,000 cash. b. Compton issued 2,000 shares of its common stock to George Micros in exchange for $100,000 cash. c. Compton purchased a John Deere tractor for $67,000 on credit. d. Michael Rotunno paid Compton $9,200 cash for services performed. The services had been performed by Compton several months ago...
Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the following information: a. Compton purchased a tract of land from Jacobsen Real Estate for $925,000 cash. b. Compton issued 2,000 shares of its common stock to George Micros in exchange for $110,000 cash, C. Compton purchased a John Deere tractor for $53,000 on credit. d. Michael Rotunno paid Compton $9,400 cash for services performed. The services had been performed by Compton several months ago...
Cornerstone Exercise 8-20 (Algorithmic) Notes Payable Rogers Machinery Company borrowed $320,000 on June 1, with a 3-month, 7.5%, interest-bearing note. Required: 1. Record the borrowing transaction. Jun. 1 (Record issuance of note payable) 2. Record the repayment transaction. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar, if required. Sept. 1 (Record payment of note and interest)
Cornerstone Exercise 2-25 (Algorithmic) Journalize Transactions Four transactions that occurred during May are listed below. a. May 5: Borrowed cash of $17,800 from Middle State Bank. b. May 10: Made cash sales of $14,500 to customers. C. May 19: Paid salaries of $8,600 to employees for services performed. d. May 22: Purchased and used $4,600 of supplies in operations of the business. Required: Prepare journal entries for the transactions. May 5 (Record borrowing of cash from bank) (Record cash sale)...
Cornerstone Exercise 2-24 (Algorithmic) Journalize Transactions Four transactions that occurred during June are listed below. a. June 1: Issued common stock to several investors for $63,400. b. June 8: Purchased equipment for $12,200 cash. C. June 15: Made cash sales of $20,100 to customers. d. June 29: Paid a $6,500 dividend to stockholders. Required: Prepare journal entries for the transactions. June 1 (Record issuance of common stock) (Record purchase of equipment) 15 - (Record cash sale) 29 (Declared and paid...
Cornerstone Exercise 4-21 (Algorithmic) Cash Over and Short On a recent day, Pence Company obtained the following data from its cash registers: Cash Sales per Register Tape Cash in Register after Removing Opening Change $12,650.01 Register 1 $12,656.12 11,429.57 11,591.18 Register 2 Register 3 11,425.42 11,590.18 Pence deposits its cash receipts in its bank account daily Required: amount box does not require an entry, leave it blank. Round your ans 35,676.87 x Prepare a journal entry to record Cash Cash...
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