Analyze the effect of the following transactions below using the following code:
Section B--Financial Statement Impact of Liability Transaction
Analyze the effect of the following transactions below using the following code:
Transaction
1. Purchased inventory for $80,000 on account
2. Recorded cash sales of $75,000, which includes 7% sales tax.
3. Accrued accumulated vacation pay.
4. A contingent loss on a lawsuit that the probability of loss is remote,
Homework Answers
Add Answer to:
Analyze the effect of the following transactions below using the following code:
Froblem 2 (Financial Statement Impact of Liability Transactions) Instructions I below is a list of possible...
Froblem 2 (Financial Statement Impact of Liability Transactions) Instructions I below is a list of possible transactions. Analyze the effect of the following transactions on the a statement categories indicated Ilse the following code: I: Increase D: Decrease NE: No net effe ALOE NI ly TI 1. Purchased inventory for $80,000 on account (assume perpetual system is used). AP AP 2. Issued an $80,000 note payable in payment on account (see item 1 above). 3. Recorded accrued interest on the...
Prepare a journal entry for each transaction. there are no amounts provided E13-16 (LO4) (Financial Statement...
Prepare a journal entry for each transaction.
there are no amounts provided
E13-16 (LO4) (Financial Statement Impact of Liability Transactions) Presented below is a list of possible transactions. 1. Purchased inventory for $80,000 on account (assume perpetual system is used). 2. Issued an $80,000 note payable in payment on account (see item 1 above). 3. Recorded accrued interest on the note from item 2 above. 4. Borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. Recognized...
Exercise 156 Analyze the following transactions in terms of their effect on the basic accounting equation....
Exercise 156 Analyze the following transactions in terms of their effect on the basic accounting equation. (1) Issued stock to investors for $20,000 in cash. (2) Purchased supplies on credit for $700. (3) Billed customers $1,000 for services provided. (4) Paid for supplies purchased in transaction 2. (5) Paid dividends of $300 cash to stockholders. (6) Received half of amount due from customers billed in transaction 3. (7) Received and paid utility bill for $100. Record each transaction by increasing...
Question 6 On 1" September 2019, the ledger of CooWart Sdn. Bhd. contains the following liabilities...
Question 6 On 1" September 2019, the ledger of CooWart Sdn. Bhd. contains the following liabilities accounts vo Ringgit Malaysia (RM) Accounts Payable Unearned Service Revenue Sales Tax Payable 47,352 15,400 10,350 During the month, the following transactions occurred. 1 2 10 13 25 30 31 Borrowed RM70,000 from OK Bank on 12 months, 7% notes payable Provided services for customers who had made advance payments of RM8,000. Paid RM10,350 sales tax payable to Custom Department by cash. Purchased printing...
Exercise 156 Analyze the following transactions in terms of the effect on the basic accounting equation...
Exercise 156 Analyze the following transactions in terms of the effect on the basic accounting equation (1) Issued stock to investors for $20,000 in cash. (2) Purchased supplies on credit for $700. (3) Billed customers $1,000 for services provided. (4) Paid for supplies purchased in transaction 2. (5) Paid dividends of $300 cash to stockholders (6) Received half of amount due from customers billed in transaction 3 (7) Received and paid utility bill for $100. Record each transaction by increasing...
The following transactions occurred: Purchased furniture at a cost of $7,000 on Feb. 1, signing a...
The following transactions occurred: Purchased furniture at a cost of $7,000 on Feb. 1, signing a six month 8% note payable 1 for that amount. 2 Recorded a week's sales of S68,000 on Feb. 14. three fourths on credit and one-fourth for cash. Sales are subject to 7 % sales tax 3 Accrued monthly warranty expense, which is estimated at 2% of sales of $200,000, Feb. 28. Sent last week's sales tax to the state, Feb. 19. 4 5 Sold...
Using the Transaction Analysis table provided, analyze the effect of the transactions listed below on the extended Accounting Equation
Using the Transaction Analysis table provided, analyze the effect of the transactions listed below on the extended Accounting Equation. Andy Johnson started a consulting business. The foliowing transactions occurred during the month of May 2019, they are given below. a. Andy Johnson invested $70,000 cash in the company b. Rent of $3,000 was paid for the month c The company purchased $1.200 of office supplies d Office equipment of $1,700 was purchased on credit e. The company provided service for a client and sent a...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the cashflow statement at year-end - a) indicate which section of the cashflow statement the transaction would be in: -(i) operating activity (ii) investing activity (iii) financing activity (iv) non-cash transaction or (v) not in the cashflow at all. Indicate if the entry would have a positive impact on the change in cash at year-end (ie, be added back to net income in the cashflow...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the cashflow stateme a) indicate which section of the cashflow statement the transaction would be in: -(i) operating activity (ii) investing activity (iii) financing activity (iv) non-cash transaction or (v) not in the cashflow at all. Indicate if the entry would have a positive impact on the change in cash at year-end (i.e. be added back to net income in the cashflow statement) (INC) b)...
Use the horizontal model, or write the journal entry, for each of the following transactions and...
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 220,000 shares of $6-par-value common stock for $1,320,000 in cash. b. Borrowed $510,000 from Oglesby National Bank and signed a 12% note due in two years. c. Incurred and paid $440,000 in salaries for the year. d. Purchased $670,000 of merchandise inventory on account during the year. e. Sold inventory...
Froblem 2 (Financial Statement Impact of Liability Transactions) Instructions I below is a list of possible transactions. Analyze the effect of the following transactions on the a statement categories indicated Ilse the following code: I: Increase D: Decrease NE: No net effe ALOE NI ly TI 1. Purchased inventory for $80,000 on account (assume perpetual system is used). AP AP 2. Issued an $80,000 note payable in payment on account (see item 1 above). 3. Recorded accrued interest on the...
Prepare a journal entry for each transaction.
there are no amounts provided
E13-16 (LO4) (Financial Statement Impact of Liability Transactions) Presented below is a list of possible transactions. 1. Purchased inventory for $80,000 on account (assume perpetual system is used). 2. Issued an $80,000 note payable in payment on account (see item 1 above). 3. Recorded accrued interest on the note from item 2 above. 4. Borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. Recognized...
Exercise 156 Analyze the following transactions in terms of their effect on the basic accounting equation. (1) Issued stock to investors for $20,000 in cash. (2) Purchased supplies on credit for $700. (3) Billed customers $1,000 for services provided. (4) Paid for supplies purchased in transaction 2. (5) Paid dividends of $300 cash to stockholders. (6) Received half of amount due from customers billed in transaction 3. (7) Received and paid utility bill for $100. Record each transaction by increasing...
Question 6 On 1" September 2019, the ledger of CooWart Sdn. Bhd. contains the following liabilities accounts vo Ringgit Malaysia (RM) Accounts Payable Unearned Service Revenue Sales Tax Payable 47,352 15,400 10,350 During the month, the following transactions occurred. 1 2 10 13 25 30 31 Borrowed RM70,000 from OK Bank on 12 months, 7% notes payable Provided services for customers who had made advance payments of RM8,000. Paid RM10,350 sales tax payable to Custom Department by cash. Purchased printing...
Exercise 156 Analyze the following transactions in terms of the effect on the basic accounting equation (1) Issued stock to investors for $20,000 in cash. (2) Purchased supplies on credit for $700. (3) Billed customers $1,000 for services provided. (4) Paid for supplies purchased in transaction 2. (5) Paid dividends of $300 cash to stockholders (6) Received half of amount due from customers billed in transaction 3 (7) Received and paid utility bill for $100. Record each transaction by increasing...
The following transactions occurred: Purchased furniture at a cost of $7,000 on Feb. 1, signing a six month 8% note payable 1 for that amount. 2 Recorded a week's sales of S68,000 on Feb. 14. three fourths on credit and one-fourth for cash. Sales are subject to 7 % sales tax 3 Accrued monthly warranty expense, which is estimated at 2% of sales of $200,000, Feb. 28. Sent last week's sales tax to the state, Feb. 19. 4 5 Sold...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the cashflow statement at year-end - a) indicate which section of the cashflow statement the transaction would be in: -(i) operating activity (ii) investing activity (iii) financing activity (iv) non-cash transaction or (v) not in the cashflow at all. Indicate if the entry would have a positive impact on the change in cash at year-end (ie, be added back to net income in the cashflow...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the cashflow stateme a) indicate which section of the cashflow statement the transaction would be in: -(i) operating activity (ii) investing activity (iii) financing activity (iv) non-cash transaction or (v) not in the cashflow at all. Indicate if the entry would have a positive impact on the change in cash at year-end (i.e. be added back to net income in the cashflow statement) (INC) b)...
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 220,000 shares of $6-par-value common stock for $1,320,000 in cash. b. Borrowed $510,000 from Oglesby National Bank and signed a 12% note due in two years. c. Incurred and paid $440,000 in salaries for the year. d. Purchased $670,000 of merchandise inventory on account during the year. e. Sold inventory...
Most questions answered within 3 hours.
-
The heights in feet of some of the girls of SEU
are: 5.8, 6.1, 5.9, 5.4, 5.6,...
asked 11 minutes ago -
Caspian Sea Drinks is considering the purchase of a new water
filtration system produced by Rube...
asked 16 minutes ago -
Compare and contrast the
social media of Pepsi and Coke? which one is most effective and...
asked 17 minutes ago -
1.
Who initiates a lockout?
Group of answer choices
management
employees
unions
arbitrators
asked 17 minutes ago -
Many celebrities and public figures have Twitter accounts with
large numbers of followers. However, some of...
asked 48 minutes ago -
In #13-16, use the following information. At the 0.01 level of
significance, test the claim that...
asked 27 minutes ago -
Suppose you wanted to make a buffer with pH 3.00. What chemicals
would you grab off...
asked 47 minutes ago -
A 195 g mass attached to a horizontal spring oscillates at a
frequency of 5.20 Hz...
asked 31 minutes ago -
Given the reaction where 1.00 mol H2(g) is burned in excess
O2(g) at 25 °C,
H2(g)...
asked 40 minutes ago -
Elemental phosphorus is produced by the reaction, 2Ca3(PO4)2
+6SiO2 +10C→6CaSiO3 +10CO+P4 Suppose that you have 7.00...
asked 48 minutes ago -
A nationwide survey found that 64% of people in the
Kingdom like Berger. If 3 people...
asked 1 hour ago -
CYTOGENETIC MAPS VS LINKAGE MAPS
how do you read and extract information from cytogenetic and
linkage...
asked 1 hour ago