Solution:
Bought Equipment on Account:
Assets:
Equipment = $1100
Liabilities:
Accounts payable = $1100
No other effects.
c. Bought equipment on account, $1,100. Assets + Cash 116,000 Equipment 300 Liabilities + = Accounts...
a. Beadell invested $70,000 in a computer company Assets = Liabilities + Cash + + Accounts Receivable Computer Equipment Accounts Payable – B. Beadell Capital Owner's Equity B Boadell + Revenues Withdrawals Expenses a. Beadell invested $70,000 in a computer company b. Bought computer equipment on account, $9,500. C. Beadell paid personal telephone bill from company checkbook, $225. d. Received cash for services rendered, $14,200. e. Billed customers for services rendered for month, $30,800. f. Paid current rent expense, $4,200....
4. Calculate Owner's Equity: Assets Liabilities Bank Account Accounts Receivable Equipment $250,000 $175,000 $400,000 Accounts Payable Long Term Debt Short Term Debt Owner's Equity $45,000 $300,000 $160,000
Assets Cash CULLUMBER COMPANY Balance Sheet December 31, 2020 Liabilities $21,036 Accounts payable 11,219 Accounts receivable 64,510 Owner's capital 18,231 Total liabilities and owner's equity $114,996 Supplies Equipment Owner's drawings Total assets $29,450 (9,116) 94,662 $114,996 Prepare a correct balance sheet. (List Assets in order of liquidity.) CULLUMBER COMPANY Balance Sheet Assets Liabilities and Owner's Equity
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
Debit Credit Balance Balance Account Cash 21,805 Accounts Receivable 2,700 Office Supplies 160 Prepaid Insurance 1,100 Equipment 8,200 Van 6,000 Accounts Payable 4,400 Wilhelm Kohl, Capital 25,000 Wilhelm Kohl, Drawing 2,900 Service Fees 15,500 Rent Expense 850 Wages Expense 800 Phone Expense 230 Gas and Oil Expense 155 Totals 44,900 44,900 Change in owner's equity: Check My Work All work saved. Rent Expense 850 Wages Expense 800 230 Phone Expense I Gas and Oil Expense 155 Totals 44,900 44,900 Change...
Which of the following accounts is an owner's equity account? Cash Accounts Payable Prepaid Insurance Ross Morris, Capital 2. The gross increases in owner's equity attributable to business activities are called a. assets b. liabilities c. revenues d. expenses 3. The debit side of an account a. depends on whether the account is an asset, liability, or owner's equity b. can be either side of the account depending on how the accountant set up the system c. is the right...
11. The classification and normal balance of the accounts payable account is an asset with a credit balance a liability with a credit balance owner's equity with a credit balance revenue with a credit balance 12. A credit balance in which of the following accounts would indicate a likely error? a. Fees Earned b. Salary Expense c. Janet James, Capital d. Accounts Payable 13. The process of initially recording a business transaction is called ...
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