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Presented below are a number of economic events 1. Purchaed upplies on account, $240. 2. Previded...
Brier Exercises- Presented below are a number of economic events. 1. Purchased supplies on account, $240....
Brier Exercises- Presented below are a number of economic events. 1. Purchased supplies on account, $240. 2. Provided a service on account, $510. 3. Paid salaries expense, $330. 4. Issued common shares in exchange for cash, $5,460. 5. Declared and paid $100 of dividends to shareholders. 6. Received cash from a customer who had previously been billed for services provided, $510 (see item 2). 7. Paid account owed to supplier on account, $240 (see item 1). 8. Paid for insurance...
Presented below are a number of economic events, Using the format shown after the transactions, indicate...
Presented below are a number of economic events, Using the format shown after the transactions, indicate whether the event (including its amount) increased (+), decreased (-), or had no effect (NE) on each element of the accounting equation 1. Purchased supplies on account, $240 2. Provided a service on account, $480. 3. Paid salaries expense, $330. 4. Issued common shares in exchange for cash, $4,840 5. Declared and pald $90 of divldends to shareholders. 6. Received cash from a customer...
Presented below are a number of economic events. 1. 5 mwi o nosa i Purchased supplies...
Presented below are a number of economic events. 1. 5 mwi o nosa i Purchased supplies on account, $230. Provided a service on account. $560. Paid salaries expense. $330. Issued common shares in exchange for cash, $6,000. Declared and paid $150 of dividends to shareholders. Received cash from a customer who had previously been billed for services provided, $560 (see item 2). Paid account owed to supplier on account, $230 (see item 1). Paid for insurance in advance $170. Received...
Current Attempt in Progress Presented below are a number of economic events. 1. Purchased supplies on...
Current Attempt in Progress Presented below are a number of economic events. 1. Purchased supplies on account, $220. 2. Provided a service on account. $660. 3. Paid salaries expense. $300. 4. Issued common shares in exchange for cash. 54.000. 5. Declared and paid $150 of dividends to shareholders Received cash from a customer who had previously been billed for services provided. 5660 (see item 2). 7. Paid account owed to supplier on account, 5220 (see item 1). 8. Paid for...
E7-2 (L01) (Determining Cash Balance) Presented below are a number of independent situations. Instructions For each...
E7-2 (L01) (Determining Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale. Exercises 365 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180. 2. Checking account balance $600,000, an overdraft in special checking account at same bank as normal checking account...
CHAPTERS 1 AND 2 -- Page 6 Number(s) of account (s) debited Number(s) of account (s)...
CHAPTERS 1 AND 2 -- Page 6 Number(s) of account (s) debited Number(s) of account (s) credited 1. Tom Fast invests $90,000 cash to start the business. Purchased three photocopy machines for $200,000, paying. $50,000 cash and signing a 5-year, 104 note for the remainder. 3. Purchased $5,000 paper supplies on credit 4. Cash photocopy revenue amounted to $7,000. 5. Paid $500 cash for radio advertising. 6. Paid $800 on account for paper supplies purchased in trans- action 3. 7....
Question 1 View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the...
Question 1 View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $255 of supplies on account. (b) Performed $533 of services on account. (c) Paid $274 of operating expenses. (d) Paid $255 cash on account for the supplies purchased in item (a) above. (e) Invested $1.117 cash in the business. (1) Owner withdrew $447 cash. (8) Hired an employee to start working...
Question 1 View Policies /1 Current Attempt in Progress Presented below are eight business transactions. Indicate...
Question 1 View Policies /1 Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation (a) Purchased $259 of supplies on account. (b) Performed $497 of services on account. () Paid $291 of operating expenses. (d) Paid $259 cash on account for the supplies purchased in item (a) above. (e) Invested $1,191 cash in the business. () Owner withdrew $350 cash. (g) Hired an employee to start...
7 Wunderkind Photography entered into the following transactions during February 2019. 1. Stockholders invested $5,000 in...
7 Wunderkind Photography entered into the following transactions during February 2019. 1. Stockholders invested $5,000 in the business. 2. Bought photography equipment for a cash payment of $1,000. 3. Bought more photography equipment by signing a $500 note payable. 4. Performed photography services for $400 cash. 5. Performed photography services, and billed the customer $900 on account 6. Collected $900 from the customer in item 5. 7. Paid for February developing and printing, $150. 8. Advertised the business in the...
1. a) Selected transactions for Garver Company during its first month in business are presented below....
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
Brier Exercises- Presented below are a number of economic events. 1. Purchased supplies on account, $240. 2. Provided a service on account, $510. 3. Paid salaries expense, $330. 4. Issued common shares in exchange for cash, $5,460. 5. Declared and paid $100 of dividends to shareholders. 6. Received cash from a customer who had previously been billed for services provided, $510 (see item 2). 7. Paid account owed to supplier on account, $240 (see item 1). 8. Paid for insurance...
Presented below are a number of economic events, Using the format shown after the transactions, indicate whether the event (including its amount) increased (+), decreased (-), or had no effect (NE) on each element of the accounting equation 1. Purchased supplies on account, $240 2. Provided a service on account, $480. 3. Paid salaries expense, $330. 4. Issued common shares in exchange for cash, $4,840 5. Declared and pald $90 of divldends to shareholders. 6. Received cash from a customer...
Presented below are a number of economic events. 1. 5 mwi o nosa i Purchased supplies on account, $230. Provided a service on account. $560. Paid salaries expense. $330. Issued common shares in exchange for cash, $6,000. Declared and paid $150 of dividends to shareholders. Received cash from a customer who had previously been billed for services provided, $560 (see item 2). Paid account owed to supplier on account, $230 (see item 1). Paid for insurance in advance $170. Received...
Current Attempt in Progress Presented below are a number of economic events. 1. Purchased supplies on account, $220. 2. Provided a service on account. $660. 3. Paid salaries expense. $300. 4. Issued common shares in exchange for cash. 54.000. 5. Declared and paid $150 of dividends to shareholders Received cash from a customer who had previously been billed for services provided. 5660 (see item 2). 7. Paid account owed to supplier on account, 5220 (see item 1). 8. Paid for...
E7-2 (L01) (Determining Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale. Exercises 365 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180. 2. Checking account balance $600,000, an overdraft in special checking account at same bank as normal checking account...
CHAPTERS 1 AND 2 -- Page 6 Number(s) of account (s) debited Number(s) of account (s) credited 1. Tom Fast invests $90,000 cash to start the business. Purchased three photocopy machines for $200,000, paying. $50,000 cash and signing a 5-year, 104 note for the remainder. 3. Purchased $5,000 paper supplies on credit 4. Cash photocopy revenue amounted to $7,000. 5. Paid $500 cash for radio advertising. 6. Paid $800 on account for paper supplies purchased in trans- action 3. 7....
Question 1 View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $255 of supplies on account. (b) Performed $533 of services on account. (c) Paid $274 of operating expenses. (d) Paid $255 cash on account for the supplies purchased in item (a) above. (e) Invested $1.117 cash in the business. (1) Owner withdrew $447 cash. (8) Hired an employee to start working...
Question 1 View Policies /1 Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation (a) Purchased $259 of supplies on account. (b) Performed $497 of services on account. () Paid $291 of operating expenses. (d) Paid $259 cash on account for the supplies purchased in item (a) above. (e) Invested $1,191 cash in the business. () Owner withdrew $350 cash. (g) Hired an employee to start...
7 Wunderkind Photography entered into the following transactions during February 2019. 1. Stockholders invested $5,000 in the business. 2. Bought photography equipment for a cash payment of $1,000. 3. Bought more photography equipment by signing a $500 note payable. 4. Performed photography services for $400 cash. 5. Performed photography services, and billed the customer $900 on account 6. Collected $900 from the customer in item 5. 7. Paid for February developing and printing, $150. 8. Advertised the business in the...
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
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