Homework Answers
| Copy centre | |||||||
| Assets = | Liabilities + | Owner's Equity | |||||
| Cash+ | AR+ | Equipment = | AP+ | Capital+ | Revenue - | Expenses | |
| 1 | 47000 | 47000 | |||||
| 2 | 15500 | 15500 | |||||
| 3 | 3400 | 3400 | |||||
| 4 | -3300 | 3300 | |||||
| 5 | 4400 | 4400 | |||||
| 6 | -3800 | -3800 | |||||
| 7 | 1900 | -1900 | |||||
| 8 | -7800 | -7800 | |||||
| Totals | 37400 | 2500 | 18800 | 7700 | 47000 | 7800 | -3800 |
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cise 0 le Copy Center had the transactions listed below during the month of June. RANSACTIONS...
The Copy Center had the transactions listed below during the month of June TRANSACTIONS 1. John...
The Copy Center had the transactions listed below during the month of June TRANSACTIONS 1. John Amos started the business with a cash investment of $53,000 2. Purchased equipment for $18,500 on credit. 3. Performed services for $2,400 in cash 4. Purchased additional equipment for $3,900 in cash 5. Performed services for $4,700 on credit. 6. Paid salaries of $4,100 to employees. 7. Received $2,500 cash from charge account customers 8. Paid $10,200 to a creditor on account Show how...
Is this correct? The Copy Center had the transactions listed below during the month of June....
Is
this correct?
The Copy Center had the transactions listed below during the month of June. TRANSACTIONS 1. John Amos started the business with a cash investment of $45,000. 2 Purchased equipment for $14.500 on credit. 3. Performed services for $3,600 in cash. 4. Purchased additional equipment for $3,100 in cash. 5. Performed services for $4.300 on credit 6. Paid salaries of $3,700 to employees. 7. Received $1,700 cash from charge account customers. 8. Paid $7,000 to a creditor on...
TRANSACTIONS 1. John Amos started the business with a cash investment of $56,000. 2. Purchased equipment...
TRANSACTIONS 1. John Amos started the business with a cash investment of $56,000. 2. Purchased equipment for $20,000 on credit. 3. Performed services for $2,700 in cash. 4. Purchased additional equipment for $4,200 in cash. 5. Performed services for $4,850 on credit. 6. Paid salaries of $4,250 to employees. 7. Received $2,800 cash from charge account customers. 8. Paid $11,400 to a creditor on account. 1. John Amos started the business with a cash investment of $56,000 2. Purchased equipment...
1. John Amos started the business with a cash investment of $56,000. 2 Purchased equipment for...
1. John Amos started the business with a cash investment of $56,000. 2 Purchased equipment for $20,000 on credit 3. Performed services for $2,700 in cash. 4. Purchased additional equipment for $4,200 in cash. 5. Performed services for $4,850 on credit. 6. Paid salaries of $4,250 to employees. 7. Received $2,800 cash from charge account customers. 8. Paid $11.400 to a creditor on account. Show how each transaction would be recorded in the accounting equation (Enter decreases to account balances...
The consulting firm of Martin and Associates uses the accounts listed below. Record the opening balances...
The consulting firm of Martin and Associates uses the accounts listed below. Record the opening balances as of December 1, 2019 on the normal balance side of the following T-Accounts. List of accounts with their opening balances: Cash $ 5,300 Fees Income -0- Accounts Receivable 8,300 Rent Expense -0- Office Equipment 7,800 Utilities Expense -0- Accounts Payable 5,800 Salaries Expense -0- Joan Martin, Capital 15,600 Joan Martin, Drawing -0- The firm has the following transactions during the month of December...
Journalize the transactions Vera Ernst is a licensed dentist. During the first month of the operation...
Journalize the transactions
Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 Invested $18,000 cash in her business. 1 Hired a secretary-receptionist at a salary of $600 per week payable monthly. 2 Paid office rent for the month $1,200. 3 Purchased dental supplies on account from Dazzle Company $3,300. 10 Performed dental services and billed insurance companies $5,200. 11 Received $1,400 cash advance from Leah...
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 20X1....
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 20X1. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons. DATE TRANSACTIONS Sept. 1 Issued Check 1169 for $1,600 to pay the September rent. 5 Performed services for $2,700 in cash. 6 Performed services for $1,550 on credit. 10 Paid $640 for monthly telephone bill; issued Check 1170. 11 Paid for equipment repairs...
Selected transactions from the journal of June Feldman, investment broker, are presented below. Ref. Credit Date...
Selected transactions from the journal of June Feldman, investment broker, are presented below. Ref. Credit Date Aug. 1 Debit 5,750 Account Titles and Explanation Cash Owner's Capital (Owner's investment of cash in business) Cash 5,750 10 2,990 Service Revenue 2.990 12 5,750 2,645 3,105 25 (Received cash for services performed) Equipment Cash Notes Payable (Purchased equipment for cash and notes payable) Accounts Receivable Service Revenue (Billed clients for services performed) Cash Accounts Receivable (Receipt of cash on account) 1,955 1,955...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
Problem 3 Following are transactions completed by Elmer Fudd, Inc. during the month of September 2017,...
Problem 3 Following are transactions completed by Elmer Fudd, Inc. during the month of September 2017, the first month of operations. OOO O Freddy Fudd contributed $325,000 in exchange for common stock Purchased supplies of $5,400 on account Performed services for cash $7,600 Purchased some equipment for $42,300 paying $20,000 in cash and giving a note for the balance Paid the rent on a retail store for September in the amount of $4,600 Received cash from a client for future...
The Copy Center had the transactions listed below during the month of June TRANSACTIONS 1. John Amos started the business with a cash investment of $53,000 2. Purchased equipment for $18,500 on credit. 3. Performed services for $2,400 in cash 4. Purchased additional equipment for $3,900 in cash 5. Performed services for $4,700 on credit. 6. Paid salaries of $4,100 to employees. 7. Received $2,500 cash from charge account customers 8. Paid $10,200 to a creditor on account Show how...
Is
this correct?
The Copy Center had the transactions listed below during the month of June. TRANSACTIONS 1. John Amos started the business with a cash investment of $45,000. 2 Purchased equipment for $14.500 on credit. 3. Performed services for $3,600 in cash. 4. Purchased additional equipment for $3,100 in cash. 5. Performed services for $4.300 on credit 6. Paid salaries of $3,700 to employees. 7. Received $1,700 cash from charge account customers. 8. Paid $7,000 to a creditor on...
TRANSACTIONS 1. John Amos started the business with a cash investment of $56,000. 2. Purchased equipment for $20,000 on credit. 3. Performed services for $2,700 in cash. 4. Purchased additional equipment for $4,200 in cash. 5. Performed services for $4,850 on credit. 6. Paid salaries of $4,250 to employees. 7. Received $2,800 cash from charge account customers. 8. Paid $11,400 to a creditor on account. 1. John Amos started the business with a cash investment of $56,000 2. Purchased equipment...
1. John Amos started the business with a cash investment of $56,000. 2 Purchased equipment for $20,000 on credit 3. Performed services for $2,700 in cash. 4. Purchased additional equipment for $4,200 in cash. 5. Performed services for $4,850 on credit. 6. Paid salaries of $4,250 to employees. 7. Received $2,800 cash from charge account customers. 8. Paid $11.400 to a creditor on account. Show how each transaction would be recorded in the accounting equation (Enter decreases to account balances...
Journalize the transactions
Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 Invested $18,000 cash in her business. 1 Hired a secretary-receptionist at a salary of $600 per week payable monthly. 2 Paid office rent for the month $1,200. 3 Purchased dental supplies on account from Dazzle Company $3,300. 10 Performed dental services and billed insurance companies $5,200. 11 Received $1,400 cash advance from Leah...
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 20X1. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons. DATE TRANSACTIONS Sept. 1 Issued Check 1169 for $1,600 to pay the September rent. 5 Performed services for $2,700 in cash. 6 Performed services for $1,550 on credit. 10 Paid $640 for monthly telephone bill; issued Check 1170. 11 Paid for equipment repairs...
Selected transactions from the journal of June Feldman, investment broker, are presented below. Ref. Credit Date Aug. 1 Debit 5,750 Account Titles and Explanation Cash Owner's Capital (Owner's investment of cash in business) Cash 5,750 10 2,990 Service Revenue 2.990 12 5,750 2,645 3,105 25 (Received cash for services performed) Equipment Cash Notes Payable (Purchased equipment for cash and notes payable) Accounts Receivable Service Revenue (Billed clients for services performed) Cash Accounts Receivable (Receipt of cash on account) 1,955 1,955...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
Problem 3 Following are transactions completed by Elmer Fudd, Inc. during the month of September 2017, the first month of operations. OOO O Freddy Fudd contributed $325,000 in exchange for common stock Purchased supplies of $5,400 on account Performed services for cash $7,600 Purchased some equipment for $42,300 paying $20,000 in cash and giving a note for the balance Paid the rent on a retail store for September in the amount of $4,600 Received cash from a client for future...
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