Question

-2010 Financial A XExam 1: Chap 1,2.3 Q Chapter Three Multiple Coicr Q ACCT 2010 Chapter 2 Flashca × | x G are expenses increased with a a https://n am t: Chap 123 Help Save& Exit Submit Pandey Inc. had the following activities during the month: A. Borrowed $780,000 cash, signing a promissory note. B. Bought a building for $960,000, paying $235,000 in cash and signing a promissory note for $725,000. C. Rented equipment at a cost of $18,000 per month and issued a check covering six months' rent D. Provided $145,000 of services and billed customers. E. Purchased $46,000 of supplies on account. F. Received a utility bill for the current period in the amount of $2,800. 0181G. Raised sales prices on 200 units from $420 per unit to $520 per unit H. Received a 50% deposit from a customer on a $36,000 order to be filled next month. Required: a. Analyze the events listed below by indicating the accounts and amounts involved in the table below. In the column labeled+. select the sign that describes how the accounting equation is affected. If the event should not to be recorded as a transaction, leave it blank. (Enter all amounts as positive values.) 780 Payable Payable 25,000 C Equipment 145 Service Reverue E Supplies 46,000Accounts Payable 2,800 Jsities Expense 18 Deferred Revenue < Prey 25 of 35 Next >

Answer 1

Assets Liabilities+ SE C. Cash-84000 Preapid rent (14000 * 6) 84000 D. Accounts receivable125000 E. Supplies+38000 Service revenue125000 Accounts payable 38000 Accounts payable + 2000 No entry unearned reveneu + 14000 Utility exp.-2000 No entry G. No entry H. Cash ( 28000 * 50% ) 14000 Transaction A and B are correctly posted.