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Question #1 Mr. Jones starts Mercer Inc. by contributing $1,800 cash and a truck worth $3,900...
smail ibrahim Question #1 Mr. Hatfield starts Clay Corporation by contributing $2,000 cash and a truck...
smail ibrahim Question #1 Mr. Hatfield starts Clay Corporation by contributing $2,000 cash and a truck worth $3,800 to the company in exchange for common stock. A) What is the İourna entry to record this transaction? Cr B)What effect does this entry have on the accounting equation? AssetsLiabilitiesEquity D- B- Submit Questi 0 of s Attempts Used MacBookA Question #2 Salo Inc. purchases $10,500 of equipment by paying cash. A) What is the journal entry to record this transaction? 5...
Question #1 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with...
Question #1 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with coverage starting on that date. A) What entry is made on 11/115 Cr B) What adjusting entry is to be made on 12/31/15 Cr C) What is the balance in the prepaid insurance after the adjusting entry is made? ubmit Question 0 of S Attempts Used acBookA 0 Question #2 Clay Inc. rents office space to another business for $1,500 per month. On October...
Softbyte Inc. Balance Sheet December 31, 2016 Assets Cash  
Softbyte Inc. Balance Sheet December 31, 2016 Assets Cash $7,000 Accounts Receivable 6,000 Supplies 2,000 Equipment 10,000 Total Assets $25,000 Liabilities & Equity Accounts Payable $3,000 Common Stock 20,000 Retained Earnings 2,000 Total Liabilities & Equity $25,000 Open the balances in the general ledger (T-accounts). Post the journal entries from the general journal to the general ledger (T-accounts). Prepare the four financial statements: Income Statement,...
Question #1 Indicate from the drop down menu which financial statement each of the following accounts...
Question #1 Indicate from the drop down menu which financial statement each of the following accounts would appear on. Equipment Rent Expense Cash Accounts Receivable Supplies Notes Payable Common Stock Accounts Payable Prepaid Rent Dividends Revenue Submit Question 0 of 5 Attempts Used MacBook Ai Question #2 Indicate from the drop down menu whether each of the following accounts would have a debit or credit normal balance. Accounts Payable Common Stock Equipment Prepaid Rent Salary Expense Retained Earnings Supplies Revenue...
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on...
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity. (Put the amount of the change in the blank. Use a negative () sign to show a decrease and put a zero if the item was not affected.) A) The owner starts the company by contributing $4,300 cash to the company in exchange for common stock. How does this affect the accounting equation? Assets Liabilities Equity B) The Company purchases...
Assets Cash $7,000 Accounts Receivable 6,000 Supplies ...
Assets Cash $7,000 Accounts Receivable 6,000 Supplies 2,000 Equipment 10,000 Total Assets $25,000 Liabilities & Equity Accounts Payable $3,000 Common Stock 20,000 Retained Earnings 2,000 Total Liabilities & Equity $25,000 Instructions: Open the balances in the general ledger (T-accounts). Post the journal entries from the general journal to the general...
12. Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and...
12. Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). Assets Liabilities + Equity Contributed Capital Common Stock Retained Earnings Assets Liabilities Dividends Revenues Expenses 13. Fill in the normal balance of the account Normal Balance Debit Account type Asset Expenses Dividends Liabilities Revenues Common Stock 14. Prepare journal entries to record the following transactions that occurred in April: A. on first day of the month, issued common stock for cash, S15,000...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
Stockholders contribute $10,700 cash to a company in exchange for common stock. The company purchases $5,350...
Stockholders contribute $10,700 cash to a company in exchange for common stock. The company purchases $5,350 of new equipment in exchange for its promise to pay $5,350 at the end of next month. - The company pays $3,070 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by entering your answers in the tabs below. Required...
Assume Downer.com was organized on May 1, to compete with Despair, Inc.-a company that sells demotivational...
Assume Downer.com was organized on May 1, to compete with Despair, Inc.-a company that sells demotivational posters and office products. The following events occurred during the first month of Downer.com's operations. a. Received $60,000 cash from the investors who organized Downer.com Corporation. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered computer equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the...
smail ibrahim Question #1 Mr. Hatfield starts Clay Corporation by contributing $2,000 cash and a truck worth $3,800 to the company in exchange for common stock. A) What is the İourna entry to record this transaction? Cr B)What effect does this entry have on the accounting equation? AssetsLiabilitiesEquity D- B- Submit Questi 0 of s Attempts Used MacBookA Question #2 Salo Inc. purchases $10,500 of equipment by paying cash. A) What is the journal entry to record this transaction? 5...
Question #1 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with coverage starting on that date. A) What entry is made on 11/115 Cr B) What adjusting entry is to be made on 12/31/15 Cr C) What is the balance in the prepaid insurance after the adjusting entry is made? ubmit Question 0 of S Attempts Used acBookA 0 Question #2 Clay Inc. rents office space to another business for $1,500 per month. On October...
Question #1 Indicate from the drop down menu which financial statement each of the following accounts would appear on. Equipment Rent Expense Cash Accounts Receivable Supplies Notes Payable Common Stock Accounts Payable Prepaid Rent Dividends Revenue Submit Question 0 of 5 Attempts Used MacBook Ai Question #2 Indicate from the drop down menu whether each of the following accounts would have a debit or credit normal balance. Accounts Payable Common Stock Equipment Prepaid Rent Salary Expense Retained Earnings Supplies Revenue...
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity. (Put the amount of the change in the blank. Use a negative () sign to show a decrease and put a zero if the item was not affected.) A) The owner starts the company by contributing $4,300 cash to the company in exchange for common stock. How does this affect the accounting equation? Assets Liabilities Equity B) The Company purchases...
12. Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). Assets Liabilities + Equity Contributed Capital Common Stock Retained Earnings Assets Liabilities Dividends Revenues Expenses 13. Fill in the normal balance of the account Normal Balance Debit Account type Asset Expenses Dividends Liabilities Revenues Common Stock 14. Prepare journal entries to record the following transactions that occurred in April: A. on first day of the month, issued common stock for cash, S15,000...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
Stockholders contribute $10,700 cash to a company in exchange for common stock. The company purchases $5,350 of new equipment in exchange for its promise to pay $5,350 at the end of next month. - The company pays $3,070 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by entering your answers in the tabs below. Required...
Assume Downer.com was organized on May 1, to compete with Despair, Inc.-a company that sells demotivational posters and office products. The following events occurred during the first month of Downer.com's operations. a. Received $60,000 cash from the investors who organized Downer.com Corporation. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered computer equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the...
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