Homework Answers
Journal
| Date | Account title | Debit | Credit |
| 1 | Cash | 13,500 | |
| Service revenue | 13,500 | ||
| (To record Service revenue) | |||
| 2 | Prepaid insurance | 3,780 | |
| Cash | 3,780 | ||
| (To record prepaid insurance) | |||
| 3 | Equipment | 16,500 | |
| Cash | 16,500 | ||
| (To record purchase of musical equipment) | |||
| 4 | Cash | 23,000 | |
| Note payable | 23,000 | ||
| (To record note payable) |
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The following transactions occur for Cardinal Music Academy during the month of October: 1. Provide music...
The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music...
The following transactions occur for Cardinal Music Academy
during the month of October:
a. Provide music lessons to students for $14,500 cash.
b. Purchase prepaid insurance to protect musical equipment over the
next year for $3,900 cash.
c. Purchase musical equipment for $17,500 cash.
d. Obtain a loan from a bank by signing a note for $25,000.
Record the transactions. The company uses the following
accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and
Service Revenue.
Do a journal entry worksheet...
The following transactions occur for Cardinal Music Academy during the month of October a. Provide music...
The following transactions occur for Cardinal Music Academy during the month of October a. Provide music lessons to students for $7,000 cash b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash c. Purchase musical equipment for $10,000 cash. d. Obtain a loan from a bank by signing a note for $10,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notis Payable, and Service Revenue View transaction list Journal entry...
The following transactions occur for Cardinal Music Academy during the month of October a. Provide music...
The following transactions occur for Cardinal Music Academy during the month of October a. Provide music lessons to students for $7,000 cash. b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash. c. Purchase musical equipment for $10,000 cash. d. Obtain a loan from a bank by signing a note for $10,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue. View transaction list Journal entry...
The following transactions occur for the Panther Detective Agency during the month of July: a. Purchase...
The following transactions occur for the Panther Detective Agency during the month of July: a. Purchase a truck and sign a note payable, $14,100. b. Purchase office supplies for cash, $510. c. Pay $710 in rent for the current month. Record the transactions. The company uses the following accounts: Cash, Supplies, Equipment (for the truck), Notes Payable, and Rent Expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
Required information The following information applies to the questions displayed below.) The following transactions occur for...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
During the month, a company enters into the following transactions: Borrows $5,250 of cash from the...
During the month, a company enters into the following
transactions:
Borrows $5,250 of cash from the bank by signing a formal
agreement to repay the loan in 2 years.
Buys $5,500 of new equipment on account.
Pays off $3,500 of accounts payable.
Pays off $1,750 of notes payable.
Required:
Show the effect of these transactions on the basic accounting
equation.
Prepare the journal entries that would be used to record the
transactions.
Required A Required B Show the effect of...
Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner,...
Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $13,500 cash and $58,050 of photography equipment in the company. 2 The company paid $2,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,565 cash. 20 The company received $2,300 cash in photography fees earned. 31 The company paid $867 cash for August utilities. Prepare general journal entries for the above transactions. View transaction...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company's fiscal year-end. Credits Debits $ 40,300 12,500 0 5,000 10, 200 108,000 50,000 Accounts Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Land Notes Receivable Accounts Payable Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2018, appears below. December 31 is the company's fiscal year-end. Credits Debits $ 8,900 8,100 1,300 5.520 69,000 $ 9,200 6,300 Accounts Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Utilities Payable Notes Payable Common Stock Retained Earnings Service Revenue Salaries Expense Interest Expense Rent Expense Supplies Expense Utilities Expense Depreciation...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 145,000 shares of common stock in exchange for $725,000 cash. 2. Purchased office equipment at a cost of $117,500. $47,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $290,000. The company uses the perpetual inventory system. 4. Credit sales for...
The following transactions occur for Cardinal Music Academy
during the month of October:
a. Provide music lessons to students for $14,500 cash.
b. Purchase prepaid insurance to protect musical equipment over the
next year for $3,900 cash.
c. Purchase musical equipment for $17,500 cash.
d. Obtain a loan from a bank by signing a note for $25,000.
Record the transactions. The company uses the following
accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and
Service Revenue.
Do a journal entry worksheet...
The following transactions occur for Cardinal Music Academy during the month of October a. Provide music lessons to students for $7,000 cash b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash c. Purchase musical equipment for $10,000 cash. d. Obtain a loan from a bank by signing a note for $10,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notis Payable, and Service Revenue View transaction list Journal entry...
The following transactions occur for Cardinal Music Academy during the month of October a. Provide music lessons to students for $7,000 cash. b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash. c. Purchase musical equipment for $10,000 cash. d. Obtain a loan from a bank by signing a note for $10,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue. View transaction list Journal entry...
The following transactions occur for the Panther Detective Agency during the month of July: a. Purchase a truck and sign a note payable, $14,100. b. Purchase office supplies for cash, $510. c. Pay $710 in rent for the current month. Record the transactions. The company uses the following accounts: Cash, Supplies, Equipment (for the truck), Notes Payable, and Rent Expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
During the month, a company enters into the following
transactions:
Borrows $5,250 of cash from the bank by signing a formal
agreement to repay the loan in 2 years.
Buys $5,500 of new equipment on account.
Pays off $3,500 of accounts payable.
Pays off $1,750 of notes payable.
Required:
Show the effect of these transactions on the basic accounting
equation.
Prepare the journal entries that would be used to record the
transactions.
Required A Required B Show the effect of...
Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $13,500 cash and $58,050 of photography equipment in the company. 2 The company paid $2,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,565 cash. 20 The company received $2,300 cash in photography fees earned. 31 The company paid $867 cash for August utilities. Prepare general journal entries for the above transactions. View transaction...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company's fiscal year-end. Credits Debits $ 40,300 12,500 0 5,000 10, 200 108,000 50,000 Accounts Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Land Notes Receivable Accounts Payable Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals...
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2018, appears below. December 31 is the company's fiscal year-end. Credits Debits $ 8,900 8,100 1,300 5.520 69,000 $ 9,200 6,300 Accounts Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Utilities Payable Notes Payable Common Stock Retained Earnings Service Revenue Salaries Expense Interest Expense Rent Expense Supplies Expense Utilities Expense Depreciation...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 145,000 shares of common stock in exchange for $725,000 cash. 2. Purchased office equipment at a cost of $117,500. $47,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $290,000. The company uses the perpetual inventory system. 4. Credit sales for...
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