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To purchase office supplies. analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. LIABILITIES + Cash ASSETS + Accounts Receivable Equipment Accounts Payable + EQUITY Wel + Service - Salaries Withdrawals Revenue Expense 1 Wel, Capital +31,000 +31,000 +3,800 Bal. $31,000 + $3,800 $31,000 +3,800 $3,800 +13,400 + $13,400 +12,400 513,400 $13,400 + $3,800 + 331,000 + $31,000 + $13.400 + $3,800 + 513,610 Bal. $31,000 + $3,800 4 +190 -190 Bal. 531,190 + $3,610...
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6. Indicate the effects of the following business transactions on the accounting equation of Vivian's Online Video store. Transaction (a.) is answered as a guide. a. Received cash of $10,000 from owner and gave capital. Answer: Increase asset (Cash); Increase equity (Vivian, Capital) b. Earned video rental revenue on account, $2,800. C. Purchased office furniture on account, $300. 6/5/20 Accounting 1 Assignment 1.1 Handout 2017 Pearson Education d. Received cash on account, $400. e. Pald cash on account, $100. f....
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During 2018 tranquil Waters spa reported revenue of $35,000
total expenses for the year were 17,000 and tranquil Waters far end
of the year with total assets of $36,000 oh debts totaling $9000 a
year and 2017 the business reported total assets of $18,000 and
total liabilities of $9000.
Homework: Lesson 01 Assignments Save Score: 0.43 of 3 pts 2 of 7 (2.complete) HW Score: 5 43% 1 63 of 30 pts Question Help %E1-23 (similar to) During 2018. Tranquill...
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Unadjusted Financial Statements income Statement For the Year Ended December 31, 2017 Service revenue $70,600.00 Wages expense 44,300.00 Net income $26,300.00 Cole Designs Inc. Balance Sheet December 31, 2017 Assets Cash $5,000.00 Accounts receivable 32,600.00 Supplies 3,650.00 5 Prepaid insurance 4,000.00 6 Office equipment 11,000.00 Total assets $56,250.00 Liabilities Unearned revenue $9,500.00 Stockholders' Equity Common stock $12,000.00 12 Retained earnings 34,750.00 46,750.00 13 Total liabilities and stockholders'equity $56,250.00 Cole Designs Inc. Income Statement For the Year Ended December 31, 2017...
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12. Under the new method of accounting, service revenues are reported on the income statement in the period in which an agreement is made on cash is received the services are performed 13. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting the account to be credited at the time of the sale is Accounts Receivable Cash Sales 14. When the company receives the money from its...
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i just need the total expenses, service revenue and net
income
Problem 2-35 Effect of events on financial statements LO 2-8 Waddell Company had the following balances in its accounting records as of December 31, 2018: Liabilities and Equity Accounts Payable Common Stock Assets $ 51, e00 41,e00 28, 000 Cash $ 21,000 84, 000 15,000 Accounts Receivable Land Retained Earnings Totals $120, e00 $120, e00 The following accounting events apply to Waddell Company's 2019 fiscal year: ces 1 Acquired...
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Problem 9-2A (Part Level Submission)
At December 31, 2017, Arnold Corporation reported the following
plant assets.
Land
$ 3,000,000
Buildings
$26,500,000
Less: Accumulated depreciation—buildings
11,925,000
14,575,000
Equipment
40,000,000
Less: Accumulated depreciation—equipment
5,000,000
35,000,000
Total plant assets
$52,575,000
During 2018, the following selected cash transactions occurred.
Apr.
1
Purchased land for $2,200,000.
May
1
Sold equipment that cost $600,000 when purchased on January 1,
2011. The equipment was sold for $170,000.
June
1
Sold land for $1,600,000. The land cost $1,000,000....
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#29 says the annual interest rate on the mortgage payable was
7.00 percent. Interest expense for one-half month should be
computed because the building and land were purchased and the
liability incurred on June 16th. #19 says purchased
office supplies for $605 on credit. Record the purchase as an
increase to the assets.
I only need help with #'s 27-39
Transaction Description of transaction June 1: Byte of Accounting, Inc. acquired $50,000 in cash from Lauryn and issued 2,000 shares...
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39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." e. Cash...
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Problem 9-2A (Part Level Submission) At December 31, 2017 Martinez Corporation reported the following plant assets $ 3,783,000 11,552,575 Land Buildings Less: Accumulated depreciation- buildings Equipment Less: Accumulated depreciation equipment Total plant assets $26,590,000 15,017 475 50,440,000 6.305.000 44,135,000 $59,470,575 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased and for $2,774,200 May 1 Sold equipment that cost $756,600 when purchased on January 1, 2011. The equipment was sold for $214,370 June 1 Sold land for $2,017,600. The...
To purchase office supplies. analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. LIABILITIES + Cash ASSETS + Accounts Receivable Equipment Accounts Payable + EQUITY Wel + Service - Salaries Withdrawals Revenue Expense 1 Wel, Capital +31,000 +31,000 +3,800 Bal. $31,000 + $3,800 $31,000 +3,800 $3,800 +13,400 + $13,400 +12,400 513,400 $13,400 + $3,800 + 331,000 + $31,000 + $13.400 + $3,800 + 513,610 Bal. $31,000 + $3,800 4 +190 -190 Bal. 531,190 + $3,610...
6. Indicate the effects of the following business transactions on the accounting equation of Vivian's Online Video store. Transaction (a.) is answered as a guide. a. Received cash of $10,000 from owner and gave capital. Answer: Increase asset (Cash); Increase equity (Vivian, Capital) b. Earned video rental revenue on account, $2,800. C. Purchased office furniture on account, $300. 6/5/20 Accounting 1 Assignment 1.1 Handout 2017 Pearson Education d. Received cash on account, $400. e. Pald cash on account, $100. f....
During 2018 tranquil Waters spa reported revenue of $35,000
total expenses for the year were 17,000 and tranquil Waters far end
of the year with total assets of $36,000 oh debts totaling $9000 a
year and 2017 the business reported total assets of $18,000 and
total liabilities of $9000.
Homework: Lesson 01 Assignments Save Score: 0.43 of 3 pts 2 of 7 (2.complete) HW Score: 5 43% 1 63 of 30 pts Question Help %E1-23 (similar to) During 2018. Tranquill...
Unadjusted Financial Statements income Statement For the Year Ended December 31, 2017 Service revenue $70,600.00 Wages expense 44,300.00 Net income $26,300.00 Cole Designs Inc. Balance Sheet December 31, 2017 Assets Cash $5,000.00 Accounts receivable 32,600.00 Supplies 3,650.00 5 Prepaid insurance 4,000.00 6 Office equipment 11,000.00 Total assets $56,250.00 Liabilities Unearned revenue $9,500.00 Stockholders' Equity Common stock $12,000.00 12 Retained earnings 34,750.00 46,750.00 13 Total liabilities and stockholders'equity $56,250.00 Cole Designs Inc. Income Statement For the Year Ended December 31, 2017...
12. Under the new method of accounting, service revenues are reported on the income statement in the period in which an agreement is made on cash is received the services are performed 13. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting the account to be credited at the time of the sale is Accounts Receivable Cash Sales 14. When the company receives the money from its...
i just need the total expenses, service revenue and net
income
Problem 2-35 Effect of events on financial statements LO 2-8 Waddell Company had the following balances in its accounting records as of December 31, 2018: Liabilities and Equity Accounts Payable Common Stock Assets $ 51, e00 41,e00 28, 000 Cash $ 21,000 84, 000 15,000 Accounts Receivable Land Retained Earnings Totals $120, e00 $120, e00 The following accounting events apply to Waddell Company's 2019 fiscal year: ces 1 Acquired...
Problem 9-2A (Part Level Submission)
At December 31, 2017, Arnold Corporation reported the following
plant assets.
Land
$ 3,000,000
Buildings
$26,500,000
Less: Accumulated depreciation—buildings
11,925,000
14,575,000
Equipment
40,000,000
Less: Accumulated depreciation—equipment
5,000,000
35,000,000
Total plant assets
$52,575,000
During 2018, the following selected cash transactions occurred.
Apr.
1
Purchased land for $2,200,000.
May
1
Sold equipment that cost $600,000 when purchased on January 1,
2011. The equipment was sold for $170,000.
June
1
Sold land for $1,600,000. The land cost $1,000,000....
#29 says the annual interest rate on the mortgage payable was
7.00 percent. Interest expense for one-half month should be
computed because the building and land were purchased and the
liability incurred on June 16th. #19 says purchased
office supplies for $605 on credit. Record the purchase as an
increase to the assets.
I only need help with #'s 27-39
Transaction Description of transaction June 1: Byte of Accounting, Inc. acquired $50,000 in cash from Lauryn and issued 2,000 shares...
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." e. Cash...
Problem 9-2A (Part Level Submission) At December 31, 2017 Martinez Corporation reported the following plant assets $ 3,783,000 11,552,575 Land Buildings Less: Accumulated depreciation- buildings Equipment Less: Accumulated depreciation equipment Total plant assets $26,590,000 15,017 475 50,440,000 6.305.000 44,135,000 $59,470,575 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased and for $2,774,200 May 1 Sold equipment that cost $756,600 when purchased on January 1, 2011. The equipment was sold for $214,370 June 1 Sold land for $2,017,600. The...