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CP 2-4 Required: Record the debit and credit in the appropriate account for each of the...
CP 2-4 Required: Record the debit and credit in the appropriate account for each of the...
CP 2-4 Required: Record the debit and credit in the appropriate account for each of the following transactions (transaction 1 is done for you): Debit Cash Credit Common Stock 1. Issued common stock for cash 2. Purchased equipment on credit 3. Paid for a one-year insurance policy 4. Billed a customer for repairs completed today 5. Paid this month's rent 6. Collected the amount billed in transaction 4 above 7. Collected cash for repairs completed today 8. Paid for the...
Required: Prepare journal entries for each of the following transactions: 1. Issued common stock for $3,000...
Required: Prepare journal entries for each of the following transactions: 1. Issued common stock for $3,000 cash 2. Purchased $2,000 of equipment on credit 3. Paid $400 cash for this month’s rent 4. Purchased on credit $4,000 of supplies to be used next month 5. Billed $2,500 to customers for repairs made to date 6. Paid cash for one‐half of the amount owing in transaction 4 7. Collected $500 of the amount billed in transaction 5 8. Sold one‐half of...
help Problem 7: Record the transactions summarized below on a transactions worksheet and calculate the soul...
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Problem 7: Record the transactions summarized below on a transactions worksheet and calculate the soul of each column the end of June. Calculate the toolsets and total liabilities plus equity, finding and fixing any mistakes as required. Prepare an income statement and a statement of changes in equity for the one-month period ended Jund 30, 2019 and a balance sheet earned as "renovations". Record the expenses on the income statement in alphabetical order. June 30. Record the revenue Assets...
ACCOUNT TITLE DEBIT CREDIT Journalize the following business transactions for a real estate companyin general journal...
ACCOUNT TITLE DEBIT CREDIT Journalize the following business transactions for a real estate companyin general journal form. 1 May Stockholders invest 540,000 in cash in exchange for common stock DATE 2-May Purchased $500 of supplies on credit 1-May Purchased equipment for $25,000, paying $3,500 in cash and signed a 30- 3 May day, $21,500 note payable 4-May Real estate commissions billed to clients amount to $4,000 5-May Paid $250 cash on account for office supplies purchased on May 2. 2....
LO2, 4 E2-11A. Transaction Analysis Match each of the following transactions of L. Boyd & Company...
LO2, 4 E2-11A. Transaction Analysis Match each of the following transactions of L. Boyd & Company with the ap- propriate letters, indicating the debits and credits to be made. The key for the letters follows the list of transactions. The correct answer for Transaction 1 is given as an illustration: Chapter 2 Processing Accounting Information 91 Answer 1. Stockholders contributed cash to the business. a,f Purchased equipment Received and immediately paid advertising bill. 2. on account. 3. 4. Purchased supplies...
Roth Contractors Corporation was incorporated on December 1, 2019. Required. Part A 1 Prepare journal entries to record...
Roth Contractors Corporation was incorporated on December 1, 2019. Required. Part A 1 Prepare journal entries to record the December transactions shown on page "Transactions Pt. A". General ledger account numbers and descriptions are not needed. 2 Post the entries to general ledger T-accounts. Part B Prepare all necessary adjusting entries based on the information shown on the printed "Adj. Entries Pt. B" page. General ledger account numbers and descriptions are not necessary. 4 Post the entries to general ledger...
Input the correct numbers for debit and credit. Account names are given. Required information [The following...
Input the correct numbers for
debit and credit. Account names are given.
Required information [The following information applies to the questions displayed below.) Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $10 par value, 13,400 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,400 shares of common stock for cash at $20 per share. b. Sold 2,800 shares of common stock for cash...
P2.6B (LO 2, 3, 4) AP Kiersted Financial Services was formed on November 1, 2021. During...
P2.6B (LO 2, 3, 4) AP Kiersted Financial Services was formed on November 1, 2021. During the month of November, the following events and transactions occurred: Nov. 1 Haakon Kiersted, the owner, invested $35,000 cash in the company. He also invested equipment that had originally cost Haakon $25,000 but was currently worth $12.000. 2 Hired one employee to work in the office for a monthly salary of $2,825. 3 4 5 6 7 Pure Signed a three-year contract to lease...
For each item below, indicate whether a debitor credit applies. 1. Decrease in Notes Payable 2....
For each item below, indicate whether a debitor credit applies. 1. Decrease in Notes Payable 2. Increase in Dividends Debit 3 Increase in Common Stock 4. Increase in Unearned Rent Revenue 5. Decrease in Interest Payable 6. Increase in Prepaid Insurance 7 Decrease in Salaries and Wages Expense Decrease in Supplies 8. 9. Increase in Revenues 10. Decrease in Accounts Receivable Credit On April 1, Larkspur, Inc. began operations. The following transactions were completed during the month. 5. 1. Issued...
prepare a post-closing trial balance. Account Titles Debit Credit Cash $ 2 Accounts Receivable 6 Supplies...
prepare a post-closing trial balance. Account Titles Debit Credit Cash $ 2 Accounts Receivable 6 Supplies 13 Land 0 Equipment 54 Accumulated Depreciation $ 5 Software 21 Accumulated Amortization 6 Accounts Payable 4 Notes Payable (short-term) 0 Salaries and Wages Payable 0 Interest Payable 0 Income Tax Payable 0 Common Stock 72 Retained Earnings 9 Service Revenue 0 Salaries and Wages Expense 0 Depreciation Expense 0 Amortization Expense 0 Income Tax Expense 0 Interest Expense 0 Supplies Expense 0 Totals...
CP 2-4 Required: Record the debit and credit in the appropriate account for each of the following transactions (transaction 1 is done for you): Debit Cash Credit Common Stock 1. Issued common stock for cash 2. Purchased equipment on credit 3. Paid for a one-year insurance policy 4. Billed a customer for repairs completed today 5. Paid this month's rent 6. Collected the amount billed in transaction 4 above 7. Collected cash for repairs completed today 8. Paid for the...
help
Problem 7: Record the transactions summarized below on a transactions worksheet and calculate the soul of each column the end of June. Calculate the toolsets and total liabilities plus equity, finding and fixing any mistakes as required. Prepare an income statement and a statement of changes in equity for the one-month period ended Jund 30, 2019 and a balance sheet earned as "renovations". Record the expenses on the income statement in alphabetical order. June 30. Record the revenue Assets...
ACCOUNT TITLE DEBIT CREDIT Journalize the following business transactions for a real estate companyin general journal form. 1 May Stockholders invest 540,000 in cash in exchange for common stock DATE 2-May Purchased $500 of supplies on credit 1-May Purchased equipment for $25,000, paying $3,500 in cash and signed a 30- 3 May day, $21,500 note payable 4-May Real estate commissions billed to clients amount to $4,000 5-May Paid $250 cash on account for office supplies purchased on May 2. 2....
LO2, 4 E2-11A. Transaction Analysis Match each of the following transactions of L. Boyd & Company with the ap- propriate letters, indicating the debits and credits to be made. The key for the letters follows the list of transactions. The correct answer for Transaction 1 is given as an illustration: Chapter 2 Processing Accounting Information 91 Answer 1. Stockholders contributed cash to the business. a,f Purchased equipment Received and immediately paid advertising bill. 2. on account. 3. 4. Purchased supplies...
Roth Contractors Corporation was incorporated on December 1, 2019. Required. Part A 1 Prepare journal entries to record the December transactions shown on page "Transactions Pt. A". General ledger account numbers and descriptions are not needed. 2 Post the entries to general ledger T-accounts. Part B Prepare all necessary adjusting entries based on the information shown on the printed "Adj. Entries Pt. B" page. General ledger account numbers and descriptions are not necessary. 4 Post the entries to general ledger...
Input the correct numbers for
debit and credit. Account names are given.
Required information [The following information applies to the questions displayed below.) Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $10 par value, 13,400 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,400 shares of common stock for cash at $20 per share. b. Sold 2,800 shares of common stock for cash...
P2.6B (LO 2, 3, 4) AP Kiersted Financial Services was formed on November 1, 2021. During the month of November, the following events and transactions occurred: Nov. 1 Haakon Kiersted, the owner, invested $35,000 cash in the company. He also invested equipment that had originally cost Haakon $25,000 but was currently worth $12.000. 2 Hired one employee to work in the office for a monthly salary of $2,825. 3 4 5 6 7 Pure Signed a three-year contract to lease...
For each item below, indicate whether a debitor credit applies. 1. Decrease in Notes Payable 2. Increase in Dividends Debit 3 Increase in Common Stock 4. Increase in Unearned Rent Revenue 5. Decrease in Interest Payable 6. Increase in Prepaid Insurance 7 Decrease in Salaries and Wages Expense Decrease in Supplies 8. 9. Increase in Revenues 10. Decrease in Accounts Receivable Credit On April 1, Larkspur, Inc. began operations. The following transactions were completed during the month. 5. 1. Issued...
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