Homework Answers
| TransaCtion Number | Account that is debited | Account that is credited |
| 1 | Cash | Capital |
| 2 | Equipment | AP |
| 3 | Land | Notes payable |
| 4 | Electricity expense | AP |
| 5 | Advertising expenses | AP |
| 6 | AP | Cash |
| 7 | AR | Sales Income |
| 8 | Cash | AR |
| 9 | AP | Cash |
| 10 | Cash | Sales Income |
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SECTION 4: DEBITS/CREDITS (30 points) Chart of accounts Assets 101: cash Liabilities 200: AP Owners' equity...
Given the following accounts, complete the table by inserting appropriate numbers next to the individual transaction...
Given the following accounts, complete the table by inserting appropriate numbers next to the individual transaction to indicate which account is debited and which account is credited (Click the icon to view the accounts.) i (Click the icon to view the table) Given the following accounts, complete the table by inserting appropriate numbers next to the individual transaction to indicate which account is debited and which account is credited Click the icon to view the accounts.) More Info Transaction Example...
SECTION 3: GENERAL JOURNAL continued 40 points) Journalize the following transactions on the general journal in the...
SECTION 3: GENERAL JOURNAL continued 40 points) Journalize the following transactions on the general journal in the proper format Label the general journal page number as 2. 12/10: Billed customers $16.000 for services rendered. 12/20: paid the rent for the month, $3,000. 12/26: received the electric bill $400. 12/30: received $10.000 from credit customers. Chart of accounts Assets Llabilities Revenue expenses 101: cash 200: AP Owners' equity 300: capital 301: drawing 400:fees income 102:AR 201: notes 500: rent expense 501:...
B. Francis established Computer Wizards during November of this year. The accountant prepared the following chart...
B. Francis established Computer Wizards during November of this year. The accountant prepared the following chart of accounts: Assets Revenue Cash Income from Services Supplies Computer Software Expenses Office Equipment Wages Expense Neon Sign Rent Expense Advertising Expense Liabilities Utilities Expense Accounts Payable Miscellaneous Expense Owner's Equity B. Francis, Capital B. Francis, Drawing The following transactions occurred during the month: Francis deposited $59,000 in a bank account in the name of the business. Paid the rent for the current month,...
1. Listed below are accounts to use for transactions (a) through (j), each identified by a...
1. Listed below are accounts to use for transactions (a) through (j), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation Office Equipmeng 4. Building 5. Owner's Capital Cash 2 Depreciation Expense-Office Equipment Owner's Drawing 2 Fees Earned 10 Insurance Expense 11. Insurance Payable 12. Interest...
1. Listed below are accounts to use for transactions (a) through (), each identified by a...
1. Listed below are accounts to use for transactions (a) through (), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. 1. Accounts Payable Accounts Receivable 3. Accumulated Depreciation Office Equipment - Building s owner's Capital Cash 2 Depreciation Expense Office Equipment Owner's Drawing Fees Eamed 10 insurance Expense 11. Insurance Payable 12 interest...
Listed below are accounts to use for transactions (a) through (1), each identified by a number....
Listed below are accounts to use for transactions (a) through (1), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. 1. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation - Office Equipment 4. Building 5. Common Stock 6. Cash 7. Depreciation Expense-Office Equipment 8. Dividends 9. Fees Earned 10. Insurance Expense 11. Insurance Payable...
* Data Table ASSETS = LIABILITIES EQUITY Contributed Capital Retained Earnings Cash Land = Accounts +...
* Data Table ASSETS = LIABILITIES EQUITY Contributed Capital Retained Earnings Cash Land = Accounts + Common - Dividends - + Accounts + Office + Receivable Supplies + $ 3,100 + $ 0 + $ Rent Expense + Service Revenue + $ 3,100 - Advertising Expense Payable 8,000 + $ Stock 5,100 Bal. $ 2,100 11,000 = $ Print Done * More Info a. b. c. e. Received contribution of $8,000 cash from Mary Montana in exchange for common stock....
Chart of Accounts Account Number 101 105 115 120 125 140 145 150 151 155 156...
Chart of Accounts Account Number 101 105 115 120 125 140 145 150 151 155 156 160 165 170 175 178 180 182 201 210 215 235 250 255 285 305 315 320 410 435 501 505 514 515 516 520 535 540 545 1548 550 555 Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Prepaid Rent Inventory Building Equipment Accumulated Depreciation - Equipment Furniture Accumulated Depreciation - Furniture Office Furniture Truck Land Copyright Franchise Patent Trademark Accounts Payable...
Analyze the effect of transactions o assets, liabilities, and stockholders equity. E3.2 (LO 1), AP Brady...
Analyze the effect of transactions o assets, liabilities, and stockholders equity. E3.2 (LO 1), AP Brady Company entered into these transactions during May 2022, its first month of operations. 1. Stockholders invested $40,000 in the business in exchange for common stock of the company. 2. Purchased computers for office use for $30,000 from Ladd on account. 3. Paid $4,000 cash for May rent on storage space. 4. Performed computer services worth $19,000 on account. 5. Performed computer services for Wharton...
As of December 1, 2016, Kel El decided to move to rented quarters and to operate...
As of December 1, 2016, Kel El decided to move to rented quarters and to operate a consulting business, which was to be known as KE Consulting, on a full-time basis. KE Consulting entered into the following transactions during December. Transactions: December: 1. Kel El deposited $30,000 into KE Consulting as the sole owner. 1. KE Consulting purchased supplies, $1,500; and office equipment, $15,500. 1. Paid three months’ rent on a lease rental contract, $3,300. 2. Paid the yearly premium...
Given the following accounts, complete the table by inserting appropriate numbers next to the individual transaction to indicate which account is debited and which account is credited (Click the icon to view the accounts.) i (Click the icon to view the table) Given the following accounts, complete the table by inserting appropriate numbers next to the individual transaction to indicate which account is debited and which account is credited Click the icon to view the accounts.) More Info Transaction Example...
SECTION 3: GENERAL JOURNAL continued 40 points) Journalize the following transactions on the general journal in the proper format Label the general journal page number as 2. 12/10: Billed customers $16.000 for services rendered. 12/20: paid the rent for the month, $3,000. 12/26: received the electric bill $400. 12/30: received $10.000 from credit customers. Chart of accounts Assets Llabilities Revenue expenses 101: cash 200: AP Owners' equity 300: capital 301: drawing 400:fees income 102:AR 201: notes 500: rent expense 501:...
1. Listed below are accounts to use for transactions (a) through (j), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation Office Equipmeng 4. Building 5. Owner's Capital Cash 2 Depreciation Expense-Office Equipment Owner's Drawing 2 Fees Earned 10 Insurance Expense 11. Insurance Payable 12. Interest...
1. Listed below are accounts to use for transactions (a) through (), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. 1. Accounts Payable Accounts Receivable 3. Accumulated Depreciation Office Equipment - Building s owner's Capital Cash 2 Depreciation Expense Office Equipment Owner's Drawing Fees Eamed 10 insurance Expense 11. Insurance Payable 12 interest...
Listed below are accounts to use for transactions (a) through (1), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. 1. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation - Office Equipment 4. Building 5. Common Stock 6. Cash 7. Depreciation Expense-Office Equipment 8. Dividends 9. Fees Earned 10. Insurance Expense 11. Insurance Payable...
* Data Table ASSETS = LIABILITIES EQUITY Contributed Capital Retained Earnings Cash Land = Accounts + Common - Dividends - + Accounts + Office + Receivable Supplies + $ 3,100 + $ 0 + $ Rent Expense + Service Revenue + $ 3,100 - Advertising Expense Payable 8,000 + $ Stock 5,100 Bal. $ 2,100 11,000 = $ Print Done * More Info a. b. c. e. Received contribution of $8,000 cash from Mary Montana in exchange for common stock....
Chart of Accounts Account Number 101 105 115 120 125 140 145 150 151 155 156 160 165 170 175 178 180 182 201 210 215 235 250 255 285 305 315 320 410 435 501 505 514 515 516 520 535 540 545 1548 550 555 Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Prepaid Rent Inventory Building Equipment Accumulated Depreciation - Equipment Furniture Accumulated Depreciation - Furniture Office Furniture Truck Land Copyright Franchise Patent Trademark Accounts Payable...
Analyze the effect of transactions o assets, liabilities, and stockholders equity. E3.2 (LO 1), AP Brady Company entered into these transactions during May 2022, its first month of operations. 1. Stockholders invested $40,000 in the business in exchange for common stock of the company. 2. Purchased computers for office use for $30,000 from Ladd on account. 3. Paid $4,000 cash for May rent on storage space. 4. Performed computer services worth $19,000 on account. 5. Performed computer services for Wharton...
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