Homework Answers
journal entry for the transaction for the service provided
| date | general journal | debit | credit |
| 1 | bills receivables | xxx | |
| service revenue | xxx |
accounting equation
beginning retained earnings+net income-dividends = ending retained earnings
beginning retained earnings - not effected
net income - increased (because there is a service revenue from customers increases the net income)
dividends - not effected
ending retained earnings - increased( because net income increased so ending retained earnings increased
journal entry for electricity bill recorded but payment later
| date | general journal | debit | credit |
| 2 | electricity expense | xxx | |
| outstanding electricity | xxx |
accounting equation
beginning retained earnings +net income - dividends = ending retained earnings
beginning retained earnings - not effected
net income - decreased (because electricity expense will reduces the net income )
dividends -not effected
ending retained earnings - decreased (because net income decreases )
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Services are provided for customers who are sent bills for the amount they owe. For this...
Services are provided for customers who are sent bills for the amount they owe. For this...
Services are provided for customers who are sent bills for the amount they owe. For this transaction, identify the effect on the accounting equation. a.Liabilities increase and stockholders' equity decreases. b.Assets increase and liabilities increase. c.Liabilities decrease and assets decrease. d.Assets increase and stockholders' equity increases.
1) A bill is received for electric service; the charge for the electricity is recorded, but...
1) A bill is received for electric service; the charge for the electricity is recorded, but payment will be made later. For this transaction, identify the effect on the accounting equation. a Liabilities decrease and assets decrease. b. Assets, increase and liabilities increase. Subiabilities increase and stockholders' equity decreases. d.Assets, increase and stockholders' equity increases./ 2)Which one of the following subtotals or totals would appear in a multiple-step, but not a single-step, income statement? a Income from operations b.Cost of...
Mike's Company operations for the month of July are summarized as follows: Provided $7,400 of services...
Mike's Company operations for the month of July are summarized as follows: Provided $7,400 of services on account. Received $3,800 cash from customers for services provided in July. Received $1,300 cash for services to be provided in August. Received $4,100 cash from customers on account for services provided in June. Paid June’s warehouse rental bill on account in the amount of $1,400. Received July’s warehouse rental bill of $1,500; set it aside to be recorded at a later date. Required:...
Please answer all questions! Thank you! CP 1-1 The following list covers many of the types...
Please answer all questions! Thank you!
CP 1-1 The following list covers many of the types of financial transactions. Notice that each transaction has an equal and offsetting effect on the accounting equation. Types of accounting transactions ASSETS = LIABILITIES + STOCKHOLDERS EQUITY (+) (+) (+) (+)(-) (-) (-) nimi wooo III (+) (-) (+)(-) (+)(-) Required: Using the appropriate accounting equation, study the following transactions and identify the effect of each on assets, liabilities and stockholders' equity, as applicable....
Calculator Journalize the following five transactions for Newman & Associates, Inc. March 1 9 Bills are...
Calculator Journalize the following five transactions for Newman & Associates, Inc. March 1 9 Bills are sent to clients for services provided in February in the amount of $800. Comer Office, Inc. delivers office furniture ($1,060) and office supplies ($160) to Newman, leaving an invoice for $1,220. Payment is made to Corner Office, Inc. for the furniture and office supplies delivered on March 9. A bill for $430 for electricity for the month of March is received and will be...
Daube Company's operations for the month of July are summarized as follows: A. Provided $7,800 of...
Daube Company's operations for the month of July are summarized as follows: A. Provided $7,800 of services on account B. Received $3,100 cash from customers for services provided in July C. Received $1,000 cash for services to be provided in August. D. Received $5,700 cash from customers on account for services provided in June. E. Paid June's warehouse rental bill on account in the amount of $1,400. F. Received July's warehouse rental bill of $1,200; set it aside to be...
Groro Co. bills a client $64,000 for services provided and agrees to accept the following three...
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2 Homework 0 Harold Joseph is a painting contractor who specializes in painting commercial buildings. At...
2 Homework 0 Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity. Cash Accounts Receivable Office Furniture Auto Accounts Payable Harold Joseph, Capital Revenue Expenses 560,200 15,800 35,880 22,780 10,400 90,780 56,200 23, 680 TRANSACTIONS 1. Performed services for $6,600 on credit. 2. Paid $1,620 in cash for new office chairs. 3. Received $10.400 in cash from credit clients. 4....
6. Schultz Tax Services, a tax preparation business had the following transactions during the month of...
6. Schultz Tax Services, a tax preparation business had the following transactions during the month of June: Example: Received cash the owner Schultz, $25,000. 1. Received cash for providing accounting services, $3,000. 2. Billed customers on account for providing services, $7,000. 3. Paid advertising expense, $800. 4. Received cash from customers on account, $3,800. 5. Owner made a withdrawal, $1,500. 6. Received telephone bill, $220. 7. Paid telephone bill, $220. Required: 1) In the table below, state the accounts affected...
prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation...
prepare a tabular analysis that shows the effects of these
transactions on the expanded accounting equation
Transactions made by Pharoah Company for the month of March are shown below. 1. 2. 3. 4. The company performed $23,660 of services for customers on account. The company received $23,660 in cash from customers who had been billed for services [in transaction (1)). The company received a bill for $2,470 of advertising but will not pay it until a later date. Pharoah Company...
1) A bill is received for electric service; the charge for the electricity is recorded, but payment will be made later. For this transaction, identify the effect on the accounting equation. a Liabilities decrease and assets decrease. b. Assets, increase and liabilities increase. Subiabilities increase and stockholders' equity decreases. d.Assets, increase and stockholders' equity increases./ 2)Which one of the following subtotals or totals would appear in a multiple-step, but not a single-step, income statement? a Income from operations b.Cost of...
Please answer all questions! Thank you!
CP 1-1 The following list covers many of the types of financial transactions. Notice that each transaction has an equal and offsetting effect on the accounting equation. Types of accounting transactions ASSETS = LIABILITIES + STOCKHOLDERS EQUITY (+) (+) (+) (+)(-) (-) (-) nimi wooo III (+) (-) (+)(-) (+)(-) Required: Using the appropriate accounting equation, study the following transactions and identify the effect of each on assets, liabilities and stockholders' equity, as applicable....
Calculator Journalize the following five transactions for Newman & Associates, Inc. March 1 9 Bills are sent to clients for services provided in February in the amount of $800. Comer Office, Inc. delivers office furniture ($1,060) and office supplies ($160) to Newman, leaving an invoice for $1,220. Payment is made to Corner Office, Inc. for the furniture and office supplies delivered on March 9. A bill for $430 for electricity for the month of March is received and will be...
Daube Company's operations for the month of July are summarized as follows: A. Provided $7,800 of services on account B. Received $3,100 cash from customers for services provided in July C. Received $1,000 cash for services to be provided in August. D. Received $5,700 cash from customers on account for services provided in June. E. Paid June's warehouse rental bill on account in the amount of $1,400. F. Received July's warehouse rental bill of $1,200; set it aside to be...
Groro Co. bills a client $64,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $68,000, and (3) to assume responsibility for a $34,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts. Complete this question by entering your answers in the tabs below. Required A...
2 Homework 0 Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity. Cash Accounts Receivable Office Furniture Auto Accounts Payable Harold Joseph, Capital Revenue Expenses 560,200 15,800 35,880 22,780 10,400 90,780 56,200 23, 680 TRANSACTIONS 1. Performed services for $6,600 on credit. 2. Paid $1,620 in cash for new office chairs. 3. Received $10.400 in cash from credit clients. 4....
6. Schultz Tax Services, a tax preparation business had the following transactions during the month of June: Example: Received cash the owner Schultz, $25,000. 1. Received cash for providing accounting services, $3,000. 2. Billed customers on account for providing services, $7,000. 3. Paid advertising expense, $800. 4. Received cash from customers on account, $3,800. 5. Owner made a withdrawal, $1,500. 6. Received telephone bill, $220. 7. Paid telephone bill, $220. Required: 1) In the table below, state the accounts affected...
prepare a tabular analysis that shows the effects of these
transactions on the expanded accounting equation
Transactions made by Pharoah Company for the month of March are shown below. 1. 2. 3. 4. The company performed $23,660 of services for customers on account. The company received $23,660 in cash from customers who had been billed for services [in transaction (1)). The company received a bill for $2,470 of advertising but will not pay it until a later date. Pharoah Company...
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