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ABC Company borrowed money from the bank. This transaction included which one of the following affects...
A company borrowed $15,000 from the bank by signing a long−term note. How does this transaction...
A company borrowed $15,000 from the bank by signing a long−term note. How does this transaction affect the accounting equation? A.Add $15,000 to Cash and add $15,000 to Notes Payable. B.Add $15,000 to Cash and add $15,000 to Retained Earnings. C.Add $15,000 to Cash and add $15,000 to Accounts Payable. D.Add $15,000 to Accounts Receivable and add $15,000 to Accounts Payable.
b. c. d. e. Borrowed money from a bank Provided services on account Purchased inventory on...
b. c. d. e. Borrowed money from a bank Provided services on account Purchased inventory on account Collected cash from customers that owed a balance due SE2-3. Debit and Credit Effects Indicate the account that will be credited for each of the following LO transactions: a. Issued common stock for cash b. Borrowed money from a bank c. Provided services on account d. Purchased inventory on account e. Collected cash from customers that owed a balance due SE2-4. Determine a...
Question 4 Pharoah Company had the following transactions. 1. Borrowed pyg72,690 from the bank by signing...
Question 4 Pharoah Company had the following transactions. 1. Borrowed pyg72,690 from the bank by signing a note. 2. Paid pyg36,345 cash for a computer. 3. Purchased pyg6,542 of supplies on account. (a) Indicate what accounts are increased and decreased by each transaction. (b) Journalize each transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
ABC Company had the following balances at the beginning of the accounting period: Common Stock $5,700...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $5,700 Retained Earnings $1,080 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $570 Paid Cash Dividends $500 Purchased Land $400 Incurred Operating Expenses $4,500 Borrowed Cash from the Bank $200 Performed Services for Customers $6,000 What value would be reported on the Statement of Changes in Stockholders' Equity for the ending Retained Earnings balance...
Following the transaction of Dennen, Inc for the month of January Borrowed $30,000 from a local...
Following the transaction of Dennen, Inc for the month of January Borrowed $30,000 from a local bank, Lent 10,000 to affiliate due in 1 year, Sold to an investor 100 additional share with a .10 per share and a market price of $5 per share and received cash, Purchased $15,000 on equipment paying $5,000 cash and signing a note for the rest due in 1 year, Declared and paid $2,000 in dividends to stockholders. For each of the above transaction...
Given the following transaction: Corporation paid dividends to stockholders. Required: For the transaction above, complete the...
Given the following transaction: Corporation paid dividends to stockholders. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) If Retained Eam lected, choose the reason that it has changed. Account Which account is affected? Why has Retained Earnings changed? Cash Accounts Receivable Supplies Prepaid Insurance Is the account increased or decreased? Increased Decreased Increased Decreased Increased Decreased Increased Decreased...
Most corporations borrow money. That money can be borrowed from a bank, a finance company, a...
Most corporations borrow money. That money can be borrowed from a bank, a finance company, a leasing company or through bonds issued on the bond market. However if you borrow money, at some point you have to pay it back, and in addition, you have to pay interest. What are the advantages of borrow money to a business and if a business does not borrow money what alternative does it have to raise the capital it needs to conduct business....
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9.900...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9.900 Retained Earnings $1,100 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $990 Paid Cash Dividends $300 Purchased Land $800 Sold Land $700 Incurred Operating Expenses $5,450 Borrowed Cash from the Bank $500 Performed Services for Customers $5,500 What value would be reported for Net Cash Flow from Operating Activities? -$250 $550 $50 $740
ABC Company had the following transactions during its first year of operations: Issued Stock to Investors...
ABC Company had the following transactions during its first year of operations: Issued Stock to Investors $200 Borrowed Money from a Bank $900 Earned Revenue $800 Incurred Expenses $200 Paid Investors a Dividend What is the Year 1 Retained Earnings balance before closing? $50 $0 $600 $550
Athletic Performance Company (APC) was incorporated as a private company. The company’s accounts included the following...
Athletic Performance Company (APC) was incorporated as a private
company. The company’s accounts included the following at July
1:
Accounts Payable
$
5,950
Buildings
172,000
Cash
14,900
Common Stock
325,000
Equipment
34,500
Land
134,500
Notes Payable (long-term)
33,750
Retained Earnings
0
Supplies
8,800
During the month of July, the company had the following
activities:
Issued 4,000 shares of common stock for $400,000 cash.
Borrowed $54,750 cash from a local bank, payable in two
years.
Bought a building for $176,250; paid...
b. c. d. e. Borrowed money from a bank Provided services on account Purchased inventory on account Collected cash from customers that owed a balance due SE2-3. Debit and Credit Effects Indicate the account that will be credited for each of the following LO transactions: a. Issued common stock for cash b. Borrowed money from a bank c. Provided services on account d. Purchased inventory on account e. Collected cash from customers that owed a balance due SE2-4. Determine a...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $5,700 Retained Earnings $1,080 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $570 Paid Cash Dividends $500 Purchased Land $400 Incurred Operating Expenses $4,500 Borrowed Cash from the Bank $200 Performed Services for Customers $6,000 What value would be reported on the Statement of Changes in Stockholders' Equity for the ending Retained Earnings balance...
Given the following transaction: Corporation paid dividends to stockholders. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) If Retained Eam lected, choose the reason that it has changed. Account Which account is affected? Why has Retained Earnings changed? Cash Accounts Receivable Supplies Prepaid Insurance Is the account increased or decreased? Increased Decreased Increased Decreased Increased Decreased Increased Decreased...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9.900 Retained Earnings $1,100 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $990 Paid Cash Dividends $300 Purchased Land $800 Sold Land $700 Incurred Operating Expenses $5,450 Borrowed Cash from the Bank $500 Performed Services for Customers $5,500 What value would be reported for Net Cash Flow from Operating Activities? -$250 $550 $50 $740
ABC Company had the following transactions during its first year of operations: Issued Stock to Investors $200 Borrowed Money from a Bank $900 Earned Revenue $800 Incurred Expenses $200 Paid Investors a Dividend What is the Year 1 Retained Earnings balance before closing? $50 $0 $600 $550
Athletic Performance Company (APC) was incorporated as a private
company. The company’s accounts included the following at July
1:
Accounts Payable
$
5,950
Buildings
172,000
Cash
14,900
Common Stock
325,000
Equipment
34,500
Land
134,500
Notes Payable (long-term)
33,750
Retained Earnings
0
Supplies
8,800
During the month of July, the company had the following
activities:
Issued 4,000 shares of common stock for $400,000 cash.
Borrowed $54,750 cash from a local bank, payable in two
years.
Bought a building for $176,250; paid...
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