Homework Answers
Correct answer is: A. Jones, Capital
As Journal entry for withdrawals of cash by the owner reflects debit to capital account and withdrawals account will be credited.
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which of the following accounts is debited
n Jones is the owner of a sole proprietorship...
A sole proprietorship was started on January 1, 2018, when it received $56,500 cash from Marlin Jones, the owner. D...
A sole proprietorship was started on January 1, 2018, when it received $56,500 cash from Marlin Jones, the owner. During 2018, the company earned $49,000 in cash revenues and paid $18.330 in cash expenses. Jones withdrew $4,300 cash from the business during 2018 Required: Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's 2018 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in exchange for capital. The business purchases $700 of office supplies on account. The business purchases $4,000 of furniture on account. The business performs services for various clients totaling $11,000 on account. The business pays $2,500 for salaries expense and $3,500 for rent expense. The business pays $700 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of its...
A sole proprietorship has the following transactions: The business received $22,000 cash from the owner in...
A sole proprietorship has the following transactions: The business received $22,000 cash from the owner in exchange for capital The business purchases $500 of office supplies on account. The business purchases $2,000 of furniture on account. The business performs services to various clients totaling $11,000 on account. The business pays out $2,000 for salaries expense and $6,000 for rent expense. The business pays $500 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of...
A sole proprietorship had the following assets and liabilities at the beginning and end of this...
A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $142,000 195,500 Liabilities $60,875 79,178 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $900 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000...
When the owner of a business invests cash into the business, which of the following accounts...
When the owner of a business invests cash into the business, which of the following accounts is debited? O A. Common Shares OB. Accounts Receivable O C. Cash OD. Dividends Click to select your answer
Which of the following is a characteristic of a sole proprietorship? O A. Can continue indefinitely...
Which of the following is a characteristic of a sole proprietorship? O A. Can continue indefinitely O B. Easy to form O C. Each stockholder acts as an owner of the company O D. Business owned by more than one person Click to select your answer.
A sole proprietorship has the following transactions: The business received $20,000 cash from the owner in...
A sole proprietorship has the following transactions: The business received $20,000 cash from the owner in exchange for capital. The business purchases $600 of office supplies on account. The business purchases $3,000 of furniture on account. The business performs services to various clients totaling $11,000 on account. The business pays out $3,000 for salaries expense and $4,500 for rent expense. The business pays $600 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of...
On 1st July 2018, Ali Baba decided to open up a sole proprietorship with the following...
On 1st July 2018, Ali Baba decided to open up a sole proprietorship with the following items; Cash RM4500; Inventories RM3300; Delivery van RM20,000; Land and Building RM180000; Loan from Agrobank by the business RM 120000. What was the amount of capital that Ali was putting into the business? Format answer: 54700
A sole proprietorship reported the following transactions for the month of March. The transactions have been...
A sole proprietorship reported the following transactions for the month of March. The transactions have been journalized and posted to the proper accounts. Mar. 1 The business received $7,000 cash from the owner in exchange for capital Mar. 2 Paid the first month's rent of $800, Mar. 3 Purchased equipment by paying $3,000 cash and executing a note payable for $3,000, Mar. 4 Purchased office supplies for $700 cash. Mar. 5 Billed a client for $13,000 of design services completed,...
What would be the effect on the accounts if the business provided services to a customer...
What would be the effect on the accounts if the business provided services to a customer on account? O A. An asset would be debited and an expense credited. OB. An asset would be debited and Revenue credited. O C. Capital would be debited and Revenue credited. OD. An asset would be debited and Capital credited. Click to select your answer. Type here to search one A Net income or net loss for a period is calculated by the following...
A sole proprietorship was started on January 1, 2018, when it received $56,500 cash from Marlin Jones, the owner. During 2018, the company earned $49,000 in cash revenues and paid $18.330 in cash expenses. Jones withdrew $4,300 cash from the business during 2018 Required: Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's 2018 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in exchange for capital. The business purchases $700 of office supplies on account. The business purchases $4,000 of furniture on account. The business performs services for various clients totaling $11,000 on account. The business pays $2,500 for salaries expense and $3,500 for rent expense. The business pays $700 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of its...
A sole proprietorship has the following transactions: The business received $22,000 cash from the owner in exchange for capital The business purchases $500 of office supplies on account. The business purchases $2,000 of furniture on account. The business performs services to various clients totaling $11,000 on account. The business pays out $2,000 for salaries expense and $6,000 for rent expense. The business pays $500 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of...
A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $142,000 195,500 Liabilities $60,875 79,178 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $900 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000...
When the owner of a business invests cash into the business, which of the following accounts is debited? O A. Common Shares OB. Accounts Receivable O C. Cash OD. Dividends Click to select your answer
Which of the following is a characteristic of a sole proprietorship? O A. Can continue indefinitely O B. Easy to form O C. Each stockholder acts as an owner of the company O D. Business owned by more than one person Click to select your answer.
A sole proprietorship has the following transactions: The business received $20,000 cash from the owner in exchange for capital. The business purchases $600 of office supplies on account. The business purchases $3,000 of furniture on account. The business performs services to various clients totaling $11,000 on account. The business pays out $3,000 for salaries expense and $4,500 for rent expense. The business pays $600 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of...
On 1st July 2018, Ali Baba decided to open up a sole proprietorship with the following items; Cash RM4500; Inventories RM3300; Delivery van RM20,000; Land and Building RM180000; Loan from Agrobank by the business RM 120000. What was the amount of capital that Ali was putting into the business? Format answer: 54700
A sole proprietorship reported the following transactions for the month of March. The transactions have been journalized and posted to the proper accounts. Mar. 1 The business received $7,000 cash from the owner in exchange for capital Mar. 2 Paid the first month's rent of $800, Mar. 3 Purchased equipment by paying $3,000 cash and executing a note payable for $3,000, Mar. 4 Purchased office supplies for $700 cash. Mar. 5 Billed a client for $13,000 of design services completed,...
What would be the effect on the accounts if the business provided services to a customer on account? O A. An asset would be debited and an expense credited. OB. An asset would be debited and Revenue credited. O C. Capital would be debited and Revenue credited. OD. An asset would be debited and Capital credited. Click to select your answer. Type here to search one A Net income or net loss for a period is calculated by the following...
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