Homework Answers
Date . Account name category . Increase or decrease . Debit or credit
June 3. Accounts payable liability . Increase credit
Telephone bill expense increase debit
June 6 salary expense. Increase debit
Cash . Asset . Decrease. Credit
June 10 . Cash . Asset . Increase . Debit
Advance received liability . Increase . Credit
June 15 . Prepaid rent asset . Increase debit
Cash asset. Decrease credit
June 20 . Cash . Asset increase debit
Bank loan liability . Increase credit
June 26 . Equipment asset increase debit
Cash asset decrease credit
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Part Iv ncrease and Decrease Transactions Esteem Fitness provides fitness services for its customers. During June...
Problem #2 A company has the following transactions during June: June 2 Provide services to customers...
Problem #2 A company has the following transactions during June: June 2 Provide services to customers for cash, $4,300 June 8 Purchase office supplies on account, $1,000 June 11 Pay workers' salaries for the current period, $1,400 June 15 Issue additional shares of common stock, $6,000 June 28 Pay one-half of the amount owed for supplies purchased on June 8, $500 Required: For each transaction, identify (1) the two accounts involved, (2) the type of account, (3) whether the transaction...
During the month of August, Sunland Industries had the following transactions: Aug. 2 Aug. 6 Aug....
During the month of August, Sunland Industries had the following transactions: Aug. 2 Aug. 6 Aug. 10 Aug 15 Aug. 21 Aug. 28 Aug. 31 Paid cash for the August rent of $1.490. Purchased supplies of $240 on account. Collected $5,150 from customers on account. Received $2.280 cash for services to be rendered in September Paid for supplies purchased on account on August 6. Billed customers for $7,830 for services provided in August, Paid $130 cash for utilities expense. For...
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...
Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends,...
Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Received cash for services rendered to a client Received cash for services rendered to a client Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type...
Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends,...
Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Purchased equipment on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Paid cash for salaries Account #1 Account Type Increase/Decrease Debit/Credit Paid cash for salaries Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit...
Question 4 During the month of August, Karlsson Industries had the following transactions: Aug. 2 Paid...
Question 4 During the month of August, Karlsson Industries had the following transactions: Aug. 2 Paid cash for the August rent of $1,500. Aug. 6 Purchased supplies of $250 on account. Aug. 10 Collected $5,700 from customers on account. Aug. 15 Received $2,200 cash for services to be rendered in September. Aug. 21 Paid for supplies purchased on account on August 6. Aug. 28 Billed customers for $7,500 for services provided in August. Aug. 31 Paid $150 cash for utilities...
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner,...
Review the transactions and determine the accounts, the account
types (use assets; liabilities; owner, capital; owner, withdrawals;
revenue; and expenses), if they increase/decrease and if they are
DR/CR. List accounts in order they would be in the journal
entry.
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals revenue; and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Collected cash...
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased...
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (2) paid $44,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $128,000 to credit customers for $220,000; (4) collected $200,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. Prepare journal entries for each of the above transactions. (If no entry is...
GENERAL LEDGER IN LAST 3 PHOTOS Post the transactions for June 1 - 30 to the...
GENERAL LEDGER IN LAST 3 PHOTOS
Post the transactions for June 1 - 30 to the General
Ledger. Opening balances have been provided above. Be sure to keep
running balance in each account.
Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions...
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...
Problem #2 A company has the following transactions during June: June 2 Provide services to customers for cash, $4,300 June 8 Purchase office supplies on account, $1,000 June 11 Pay workers' salaries for the current period, $1,400 June 15 Issue additional shares of common stock, $6,000 June 28 Pay one-half of the amount owed for supplies purchased on June 8, $500 Required: For each transaction, identify (1) the two accounts involved, (2) the type of account, (3) whether the transaction...
During the month of August, Sunland Industries had the following transactions: Aug. 2 Aug. 6 Aug. 10 Aug 15 Aug. 21 Aug. 28 Aug. 31 Paid cash for the August rent of $1.490. Purchased supplies of $240 on account. Collected $5,150 from customers on account. Received $2.280 cash for services to be rendered in September Paid for supplies purchased on account on August 6. Billed customers for $7,830 for services provided in August, Paid $130 cash for utilities expense. For...
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...
Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Received cash for services rendered to a client Received cash for services rendered to a client Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type...
Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Purchased equipment on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Paid cash for salaries Account #1 Account Type Increase/Decrease Debit/Credit Paid cash for salaries Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit...
Review the transactions and determine the accounts, the account
types (use assets; liabilities; owner, capital; owner, withdrawals;
revenue; and expenses), if they increase/decrease and if they are
DR/CR. List accounts in order they would be in the journal
entry.
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals revenue; and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Collected cash...
GENERAL LEDGER IN LAST 3 PHOTOS
Post the transactions for June 1 - 30 to the General
Ledger. Opening balances have been provided above. Be sure to keep
running balance in each account.
Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions...
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...
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