Homework Answers
| Assets | Liabilities | Owner's Capital | |||||
| Transaction No | Cash | Account Receivable - Event wedding planning | Supplies | Prepaid Insurance | Accounts Payable - Shutter supplies | Shannon O'brayan Capital | |
| Beginning Balance | 725.00 | - | 200.00 | 300.00 | 200.00 | 1,025.00 | |
| 1 | (400.00) | (400.00) | (Expense) | ||||
| New Balance | 325.00 | - | 200.00 | 300.00 | 200.00 | 625.00 | |
| 2 | (150.00) | (150.00) | (Cash Withdrawal) | ||||
| New Balance | 175.00 | - | 200.00 | 300.00 | 200.00 | 475.00 | |
| 3 | 900.00 | 900.00 | (Revenue) | ||||
| New Balance | 1,075.00 | - | 200.00 | 300.00 | 200.00 | 1,375.00 | |
| 4 | (100.00) | (100.00) | (Expense) | ||||
| New Balance | 975.00 | - | 200.00 | 300.00 | 200.00 | 1,275.00 | |
| 5 | 400.00 | 400.00 | (Revenue) | ||||
| New Balance | 975.00 | 400.00 | 200.00 | 300.00 | 200.00 | 1,675.00 | |
| 6 | 650.00 | 650.00 | (Revenue) | ||||
| New Balance | 1,625.00 | 400.00 | 200.00 | 300.00 | 200.00 | 2,325.00 | |
| 7 | (35.00) | (35.00) | (Expense) | ||||
| New Balance | 1,590.00 | 400.00 | 200.00 | 300.00 | 200.00 | 2,290.00 | |
| 8 | 300.00 | (300.00) | |||||
| New Balance | 1,890.00 | 100.00 | 200.00 | 300.00 | 200.00 | 2,290.00 | |
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Determining how revenue, expen 1-4 Application Problem. Determining how te transactions change an accounting equat uity...
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1-M Mastery Problem: Determining how transactions change an accounting equation L04, 5, 6 Peter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem. + Owner's Equity Trans Liabilities Acets. Pay- Paws & Claws Co. Acets. Rec.- Prepaid + Dr. Shephard + Supplies + Insurance = 100 Peter Gentry. Capital Cash + Beg Bal 2.500 200 1,300 -500...
7. Paid cash for charitable contributions $35.00 & Received cash on account from Eden Wedding Planners,...
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Answer the Application Problems below. (15 points each) Intermining how transactions change the accounting equation rastructions:...
Answer the Application Problems below. (15 points each) Intermining how transactions change the accounting equation rastructions: For each transaction, complete the following a. Analyze the transaction to determine which accounts in the accounting equation are affected b. Write the amount in the appropriate columns, using a plus (+) if the account increases or a minus() if the account decreases. c. Calculate the new balance for each account in the accounting equation. Transactions: d. Make sure that the accounting equation is...
Received cash on account fom De Shephard $150.00 10 Pad cash on m a caw ca....
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The following transactions apply to Jova Company for Year 1, the first year of operation: 1....
The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $10,500 of common stock for cash. 2. Recognized $65,500 of service revenue earned on account. 3. Collected $58,400 from accounts receivable. 4. Paid operating expenses of $35,000 9. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply...
could use some help with accouting problem. 4 S1-10 Using the accounting equation to analyze transactions...
could use some help with accouting problem.
4 S1-10 Using the accounting equation to analyze transactions Elaine's Inflatables earns service revenue by providing party planning services and inflatable playscapes. Elaine's Inflatables is organized as a corporation. During the past month, Elaine's Inflatables had the following transactions: a. Received contributions of $10,000 in exchange for common stock. b. Purchased equipment for $5,000 on account. c. Paid $400 for office supplies. d. Earned and received $2,500 cash for service revenue. e. Paid...
Analyzing the effects of the transaction on the accounting equation. On September 1, Sarah Dodd opened...
Analyzing the effects of the transaction on the accounting equation. On September 1, Sarah Dodd opened Tailor Made Tutoring Service. Instructions Analyze the following transactions. Use the fundamental accounting equation form to record changes in property, claims of editors, and owner's equity. (Use plus, minus, and equal signs.) Transactions 1. The owner invested $36,000 in cash to begin the business. 2. Purchased equipment for $16,000 in cash. 3. Purchased $6,000 of additional equipment on credit. 4. Paid $3,000 in cash...
Cora Delivery Service during July Chapter 1 Introduction to Accounting and Business EX 1-12 Transactions The...
Cora Delivery Service during July Chapter 1 Introduction to Accounting and Business EX 1-12 Transactions The following selected transactions were completed by Cota Delivery Service 1. Received cash in exchange for common stock $35,000 2. Purchased supplies for cash, $1,100 3. Paid rent for October 54.500 4. Paid advertising expense, 5900. 5. Received cash for providing delivery services $33,000 6 Biled customers for delivery services on account $58.000 7. Paid creditors on account $2.900 & Received cash from customers on...
Problem 3-5 Sage Hill Inc. was started on May 1. A summary of May transactions is...
Problem 3-5 Sage Hill Inc. was started on May 1. A summary of May transactions is presented below. 1. Stockholders invested $24,500 cash in the business in exchange for common stock. 2. Purchased equipment for $5,000 cash. 3. Paid $300 cash for May office rent. Paid $500 cash for supplies. Incurred $300 of advertising costs in the Beacon News on account. Received $4,400 in cash from customers for performing repair service. Paid a $1,600 cash dividend. 8. Paid part-time employee...
1-M Mastery Problem: Determining how transactions change an accounting equation L04, 5, 6 Peter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem. + Owner's Equity Trans Liabilities Acets. Pay- Paws & Claws Co. Acets. Rec.- Prepaid + Dr. Shephard + Supplies + Insurance = 100 Peter Gentry. Capital Cash + Beg Bal 2.500 200 1,300 -500...
7. Paid cash for charitable contributions $35.00 & Received cash on account from Eden Wedding Planners, $300.00 1-M Mastery Problem: Determining how transactions change an accounting equation L04, 5, 6 Peter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem Owner's Equity Trans Liabilities Acets Pay Paws & Claws Co. Peter Gentry Acts Ree Dr Shephard +...
Answer the Application Problems below. (15 points each) Intermining how transactions change the accounting equation rastructions: For each transaction, complete the following a. Analyze the transaction to determine which accounts in the accounting equation are affected b. Write the amount in the appropriate columns, using a plus (+) if the account increases or a minus() if the account decreases. c. Calculate the new balance for each account in the accounting equation. Transactions: d. Make sure that the accounting equation is...
Received cash on account fom De Shephard $150.00 10 Pad cash on m a caw ca. 500.00 11. Podcash for one month of insurance $100.00 12 Received cash from sales 5475.00 1 Owner withinwegurity in the form of cash. 800.00 Cikalonge Problem: Determining how transactions change an accounting equation 104,5,6 + Owner's Equity owns a tutoring service called Homework Helper On October 30, Homework Helper's accounting equatio nd the following account balances. Use the form in your Working Papers to...
E2-4 Determining Financial Statement Effects of Several Transactions (L01, LO2) The following events occurred for Favanta Company a. Received $10,000 cash from owners and issued shares to them. b. Borrowed $7,000 cash from a bank and signed a note due later this year. c. Purchased land for $12,000; paid $1,000 in cash and signed a note for the $11,000 d. Bought and received $800 of equipment on account. e. Purchased $3,000 of equipment, paying $1,000 in cash and charged the...
The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $10,500 of common stock for cash. 2. Recognized $65,500 of service revenue earned on account. 3. Collected $58,400 from accounts receivable. 4. Paid operating expenses of $35,000 9. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply...
could use some help with accouting problem.
4 S1-10 Using the accounting equation to analyze transactions Elaine's Inflatables earns service revenue by providing party planning services and inflatable playscapes. Elaine's Inflatables is organized as a corporation. During the past month, Elaine's Inflatables had the following transactions: a. Received contributions of $10,000 in exchange for common stock. b. Purchased equipment for $5,000 on account. c. Paid $400 for office supplies. d. Earned and received $2,500 cash for service revenue. e. Paid...
Cora Delivery Service during July Chapter 1 Introduction to Accounting and Business EX 1-12 Transactions The following selected transactions were completed by Cota Delivery Service 1. Received cash in exchange for common stock $35,000 2. Purchased supplies for cash, $1,100 3. Paid rent for October 54.500 4. Paid advertising expense, 5900. 5. Received cash for providing delivery services $33,000 6 Biled customers for delivery services on account $58.000 7. Paid creditors on account $2.900 & Received cash from customers on...
Problem 3-5 Sage Hill Inc. was started on May 1. A summary of May transactions is presented below. 1. Stockholders invested $24,500 cash in the business in exchange for common stock. 2. Purchased equipment for $5,000 cash. 3. Paid $300 cash for May office rent. Paid $500 cash for supplies. Incurred $300 of advertising costs in the Beacon News on account. Received $4,400 in cash from customers for performing repair service. Paid a $1,600 cash dividend. 8. Paid part-time employee...
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