Homework Answers
| Transaction | Affects | Account Title | |
| a. | Costs incurred for advertising | Expenses | Advertising expense |
| b. | Cash received for services performed | Revenues | Service revenue |
| c. | Costs incurred for insurance | Expenses | Insurance expense |
| d. | Amounts paid to employees | Expenses | Salary expense |
| e. | Cash distributed to stockholders | Dividends | Not applicable |
| f. | Cash received in exchange for allowing the use of the company's building | Revenues | Rent revenue |
| g. | Costs incurred for utilities used | Expenses | Utilities expense |
| h. | Cash purchase of equipment | Does not affect stockholders' equity | Not applicable |
| i. | Cash received from investors | Common stock | Not applicable |
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Presented below are a number of transactions. Determine whether each transaction affects common stock, dividends, revenues,...
Presented below are a number of transactions. Determine whether each transaction affects common stock, dividends, revenue,...
Presented below are a number of transactions. Determine whether each transaction affects common stock, dividends, revenue, expense, or does not affect stockholders’ equity. Provide titles for the revenues and expenses. Select Not applicable for account title if neither a revenue nor an expense. Transaction Affects Account Title (a) Costs incurred for advertising. (b) Cash received for services performed. (c) Costs incurred for insurance. (d) Amounts paid to employees. (e) Cash distributed to stockholders. (f) Cash received in exchange for allowing...
Account Title Presented below are a number of transactions. Determine whether each transaction affects common stock,...
Account Title Presented below are a number of transactions. Determine whether each transaction affects common stock, dividends, revenues, expenses, or does not affect stockholders' equity. Provide titles for the revenues and expenses. Select Not applicable for account title if neither a revenue nor an expense. Transaction Affects (a) Costs incurred for advertising. (b) Cash received for services performed. (c) Costs incurred for insurance. Amounts paid to employees Cash distributed to stockholders. (0) Cash received in exchange for allowing the use...
Transactions for Oriole Company for the month of June are presented below. Issues common stock to...
Transactions for Oriole Company for the month of June are presented below. Issues common stock to investors in exchange for $5.090 cash Buys equipment on account for $1.650. Pays $880 to landlord for June rent. 12 Sends Wil Wheaton a bill for $570 after completing welding work June 1 2 3 Journalize the transactions. ( no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is...
I. Journalize each transaction below: January 1: Stockholders invested $20,000 in exchange for common stock 2:...
I. Journalize each transaction below: January 1: Stockholders invested $20,000 in exchange for common stock 2: Purchased supplies on account, $800 2: Purchased a 1 year insurance policy for $8,000 cash 2: Paid $12,000 in advance for rent 2: Signed a 7%, 12-month note at National Bank, 20,000 3: Received $5000 from customer for work to be completed at a future date 4: Received $2,000 for services provided 7: Paid utilities: $500 8: Incurred advertising costs on account, $1000 10:...
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept....
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept. 1 5 8 14 25 30 Issued common stock in exchange for $20,500 cash received from investors. Purchased equipment for $9,430, paying $2,590 in cash and the balance on account. Performed services on account for $18,000. Paid salaries of $1,200. Paid $3,140 cash on balance owed for equipment. Paid $640 cash dividend. (a) Complete a tabular analysis of the September transactions. (If a transaction...
Liabilities + Notes Payable + Accounts Payable + Common Stock Revenues Stockholders' Equity Retained Earnings Revenues...
Liabilities + Notes Payable + Accounts Payable + Common Stock Revenues Stockholders' Equity Retained Earnings Revenues Expenses Dividends Nona Curry started her own consulting firm, Splish Brothers Inc., on May 1, 2022. The following transactions occurred during the month of May. May 1 Stockholders invested $22,350 cash in the business in exchange for common stock. 2 Paid $894 for office rent for the month. 3 Purchased $745 of supplies on account. 5 Paid $223 to advertise in the County News....
20. For each transaction, identify which account is debited and which account is credited. Use proper...
20. For each transaction, identify which account is debited and which account is credited. Use proper account titles (Cash, Accounts Receivable, etc.). Debit Credit Transaction Received a bill for utilities to be paid next month Performed services on account Paid employees' salaries Paid cash for a 6-month insurance policy, with coverage starting next month Paid dividends to stockholders Borrowed cash and signed a promissory note Used up warehouse supplies Received cash from a customer to pay on their account Received...
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept....
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $21,600 cash received from investors. 5 Purchased equipment for $9,310, paying $2,540 in cash and the balance on account. 8 Performed services on account for $18,000. 14 Paid salaries of $1,200. 25 Paid $3,020 cash on balance owed for equipment. 30 Paid $820 cash dividend. Complete a tabular analysis of the September transactions. (If a transaction causes...
Cullumber company entered into these transactions during May 2022, Cullumber Company entered into these transactions during...
Cullumber company entered into these transactions during May 2022,
Cullumber Company entered into these transactions during May 2022, its first month of operations. 1. 2. 3. 4. 5. 6. 7. 8. 9. Stockholders invested $37,000 in the business in exchange for common stock of the company. Purchased computers for office use for $33,800 from Ladd on account. Paid $4,500 cash for May rent on storage space. Performed computer services worth $15,400 on account. Performed computer services for Wharton Construction Company...
Problem 1-1A Sunland Company was started on May 1. A summary of May transactions is presented below Stockholders inves...
Problem 1-1A Sunland Company was started on May 1. A summary of May transactions is presented below Stockholders invested $15,500 cash in the business in exchange for common stock. Purchased equipment for $6,000 cash Paid $200 cash for May office rent 1 2. 3. Paid $500 cash for supplies. 4. Incurred $150 of advertising costs in the Beacon News on account. 5. Received $5,200 in cash from customers for repair service. 6. Declared and paid a $1,600 cash dividend. 7....
Account Title Presented below are a number of transactions. Determine whether each transaction affects common stock, dividends, revenues, expenses, or does not affect stockholders' equity. Provide titles for the revenues and expenses. Select Not applicable for account title if neither a revenue nor an expense. Transaction Affects (a) Costs incurred for advertising. (b) Cash received for services performed. (c) Costs incurred for insurance. Amounts paid to employees Cash distributed to stockholders. (0) Cash received in exchange for allowing the use...
Transactions for Oriole Company for the month of June are presented below. Issues common stock to investors in exchange for $5.090 cash Buys equipment on account for $1.650. Pays $880 to landlord for June rent. 12 Sends Wil Wheaton a bill for $570 after completing welding work June 1 2 3 Journalize the transactions. ( no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is...
I. Journalize each transaction below: January 1: Stockholders invested $20,000 in exchange for common stock 2: Purchased supplies on account, $800 2: Purchased a 1 year insurance policy for $8,000 cash 2: Paid $12,000 in advance for rent 2: Signed a 7%, 12-month note at National Bank, 20,000 3: Received $5000 from customer for work to be completed at a future date 4: Received $2,000 for services provided 7: Paid utilities: $500 8: Incurred advertising costs on account, $1000 10:...
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept. 1 5 8 14 25 30 Issued common stock in exchange for $20,500 cash received from investors. Purchased equipment for $9,430, paying $2,590 in cash and the balance on account. Performed services on account for $18,000. Paid salaries of $1,200. Paid $3,140 cash on balance owed for equipment. Paid $640 cash dividend. (a) Complete a tabular analysis of the September transactions. (If a transaction...
Liabilities + Notes Payable + Accounts Payable + Common Stock Revenues Stockholders' Equity Retained Earnings Revenues Expenses Dividends Nona Curry started her own consulting firm, Splish Brothers Inc., on May 1, 2022. The following transactions occurred during the month of May. May 1 Stockholders invested $22,350 cash in the business in exchange for common stock. 2 Paid $894 for office rent for the month. 3 Purchased $745 of supplies on account. 5 Paid $223 to advertise in the County News....
20. For each transaction, identify which account is debited and which account is credited. Use proper account titles (Cash, Accounts Receivable, etc.). Debit Credit Transaction Received a bill for utilities to be paid next month Performed services on account Paid employees' salaries Paid cash for a 6-month insurance policy, with coverage starting next month Paid dividends to stockholders Borrowed cash and signed a promissory note Used up warehouse supplies Received cash from a customer to pay on their account Received...
Cullumber company entered into these transactions during May 2022,
Cullumber Company entered into these transactions during May 2022, its first month of operations. 1. 2. 3. 4. 5. 6. 7. 8. 9. Stockholders invested $37,000 in the business in exchange for common stock of the company. Purchased computers for office use for $33,800 from Ladd on account. Paid $4,500 cash for May rent on storage space. Performed computer services worth $15,400 on account. Performed computer services for Wharton Construction Company...
Problem 1-1A Sunland Company was started on May 1. A summary of May transactions is presented below Stockholders invested $15,500 cash in the business in exchange for common stock. Purchased equipment for $6,000 cash Paid $200 cash for May office rent 1 2. 3. Paid $500 cash for supplies. 4. Incurred $150 of advertising costs in the Beacon News on account. 5. Received $5,200 in cash from customers for repair service. 6. Declared and paid a $1,600 cash dividend. 7....
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