Homework Answers
| Date | Account | Debit | Credit |
| September 1 | Cash | $20,000 | - |
| Notes payable / Loan payable | - | $20,000 | |
| September 5 | Cash | $220 | - |
| Service revenue | - | $220 | |
| September 10 | Electricity expense | $70 | - |
| Electricity expense payable | - | $70 | |
| September 15 | Accounts receivable | $350 | - |
| Service revenue | - | $350 | |
| September 20 | Electricity expense payable | $70 | - |
| Cash | - | $70 | |
| September 25 | Cash | $350 | - |
| Accounts receivable | - | $350 | |
| September 30 | Salary expense | $1,000 | - |
| Cash | - | $1,000 |
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5) Dane Company had the following transactions during the month of September. Record (i.e. write the...
Current Attempt in Progress Blindleia Care Corporation had the following selected transactions in September: 1. Collected...
Current Attempt in Progress Blindleia Care Corporation had the following selected transactions in September: 1. Collected $220 cash from customers for services performed in August. 2. Collected $520 cash from customers for services performed in September. 3. Billed customers $600 for services performed in September 4. Performed $90 of services to customers who paid in advance in August 5. Received $90 from customers in advance for services to be performed in October. - Your answer is partially correct. Calculate revenue...
Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31....
Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. Jan. 15 Purchased and paid for merchandise. The invoice amount was $14,900; assume a perpetual inventory system. Apr. 1 Borrowed $896,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money. June 14 Received a $22,000 customer deposit for services to be performed in the future. July 15 Performed $4,350 of the services paid for on June 14....
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash...
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash from customers for services performed in August. 2. Collected $490 cash from customers for services performed in September. 3. Billed customers $610 for services performed in September 4. Performed $110 of services to customers who paid in advance in August. 5. Received $110 from customers in advance for services to be performed in October. Calculate revenue for the month of September using the accrual...
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash...
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash from customers for services performed in August. 2. Collected $490 cash from customers for services performed in September. 3. Billed customers $610 for services performed in September. 4. Performed $110 of services to customers who paid in advance in August. 5. Received $110 from customers in advance for services to be performed in October. Calculate revenue for the month of September using the accrual...
B9-1R Company began operations in 2025 and entered into the following transactions during the year: February...
B9-1R Company began operations in 2025 and entered into the following transactions during the year: February 15: Sold common stock to owners for $239,000 cash. March 1: Purchased equipment for $85,000 cash. The eqyipment was assigned a life of six years and a residual value of $4,000. April 30: Lent a customer $60,000 on a 10-month, 12% note receivable. May 22: Purchased inventory costing $59,000 on account. June 1: Received $66,000 cash from a customer for services to be performed...
1. a) Selected transactions for Garver Company during its first month in business are presented below....
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
B9-lR Company began operations in 2025 and entered into the following transactions during the year: February...
B9-lR Company began operations in 2025 and entered into the following transactions during the year: February 15: Sold common stock to owners for $367,000 cash. March 1: Purchased equipment for $85,000 cash. The equipment was assigned a life of six years and a residual value of $4,000. April 30: Lent a customer $60,000 on a 10-month, 10% note receivable. May 22: Purchased inventory costing $38,000 on account. June 1: Received $23,000 cash from a customer for services to be performed...
EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February...
EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February 15: Sold common stock to owners for $359,000 cash. May 22: Purchased inventory costing $30,000 on account. June 1: Received $53,000 cash from a customer for services to be performed over the next ten months. August 1: Purchased a 4-year insurance policy for $84,000 cash. August 19: Sold ¾ of the inventory purchased on May 22 for $106,000. The customer paid ½ of the...
EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February...
EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February 15: Sold common stock to owners for $280,000 cash. May 22: Purchased inventory costing $37,000 on account. June 1: Received $44,000 cash from a customer for services to be performed over the next ten months. August 1: Purchased a 4-year insurance policy for $84,000 cash. August 19: Sold ¾ of the inventory purchased on May 22 for $119,000. The customer paid ½ of the...
Problem 3 Following are transactions completed by Elmer Fudd, Inc. during the month of September 2017,...
Problem 3 Following are transactions completed by Elmer Fudd, Inc. during the month of September 2017, the first month of operations. OOO O Freddy Fudd contributed $325,000 in exchange for common stock Purchased supplies of $5,400 on account Performed services for cash $7,600 Purchased some equipment for $42,300 paying $20,000 in cash and giving a note for the balance Paid the rent on a retail store for September in the amount of $4,600 Received cash from a client for future...
Current Attempt in Progress Blindleia Care Corporation had the following selected transactions in September: 1. Collected $220 cash from customers for services performed in August. 2. Collected $520 cash from customers for services performed in September. 3. Billed customers $600 for services performed in September 4. Performed $90 of services to customers who paid in advance in August 5. Received $90 from customers in advance for services to be performed in October. - Your answer is partially correct. Calculate revenue...
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash from customers for services performed in August. 2. Collected $490 cash from customers for services performed in September. 3. Billed customers $610 for services performed in September 4. Performed $110 of services to customers who paid in advance in August. 5. Received $110 from customers in advance for services to be performed in October. Calculate revenue for the month of September using the accrual...
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash from customers for services performed in August. 2. Collected $490 cash from customers for services performed in September. 3. Billed customers $610 for services performed in September. 4. Performed $110 of services to customers who paid in advance in August. 5. Received $110 from customers in advance for services to be performed in October. Calculate revenue for the month of September using the accrual...
B9-1R Company began operations in 2025 and entered into the following transactions during the year: February 15: Sold common stock to owners for $239,000 cash. March 1: Purchased equipment for $85,000 cash. The eqyipment was assigned a life of six years and a residual value of $4,000. April 30: Lent a customer $60,000 on a 10-month, 12% note receivable. May 22: Purchased inventory costing $59,000 on account. June 1: Received $66,000 cash from a customer for services to be performed...
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
Problem 3 Following are transactions completed by Elmer Fudd, Inc. during the month of September 2017, the first month of operations. OOO O Freddy Fudd contributed $325,000 in exchange for common stock Purchased supplies of $5,400 on account Performed services for cash $7,600 Purchased some equipment for $42,300 paying $20,000 in cash and giving a note for the balance Paid the rent on a retail store for September in the amount of $4,600 Received cash from a client for future...
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