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Edward Island QUESTION #2 - Recording Journal Entries - 10 marks (suggested time: 18 minutes) minutes)...
rince Edward Island QUESTION N1 - Analyzing Transactions Using the Accounting Equation 6 marks (suggested time:...
rince Edward Island QUESTION N1 - Analyzing Transactions Using the Accounting Equation 6 marks (suggested time: 11 minutes) Required: Mark an X in the appropriate boxes to show the impact on the accounting equation from each transaction. If a transaction increases and decreases one element of the accounting equation, mark X's in both the increase and Decrease boxes for that element. Assets Uabilities Shareholders' equity Date Description Increase Decrease Increase Decrease Increase Decrease Aug 4 Issued common shares for $15,000...
Prepare journal entries for the following transactions that occurred during 2017. May 1 Purchased equipment on...
Prepare journal entries for the following transactions that occurred during 2017. May 1 Purchased equipment on account $500 2 Paid for the equipment purchased on may1 3 Purchased supplies for the cats $100 4 Paid wages to employees $2,000 5 Performed services for a client and collected cash $750 6 Did work for a customer on credit $2,500 7 Collected the amount owing from the customer of may 6.
Recording Transactions USING A 2-COLUMN GENERAL JOURNAL, prepare JOURNAL ENTRIES for the following transactions including explanation....
Recording Transactions USING A 2-COLUMN GENERAL JOURNAL, prepare JOURNAL ENTRIES for the following transactions including explanation. Use the following accounts: Cash; Accounts Receivable; Repair Supplies; Equipment; Accounts Payable; Accrued Expense; Buddy Bungal, Capital; Repair Services Revenue; Communications Expense; Utilities Expense. Buddy Bungal invested P210,000 in the business named Bud's Computer Repair Shop. The deposit slip was # 100 May 1 3 Purchased repair equipment from the Ocean Park for P30,000. Check # 4801 was issued in the amount of P18,000...
AP3-2 il December 31, 2017 Recording Journal Entries (13-2) Sandro Spina is the president of TemPro...
AP3-2 il December 31, 2017 Recording Journal Entries (13-2) Sandro Spina is the president of TemPro Inc., a companu that provides temporary employees not-for-pront companies. TemPro has been operating for five wears, its revenues are increasing each passing year. You have been hired to help Sandro in analyzing the following transactions for the first two weeks of April Aprill Purchased office supplies for $2.600 on account. 3 Received the April telephone bill for $1,950 to be paid in May. 6...
prepare Journal entries to record each of the events listed Question 2 Sunland Services was formed...
prepare Journal entries to record each of the events
listed
Question 2 Sunland Services was formed on May 1, 2020. The following transactions took place during the first month. Transactions on May 1: 1. Jay Bradford Invested $40,000 cash in the company, as its sole owner. 2. Hired two employees to work in the warehouse. They will each be paid a salary of $3,500 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $21,0 cash in advance...
E3-10 Recording Journal Entries and Determining Net Income [LO 3-2, LO 3-3) Cintu is a large...
E3-10 Recording Journal Entries and Determining Net Income [LO 3-2, LO 3-3) Cintu is a large marketer and distributor of food service products serving restaurants, hotels, schools, hospitals, and other institutions. The following transactions are typical of those that occurred in a recent year, but the amounts are simplified. a. Borrowed $125,000 from a bank, signing a short-term note payable. b. Provided $102,600 in service to customers, with $97.400 on account and the rest received in cash. c. Purchased equipment...
Analyzing and Recording Transactions CHAPTER 2 QS 2-9 Analyzing and recording journal entries L Dee Bell...
Analyzing and Recording Transactions CHAPTER 2 QS 2-9 Analyzing and recording journal entries L Dee Bell Company had the following transactions in the month of May. 12-11 Cal lculate th АС May 2 Dee Bell transferred her personal car valued at $8,000 into the business. Did $4,000 of work for a customer on account. Collected $10,000 from a customer for work to be done in July 2020. Paid wages of $6,000. Collected $4,000 from the customer of May 10. Paid...
Question 18 View Policies Current Attempt in Progress Prepare the journal entries to record the following...
Question 18 View Policies Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Crane Company's books. Crane uses a perpetual inventory system. Mar. 12 Crane purchased $22,000 of merchandise from Dalibor Company, terms 2/10, 1/30, FOB destination. 13 The correct company paid freight costs of $245. 14 Crane returned $3,600 of the merchandise purchased on March 12 because it was damaged. 21 Crane paid the balance owing to Dalibor. (Credit account titles are automatically...
PROBLEMS-SET A LO: P3-1A. Transaction Entries, Posting, Trial Balance, and Adjusting Entries Mark Gold opened Gold...
PROBLEMS-SET A LO: P3-1A. Transaction Entries, Posting, Trial Balance, and Adjusting Entries Mark Gold opened Gold Roofing Service on April 1. Transactions for April are as follows: 1 Gold contributed $15,000 of his personal funds in exchange for common stock to begin the business. 2 Purchased a used truck for $6,100 cash. 3 Purchased ladders and other equipment for a total of $3,100, paid $1,000 cash, with the balance due in 30 days. 4 Paid two-year premium on liability insurance,...
Required information E2-10 Analyzing Accounting Equation Effects, Recording Journal Entries, and Summarizing Financial Statement Impact [LO...
Required information E2-10 Analyzing Accounting Equation Effects, Recording Journal Entries, and Summarizing Financial Statement Impact [LO 2-2, LO 2-3, LO 2-4) Rawico Communications operates 10 radio stations. The following events occurred during September a. Placed an order for office supplies costing $1,900. Supplier intends to deliver later in the month. b. Purchased equipment that cost $24,000; paid $6,000 cash and signed a promissory note to pay $18,000 in one month. c. Negotiated and signed a one-year bank loan, and then...
rince Edward Island QUESTION N1 - Analyzing Transactions Using the Accounting Equation 6 marks (suggested time: 11 minutes) Required: Mark an X in the appropriate boxes to show the impact on the accounting equation from each transaction. If a transaction increases and decreases one element of the accounting equation, mark X's in both the increase and Decrease boxes for that element. Assets Uabilities Shareholders' equity Date Description Increase Decrease Increase Decrease Increase Decrease Aug 4 Issued common shares for $15,000...
Recording Transactions USING A 2-COLUMN GENERAL JOURNAL, prepare JOURNAL ENTRIES for the following transactions including explanation. Use the following accounts: Cash; Accounts Receivable; Repair Supplies; Equipment; Accounts Payable; Accrued Expense; Buddy Bungal, Capital; Repair Services Revenue; Communications Expense; Utilities Expense. Buddy Bungal invested P210,000 in the business named Bud's Computer Repair Shop. The deposit slip was # 100 May 1 3 Purchased repair equipment from the Ocean Park for P30,000. Check # 4801 was issued in the amount of P18,000...
AP3-2 il December 31, 2017 Recording Journal Entries (13-2) Sandro Spina is the president of TemPro Inc., a companu that provides temporary employees not-for-pront companies. TemPro has been operating for five wears, its revenues are increasing each passing year. You have been hired to help Sandro in analyzing the following transactions for the first two weeks of April Aprill Purchased office supplies for $2.600 on account. 3 Received the April telephone bill for $1,950 to be paid in May. 6...
prepare Journal entries to record each of the events
listed
Question 2 Sunland Services was formed on May 1, 2020. The following transactions took place during the first month. Transactions on May 1: 1. Jay Bradford Invested $40,000 cash in the company, as its sole owner. 2. Hired two employees to work in the warehouse. They will each be paid a salary of $3,500 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $21,0 cash in advance...
E3-10 Recording Journal Entries and Determining Net Income [LO 3-2, LO 3-3) Cintu is a large marketer and distributor of food service products serving restaurants, hotels, schools, hospitals, and other institutions. The following transactions are typical of those that occurred in a recent year, but the amounts are simplified. a. Borrowed $125,000 from a bank, signing a short-term note payable. b. Provided $102,600 in service to customers, with $97.400 on account and the rest received in cash. c. Purchased equipment...
Analyzing and Recording Transactions CHAPTER 2 QS 2-9 Analyzing and recording journal entries L Dee Bell Company had the following transactions in the month of May. 12-11 Cal lculate th АС May 2 Dee Bell transferred her personal car valued at $8,000 into the business. Did $4,000 of work for a customer on account. Collected $10,000 from a customer for work to be done in July 2020. Paid wages of $6,000. Collected $4,000 from the customer of May 10. Paid...
Question 18 View Policies Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Crane Company's books. Crane uses a perpetual inventory system. Mar. 12 Crane purchased $22,000 of merchandise from Dalibor Company, terms 2/10, 1/30, FOB destination. 13 The correct company paid freight costs of $245. 14 Crane returned $3,600 of the merchandise purchased on March 12 because it was damaged. 21 Crane paid the balance owing to Dalibor. (Credit account titles are automatically...
PROBLEMS-SET A LO: P3-1A. Transaction Entries, Posting, Trial Balance, and Adjusting Entries Mark Gold opened Gold Roofing Service on April 1. Transactions for April are as follows: 1 Gold contributed $15,000 of his personal funds in exchange for common stock to begin the business. 2 Purchased a used truck for $6,100 cash. 3 Purchased ladders and other equipment for a total of $3,100, paid $1,000 cash, with the balance due in 30 days. 4 Paid two-year premium on liability insurance,...
Required information E2-10 Analyzing Accounting Equation Effects, Recording Journal Entries, and Summarizing Financial Statement Impact [LO 2-2, LO 2-3, LO 2-4) Rawico Communications operates 10 radio stations. The following events occurred during September a. Placed an order for office supplies costing $1,900. Supplier intends to deliver later in the month. b. Purchased equipment that cost $24,000; paid $6,000 cash and signed a promissory note to pay $18,000 in one month. c. Negotiated and signed a one-year bank loan, and then...
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