Homework Answers
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You are different from the company. Accounts are prepared from the company's perspective. Cash is a real account. As per 3 golden rules of account Debit : What comes in (cash comes in, so debited) Credit : What goes out (cash is credited in second entry because it goes out) |
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can someone please explain why in some of these examples cash
is in the beginning of...
What would be the account balance in the Cash account after the following transactions, assuming a...
What would be the account balance in the Cash account after the following transactions, assuming a zero beginning balance? $110,500 Owner invested cash. $24,9001 Purchased supplies with cash. Received bill for one month of rent. $2,690 $1,010 Paid wages. Billed customer for services performed services performed $1,600 Multiple Choice О O $85,680 О O $84,590 O $86,190 O $140,700 O $83,500 What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning...
Can someone please make a T account out of this for me??? invested $148,000 in cash...
Can someone please make a T account out of this for me??? invested $148,000 in cash to start the business. Paid $4,800 for the current month’s rent. Bought office furniture for $15,520 in cash. Performed services for $8,400 in cash. Paid $1,130 for the monthly telephone bill. Performed services for $14,200 on credit. Purchased a computer and copier for $35,600; paid $11,800 in cash immediately with the balance due in 30 days. Received $7,100 from credit clients. Paid $2,800 in...
P1.6B (LO 4, 5, 6) AP Kensington Bike Repair Shop was started on April 1 by...
P1.6B (LO 4, 5, 6) AP Kensington Bike Repair Shop was started on April 1 by L. Depres. A summary of the April transactions follows: April 1 Invested $21,000 to start the repair shop. 2 Purchased equipment for $9,000, paying $3,000 cash and signing a note payable for the balance. 5 Paid rent for the month, $1,050. Purchased $975 of supplies on account. 9 Received $3,200 in cash from customers for repair services. 16 Provided repair services on account to...
Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st....
Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transaction that follows the transaction on the 1st, calculate the balance in each account after analyzing its effect on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transactionlines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease...
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:...
Concord Security Company provides security services. Selected transactions for Concord are presented below. Oct. 1 Invested...
Concord Security Company provides security services. Selected transactions for Concord are presented below. Oct. 1 Invested $66,000 cash in the business. 2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15, 4 Paid one month of rent for building for $2,000. 7 Purchased equipment for $15,000, paying $3,700 cash and the balance on account 8 Paid $400 for advertising. 10 Received bill for equipment repair cost of $320. 12 Provided security...
PROBLEM 1 – CHAPTER 2 (JOURNALIZE BUSINESS TRANSACTIONS) Journalize each transaction for C. Cide Company for...
PROBLEM 1 – CHAPTER 2 (JOURNALIZE BUSINESS TRANSACTIONS) Journalize each transaction for C. Cide Company for the month of January. You may omit journal explanations. Jan. 2 Invested $20,000 cash in business. 3 Purchased an automobile for $4,000 cash for use in business. 5 Paid $1,000 for a one-year insurance policy. 9 Paid salaries to employees for $2,500 10 Purchased supplies on account for $500. 11 Billed customers $1,800 for services performed. 16 Paid $200 cash for advertising. 20 Received $700 cash from customers billed on January 11. 23 Paid creditor...
instructions: Record these transactions in the general journal for Central Advertising Inc. Then post your journal...
instructions: Record these transactions in the general journal for Central Advertising Inc. Then post your journal entries in the t-accounts provided and prepare a trial balance. You may want to refer to Part 1 of this project where you have already analyzed these transactions. 84 General Journal You invested $13,000 in exchange for common stock to start Central Advertising Date Account PR Debt Credit 84 Purchased 6 months of insurance for $1500 cash 87 Purchased $8,000 of office equipment by...
I need help to prepare a Trial Balance with the information posted below. The Ledger is...
I need help to prepare a Trial Balance with the information posted below. The Ledger is already done I am not able to balance when the information is inputted for the Trial balance. 1 Paws received $30,000 cash and issued common shares to shareholders 4 Purchased supplies, $1,000, and equipment, $2,600 on account 5 Performed checkup services, and received cash, $1,500 7 Paid cash to acquire land for an office site, $22,000 11 Performed a surgery on a sick cat,...
7 Wunderkind Photography entered into the following transactions during February 2019. 1. Stockholders invested $5,000 in...
7 Wunderkind Photography entered into the following transactions during February 2019. 1. Stockholders invested $5,000 in the business. 2. Bought photography equipment for a cash payment of $1,000. 3. Bought more photography equipment by signing a $500 note payable. 4. Performed photography services for $400 cash. 5. Performed photography services, and billed the customer $900 on account 6. Collected $900 from the customer in item 5. 7. Paid for February developing and printing, $150. 8. Advertised the business in the...
What would be the account balance in the Cash account after the following transactions, assuming a zero beginning balance? $110,500 Owner invested cash. $24,9001 Purchased supplies with cash. Received bill for one month of rent. $2,690 $1,010 Paid wages. Billed customer for services performed services performed $1,600 Multiple Choice О O $85,680 О O $84,590 O $86,190 O $140,700 O $83,500 What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning...
P1.6B (LO 4, 5, 6) AP Kensington Bike Repair Shop was started on April 1 by L. Depres. A summary of the April transactions follows: April 1 Invested $21,000 to start the repair shop. 2 Purchased equipment for $9,000, paying $3,000 cash and signing a note payable for the balance. 5 Paid rent for the month, $1,050. Purchased $975 of supplies on account. 9 Received $3,200 in cash from customers for repair services. 16 Provided repair services on account to...
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:...
Concord Security Company provides security services. Selected transactions for Concord are presented below. Oct. 1 Invested $66,000 cash in the business. 2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15, 4 Paid one month of rent for building for $2,000. 7 Purchased equipment for $15,000, paying $3,700 cash and the balance on account 8 Paid $400 for advertising. 10 Received bill for equipment repair cost of $320. 12 Provided security...
instructions: Record these transactions in the general journal for Central Advertising Inc. Then post your journal entries in the t-accounts provided and prepare a trial balance. You may want to refer to Part 1 of this project where you have already analyzed these transactions. 84 General Journal You invested $13,000 in exchange for common stock to start Central Advertising Date Account PR Debt Credit 84 Purchased 6 months of insurance for $1500 cash 87 Purchased $8,000 of office equipment by...
7 Wunderkind Photography entered into the following transactions during February 2019. 1. Stockholders invested $5,000 in the business. 2. Bought photography equipment for a cash payment of $1,000. 3. Bought more photography equipment by signing a $500 note payable. 4. Performed photography services for $400 cash. 5. Performed photography services, and billed the customer $900 on account 6. Collected $900 from the customer in item 5. 7. Paid for February developing and printing, $150. 8. Advertised the business in the...
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