Homework Answers
Answer
| Cash | |||||
| Beginning Balance | 0 | ||||
| a | Y.Min's Capital | $ 23,000 | b | Rent | $ 8,390 |
| f | Engineering services | $ 43,000 | c | Insurance premium advance | $ 5,400 |
| d | Office supplies | $ 810 | |||
| g | Y.Min's Drawings | $ 4,321 | |||
| Balance c/d | $ 47,079 | ||||
| Total | $ 66,000 | Total | $ 66,000 | ||
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The following seven transactions produced the account balances shown above. a. Y. Min invested $23,000 cash...
Required information [The following information applies to the questions displayed below.] Yi Min started an engineering...
Required information [The following information applies to the questions displayed below.] Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $24,500 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash $ 42,971 Office supplies 960 Prepaid insurance 4,900 Office equipment 12,300 Accounts payable 12,300 Y. Min, Capital 24,500 Y. Min, Withdrawals 3,939 Engineering fees earned 37,000 Rent expense 8,730...
Required information [The following information applies to the questions displayed below.] Part 2 of 2 Yi...
Required information [The following information applies to the questions displayed below.] Part 2 of 2 Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $19,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. 2.5 points eBook Cash Office supplies Prepaid insurance Office equipment Accounts payable Common Stock Dividends Engineering fees earned Rent expense $ 41,131 890 4,500 13,100 13,100...
Show the effect of each of the seven listed transactions on the balance sheet items of...
Show the effect of each of the seven listed transactions on the balance sheet items of Distinctive Draperies. Indicate the new balances after the transaction of May 2 and each subsequent transaction. The effects of the May 1 transaction are already filled in to provide you with an example. Note that the example has a + or - in addition to the amount for each account affected. May 1 Issued capital stock for $75,000 2 Purchased a small office building...
The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm: 1. Purchased $23,000...
The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm: 1. Purchased $23,000 of materials on account 2. Issued $1,500 of upplies from the m e inventory. 3. Purchased $12,600 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $15,000 in direct materials to the production department 6. Incurred direct labor costs of $27,000, which were credited to Wages Payable. 7. Paid $22,600 cash for utilities, power, equipment maintenance,...
Geo Inc. had the following account balances on January 1, 2018: $ 749 3,000 3,000 30,000...
Geo Inc. had the following account balances on January 1, 2018: $ 749 3,000 3,000 30,000 Accounts Payable Accounts Receivable Cash Common Stock Equipment Note Payable Retained Earnings Salaries and Wages Expense Supplies 4,500 5,800 5,411 5,500 2,500 Required: Prepare journal entries for each of the following January 2018 activities, and post results to the relevant T-accounts. Be sure to include the beginning and ending balance of each T-account. (If no entry is required for a transaction/event, select "No Journal...
The following transactions are for Horace Brock, Landscape Consultant. TRANSACTIONS a. Brock invested $157,000 in cash...
The following transactions are for Horace Brock, Landscape Consultant. TRANSACTIONS a. Brock invested $157,000 in cash to start the business. b. Paid $5,700 for the current month's rent. c. Bought office furniture for $16,420 in cash. A. Performed services for $7,900 in cash. e. Paid $1,220 for the monthly telephone bill. f. Performed services for $13,700 on credit. g. Purchased a computer and copier for $37,400, paid $12,700 in cash immediately with the balance due in 30 days. h. Received...
Required information (The following information applies to the questions displayed below.] Following are account balances (in...
Required information (The following information applies to the questions displayed below.] Following are account balances (in millions of dollars) from a recent FedEx annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year): Balance $ 18,143 15,316 1,962 Balance $ 5,231 740 2,588 Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock ($0.10 par...
The following transactions are for Horace Brock, Landscape Consultant. TRANSACTIONS a. Brock invested $143,000 in cash...
The following transactions are for Horace Brock, Landscape Consultant. TRANSACTIONS a. Brock invested $143,000 in cash to start the business. b. Paid $4,300 for the current month's rent. c. Bought office furniture for $15,020 in cash. d. Performed services for $8,900 in cash. e. Paid $1,080 for the monthly telephone bill. f. Performed services for $14.700 on credit. g. Purchased a computer and copier for $34,600, paid $11,300 in cash immediately with the balance due in 30 days. h. Received...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $15,000 cash for...
In January, Tongo, Inc., a branding consultant, had the
following transactions.
a.
Received $15,000 cash for consulting services rendered in
January.
b.
Issued common stock to investors for $12,000 cash.
c.
Purchased $16,000 of equipment, paying 25 percent in cash and
owing the rest on a note due in 2 years.
d.
Received $8,300 cash for consulting services to be performed
in February.
e.
Bought $1,230 of supplies on account.
f.
Received utility bill for January for $1,500, due February...
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $15,750 cash in the...
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $15,750 cash in the company. b. The company purchased office supplies for $457 cash. C. The company purchased $8,710 of office equipment on credit. d. The company received $1,859 cash as fees for services provided to a customer e. The company paid $8,710 cash to settle the payable for the office equipment purchased in transaction c! f. The company billed a customer $3,339 as fees for services provided....
Required information [The following information applies to the questions displayed below.] Part 2 of 2 Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $19,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. 2.5 points eBook Cash Office supplies Prepaid insurance Office equipment Accounts payable Common Stock Dividends Engineering fees earned Rent expense $ 41,131 890 4,500 13,100 13,100...
Show the effect of each of the seven listed transactions on the balance sheet items of Distinctive Draperies. Indicate the new balances after the transaction of May 2 and each subsequent transaction. The effects of the May 1 transaction are already filled in to provide you with an example. Note that the example has a + or - in addition to the amount for each account affected. May 1 Issued capital stock for $75,000 2 Purchased a small office building...
The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm: 1. Purchased $23,000 of materials on account 2. Issued $1,500 of upplies from the m e inventory. 3. Purchased $12,600 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $15,000 in direct materials to the production department 6. Incurred direct labor costs of $27,000, which were credited to Wages Payable. 7. Paid $22,600 cash for utilities, power, equipment maintenance,...
Geo Inc. had the following account balances on January 1, 2018: $ 749 3,000 3,000 30,000 Accounts Payable Accounts Receivable Cash Common Stock Equipment Note Payable Retained Earnings Salaries and Wages Expense Supplies 4,500 5,800 5,411 5,500 2,500 Required: Prepare journal entries for each of the following January 2018 activities, and post results to the relevant T-accounts. Be sure to include the beginning and ending balance of each T-account. (If no entry is required for a transaction/event, select "No Journal...
The following transactions are for Horace Brock, Landscape Consultant. TRANSACTIONS a. Brock invested $157,000 in cash to start the business. b. Paid $5,700 for the current month's rent. c. Bought office furniture for $16,420 in cash. A. Performed services for $7,900 in cash. e. Paid $1,220 for the monthly telephone bill. f. Performed services for $13,700 on credit. g. Purchased a computer and copier for $37,400, paid $12,700 in cash immediately with the balance due in 30 days. h. Received...
Required information (The following information applies to the questions displayed below.] Following are account balances (in millions of dollars) from a recent FedEx annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year): Balance $ 18,143 15,316 1,962 Balance $ 5,231 740 2,588 Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock ($0.10 par...
The following transactions are for Horace Brock, Landscape Consultant. TRANSACTIONS a. Brock invested $143,000 in cash to start the business. b. Paid $4,300 for the current month's rent. c. Bought office furniture for $15,020 in cash. d. Performed services for $8,900 in cash. e. Paid $1,080 for the monthly telephone bill. f. Performed services for $14.700 on credit. g. Purchased a computer and copier for $34,600, paid $11,300 in cash immediately with the balance due in 30 days. h. Received...
In January, Tongo, Inc., a branding consultant, had the
following transactions.
a.
Received $15,000 cash for consulting services rendered in
January.
b.
Issued common stock to investors for $12,000 cash.
c.
Purchased $16,000 of equipment, paying 25 percent in cash and
owing the rest on a note due in 2 years.
d.
Received $8,300 cash for consulting services to be performed
in February.
e.
Bought $1,230 of supplies on account.
f.
Received utility bill for January for $1,500, due February...
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $15,750 cash in the company. b. The company purchased office supplies for $457 cash. C. The company purchased $8,710 of office equipment on credit. d. The company received $1,859 cash as fees for services provided to a customer e. The company paid $8,710 cash to settle the payable for the office equipment purchased in transaction c! f. The company billed a customer $3,339 as fees for services provided....
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