Homework Answers
| 5-Oct | Supplies | 25000 | |||
| Accounts Payable | 25000 | ||||
| Adjusting entry: | |||||
| 31-Oct | Supplies expense | 15000 | =25000-10000 | ||
| Supplies | 15000 | ||||
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On October 5, Pioneer Advertising Inc. purchases, for $25,000 on account, an estimated 3-month supply of...
C. R. Byrd invests his business in an advertising company called Pioneer Advertising Agency. All transaction...
C. R. Byrd invests his business in an advertising company called Pioneer Advertising Agency. All transaction in the first of his biasness: 1- Transaction : On October 1, C. R. Byrd invests $10,000 cash in an advertising company called Pioneer Advertising Agency 2- Transaction: On October 1, Pioneer purchases office equipment costing $5,000 by signing a 3-month, 12%, $5,000 note payable. 3. Transaction: On October 2, Pioneer receives a $1,200 cash advance from R. Knox, a client, for advertising services...
The trial balance for Pioneer Advertising is shown below. Pioneer Advertising Trial Balance October 31, 2017...
The trial balance for Pioneer Advertising is shown below. Pioneer Advertising Trial Balance October 31, 2017 Debit Credit Cash $ 15,200 2,500 600 5,000 $5,000 2,500 Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense 1,200 10,000 500 10,000 4,000 900 $28,700 $28,700 You are provided with the following adjustment data. 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month...
Intermediate Accounting Chapters 1-6 January 2019) Journalize the following Transactions Sctober 1: Stockholders Invest $100.000 cash...
Intermediate Accounting Chapters 1-6 January 2019) Journalize the following Transactions Sctober 1: Stockholders Invest $100.000 cash in an advertising venture to be known as Ploneer Advertising Inc. cash flooooo common stack 100,000 2. October 1: Pioneer Advertising purchases office equipment costing $50,000 by signing a 3- month, 12%, $50,000 note payable. October 2: Pioneer Advertising receives a $12.000 cash advance from R. Knox, a client, for advertising services that are expected to be completed by December 31. October 3: Pioneer...
Exercise 3-09 The trial balance for Pioneer Advertising is shown below. Sunland Advertising Trial Balance October...
Exercise 3-09 The trial balance for Pioneer Advertising is shown below. Sunland Advertising Trial Balance October 31, 2017 Credit Debit $16,000 2,400 800 4,300 Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense $4,800 2,400 1,000 9,700 600 11,000 4,000 800 $28,900 $28,900 Assume the following adjustment data. 1. 2. Supplies on hand at October 31 total $600. Expired insurance for the month is $100....
OURCES ed Exercise 3-09 The trial balance for Pioneer Advertising is shown below. 2-9 (Part n)...
OURCES ed Exercise 3-09 The trial balance for Pioneer Advertising is shown below. 2-9 (Part n) Credit y Study Cullumber Advertising Trial Balance October 31, 2017 Debit Cash $15,000 Supplies 2,600 Prepaid Insurance 500 Equipment 4,200 Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings 400 Service Revenue Salaries and Wages Expense 4,200 Rent Expense 900 $27,800 $4,600 2,500 1,200 8,700 10,800 $27,800 Assume the following adjustment data. 1. Supplies on hand at October 31 total $600. Expired...
Adjusting Entries Exercise 1. Purchased advertising supplies of $25,000 on Dec. 1". An inventory count on...
Adjusting Entries Exercise 1. Purchased advertising supplies of $25,000 on Dec. 1". An inventory count on Dec 31" reveals $10,000 on hand. 2. Paid $6,000 for a one-year insurance on Dec. 1". 3. Paid $50,000 for an office equipment on Dec. 1". It can be used for 10 years, and will be worth $2,000 (salvage value) at the end of the tenth year. 4. Receive $12,000 on Dec. 1" for advertising services to be completed over the next three months....
Shorstein Manufacturing Company purchases raw materials on account each month. Purchases are paid for according to...
Shorstein Manufacturing Company purchases raw materials on account each month. Purchases are paid for according to the following schedule: 30% is paid in the month of the purchase 60% is paid in the month following the purchase 10% is paid in the second month following the purchase Budgeted purchases are as follows: March $75,000 April $90,000 May $85,000 How much will be reported for Accounts Payable for material purchases as of the end of May? $59,500 O $68,500 $87,000 $95,500...
Smith Contractors, Inc. began operations on October 1, 2017. The first three business transactions for the...
Smith Contractors, Inc. began operations on October 1, 2017. The first three business transactions for the company have already been recorded as reflected in the transactions below and on the financial statement tabular analysis on page 3. For transactions 4-16, record the effect on the accounting equation and then on the tabular analysis on page 3. You will then write Financial Statements on pages 4 and 5. 1. Received $50,000 cash in exchange for common stock Assest= liabilities+ Stockholder Equity...
James Company began the month of October with inventory of $17,000. The following inventory transactions occurred...
James Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. On October 31, James paid for the merchandise purchased on October 12. During October merchandise costing $18,300 was sold...
Joey Juno began a web-based computer sales and service company on October 1, 2015 called Juno's...
Joey Juno began a web-based computer sales and service company on October 1, 2015 called Juno's Toys Inc. The plan is to prepare monthly adjustments so that financial statements can be done each month. The following information is available for October, 2015 (assume a perpetual inventory system). October 1 Joey invested $10,000 cash along with $9,000 of computer equipment into his new business in exchange for 900 shares. The equipment is estimated to have a useful life of 3 years...
C. R. Byrd invests his business in an advertising company called Pioneer Advertising Agency. All transaction in the first of his biasness: 1- Transaction : On October 1, C. R. Byrd invests $10,000 cash in an advertising company called Pioneer Advertising Agency 2- Transaction: On October 1, Pioneer purchases office equipment costing $5,000 by signing a 3-month, 12%, $5,000 note payable. 3. Transaction: On October 2, Pioneer receives a $1,200 cash advance from R. Knox, a client, for advertising services...
The trial balance for Pioneer Advertising is shown below. Pioneer Advertising Trial Balance October 31, 2017 Debit Credit Cash $ 15,200 2,500 600 5,000 $5,000 2,500 Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense 1,200 10,000 500 10,000 4,000 900 $28,700 $28,700 You are provided with the following adjustment data. 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month...
Intermediate Accounting Chapters 1-6 January 2019) Journalize the following Transactions Sctober 1: Stockholders Invest $100.000 cash in an advertising venture to be known as Ploneer Advertising Inc. cash flooooo common stack 100,000 2. October 1: Pioneer Advertising purchases office equipment costing $50,000 by signing a 3- month, 12%, $50,000 note payable. October 2: Pioneer Advertising receives a $12.000 cash advance from R. Knox, a client, for advertising services that are expected to be completed by December 31. October 3: Pioneer...
Exercise 3-09 The trial balance for Pioneer Advertising is shown below. Sunland Advertising Trial Balance October 31, 2017 Credit Debit $16,000 2,400 800 4,300 Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense $4,800 2,400 1,000 9,700 600 11,000 4,000 800 $28,900 $28,900 Assume the following adjustment data. 1. 2. Supplies on hand at October 31 total $600. Expired insurance for the month is $100....
OURCES ed Exercise 3-09 The trial balance for Pioneer Advertising is shown below. 2-9 (Part n) Credit y Study Cullumber Advertising Trial Balance October 31, 2017 Debit Cash $15,000 Supplies 2,600 Prepaid Insurance 500 Equipment 4,200 Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings 400 Service Revenue Salaries and Wages Expense 4,200 Rent Expense 900 $27,800 $4,600 2,500 1,200 8,700 10,800 $27,800 Assume the following adjustment data. 1. Supplies on hand at October 31 total $600. Expired...
Adjusting Entries Exercise 1. Purchased advertising supplies of $25,000 on Dec. 1". An inventory count on Dec 31" reveals $10,000 on hand. 2. Paid $6,000 for a one-year insurance on Dec. 1". 3. Paid $50,000 for an office equipment on Dec. 1". It can be used for 10 years, and will be worth $2,000 (salvage value) at the end of the tenth year. 4. Receive $12,000 on Dec. 1" for advertising services to be completed over the next three months....
Shorstein Manufacturing Company purchases raw materials on account each month. Purchases are paid for according to the following schedule: 30% is paid in the month of the purchase 60% is paid in the month following the purchase 10% is paid in the second month following the purchase Budgeted purchases are as follows: March $75,000 April $90,000 May $85,000 How much will be reported for Accounts Payable for material purchases as of the end of May? $59,500 O $68,500 $87,000 $95,500...
Joey Juno began a web-based computer sales and service company on October 1, 2015 called Juno's Toys Inc. The plan is to prepare monthly adjustments so that financial statements can be done each month. The following information is available for October, 2015 (assume a perpetual inventory system). October 1 Joey invested $10,000 cash along with $9,000 of computer equipment into his new business in exchange for 900 shares. The equipment is estimated to have a useful life of 3 years...
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