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(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nemia Consuelo invests P200,000 in cash...
QUESTION 17 Russ Wallis decides to open a cleaning and laundry service near the local college...
QUESTION 17 Russ Wallis decides to open a cleaning and laundry service near the local college campus that will operate as a proprietorship. The transactions for the month of June are listed below 1. Russ Walls invests $20.000 in cash to start a cleaning and laundry business on June 1. 2. Purchased laundry equipment for $5,000 paying 53.000 in cash and the remainder due in 30 days. 3. Purchased laundry supplies for $1.200 cash. 4. Received a bill from Campus...
Problem 1 (40 points) Maria Martinez decides to open a cleaning and laundry service near the...
Problem 1 (40 points) Maria Martinez decides to open a cleaning and laundry service near the local college campus that will operate as a sole proprietorship. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the...
Neko Case decides to open a cleaning and laundry service near the local college campus that...
Neko Case decides to open a cleaning and laundry service near the local college campus that will operate as a corporation. Analyze the following transactions for the month of June in to their effect on the basic accounting equation. Record each transaction by increasing decreasing (-) the dollar amount of each item affected. Calculate the Net Income Transactions (1) Issued stock in exchange for $25,000 cash on June 1. (2) Purchased equipment for $5,000 paying $2,000 in cash and the...
Maria Martinez decides to open a cleaning and laundry service near the local college campus that...
Maria Martinez decides to open a cleaning and laundry service near the local college campus that will operate as a sole proprietorship. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the cause of changes in...
Transactions Layout (1) Maria Martinez invests $25,000 in cash to start a cleaning and laundry business...
Transactions Layout (1) Maria Martinez invests $25,000 in cash to start a cleaning and laundry business on June 1. (2) Purchased equipment for $5,000 paying $3,500 in cash and the remainder due in 30 days. (3) Purchased supplies for $1,200 cash. Received a bill from College Clarion for $200 for advertising in the campus newspaper. (5) Cash revenues from customers for cleaning and laundry amounted to $2,600. Assets Labilities *Owner's +Revenge -Expenses Equity Transaction Cash Accounts Supplies Equipment Accounts Owner's...
Question 2 Sara Obermeyer decides to open a pizza parlor near MHC that will operate as...
Question 2 Sara Obermeyer decides to open a pizza parlor near MHC that will operate as a corporation. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by showing the increase or decrease of each item affected. It is not necessary to identify the cause of changes in stockholders' equity. Transactions 1. Sara Obermeyer invests $25,000 cash in exchange for common stock to start a pizza parlor...
Problem 7 Sara Obermeyer decides to open a pizza parlor near the local college campus that...
Problem 7 Sara Obermeyer decides to open a pizza parlor near the local college campus that will operate as a corporation. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (–) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the cause of changes in stockholders’...
Problem 6 The following information is available for Mullen Company for the year ended December 31,...
Problem 6 The following information is available for Mullen Company for the year ended December 31, 2017: Accounts payable 4,700 Stock investments (long-term) 8,400 Accumulated depreciation, equipment 4,000 Retained earnings 16,000 Common stock 4,800 Intangible assets 2,500 Notes payable (due in 5 years) 6,000 Accounts receivable 1,500 Cash 2,600 Debt investments (short-term) 3,000 Land 10,000 Equipment 7,500 Use the above information can you prepare a...
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses....
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses. c. interim expenses. d. unearned expenses PROBLEM 1 (20 PTS.) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. The owner, P. West, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased supplies for $1,000 cash. 3. Purchased equipment for $15,000, paying $5,000...
CHAPTERS 1 AND 2 -- Page 6 Number(s) of account (s) debited Number(s) of account (s)...
CHAPTERS 1 AND 2 -- Page 6 Number(s) of account (s) debited Number(s) of account (s) credited 1. Tom Fast invests $90,000 cash to start the business. Purchased three photocopy machines for $200,000, paying. $50,000 cash and signing a 5-year, 104 note for the remainder. 3. Purchased $5,000 paper supplies on credit 4. Cash photocopy revenue amounted to $7,000. 5. Paid $500 cash for radio advertising. 6. Paid $800 on account for paper supplies purchased in trans- action 3. 7....
QUESTION 17 Russ Wallis decides to open a cleaning and laundry service near the local college campus that will operate as a proprietorship. The transactions for the month of June are listed below 1. Russ Walls invests $20.000 in cash to start a cleaning and laundry business on June 1. 2. Purchased laundry equipment for $5,000 paying 53.000 in cash and the remainder due in 30 days. 3. Purchased laundry supplies for $1.200 cash. 4. Received a bill from Campus...
Problem 1 (40 points) Maria Martinez decides to open a cleaning and laundry service near the local college campus that will operate as a sole proprietorship. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the...
Neko Case decides to open a cleaning and laundry service near the local college campus that will operate as a corporation. Analyze the following transactions for the month of June in to their effect on the basic accounting equation. Record each transaction by increasing decreasing (-) the dollar amount of each item affected. Calculate the Net Income Transactions (1) Issued stock in exchange for $25,000 cash on June 1. (2) Purchased equipment for $5,000 paying $2,000 in cash and the...
Maria Martinez decides to open a cleaning and laundry service near the local college campus that will operate as a sole proprietorship. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the cause of changes in...
Transactions Layout (1) Maria Martinez invests $25,000 in cash to start a cleaning and laundry business on June 1. (2) Purchased equipment for $5,000 paying $3,500 in cash and the remainder due in 30 days. (3) Purchased supplies for $1,200 cash. Received a bill from College Clarion for $200 for advertising in the campus newspaper. (5) Cash revenues from customers for cleaning and laundry amounted to $2,600. Assets Labilities *Owner's +Revenge -Expenses Equity Transaction Cash Accounts Supplies Equipment Accounts Owner's...
Question 2 Sara Obermeyer decides to open a pizza parlor near MHC that will operate as a corporation. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by showing the increase or decrease of each item affected. It is not necessary to identify the cause of changes in stockholders' equity. Transactions 1. Sara Obermeyer invests $25,000 cash in exchange for common stock to start a pizza parlor...
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses. c. interim expenses. d. unearned expenses PROBLEM 1 (20 PTS.) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. The owner, P. West, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased supplies for $1,000 cash. 3. Purchased equipment for $15,000, paying $5,000...
CHAPTERS 1 AND 2 -- Page 6 Number(s) of account (s) debited Number(s) of account (s) credited 1. Tom Fast invests $90,000 cash to start the business. Purchased three photocopy machines for $200,000, paying. $50,000 cash and signing a 5-year, 104 note for the remainder. 3. Purchased $5,000 paper supplies on credit 4. Cash photocopy revenue amounted to $7,000. 5. Paid $500 cash for radio advertising. 6. Paid $800 on account for paper supplies purchased in trans- action 3. 7....
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