Amount $ | ||
Cash Revenue | 18,600 | =18000+600 |
Cash Expenses | ||
Insurance | 8,400 | |
Utilities | 450 | |
Salary | 2,700 | |
Total Expenses | 11,550 | |
Income under Cash Basis | 7,050 | |
The following transactions for Habari Company occurred during January 2017: Jan 1Purchased a two-year Insurance policy...
The following transactions for Habari Company occurred during January 2017: Jan 1Purchased a two-year insurance policy for cash, $8,400 Jan 4 Paid utilities bill that was received in December 2015, $450 Jan 9 Performed a service on account $12,000. Jan 16 Paid monthly salary to employees, $2,700. Jan 21 Received $18,000 from a customer on account Jan 25 Received $600 from January 9 transaction. Jan 31 Prepared the adjusting entry for insurance from January 1 transaction. Jan 31 Accrued wages...
The following transactions for Habari Company occurred during January 2017: Jan 1 Purchased a two-year insurance policy for cash, $8,400. Jan 4 Paid utilities bill that was received in December 2015, $450. Jan 9 Performed a service on account, $12,000. Jan 16 Paid monthly salary to employees, $2,700. Jan 21 Received $18,000 from a customer on account. Jan 25 Received $600 from January 9 transaction. Jan 31 Prepared the adjusting entry for insurance from January 1 transaction. Jan 31 Accrued...
Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $8,000 cash for 12 months of insurance coverage beginning immediately. Aug 1 The company received $5,400 cash in advance for 6 months of contracted services beginning on August 1 and ending on January 31. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage and services performed. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage...
General Information: The following transactions were generated during the month of January: • Jan. 16: $500 paid in cash for advertising • Jan. 20: $800 received in cash from customers billed on January 11th • Jan. 23: $200 paid cash to creditor for balanced owed • Jan. 28: $500 declared and paid cash dividend Indicate the following for each transaction: a) Basic type of account debited and credited b) Specific account debited and credited c) Whether the account increased or...
need help with this: During 2021, the following transactions occurred: Jan. 1 Issued common stock in exchange for $20,000 cash. Jan. 31 Rent payment of $1,250 for January 2021, which was paid on December 1, 2020, expires Feb. 15 Purchased inventory on account for $80,000 (the perpetual inventory system is used). Mar. 1 Lent a supplier $24,000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. Apr. 1 Paid an insurance...
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $118,000 cash. 2 Purchased inventory on account for $27,000 (the perpetual inventory system is used). 4 Paid an insurance company $1,440 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. 10 Sold merchandise on account for $11,200. The cost of the merchandise was $6,200. 15 Borrowed $22,000 from a local bank and...
The following transactions occurred during December 31, 2021, for the Falwell Company. A three-year fire insurance policy was purchased on July 1, 2021, for $14,040. The company debited insurance expense for the entire amount. Depreciation on equipment totaled $13,500 for the year. Employee salaries of $19,500 for the month of December will be paid in early January 2022. On November 1, 2021, the company borrowed $250,000 from a bank. The note requires principal and interest at 12% to be paid...
The following transactions occurred during December 31, 2018, for the Falwell Company. A three-year fire insurance policy was purchased on July 1, 2018, for $11,880. The company debited insurance expense for the entire amount. Depreciation on equipment totaled $12,000 for the year. Employee salaries of $16,000 for the month of December will be paid in early January 2019. On November 1, 2018, the company borrowed $180,000 from a bank. The note requires principal and interest at 12% to be paid...
The following transactions occurred during January, the first
month of operations for Aly Services, Inc. (ASI):
a. Toby and Aly incorporate ASI, and each owner contributes $10,000 cash $20,000 total) to the new corporation. The corporation issues stock to Toby and Aly b. ASI Borrows $5,000 cash from a local bank using a one-year note c. ASI pays $10,000 cash to buy a truck d. ASI purchases $400 worth of grooming supplies (shampoos, etc.) on account. The company receives a...
The following transactions occurred during December 31, 2021, for the Falwell Company. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. The company debited insurance expense for the entire amount. Depreciation on equipment totaled $15,000 for the year. Employee salaries of $18,000 for the month of December will be paid in early January 2022. On November 1, 2021, the company borrowed $200,000 from a bank. The note requires principal and interest at 12% to be paid...