Homework Answers
Cash balance = Capital balance 13,000 + Borrowed from bank 13,000 + Service revenue 3,400 - Equipment purchase 1,100 - rent paid 200 - supplies purchased 400
= 27,700
Equipment = 1,100
Supplies = 400
Total assets = 27,700 + 1,100 + 400
= $29,200
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Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first...
Question Help Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during...
Question Help Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year of operations are provided below. a) The owner, Mitchell Johnson, contributed $11,000 cash in exchange for capital. b) Paid $1,700 for equipment to be used for plumbing repairs. c) Borrowed $14.000 from a local bank and deposited the money in the checking account. d) Paid $300 in rent for the year. e) Paid $400 for plumbing supplies to be used on...
can you check again MIDTERM Sace Johnson Waterworks Company provides plumbing services. The company is a sole propr...
can you check again
MIDTERM Sace Johnson Waterworks Company provides plumbing services. The company is a sole proprieorship. Transactions uring the first year of operations are provided below a) The owner, Mitchell Johnson, contributed $13.000 cash in exchange for capital b) Paid $1,700 for equipment to be used for plumbing repairs e) Borrowed $10,000 from a local bank and deposted the money in the checking account d) Paid $400 in rent for the year e) Paid $200 for plumbing supplies...
L Moving to another question will save this response. Question 7 Regent Plumbing Company provides plumbing...
L Moving to another question will save this response. Question 7 Regent Plumbing Company provides plumbing services. The company is a sole proprietorship. Selected transactions of Regent Plumbing Company are described as follows: a) Sharon Regent, the owner, contributed $6000 cash in exchange for capital. b) Paid $4000 cash for equipment to be used for plumbing repairs. c) Borrowed $10,000 from a local bank and deposited the money in the checking account. d) Paid $700 rent for the year. e)...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
Problems 1 to 7 – (worth 40 Points in Total) Problem 1 (worth 5 Points) 1....
Problems 1 to 7 – (worth 40 Points in Total) Problem 1 (worth 5 Points) 1. 1(a) - Scott Camera Shop, a proprietorship, started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made withdrawals of $60,000. What is the amount of Scott's owner's equity at the end of the year? 1(b) - Sharon Samson starts a plumbing service, Reliable Waterworks, a...
M&T Plumbing Company completed the following transactional data for the first month of operations. May 1:...
M&T Plumbing Company completed the following transactional data for the first month of operations. May 1: Steven Mattel deposited $68,700 in the business account. In addition, he transferred his vehicle title, worth $13,820, to the business. Steven received capital in return. 1: A Payment was made for the amount of $2,500 to Sky Properties. The concept states "May through July Rent." 4: Purchased business insurance policy for $2,400 for the period May, 2000, through April 30,2001. 5: Steven went to...
3. Meganco stared business on 1/1/XX as a sole proprietorship. During the first month the following...
3. Meganco stared business on 1/1/XX as a sole proprietorship. During the first month the following transactions took place: 1/1 Megan invested $75,000 in cash into the business. 1/2 Office space was rented on a month to month basis. The first months rent of $1,200 was paid to the landlord. 1/3 Meganco purchased a new Mac, computer system for $7,500. The company put $2,000 cash down on the computer system and borrowed the balance on a 120 day 10% loan...
Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first...
Maquoketa Services was formed on May 1, 2017. The following
transactions took place during the first month.
Just need help fixing those T accounts
Problem 2-3A (Part Level Submission) Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month. Transactions on May 1: 1. Jay Bradford invested $41,000 cash in the company, as its sole owner. 2. Hired two employees to work in the warehouse. They will each be paid a salary of...
Instruction: Super Plumbing Inc, completed the following TEN transactions during June 2020. its first month of...
Instruction: Super Plumbing Inc, completed the following TEN transactions during June 2020. its first month of operation. Assume that the company makes adjustments at the end of every month. Record these transactions in general journal entry form. Style conventions for journalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
Instruction: Super Plumbing Inc. completed the following TEN transactions during June 2020, its first month of...
Instruction: Super Plumbing Inc. completed the following TEN transactions during June 2020, its first month of operation. Assume that the company makes adjustments at the end of every month, Record these transactions in general journal entry form. Style conventions for joumalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
Question Help Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year of operations are provided below. a) The owner, Mitchell Johnson, contributed $11,000 cash in exchange for capital. b) Paid $1,700 for equipment to be used for plumbing repairs. c) Borrowed $14.000 from a local bank and deposited the money in the checking account. d) Paid $300 in rent for the year. e) Paid $400 for plumbing supplies to be used on...
can you check again
MIDTERM Sace Johnson Waterworks Company provides plumbing services. The company is a sole proprieorship. Transactions uring the first year of operations are provided below a) The owner, Mitchell Johnson, contributed $13.000 cash in exchange for capital b) Paid $1,700 for equipment to be used for plumbing repairs e) Borrowed $10,000 from a local bank and deposted the money in the checking account d) Paid $400 in rent for the year e) Paid $200 for plumbing supplies...
L Moving to another question will save this response. Question 7 Regent Plumbing Company provides plumbing services. The company is a sole proprietorship. Selected transactions of Regent Plumbing Company are described as follows: a) Sharon Regent, the owner, contributed $6000 cash in exchange for capital. b) Paid $4000 cash for equipment to be used for plumbing repairs. c) Borrowed $10,000 from a local bank and deposited the money in the checking account. d) Paid $700 rent for the year. e)...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
Problems 1 to 7 – (worth 40 Points in Total) Problem 1 (worth 5 Points) 1. 1(a) - Scott Camera Shop, a proprietorship, started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made withdrawals of $60,000. What is the amount of Scott's owner's equity at the end of the year? 1(b) - Sharon Samson starts a plumbing service, Reliable Waterworks, a...
M&T Plumbing Company completed the following transactional data for the first month of operations. May 1: Steven Mattel deposited $68,700 in the business account. In addition, he transferred his vehicle title, worth $13,820, to the business. Steven received capital in return. 1: A Payment was made for the amount of $2,500 to Sky Properties. The concept states "May through July Rent." 4: Purchased business insurance policy for $2,400 for the period May, 2000, through April 30,2001. 5: Steven went to...
3. Meganco stared business on 1/1/XX as a sole proprietorship. During the first month the following transactions took place: 1/1 Megan invested $75,000 in cash into the business. 1/2 Office space was rented on a month to month basis. The first months rent of $1,200 was paid to the landlord. 1/3 Meganco purchased a new Mac, computer system for $7,500. The company put $2,000 cash down on the computer system and borrowed the balance on a 120 day 10% loan...
Maquoketa Services was formed on May 1, 2017. The following
transactions took place during the first month.
Just need help fixing those T accounts
Problem 2-3A (Part Level Submission) Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month. Transactions on May 1: 1. Jay Bradford invested $41,000 cash in the company, as its sole owner. 2. Hired two employees to work in the warehouse. They will each be paid a salary of...
Instruction: Super Plumbing Inc, completed the following TEN transactions during June 2020. its first month of operation. Assume that the company makes adjustments at the end of every month. Record these transactions in general journal entry form. Style conventions for journalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
Instruction: Super Plumbing Inc. completed the following TEN transactions during June 2020, its first month of operation. Assume that the company makes adjustments at the end of every month, Record these transactions in general journal entry form. Style conventions for joumalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
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