Question

A business has the following transactions: The business received $15,000 cash from owner contribution. The business purchases

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Payable are recorded on credit side and payment are recorded on debit side of accounts payable account.

$800 and $4,000 on credit side. $800 payment on debit side.

Option D.

Add a comment
Know the answer?
Add Answer to:
A business has the following transactions: The business received $15,000 cash from owner contribution. The business...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • A sole proprietorship has the following transactions: The business received $20,000 cash from the owner in...

    A sole proprietorship has the following transactions: The business received $20,000 cash from the owner in exchange for capital. The business purchases $600 of office supplies on account. The business purchases $3,000 of furniture on account. The business performs services to various clients totaling $11,000 on account. The business pays out $3,000 for salaries expense and $4,500 for rent expense. The business pays $600 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of...

  • A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in...

    A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in exchange for capital. The business purchases $700 of office supplies on account. The business purchases $4,000 of furniture on account. The business performs services for various clients totaling $11,000 on account. The business pays $2,500 for salaries expense and $3,500 for rent expense. The business pays $700 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of its...

  • A sole proprietorship has the following transactions: The business received $22,000 cash from the owner in...

    A sole proprietorship has the following transactions: The business received $22,000 cash from the owner in exchange for capital The business purchases $500 of office supplies on account. The business purchases $2,000 of furniture on account. The business performs services to various clients totaling $11,000 on account. The business pays out $2,000 for salaries expense and $6,000 for rent expense. The business pays $500 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of...

  • Part 3: Journal Entries 20 Points Prepare Journal entries of the following transactions. A business is...

    Part 3: Journal Entries 20 Points Prepare Journal entries of the following transactions. A business is started by receiving $5,000 cash from the owner A business purchases land for $100,000 cash. A business purchases supplies for $200 on account. A business renders services to its cystomer and collects $900 cash. A business renders services to its customer for $350 on account. A business pays salary expense of $4,000 in cash. In a previous month, the business purchased supplies for $800...

  • 21. Keenan's company has the following transactions: 00 for rent that was owed from last month....

    21. Keenan's company has the following transactions: 00 for rent that was owed from last month. cashy Fent expenser received $22,500 cash and issued common stock to BA211 stockholders. Casht 211 stockholders. casnt Common skock to purchased $760 of shop supplies on account. Sup. exp. 1 018 T purchased $3,600 worth of furniture on account. furniture alp provided services to various clients totaling $11,600 on account. Service Revende acc Red paid $5,000 for salaries for the current period. salaries expenset...

  • 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 following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested...

    The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7,000 cash in his new design services business. 2. The business paid the first month's rent with $700 cash. 3. The business purchased equipment by paying $2,000 down and executing a note payable for $4,500. 4. The business purchased supplies for $850 cash 5. The business billed its clients a total of $4,000 for design services rendered. 6. The business collected $3,000 on account...

  • Part 1: ACCOUNTING EQUATION 10 POINTS Jan. 1, 2020 William Kelly started Kelly's Computer Service by...

    Part 1: ACCOUNTING EQUATION 10 POINTS Jan. 1, 2020 William Kelly started Kelly's Computer Service by investing $10,000. Jan. 3 the business borrowed $10,000 from a creditor and executed a Note payable with the principal and interest to be due in one year Jan. 5 the business purchased $12,000 of equipment for cash. Jan. 8 Kelly's rendered service to his first corporate client and earned $2,500 in cash. Jan. 12 Kelly's incurred repair expense of $1,200 and promised to pay...

  • More Info a. b. C d. Received contribution of $11,000 cash from Marilyn Mitchell in exchange...

    More Info a. b. C d. Received contribution of $11,000 cash from Marilyn Mitchell in exchange for common stock. Performed service for a client and received cash of $1,500 Paid off the beginning balance of accounts payable. Purchased supplies from Office Max on account, $600. Collected cash from a customer on account, $2,500. Cash dividends of $1,200 were paid to stockholders. Consulted for a new band and billed the client for services rendered, $6,000 Recorded the following business expenses for...

  • Transaction Analysis and Trial Balance Mary Aker opened a tax practice on June 1. The following...

    Transaction Analysis and Trial Balance Mary Aker opened a tax practice on June 1. The following accounts will be needed to record her transactions for June: Cas Library, Office Furniture and Fixtures; Accounts Payable; Notes Payable; Common Stock; Dividends; Professional Fees Earl Advertising Expense; Utilities Expense; and Interest Expense. The following transactions occured during the month of June June 1 Aker opened a business checking account at a local bank, investing $16,300 in her practice in exchange for common stock...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT