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