Homework Answers
Journal entry will be Debit Credit
Equipment $46,900 Increase in asset
Cash $6,100 Decrease in asset
Notes payable $40,800 Increase in liability
So, there is increase in asset and increase in liability.
Ans: INCREASE IN ASSETS AND LIABILITIES
# decrease in asset (cash) is set off against increase in asset and the result will be increase in asset.
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Blue Spruce Corp. purchased equipment for $4900, paying cash of $6100 and signing a note payable...
Blue Spruce Corp. had the following accounts and balances: Accounts payable Accounts receivable Buildings $30100 Equipment...
Blue Spruce Corp. had the following accounts and balances: Accounts payable Accounts receivable Buildings $30100 Equipment 5100 Land Unearned service revenue 14550 Total stockholders equity $35800 35900 9600 Cash If the balance of the buildings account was $9200 and $4900 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity! 5130450 $135400 5120850 5171200
Exercise 3-6 During 2017, its first year of operations as a delivery service, Blue Spruce Corp....
Exercise 3-6 During 2017, its first year of operations as a delivery service, Blue Spruce Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $121,000 in cash. 2. Borrowed $38,000 by issuing a note. 3. Purchased delivery trucks for $64,000 cash. 4. Received $16,000 from customers for services performed. 5. Purchased supplies for $3,200 on account. 6. Paid rent of $5,300. 7. Performed services on account for $11,700. 8. Paid salaries of...
Blue Spruce Corp. had the following accounts and balances: $28900 Equipment Fouipmd Accounts payable $34800 4600...
Blue Spruce Corp. had the following accounts and balances: $28900 Equipment Fouipmd Accounts payable $34800 4600 35700 Accounts receivable Land Unearned service revenue Buildings 9900 Cash 14500 Total stockholders' equity If total stockholder's equity is $91500, what is the balance of the Buildings account? $35700 $140800 $40700 $130800
Equipment costing $8,000 is purchased by paying $5,000 cash and signing a note payable for the...
Equipment costing $8,000 is purchased by paying $5,000 cash and signing a note payable for the remainder. The journal entry should include a debit to Equipment. credit to Notes Receivable. debit to Notes Payable. debit to Cash.
Exercise 3-03 During 2022, its first year of operations as a delivery service, Blue Spruce Corp....
Exercise 3-03 During 2022, its first year of operations as a delivery service, Blue Spruce Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $115,000 in cash. 2. Borrowed $38,000 by issuing bonds. 3. Purchased delivery trucks for $55,000 cash. 4. Received $17,000 from customers for services performed. 5. Purchased supplies for $6,700 on account. 6. Paid rent of $6,000. 7. Performed services on account for $10,400. 8. Paid salaries of $29,600....
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept....
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept. 1 5 8 14 25 30 Issued common stock in exchange for $20,500 cash received from investors. Purchased equipment for $9,430, paying $2,590 in cash and the balance on account. Performed services on account for $18,000. Paid salaries of $1,200. Paid $3,140 cash on balance owed for equipment. Paid $640 cash dividend. (a) Complete a tabular analysis of the September transactions. (If a transaction...
Use the following to answer questions 6 - 8 Analyze each transaction. Under each category in...
Use the following to answer questions 6 - 8 Analyze each transaction. Under each category in the accounting equation, indicate whether the transaction: A. increases, B. decreases, or C. has no effect. The item (a) is provided as an example. (a) Provided services to a customer on account. (Revenue increases causing Stockholders' Equity to increase, Assets increase, and no effect on Liabilities). 6. Borrowed money from the bank. 7. Purchased land by signing a note payable. 8. Used supplies for...
Question Help Thorpe Corporation purchases a new delivery truck and signs a note payable at the...
Question Help Thorpe Corporation purchases a new delivery truck and signs a note payable at the truck dealership for the total cost. The impact of this transaction on Thorpe Corporation O A. increases assets and increases stockholders' equity. OB. increases assets and increases liabilities. O C. decreases assets and increases liabilities. OD. increases assets and decreases stockholders' equity.
Problem 12-09A Condensed financial data of Blue Spruce Corp. follow. Blue Spruce Corp. Comparative Balance Sheets...
Problem 12-09A Condensed financial data of Blue Spruce Corp. follow. Blue Spruce Corp. Comparative Balance Sheets December 31 Assets 2022 Cash $ 185,840 Accounts receivable 201,940 Inventory 258,750 Prepaid expenses 65,320 Long-term investments 317,400 Plant assets 655,500 Accumulated depreciation (115,000 ) Total $1,569,750 2021 $ 111,320 87,400 236,555 59,800 250,700 557,750 (119,600 ) $1,183,925 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $ 234,600 37,950 253,000 506,000 538,200 $1,569,750 $ 154,790 48,300 335,800...
These items are taken from the financial statements of Blue Spruce Corp. for 2017. Retained earnings...
These items are taken from the financial statements of Blue Spruce Corp. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,020 2,140 67,020 21,740 11,330 5,120 12,000 12,000 69,350 5,620 1,660 3,180 15,140 2,620 38,350 18,830 Prepare an income statement for the year ended December 31, 2017 Blue...
Blue Spruce Corp. had the following accounts and balances: Accounts payable Accounts receivable Buildings $30100 Equipment 5100 Land Unearned service revenue 14550 Total stockholders equity $35800 35900 9600 Cash If the balance of the buildings account was $9200 and $4900 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity! 5130450 $135400 5120850 5171200
Exercise 3-6 During 2017, its first year of operations as a delivery service, Blue Spruce Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $121,000 in cash. 2. Borrowed $38,000 by issuing a note. 3. Purchased delivery trucks for $64,000 cash. 4. Received $16,000 from customers for services performed. 5. Purchased supplies for $3,200 on account. 6. Paid rent of $5,300. 7. Performed services on account for $11,700. 8. Paid salaries of...
Blue Spruce Corp. had the following accounts and balances: $28900 Equipment Fouipmd Accounts payable $34800 4600 35700 Accounts receivable Land Unearned service revenue Buildings 9900 Cash 14500 Total stockholders' equity If total stockholder's equity is $91500, what is the balance of the Buildings account? $35700 $140800 $40700 $130800
Exercise 3-03 During 2022, its first year of operations as a delivery service, Blue Spruce Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $115,000 in cash. 2. Borrowed $38,000 by issuing bonds. 3. Purchased delivery trucks for $55,000 cash. 4. Received $17,000 from customers for services performed. 5. Purchased supplies for $6,700 on account. 6. Paid rent of $6,000. 7. Performed services on account for $10,400. 8. Paid salaries of $29,600....
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept. 1 5 8 14 25 30 Issued common stock in exchange for $20,500 cash received from investors. Purchased equipment for $9,430, paying $2,590 in cash and the balance on account. Performed services on account for $18,000. Paid salaries of $1,200. Paid $3,140 cash on balance owed for equipment. Paid $640 cash dividend. (a) Complete a tabular analysis of the September transactions. (If a transaction...
Use the following to answer questions 6 - 8 Analyze each transaction. Under each category in the accounting equation, indicate whether the transaction: A. increases, B. decreases, or C. has no effect. The item (a) is provided as an example. (a) Provided services to a customer on account. (Revenue increases causing Stockholders' Equity to increase, Assets increase, and no effect on Liabilities). 6. Borrowed money from the bank. 7. Purchased land by signing a note payable. 8. Used supplies for...
Question Help Thorpe Corporation purchases a new delivery truck and signs a note payable at the truck dealership for the total cost. The impact of this transaction on Thorpe Corporation O A. increases assets and increases stockholders' equity. OB. increases assets and increases liabilities. O C. decreases assets and increases liabilities. OD. increases assets and decreases stockholders' equity.
Problem 12-09A Condensed financial data of Blue Spruce Corp. follow. Blue Spruce Corp. Comparative Balance Sheets December 31 Assets 2022 Cash $ 185,840 Accounts receivable 201,940 Inventory 258,750 Prepaid expenses 65,320 Long-term investments 317,400 Plant assets 655,500 Accumulated depreciation (115,000 ) Total $1,569,750 2021 $ 111,320 87,400 236,555 59,800 250,700 557,750 (119,600 ) $1,183,925 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $ 234,600 37,950 253,000 506,000 538,200 $1,569,750 $ 154,790 48,300 335,800...
These items are taken from the financial statements of Blue Spruce Corp. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,020 2,140 67,020 21,740 11,330 5,120 12,000 12,000 69,350 5,620 1,660 3,180 15,140 2,620 38,350 18,830 Prepare an income statement for the year ended December 31, 2017 Blue...
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