Homework Answers
| Transaction | Balance |
| Retained earnings, April 1 | $11,900 |
| Issue common stock for cash, $12,000 | - |
| Provide services to customers on account, $7,400 | $7,400 |
| Provide services to customers in exchange for cash, $2,100 | $2,100 |
| Purchase equipment and pay cash, $6,500 | - |
| Pay rent for April, $1,300 | ($1,300) |
| Pay employee salaries for April, $2,400 | ($2,400) |
| Pay dividends to stockholders, $1,450 | ($1,450) |
| Retained earnings, April 30 | $16,250 |
Net income (loss) has direct impact on retained earnings, all the cases above have direct impact on net income and helps in calculate the ending balance of Retained earnings.
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At the beginning of April, Owl Corporation has a balance of $11,900 in the Retained Earnings...
At the beginning of April, Owl Corporation has a balance of $12,800 in the Retained Earnings...
At the beginning of April, Owl Corporation has a balance of $12,800 in the Retained Earnings account. During the month of April, Owl had the following external transactions. Required: Using the external transactions below, compute the balance of Retained Earnings at April 30. (Decreases should be entered as a negative.) Balance $ 12,800 Transaction Retained earnings, April 1 1. Issue common stock for cash, $12,000. 2. Provide services to customers on account, $8,300. 3. Provide services to customers in exchange...
At the beginning of April, Owl Corporation has a balance of $12,900 in the Retained Earnings...
At the beginning of April, Owl Corporation has a balance of $12,900 in the Retained Earnings account. During the month of April, Owl had the following external transactions. 1. Issue common stock for cash, $10,000. 2. Provide services to customers on account, $8,400. 3. Provide services to customers in exchange for cash, $3,100. 4. Purchase equipment and pay cash, $7,500. 5. Pay rent for April, $1,200. 6. Pay employee salaries for April, $3,400. 7. Pay dividends to stockholders, $1,950. Required:...
E2-5 At the beginning of April, Owl Corporation has a balance of $13,000 in the Retained...
E2-5 At the beginning of April, Owl Corporation has a balance of $13,000 in the Retained Earnings account. During the month of April, Owl had the following external transactions. 1. Issue common stock for cash, $11,000. 2. Provide services to customers on account, $8,500. 3. Provide services to customers in exchange for cash, $3,200. 4. Purchase equipment and pay cash, $7,600. 5. Pay rent for April, $1,100. 6. Pay employee salaries for April, $3,500. 7. Pay dividends to stockholders, $2,000....
At the beginning of April, a company has a balance of $12,700 in the Retained Earnings...
At the beginning of April, a company has a balance of $12,700 in the Retained Earnings account. During the month of April, the company had the following external transactions. Required: Using the external transactions below, compute the balance of Retained Earnings at April 30. (Decreases should be entered as a negative.) Balance $ 12,700 Transaction Retained earnings, April 1 1. Issue common stock for cash, $11,000. 2. Provide services to customers on account, $8,200. 3. Provide services to customers in...
ment 21 4 Exercise 2-5A Understand the components of retained earnings (LO2-2) At the beginning of...
ment 21 4 Exercise 2-5A Understand the components of retained earnings (LO2-2) At the beginning of April, Owl Corporation has a balance of $13.000 in the Retained Earnings account. During the month of April, Owl had the following external transactions 00:1948 Required: Using the external transactions below.compute the balance of Retained Earnings at April 30 (Decreases should be entered as a negative) pok Bande $ 13.000 Transaction Retained earnings. April 1. Issue common stock for cash $11,000 2. Provide services...
9. At the beginning of January, the balance in the Retained Earnings account is $500,000 for...
9. At the beginning of January, the balance in the Retained Earnings account is $500,000 for TJ Corporation. During the month of January, TJ had the following external transactions. Purchase equipment and pay cash $125,000 62,000 (a) (b) (c) | (d) (e) 100,000 Pay workers' salaries for the month Provide services to customers in exchange for cash Pay dividends to stockholders Issue common stock for cash 50,000 100,000 75,000 3,500 (f) Provide services to customers on account (g) Pay rent...
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase...
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase of office supplies on account (and remain unused). c. Interest owed on borrowed amounts. d. Collection of cash from customers. e. Dividend payments to stockholders. A company had the following transactions: 1. Receive cash in advance from customers, $400. 2. Provide services to customers on account, $500. 3. Pay cash for maintenance costs in the current period, $100. 4. Incur (but do not pay)...
P1.6B (LO 4, 5, 6) AP Kensington Bike Repair Shop was started on April 1 by...
P1.6B (LO 4, 5, 6) AP Kensington Bike Repair Shop was started on April 1 by L. Depres. A summary of the April transactions follows: April 1 Invested $21,000 to start the repair shop. 2 Purchased equipment for $9,000, paying $3,000 cash and signing a note payable for the balance. 5 Paid rent for the month, $1,050. Purchased $975 of supplies on account. 9 Received $3,200 in cash from customers for repair services. 16 Provided repair services on account to...
what is the correct input for the service revenue and retained earnings for close entries? And...
what is the correct input for
the service revenue and retained earnings for close entries? And
explain please
Credits Debits $ 26,100 16,900 15,000 163,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,200 7,300 158,000 47,500 $221,000 $221,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $149, 100, and on account, $59,700. 2. February 12 Collect on accounts receivable,...
Problem 1. On April 1, Holly Dahl established Holiday Travel Agency LTD. The fo during the...
Problem 1. On April 1, Holly Dahl established Holiday Travel Agency LTD. The fo during the month: llowing transactions occurred 1. Shareholders invested $12,000 cash in the business in exchange for ordinary shares 2. Paid $400 cash for April office rent 3. Purchased office equipment for $5,500 cash. 4. Incurred $300 of advertising costs on account. 5. Paid $600 cash for office supplies. 6. Performed services worth $8,500: $2,000 cash is received from customers, and the balance of $6,500 is...
At the beginning of April, Owl Corporation has a balance of $12,800 in the Retained Earnings account. During the month of April, Owl had the following external transactions. Required: Using the external transactions below, compute the balance of Retained Earnings at April 30. (Decreases should be entered as a negative.) Balance $ 12,800 Transaction Retained earnings, April 1 1. Issue common stock for cash, $12,000. 2. Provide services to customers on account, $8,300. 3. Provide services to customers in exchange...
At the beginning of April, Owl Corporation has a balance of $12,900 in the Retained Earnings account. During the month of April, Owl had the following external transactions. 1. Issue common stock for cash, $10,000. 2. Provide services to customers on account, $8,400. 3. Provide services to customers in exchange for cash, $3,100. 4. Purchase equipment and pay cash, $7,500. 5. Pay rent for April, $1,200. 6. Pay employee salaries for April, $3,400. 7. Pay dividends to stockholders, $1,950. Required:...
E2-5 At the beginning of April, Owl Corporation has a balance of $13,000 in the Retained Earnings account. During the month of April, Owl had the following external transactions. 1. Issue common stock for cash, $11,000. 2. Provide services to customers on account, $8,500. 3. Provide services to customers in exchange for cash, $3,200. 4. Purchase equipment and pay cash, $7,600. 5. Pay rent for April, $1,100. 6. Pay employee salaries for April, $3,500. 7. Pay dividends to stockholders, $2,000....
At the beginning of April, a company has a balance of $12,700 in the Retained Earnings account. During the month of April, the company had the following external transactions. Required: Using the external transactions below, compute the balance of Retained Earnings at April 30. (Decreases should be entered as a negative.) Balance $ 12,700 Transaction Retained earnings, April 1 1. Issue common stock for cash, $11,000. 2. Provide services to customers on account, $8,200. 3. Provide services to customers in...
ment 21 4 Exercise 2-5A Understand the components of retained earnings (LO2-2) At the beginning of April, Owl Corporation has a balance of $13.000 in the Retained Earnings account. During the month of April, Owl had the following external transactions 00:1948 Required: Using the external transactions below.compute the balance of Retained Earnings at April 30 (Decreases should be entered as a negative) pok Bande $ 13.000 Transaction Retained earnings. April 1. Issue common stock for cash $11,000 2. Provide services...
9. At the beginning of January, the balance in the Retained Earnings account is $500,000 for TJ Corporation. During the month of January, TJ had the following external transactions. Purchase equipment and pay cash $125,000 62,000 (a) (b) (c) | (d) (e) 100,000 Pay workers' salaries for the month Provide services to customers in exchange for cash Pay dividends to stockholders Issue common stock for cash 50,000 100,000 75,000 3,500 (f) Provide services to customers on account (g) Pay rent...
P1.6B (LO 4, 5, 6) AP Kensington Bike Repair Shop was started on April 1 by L. Depres. A summary of the April transactions follows: April 1 Invested $21,000 to start the repair shop. 2 Purchased equipment for $9,000, paying $3,000 cash and signing a note payable for the balance. 5 Paid rent for the month, $1,050. Purchased $975 of supplies on account. 9 Received $3,200 in cash from customers for repair services. 16 Provided repair services on account to...
what is the correct input for
the service revenue and retained earnings for close entries? And
explain please
Credits Debits $ 26,100 16,900 15,000 163,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,200 7,300 158,000 47,500 $221,000 $221,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $149, 100, and on account, $59,700. 2. February 12 Collect on accounts receivable,...
Problem 1. On April 1, Holly Dahl established Holiday Travel Agency LTD. The fo during the month: llowing transactions occurred 1. Shareholders invested $12,000 cash in the business in exchange for ordinary shares 2. Paid $400 cash for April office rent 3. Purchased office equipment for $5,500 cash. 4. Incurred $300 of advertising costs on account. 5. Paid $600 cash for office supplies. 6. Performed services worth $8,500: $2,000 cash is received from customers, and the balance of $6,500 is...
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