Homework Answers
| Solution: | ||||
| Journal Entries | ||||
| Sr. No. | Account Title and Explanation | Debit | Credit | |
| 1 | Supplies | $ 220 | ||
| Account Payable | $ 220 | |||
| 2 | Account Receivable | $ 660 | ||
| Service Revenue | $ 660 | |||
| 3 | Salaries Expenses | $ 300 | ||
| Cash | $ 300 | |||
| 4 | Cash | $ 4,000 | ||
| Common Stocck | $ 4,000 | |||
| 5 | Retained Earnings | $ 150 | ||
| Dividend Payable | $ 150 | |||
| (To Record the Dividend Declaration) | ||||
| 5 | Dividend Payable | $ 150 | ||
| Cash | $ 150 | |||
| (To Record the Dividend Paid in cash) | ||||
| 6 | Cash | $ 660 | ||
| Account Receivable | $ 660 | |||
| 7 | Account Payable | $ 220 | ||
| Cash | $ 220 | |||
| 8 | Prepaid Insurance | $ 170 | ||
| Cash | $ 170 | |||
| 9 | Cash | $ 330 | ||
| Unearned Revenue | $ 330 | |||
| 10 | Unearned Revenue | $ 330 | ||
| Service Revenue | $ 330 | |||
Add Answer to:
Current Attempt in Progress Presented below are a number of economic events. 1. Purchased supplies on...
Presented below are a number of economic events. 1. 5 mwi o nosa i Purchased supplies...
Presented below are a number of economic events. 1. 5 mwi o nosa i Purchased supplies on account, $230. Provided a service on account. $560. Paid salaries expense. $330. Issued common shares in exchange for cash, $6,000. Declared and paid $150 of dividends to shareholders. Received cash from a customer who had previously been billed for services provided, $560 (see item 2). Paid account owed to supplier on account, $230 (see item 1). Paid for insurance in advance $170. Received...
Brier Exercises- Presented below are a number of economic events. 1. Purchased supplies on account, $240....
Brier Exercises- Presented below are a number of economic events. 1. Purchased supplies on account, $240. 2. Provided a service on account, $510. 3. Paid salaries expense, $330. 4. Issued common shares in exchange for cash, $5,460. 5. Declared and paid $100 of dividends to shareholders. 6. Received cash from a customer who had previously been billed for services provided, $510 (see item 2). 7. Paid account owed to supplier on account, $240 (see item 1). 8. Paid for insurance...
Presented below are a number of economic events 1. Purchaed upplies on account, $240. 2. Previded...
Presented below are a number of economic events 1. Purchaed upplies on account, $240. 2. Previded a service on account, $480 Paid salaries expense, $330. 4. Issued common shares in exchang for cash, S4,840. 5. Declared and paid $90 of dividends to shareholders 6. Racalved cash from a cuatomer who had pravioualy baan billed for sarvices providad, $480 (sse item 2) 7. Paid account owed to supplier on account. $240 (see tem 1) Paid for inaurance in advance, S90 Received...
Presented below are a number of economic events, Using the format shown after the transactions, indicate...
Presented below are a number of economic events, Using the format shown after the transactions, indicate whether the event (including its amount) increased (+), decreased (-), or had no effect (NE) on each element of the accounting equation 1. Purchased supplies on account, $240 2. Provided a service on account, $480. 3. Paid salaries expense, $330. 4. Issued common shares in exchange for cash, $4,840 5. Declared and pald $90 of divldends to shareholders. 6. Received cash from a customer...
Current Attempt in Progress Selected transactions for the Pharoah Company are presented in journal form below....
Current Attempt in Progress Selected transactions for the Pharoah Company are presented in journal form below. J1 Credit Ref. Debit Date May 5 6,000 6,000 12 1,470 Account Titles and Explanation Accounts Receivable Service Revenue (Billed for services performed) Cash Accounts Receivable (Received cash in payment of account) Cash Service Revenue (Received cash for services performed) 1,470 15 3,940 3,940 Post the transactions to T-accounts. Make one T-account for each item and determine each account's ending balance. (Post entries in...
Question 1 View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the...
Question 1 View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $255 of supplies on account. (b) Performed $533 of services on account. (c) Paid $274 of operating expenses. (d) Paid $255 cash on account for the supplies purchased in item (a) above. (e) Invested $1.117 cash in the business. (1) Owner withdrew $447 cash. (8) Hired an employee to start working...
Current Attempt in Progress The unadjusted trial balance for Flint Corporation is shown below. FLINT CORPORATION...
Current Attempt in Progress The unadjusted trial balance for Flint Corporation is shown below. FLINT CORPORATION Trial Balance October 31, 2017 Debit Credit Cash $15,480 Supplies 3,000 Prepaid Insurance 660 Equipment 4,550 Notes Payable $4,550 Accounts Payable 2,110 Unearned Service Revenue 1,920 Common Stock 10,280 Retained Earnings Dividends 630 Service Revenue 13,240 Salaries and Wages Expense Rent Expense 4,000 3.780 $32, 100 $32.100 Salaries and Wages Expense 4,000 Rent Expense 3,780 $32,100 $32,100 Assume the following adjustment data. 1. Supplies...
Question 1 View Policies /1 Current Attempt in Progress Presented below are eight business transactions. Indicate...
Question 1 View Policies /1 Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation (a) Purchased $259 of supplies on account. (b) Performed $497 of services on account. () Paid $291 of operating expenses. (d) Paid $259 cash on account for the supplies purchased in item (a) above. (e) Invested $1,191 cash in the business. () Owner withdrew $350 cash. (g) Hired an employee to start...
View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of...
View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $283 of supplies on account. (b) Performed $457 of services on account. (c) Paid $325 of operating expenses. (d) Paid $283 cash on account for the supplies purchased in item (a) above. (e) Invested $999 cash in the business. (f) Owner withdrew $425 cash. (g) Hired an employee to start working the following...
Current Attempt in Progress The unadjusted trial balance for Marigold Corp. is shown below. MARIGOLD CORP....
Current Attempt in Progress The unadjusted trial balance for Marigold Corp. is shown below. MARIGOLD CORP. Trial Balance October 31, 2022 Debit Credit Cash $16,070 Supplies 2.880 Prepaid Insurance 750 Equipment 4.800 Notes Payable $4,800 Accounts Payable 2.500 Unearned Service Revenue 1,760 Common Stock 11,150 Retained Earnings Dividends 690 Service Revenue 10,100 Salaries and Wages Expense 4,000 Rent Expense 1,120 $30,310 $30,310 Assume the following adjustment data. 1. Supplies on hand at October 31 total $570. 2. Expired insurance for...
Presented below are a number of economic events. 1. 5 mwi o nosa i Purchased supplies on account, $230. Provided a service on account. $560. Paid salaries expense. $330. Issued common shares in exchange for cash, $6,000. Declared and paid $150 of dividends to shareholders. Received cash from a customer who had previously been billed for services provided, $560 (see item 2). Paid account owed to supplier on account, $230 (see item 1). Paid for insurance in advance $170. Received...
Brier Exercises- Presented below are a number of economic events. 1. Purchased supplies on account, $240. 2. Provided a service on account, $510. 3. Paid salaries expense, $330. 4. Issued common shares in exchange for cash, $5,460. 5. Declared and paid $100 of dividends to shareholders. 6. Received cash from a customer who had previously been billed for services provided, $510 (see item 2). 7. Paid account owed to supplier on account, $240 (see item 1). 8. Paid for insurance...
Presented below are a number of economic events 1. Purchaed upplies on account, $240. 2. Previded a service on account, $480 Paid salaries expense, $330. 4. Issued common shares in exchang for cash, S4,840. 5. Declared and paid $90 of dividends to shareholders 6. Racalved cash from a cuatomer who had pravioualy baan billed for sarvices providad, $480 (sse item 2) 7. Paid account owed to supplier on account. $240 (see tem 1) Paid for inaurance in advance, S90 Received...
Presented below are a number of economic events, Using the format shown after the transactions, indicate whether the event (including its amount) increased (+), decreased (-), or had no effect (NE) on each element of the accounting equation 1. Purchased supplies on account, $240 2. Provided a service on account, $480. 3. Paid salaries expense, $330. 4. Issued common shares in exchange for cash, $4,840 5. Declared and pald $90 of divldends to shareholders. 6. Received cash from a customer...
Current Attempt in Progress Selected transactions for the Pharoah Company are presented in journal form below. J1 Credit Ref. Debit Date May 5 6,000 6,000 12 1,470 Account Titles and Explanation Accounts Receivable Service Revenue (Billed for services performed) Cash Accounts Receivable (Received cash in payment of account) Cash Service Revenue (Received cash for services performed) 1,470 15 3,940 3,940 Post the transactions to T-accounts. Make one T-account for each item and determine each account's ending balance. (Post entries in...
Question 1 View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $255 of supplies on account. (b) Performed $533 of services on account. (c) Paid $274 of operating expenses. (d) Paid $255 cash on account for the supplies purchased in item (a) above. (e) Invested $1.117 cash in the business. (1) Owner withdrew $447 cash. (8) Hired an employee to start working...
Current Attempt in Progress The unadjusted trial balance for Flint Corporation is shown below. FLINT CORPORATION Trial Balance October 31, 2017 Debit Credit Cash $15,480 Supplies 3,000 Prepaid Insurance 660 Equipment 4,550 Notes Payable $4,550 Accounts Payable 2,110 Unearned Service Revenue 1,920 Common Stock 10,280 Retained Earnings Dividends 630 Service Revenue 13,240 Salaries and Wages Expense Rent Expense 4,000 3.780 $32, 100 $32.100 Salaries and Wages Expense 4,000 Rent Expense 3,780 $32,100 $32,100 Assume the following adjustment data. 1. Supplies...
Question 1 View Policies /1 Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation (a) Purchased $259 of supplies on account. (b) Performed $497 of services on account. () Paid $291 of operating expenses. (d) Paid $259 cash on account for the supplies purchased in item (a) above. (e) Invested $1,191 cash in the business. () Owner withdrew $350 cash. (g) Hired an employee to start...
View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $283 of supplies on account. (b) Performed $457 of services on account. (c) Paid $325 of operating expenses. (d) Paid $283 cash on account for the supplies purchased in item (a) above. (e) Invested $999 cash in the business. (f) Owner withdrew $425 cash. (g) Hired an employee to start working the following...
Current Attempt in Progress The unadjusted trial balance for Marigold Corp. is shown below. MARIGOLD CORP. Trial Balance October 31, 2022 Debit Credit Cash $16,070 Supplies 2.880 Prepaid Insurance 750 Equipment 4.800 Notes Payable $4,800 Accounts Payable 2.500 Unearned Service Revenue 1,760 Common Stock 11,150 Retained Earnings Dividends 690 Service Revenue 10,100 Salaries and Wages Expense 4,000 Rent Expense 1,120 $30,310 $30,310 Assume the following adjustment data. 1. Supplies on hand at October 31 total $570. 2. Expired insurance for...
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