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The option B $ 80,000 Credit is the correct answer
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The Brownstone, Capital account for Joe Brownstone, owner of Brownstone Company, had the following transactions for...
The Common Stock account for November of Brownstone, Inc. had the following transactions: an issuance of...
The Common Stock account for November of Brownstone, Inc. had the following transactions: an issuance of Common Stock of $27,000 on November 1 and an issuance of Common Stock of $27,000 on November 15. Assuming a beginning balance in Common Stock of $17,000, what is the balance in Common Stock as of November 15? OA. $44,000 Debit OB $71,000 Debit OC. $71,000 Credit OD. $44,000 Credit
QUESTION 16 0.5 points Saved Which of the following statements is true of the owner, Capital...
QUESTION 16 0.5 points Saved Which of the following statements is true of the owner, Capital account? A) It is an equity account that has a normal credit balance. OB) It is a liability account that has a normal credit balance. O ) It is a liability account that has a normal debit balance. D) It is an equity account that has a normal debit balance
explain, please how? *5.4-16a A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance...
explain, please how?
*5.4-16a A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was $103,000. During the year, Sales Revenue amounted to $73,000, Sales Returns and Allowances were $2,000, Sales Discounts were $2,100, Cost of Goods Sold was $37,000, and all other expenses totaled $10,000. The company paid $19,000 in withdrawals to the owner. The last step in the closing process would include A. a debit to Income Summary for $51,100 a debit to...
T12-3 (similar to) 21. EOM Consulting Services had the following transactions for the month of November....
T12-3 (similar to) 21. EOM Consulting Services had the following transactions for the month of November. Journalize the transactions and include an explanation with each entry (Record de of the journal entry table.) (Click the icon to view the transactions.) Nov. 1: The business received $15,000 cash and gave capital to Ella Milton, the owner. Date Date Accounts and Explanation Debit Credit Nov. 1 15,000 Cash Milton, Capital 15,000 Owner contribution Owner withdrawal Pald advertising expense. Paid cash on account...
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner,...
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $175,000 cash, office equipment with a value of $8,100, and $63,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $58,000 for an office by paying $8,800 cash and signing a long-term note payable for $49,200. c. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in...
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner,...
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $155,000 cash, office equipment with a value of $5,700, and $74,000 of drafting equipment to launch the company. b. The company purchased land worth $58,000 for an office by paying $7,900 cash and signing a long-term note payable for $50,100. c. The company purchased a portable building with $52,000 cash and moved it onto the land acquired in b. d. The company paid...
Aracel Engineering completed the following transactions in the month of June. Jenna Aracel, the owner, invested...
Aracel Engineering completed the following transactions in the
month of June.
Jenna Aracel, the owner, invested $155,000 cash, office
equipment with a value of $7,100, and $73,000 of drafting equipment
to launch the company.
The company purchased land worth $55,000 for an office by
paying $7,500 cash and signing a long-term note payable for
$47,500.
The company purchased a portable building with $55,000 cash and
moved it onto the land acquired in b.
The company paid $2,800 cash for the...
The transactions of Spade Company appear below. o. Kacy Spade, owner, invested $17,000 cash in the...
The transactions of Spade Company appear below. o. Kacy Spade, owner, invested $17,000 cash in the company b. The company purchased office supplies for $493 cash. c. The company purchased $9.401 of office equipment on credit d. The company received $2,006 cash as fees for services provided to a customer e. The company paid $9.401 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a customer $3,604 as fees for services provided....
Following are the transactions of a new company called Pose-for-Pics. Aug. 1Madison Harris, the owner, invested...
Following are the transactions of a new company called Pose-for-Pics. Aug. 1Madison Harris, the owner, invested $6,500 cash and $33,s00 of photography equipment in the company. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $880 cash 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities. Required: 1. Post the transactions to the T-accounts. 2. Use the...
2. Prepare adjusting entries for the following transactions: (a) The beginning balance of the supplies account...
2. Prepare adjusting entries for the following transactions: (a) The beginning balance of the supplies account was $245. During the month the company bought additional supplies in the amount of $735. At the end of the month a physical inventory showed S343 of unused supplies. The company has a 12% note payable in the amount of $17,000 due in six months. The interest expense of $170 for the month has not been recorded. c) The company has two employees. The...
The Common Stock account for November of Brownstone, Inc. had the following transactions: an issuance of Common Stock of $27,000 on November 1 and an issuance of Common Stock of $27,000 on November 15. Assuming a beginning balance in Common Stock of $17,000, what is the balance in Common Stock as of November 15? OA. $44,000 Debit OB $71,000 Debit OC. $71,000 Credit OD. $44,000 Credit
QUESTION 16 0.5 points Saved Which of the following statements is true of the owner, Capital account? A) It is an equity account that has a normal credit balance. OB) It is a liability account that has a normal credit balance. O ) It is a liability account that has a normal debit balance. D) It is an equity account that has a normal debit balance
explain, please how?
*5.4-16a A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was $103,000. During the year, Sales Revenue amounted to $73,000, Sales Returns and Allowances were $2,000, Sales Discounts were $2,100, Cost of Goods Sold was $37,000, and all other expenses totaled $10,000. The company paid $19,000 in withdrawals to the owner. The last step in the closing process would include A. a debit to Income Summary for $51,100 a debit to...
T12-3 (similar to) 21. EOM Consulting Services had the following transactions for the month of November. Journalize the transactions and include an explanation with each entry (Record de of the journal entry table.) (Click the icon to view the transactions.) Nov. 1: The business received $15,000 cash and gave capital to Ella Milton, the owner. Date Date Accounts and Explanation Debit Credit Nov. 1 15,000 Cash Milton, Capital 15,000 Owner contribution Owner withdrawal Pald advertising expense. Paid cash on account...
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $175,000 cash, office equipment with a value of $8,100, and $63,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $58,000 for an office by paying $8,800 cash and signing a long-term note payable for $49,200. c. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in...
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $155,000 cash, office equipment with a value of $5,700, and $74,000 of drafting equipment to launch the company. b. The company purchased land worth $58,000 for an office by paying $7,900 cash and signing a long-term note payable for $50,100. c. The company purchased a portable building with $52,000 cash and moved it onto the land acquired in b. d. The company paid...
Aracel Engineering completed the following transactions in the
month of June.
Jenna Aracel, the owner, invested $155,000 cash, office
equipment with a value of $7,100, and $73,000 of drafting equipment
to launch the company.
The company purchased land worth $55,000 for an office by
paying $7,500 cash and signing a long-term note payable for
$47,500.
The company purchased a portable building with $55,000 cash and
moved it onto the land acquired in b.
The company paid $2,800 cash for the...
The transactions of Spade Company appear below. o. Kacy Spade, owner, invested $17,000 cash in the company b. The company purchased office supplies for $493 cash. c. The company purchased $9.401 of office equipment on credit d. The company received $2,006 cash as fees for services provided to a customer e. The company paid $9.401 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a customer $3,604 as fees for services provided....
Following are the transactions of a new company called Pose-for-Pics. Aug. 1Madison Harris, the owner, invested $6,500 cash and $33,s00 of photography equipment in the company. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $880 cash 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities. Required: 1. Post the transactions to the T-accounts. 2. Use the...
2. Prepare adjusting entries for the following transactions: (a) The beginning balance of the supplies account was $245. During the month the company bought additional supplies in the amount of $735. At the end of the month a physical inventory showed S343 of unused supplies. The company has a 12% note payable in the amount of $17,000 due in six months. The interest expense of $170 for the month has not been recorded. c) The company has two employees. The...
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