Homework Answers
| Answer | |||||
| a. | |||||
| Assets | = | Liabilities | + | Owners Equity | |
| Cash | Equipment | = | Note payable | + | |
| $ 30,000 | $ 68,000 | = | $ 34,000 | + | $ 64,000 |
| b. | |||||
| Journal | |||||
| Date | General Journal | Debit | Credit | ||
| Cash | $ 30,000 | ||||
| Equipment | $ 68,000 | ||||
| Service revenue | $ 64,000 | ||||
| Note payable | $ 34,000 | ||||
| c. | |||||
| Cash | |||||
| $ 30,000 | |||||
| Equipment | |||||
| $ 68,000 | |||||
| Note Payable | |||||
| $ 34,000 | |||||
| Revenue | |||||
| $ 64,000 | |||||
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Groro Co. bills a client $64,000 for services provided and agrees to accept the following three...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $69,000, and (3) to assume responsibility for a $29,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts. Complete this question by entering your answers in the tabs below. Required A...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $69,000, and (3) to assume responsibility for a $29,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts Complete this question by entering your answers in the tabs below. Required A...
Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (...
Groro Co. bills a client $62,000 for services provided and
agrees to accept the following three items in full payment: (1)
$10,000 cash, (2) equipment worth $80,000, and (3) to assume
responsibility for a $28,000 note payable related to the
equipment.
(a) Analyze the transaction using the
accounting equation.
(b) Prepare general journal entries for the
above transactions.
(c) Post the entry using T-accounts to
represent ledger accounts.
Complete this question by entering your answers in the tabs below. Required...
n. 1,2,3 1 Saved Help Save & Exit Submit Groro Co. bills a client $55,000 for...
n. 1,2,3 1 Saved Help Save & Exit Submit Groro Co. bills a client $55,000 for services provided and agrees to accept the following three items In full payment: (1) $17,000 cash, (2) equipment worth $59,000, and (3) to assume responsibility for a $21,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Prepare general Journal entries for the above transactions (c) Post the entry using T-accounts to represent ledger accounts. Complete this question...
For each of the following (1) identify the account as an asset, liability, equity, revenue, or...
For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) Identify the normal balance of the account; and (3) select debitor credit to identify the kind of entry that would increase the account balance. Type of Account Normal Balance Increase (Dr. or Cr.) ad Account a. Services Revenue b. Equipment c. Notes Payable d. Common Stock e Supplies Accounts Payable 9. Consulting Revenue h. Salarios Expono i. Utilities Expense Prepaid Rent k...
a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $75,000...
a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $75,000 in cash along with equipment having a $35,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $380. c. On May 25, Elegant Lawns recelves $8,300 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,500 cash in advance of providing landscaping services to a customer For each transaction,(1) analyze the transaction using the accounting equation, (2)...
You are operating your accounting firm. Your first client had the following transactions in April 20x7:...
You are operating your accounting firm. Your first client had
the following transactions in April 20x7:
Borrowed $10,000 from the bank.
Purchased $2,250 of computer equipment for cash.
Paid $750 cash for this month’s rent.
Purchased $1,500 of office supplies on credit. It is expected
that these supplies will last for 3 months.
Billed $500 to customers for services rendered during
April.
Paid cash for the $1,500 balance owed to the vendor from
Transaction 4.
Collected $450 cash of the...
what is the correct answer? with explanation On April 12, Hong Company agrees to accept a...
what is the correct answer?
with explanation
On April 12, Hong Company agrees to accept a 60-day, 10%, $5,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice O Debit Accounts Payable $5,500, credit Notes Payable $5,500 O Debit Notes Payable $5,500, credit Accounts Payable $5,500. O Debit Accounts Receivable $5,500, credit Notes Payable $5,500 O Debit Cash $5,500; credit...
7 QS 2-6 Analyzing transactions and preparing Journal entries LO P1 For each transaction. ( analyze...
7 QS 2-6 Analyzing transactions and preparing Journal entries LO P1 For each transaction. ( analyze the transaction using the accounting equation (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101): Accounts Receivable (106): Office Supplies (124); Trucks (153): Equipment (167): Accounts Payable (201) Unoamed Landscaping Revenue (236; D. Tyler. Capital (3011; D. Tyler, Withdrawals (302; Landscaping Revenue...
The Four Steps in the Accounting Process You are operating your accounting firm. Your first client...
The Four Steps in the Accounting Process
You are operating your accounting firm. Your first client had
the following transactions in April 20x7:
Borrowed $10,000 from the bank.
Purchased $2,250 of computer equipment for cash.
Paid $750 cash for this month's rent.
Purchased $1,500 of office supplies on credit. It is expected
that these supplies will last for 3 months.
Billed $500 to customers for services rendered during
April.
Paid cash for the $1,500 balance owed to the vendor from...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $69,000, and (3) to assume responsibility for a $29,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts. Complete this question by entering your answers in the tabs below. Required A...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $69,000, and (3) to assume responsibility for a $29,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts Complete this question by entering your answers in the tabs below. Required A...
Groro Co. bills a client $62,000 for services provided and
agrees to accept the following three items in full payment: (1)
$10,000 cash, (2) equipment worth $80,000, and (3) to assume
responsibility for a $28,000 note payable related to the
equipment.
(a) Analyze the transaction using the
accounting equation.
(b) Prepare general journal entries for the
above transactions.
(c) Post the entry using T-accounts to
represent ledger accounts.
Complete this question by entering your answers in the tabs below. Required...
n. 1,2,3 1 Saved Help Save & Exit Submit Groro Co. bills a client $55,000 for services provided and agrees to accept the following three items In full payment: (1) $17,000 cash, (2) equipment worth $59,000, and (3) to assume responsibility for a $21,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Prepare general Journal entries for the above transactions (c) Post the entry using T-accounts to represent ledger accounts. Complete this question...
For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) Identify the normal balance of the account; and (3) select debitor credit to identify the kind of entry that would increase the account balance. Type of Account Normal Balance Increase (Dr. or Cr.) ad Account a. Services Revenue b. Equipment c. Notes Payable d. Common Stock e Supplies Accounts Payable 9. Consulting Revenue h. Salarios Expono i. Utilities Expense Prepaid Rent k...
a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $75,000 in cash along with equipment having a $35,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $380. c. On May 25, Elegant Lawns recelves $8,300 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,500 cash in advance of providing landscaping services to a customer For each transaction,(1) analyze the transaction using the accounting equation, (2)...
You are operating your accounting firm. Your first client had
the following transactions in April 20x7:
Borrowed $10,000 from the bank.
Purchased $2,250 of computer equipment for cash.
Paid $750 cash for this month’s rent.
Purchased $1,500 of office supplies on credit. It is expected
that these supplies will last for 3 months.
Billed $500 to customers for services rendered during
April.
Paid cash for the $1,500 balance owed to the vendor from
Transaction 4.
Collected $450 cash of the...
what is the correct answer?
with explanation
On April 12, Hong Company agrees to accept a 60-day, 10%, $5,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice O Debit Accounts Payable $5,500, credit Notes Payable $5,500 O Debit Notes Payable $5,500, credit Accounts Payable $5,500. O Debit Accounts Receivable $5,500, credit Notes Payable $5,500 O Debit Cash $5,500; credit...
7 QS 2-6 Analyzing transactions and preparing Journal entries LO P1 For each transaction. ( analyze the transaction using the accounting equation (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101): Accounts Receivable (106): Office Supplies (124); Trucks (153): Equipment (167): Accounts Payable (201) Unoamed Landscaping Revenue (236; D. Tyler. Capital (3011; D. Tyler, Withdrawals (302; Landscaping Revenue...
The Four Steps in the Accounting Process
You are operating your accounting firm. Your first client had
the following transactions in April 20x7:
Borrowed $10,000 from the bank.
Purchased $2,250 of computer equipment for cash.
Paid $750 cash for this month's rent.
Purchased $1,500 of office supplies on credit. It is expected
that these supplies will last for 3 months.
Billed $500 to customers for services rendered during
April.
Paid cash for the $1,500 balance owed to the vendor from...
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