The following events apply to Equipment Services Inc. in its
first year of operation:
- Acquired $60,000 cash from the issue of common stock.
- Received an $8,200 cash advance for services to be provided in the future.
- Purchased $2,000 of supplies on account.
- Earned $36,000 of service revenue on account.
- Incurred $16,100 of operating expenses on account.
- Collected $28,500 cash from accounts receivable.
- Made a $15,100 payment on accounts payable.
- Paid a $2,000 cash dividend to the stockholders.
- Recognized $1,600 of supplies expense.
- Recorded $3,100 of accrued salaries expense.
- Recognized $3,100 of revenue for services provided to the customer in Event 2.
Required
a. Record the events in T-accounts and determine
the ending account balances.
b. Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance.
Homework Answers
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The following events apply to Equipment Services Inc. in its
first year of operation:
Acquired $60,000...
The following events apply to Complete Business Service in 2018, its first year of op 1....
The following events apply to Complete Business Service in 2018, its first year of op 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in the future. 8. Purchased $1,450...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $37,000...
Colton Enterprises experienced the following events for Year 1,
the first year of operation:
Acquired $37,000 cash from the issue of common stock.
Paid $12,200 cash in advance for rent. The payment was for the
period April 1, Year 1, to March 31, Year 2.
Performed services for customers on account for $76,000.
Incurred operating expenses on account of $36,000.
Collected $58,500 cash from accounts receivable.
Paid $23,000 cash for salary expense.
Paid $28,800 cash as a partial payment on...
The following events apply to Montgomery Company for Year 1, its first year of operation: 1....
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35.000 from the issue of common stock 2. Performed $54.000 of services on account. 3. Incurred $7700 of other operating expenses on account. 4. Pald $27.000 cash for salaries expense. 5. Collected $37.500 of accounts receivable. 6. Pald a $3.600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Pald $6,100 of the accounts payable. Required a. Record...
The following events apply to Complete Business Service in 2018, its first year of operations: Received...
The following events apply to Complete Business Service in 2018, its first year of operations: Received $30,000 cash from the issue of common stock. Earned $25,000 of service revenue on account. Incurred $10,000 of operating expenses on account. Received $20,000 cash for performing services. Paid $8,000 cash to purchase land. Collected $22,000 of cash from accounts receivable. Received a $6,000 cash advance for services to be provided in the future. Purchased $900 of supplies on account. Made a $7,500 payment...
T accounts? Trial Balance? The following events apply to Complete Business Service in 2018, its first...
T
accounts? Trial Balance?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in the...
The following events apply to Pearson Service Co. for 2018, its first year of operation: Received...
The following events apply to Pearson Service Co. for 2018, its
first year of operation:
Received cash of $60,000 from the issue of common stock.
Performed $115,000 worth of services on account.
Paid $79,000 cash for salaries expense.
Purchased supplies for $17,000 on account.
Collected $93,000 of accounts receivable.
Paid $12,500 of the accounts payable.
Paid a $6,000 dividend to the stockholders.
Had $2,000 of supplies on hand at the end of the period.
Required
Record these events in general...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 29,200 Accounts receivable 16,400 Accounts payable 12,200 Common stock 20,200 Retained earnings 13,200 The following events apply to Oak Consulting for Year 1: Provided $74,500 of services on account. Incurred $3,000 of operating expenses on account. Collected $50,000 of accounts receivable. Paid $36,000 cash for salaries expense. Paid $13,680 cash as a partial payment on accounts payable. Paid a $8,600...
Required information [The following information applies to the questions displayed below.] At the beginning of Year...
Required information [The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 26,900 18,600 10,800 23,400 11,300 The following events apply to Oak Consulting for Year 2: 1. Provided $68,000 of services on account. 2. Incurred $3,100 of operating expenses on account. 3. Collected $49,500 of accounts receivable. 4. Paid $37,400 cash for...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,200 Accounts receivable 16,600 Accounts payable 10,500 Common stock 27,400 Retained earnings 10,900 The following events apply to Oak Consulting for Year 1: Provided $67,000 of services on account. Incurred $2,900 of operating expenses on account. Collected $48,400 of accounts receivable. Paid $37,500 cash for salaries expense. Paid $12,060 cash as a partial payment on accounts payable. Paid a $10,000...
journal entry worksheet for 1-12? The following events apply to Complete Business Service in 2018, its...
journal entry worksheet for 1-12?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in...
The following events apply to Complete Business Service in 2018, its first year of op 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in the future. 8. Purchased $1,450...
Colton Enterprises experienced the following events for Year 1,
the first year of operation:
Acquired $37,000 cash from the issue of common stock.
Paid $12,200 cash in advance for rent. The payment was for the
period April 1, Year 1, to March 31, Year 2.
Performed services for customers on account for $76,000.
Incurred operating expenses on account of $36,000.
Collected $58,500 cash from accounts receivable.
Paid $23,000 cash for salary expense.
Paid $28,800 cash as a partial payment on...
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35.000 from the issue of common stock 2. Performed $54.000 of services on account. 3. Incurred $7700 of other operating expenses on account. 4. Pald $27.000 cash for salaries expense. 5. Collected $37.500 of accounts receivable. 6. Pald a $3.600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Pald $6,100 of the accounts payable. Required a. Record...
T
accounts? Trial Balance?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in the...
The following events apply to Pearson Service Co. for 2018, its
first year of operation:
Received cash of $60,000 from the issue of common stock.
Performed $115,000 worth of services on account.
Paid $79,000 cash for salaries expense.
Purchased supplies for $17,000 on account.
Collected $93,000 of accounts receivable.
Paid $12,500 of the accounts payable.
Paid a $6,000 dividend to the stockholders.
Had $2,000 of supplies on hand at the end of the period.
Required
Record these events in general...
Required information [The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 26,900 18,600 10,800 23,400 11,300 The following events apply to Oak Consulting for Year 2: 1. Provided $68,000 of services on account. 2. Incurred $3,100 of operating expenses on account. 3. Collected $49,500 of accounts receivable. 4. Paid $37,400 cash for...
journal entry worksheet for 1-12?
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