Homework Answers
Option D) Increase in cash at bank $ 120 , increase in equity $ 120
Note: Fees collected from patients is a part of revenue, there for increase in revenue result to increase in equity
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Jane is an osteopath operating as a sole proprietor. On 1 February she treats a patient...
409 © Jane is an osteopath operating as a sole proprietor on 1 February she pays...
409 © Jane is an osteopath operating as a sole proprietor on 1 February she pays 800 rent in cash on her business premises for the month The effect of this transaction on the accounting equation is Select one a Decrease in cash at bank 5800 decrease in liability accounts payable 800 b. Decrease in cash at bank 5800 increase in liability accounts payable 5800 c. Decrease in cash at bank SEO increase in equity 5800 d. Decrease in cash...
Henry is an accountant operating as a sole proprietor. On 10 April he performs work for...
Henry is an accountant operating as a sole proprietor. On 10 April he performs work for a client to the value of $400 on credit. The effect of this transaction on the accounting equation is: Select one: a. Equity increases by $400; Accounts payable increases by $400. b. Cash at bank increases by $400; Accounts payable decreases by $400. c. Cash at bank increases by$400; Equity decreases by $400. d. Accounts receivable increases by $400; Equity increases by $400.
8. BONUS: Jerry Stevens is being trained in managerial accounting by his boss Sarah. For practice,...
8. BONUS: Jerry Stevens is being trained in managerial accounting by his boss Sarah. For practice, Sarah has given Jerry nine accounting transactions that commonly occur in the foodservice industry. Sarah has asked Jerry to match the nine accounting transactions with the impact they will have on one more of the three components of the accounting equation. Help Jerry complete his work by placing the letter identifying the transaction in the "transaction" cell associated with the proper transaction's impact cell....
Tonya Jefferson, a sole proprietor, runs a successful lobbying business in Washington, D.C. She doesn't sell...
Tonya Jefferson, a sole proprietor, runs a successful lobbying business in Washington, D.C. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse, from which she runs her business in order to buy a place somewhere sunny and warm. Tonya's townhouse is worth $1,000,000 and the land is worth another $1,000,000. The original basis in the townhouse was $600,000, and she has claimed $250,000 of depreciation deductions against the asset over the years....
eBook Calculator Transactions The selected transactions below were completed by Silverado Delivery Service during February: Indicate...
eBook Calculator Transactions The selected transactions below were completed by Silverado Delivery Service during February: Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. b. Increase in an asset, increase in a liability. c. Increase in an asset, increase in owner's equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in owner's equity. 1....
Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town K...
Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town K (Click the icon to view the transactions.) Indicate the effects of the business transactions on the accounting equation for Tiny Town a. Received $520 cash for service revenue earned. (Cash) a. Increase asset Increase equity Service Re b. Paid 5325 cash for salaries expense. b. Decrease asset Decrease equity Decrease liability Increase asset Increase equity Increase lief mity Choose from any drop-down list and...
Make one substantive response on this accounting transactions and their respective interpretations. A proprietor by the...
Make one substantive response on this accounting transactions and their respective interpretations. A proprietor by the name of Chad Wilson, started a rental property business and during the month of June, he completed the following the transactions: a. The owner opened a business and deposited $30,000 from his personal funds. The keywords: Business and deposited. Since the accounts have been given to you in the accounting equation, which is Assets = Liabilities + Owner's Equity, you are to ensure...
EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions...
EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions Objective 7 1. Received cash from owner as additional investment, $35,000 2. Received cash for providing delivery services, $15,000 3. Paid creditors on account, $1,800 4. Billed customers for delivery services on account, $11,250 5. Paid advertising expense, $750. 6. Purchased supplies for cash, $800 7. Paid rent for February, $2,000 8. Received cash from customers on account, $6,740 9. Determined that the cost...
1-3 2. A disadvantage to the sole proprietor form of business is a. Unlimited personal liability....
1-3
2. A disadvantage to the sole proprietor form of business is a. Unlimited personal liability. b. Dual taxation. c. Unlimited life. d. Complex management structure. 4. The purchase of inventory on credit results in a journal entry that a. Debits cash. b. Credits accounts payable C. Debits accounts receivable d. Credits cash. 3. The account that a firm would not close at the end of an accounting period is a. Service revenues. b. Cost of goods sold. c. Accumulated...
(20 MARKS) QUESTION2 Johanna Benson is a sole proprietor with a small business operating in the...
(20 MARKS) QUESTION2 Johanna Benson is a sole proprietor with a small business operating in the Central Business District (CBD) of Windhoek. The trial balance extracted as at 30 september 2016 faled to agree. A deficiency of N$ 12,360 exists on the credit side. A detailed examination of the books was undertaken and the follonwing matters were uncovered 1. An old motor vehicle was sold on the 1t of September 2016 for N$ 11,100. The vehide originally cost NS 50,250...
409 © Jane is an osteopath operating as a sole proprietor on 1 February she pays 800 rent in cash on her business premises for the month The effect of this transaction on the accounting equation is Select one a Decrease in cash at bank 5800 decrease in liability accounts payable 800 b. Decrease in cash at bank 5800 increase in liability accounts payable 5800 c. Decrease in cash at bank SEO increase in equity 5800 d. Decrease in cash...
Henry is an accountant operating as a sole proprietor. On 10 April he performs work for a client to the value of $400 on credit. The effect of this transaction on the accounting equation is: Select one: a. Equity increases by $400; Accounts payable increases by $400. b. Cash at bank increases by $400; Accounts payable decreases by $400. c. Cash at bank increases by$400; Equity decreases by $400. d. Accounts receivable increases by $400; Equity increases by $400.
8. BONUS: Jerry Stevens is being trained in managerial accounting by his boss Sarah. For practice, Sarah has given Jerry nine accounting transactions that commonly occur in the foodservice industry. Sarah has asked Jerry to match the nine accounting transactions with the impact they will have on one more of the three components of the accounting equation. Help Jerry complete his work by placing the letter identifying the transaction in the "transaction" cell associated with the proper transaction's impact cell....
eBook Calculator Transactions The selected transactions below were completed by Silverado Delivery Service during February: Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. b. Increase in an asset, increase in a liability. c. Increase in an asset, increase in owner's equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in owner's equity. 1....
Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town K (Click the icon to view the transactions.) Indicate the effects of the business transactions on the accounting equation for Tiny Town a. Received $520 cash for service revenue earned. (Cash) a. Increase asset Increase equity Service Re b. Paid 5325 cash for salaries expense. b. Decrease asset Decrease equity Decrease liability Increase asset Increase equity Increase lief mity Choose from any drop-down list and...
EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions Objective 7 1. Received cash from owner as additional investment, $35,000 2. Received cash for providing delivery services, $15,000 3. Paid creditors on account, $1,800 4. Billed customers for delivery services on account, $11,250 5. Paid advertising expense, $750. 6. Purchased supplies for cash, $800 7. Paid rent for February, $2,000 8. Received cash from customers on account, $6,740 9. Determined that the cost...
1-3
2. A disadvantage to the sole proprietor form of business is a. Unlimited personal liability. b. Dual taxation. c. Unlimited life. d. Complex management structure. 4. The purchase of inventory on credit results in a journal entry that a. Debits cash. b. Credits accounts payable C. Debits accounts receivable d. Credits cash. 3. The account that a firm would not close at the end of an accounting period is a. Service revenues. b. Cost of goods sold. c. Accumulated...
(20 MARKS) QUESTION2 Johanna Benson is a sole proprietor with a small business operating in the Central Business District (CBD) of Windhoek. The trial balance extracted as at 30 september 2016 faled to agree. A deficiency of N$ 12,360 exists on the credit side. A detailed examination of the books was undertaken and the follonwing matters were uncovered 1. An old motor vehicle was sold on the 1t of September 2016 for N$ 11,100. The vehide originally cost NS 50,250...
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