ASSETS = LIABILITIES + EQUITY |
CASH | + | Accounts Receivable | + | Supplies | = | Accounts Payable | + | Common Stock | - | Dividends | + | Revenues | - | Expenses | |
a) | $12000 | + | $0 | + | $0 | = | $0 | + | $12000 | - | $0 | + | $0 | - | $0 |
b) | $0 | + | $0 | + | $500 | = | $500 | + | $0 | - | $0 | + | $0 | - | $0 |
c) | ($1000) | + | $0 | + | $0 | = | $0 | + | $0 | - | $0 | + | $0 | - | $1000 |
d) | $0 | + | $2800 | + | $0 | = | $0 | + | $0 | - | $0 | + | $2800 | - | $0 |
e) | ($430) | + | $0 | + | $430 | = | $0 | + | $0 | - | $0 | + | $0 | - | $0 |
f) | $800 | + | ($800) | + | $0 | = | $0 | + | $0 | - | $0 | + | $0 | - | $0 |
Balance | $11370 | + | $2000 | + | $930 | = | $500 | + | $12000 | - | $0 | + | $2800 | - | $1000 |
Normal balance of an asset account will be having a debit balance and it will be shown on the left side of the T-account.
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9) (7pts) Record the transactions in the table below. Total the columns to record the balance...
9) (7pts) Record the transactions in the table below. Total the columns to record the balance in each account a) The owner of the Reynolds Company invested $12,000 cash in the company for its common stock. b) The company purchased supplies for $500 in on account c) The company paid an employee $1,000 cash as wages for the period. d) The company completed service work for a client and sent a bill for $2,800. e) The company purchased additional supplies...
a. The company completed consulting work for a client and immediately collected $7.200 cash earned. b. The company completed commission work for a client and sent a bill for $5,700 to be received within 30 days c. The company paid an assistant $2,250 cash as wages for the period. d. The company collected $2,850 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $1,040 cash for this period's cleaning services....
Saved Help Save & Exit Submit 2 Check my work Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions ok a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. The company paid...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. a. Owner invested $68,000 cash in the company along with equipment that had a $29.000 market value in exchange for its common stock b. The company paid $2,100 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit payment due within...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. a. Owner invested $64,000 cash in the company along with equipment that had a $20,000 market value in exchange for its common stock. b. The company paid $1,200 cash for rent of office space for the month. c. The company purchased $11,000 of additional equipment on credit (payment due within...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. a. Owner invested $60,000 cash in the company along with eguipment that had a $15,000 market value in exchange for its common stock. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within...
a. Owner invested $66,000 cash in the company along with equipment that had a $10,000 market value in exchange for its common stock. b. The company paid $1,100 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $1,700 cash earned. e. The company completed work for a client and sent a bill for...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Durin Ming Chen (the owner) completed these transactions. a Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment...
The following transactions were completed by the company a. The company completed consulting work for a client and immediately collected $7400 cash earned b. The company completed commission work for a client and sent a bill for $5,900 to be received within 30 days. c. The company paid an assistant $2,350 cash as wages for the period. d. The company collected $2,950 cash as a partial payment for the amount owed by the client in transaction b. e. The company...
The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $7,200 cash earned. b. The company completed commission work for a client and sent a bill for $5,700 to be received within 30 days. c. The company paid an assistant $2,250 cash as wages for the period. d. The company collected $2,850 cash as a partial payment for the amount owed by the client in transaction b. e. The company...