explain how fo do this please Question 1 : Company Purchased inventory $5,000 on account. It...
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Question 1 :
Company Purchased inventory $5,000 on account. It...
Question 1 : Company Purchased inventory $5,000 on account. It will pay within 30 days. (Please...
Question 1 : Company Purchased inventory $5,000 on account. It will pay within 30 days. (Please see ppt slice 30 as reference) ASSET = Liability + Equity Question 2: Company provided services to client and collected $2,500 in Cash (Please see ppt slice 31 as reference) ASSET = Liability + Equity Question 3: Company paid $4,500 in cash expenses: $1,000 utility expenses; $1,800 rent expenses ; $1,700 salaries expenses. (please see ppt slice 33 as reference) ASSET = Liability +...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
a. Owner invested $66,000 cash in the company along with equipment that had a $10,000 market...
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...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to Merchandise Inventory and a credit to Accounts Receivable. debit to Cost of Goods Sold and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Cost of Goods Sold. debit to Cost of Goods Sold and a credit to Merchandise Inventory. 1 points Question 6 Accumulated depreciation is classified as a(n)...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account Hardy sold inventory on account that cost $18,800 for $28.100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable Hardy also paid $4,500 cash for operating expenses. Assume that Hardy started the accounting period with $20,500 in both cash and common stock Required a. Record the events in a horizontal statement model. In the Cash Flow column, use...
Problem 1 Identifying effects of transactions using the accounting equation Randa Abbas began a professional practice...
Problem 1 Identifying effects of transactions using the accounting equation Randa Abbas began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Abbas (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 on credit...
Exercise 5-9 This information relates to the Cash account for Crane Company. Balance September 1-$17,380; Cash...
Exercise 5-9 This information relates to the Cash account for Crane Company. Balance September 1-$17,380; Cash deposited-$64,000 Balance September 30-$18,580; Checks written-$62,800 The September bank statement shows a balance of $17,480 at September 30 and the following memoranda. Debits Credits $840 Collection of electronic funds transfer $2,110 NSF check: H. Kane Interest earned on checking account Safety deposit box rent 85 70 At September 30, deposits in transit were $5,043 and outstanding checks totaled $2,688 Prepare the bank reconciliation at...
Check my work Required information [The following information applies to the questions displayed below.] Sanyu Sony...
Check my work Required information [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $64,300 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. 2 The company rented office space and paid $1,100 cash for the December rent. 3 The company purchased $13,900 of electrical equipment by paying $5,700 cash...
Please help, it keeps saying that my answer is not complete and I do not understand...
Please help, it keeps saying that my answer is not
complete and I do not understand what I am missing.
Thanks!
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $33,000 cash and computer equipment worth $30,000 in the company. 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. 3 The company purchased $1,700 of office...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
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...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account Hardy sold inventory on account that cost $18,800 for $28.100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable Hardy also paid $4,500 cash for operating expenses. Assume that Hardy started the accounting period with $20,500 in both cash and common stock Required a. Record the events in a horizontal statement model. In the Cash Flow column, use...
Exercise 5-9 This information relates to the Cash account for Crane Company. Balance September 1-$17,380; Cash deposited-$64,000 Balance September 30-$18,580; Checks written-$62,800 The September bank statement shows a balance of $17,480 at September 30 and the following memoranda. Debits Credits $840 Collection of electronic funds transfer $2,110 NSF check: H. Kane Interest earned on checking account Safety deposit box rent 85 70 At September 30, deposits in transit were $5,043 and outstanding checks totaled $2,688 Prepare the bank reconciliation at...
Check my work Required information [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $64,300 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. 2 The company rented office space and paid $1,100 cash for the December rent. 3 The company purchased $13,900 of electrical equipment by paying $5,700 cash...
Please help, it keeps saying that my answer is not
complete and I do not understand what I am missing.
Thanks!
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $33,000 cash and computer equipment worth $30,000 in the company. 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. 3 The company purchased $1,700 of office...
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