Question

Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $36,000 on
NS with a minus sign. Not all cens require input.) HART, ATTORNEY AT LAW Effect of Transactions on the Financial Statements f
0 0
Add a comment Improve this question Transcribed image text
Answer #1
Assets Liabilities Stockholders' Equity Income Statement Statement of cash flows
Cash Supplies Accounts payable Unearned Revenue Retained Earnings Revenue Expense Net income
1 36000 36000 36000 OA
2 54000 54000 54000 54000 54000 OA
3 2800 2800
4 -2400 -2400 -2400 OA
5 -5000 -5000 -5000 FA
6 -31000 -31000 31000 -31000 -31000 OA
7 -2600 -2600 2600 -2600
8 -27000 27000 27000 27000
Totals 51600 200 400 9000 42400 81000 33600 47400 51600 NC
Revenue recognized = 36000*9/12 = $27000
Add a comment
Know the answer?
Add Answer to:
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...

    Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: Accepted $16,900 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. Performed legal services for cash of $69,500. Purchased $1,450 of office supplies on account. Paid $1,305 of the amount due on accounts payable. Paid a cash dividend to the stockholders of $5,500. Paid cash for operating expenses of $19,800. Determined that at the...

  • Hart, Attorney at Law, experienced the following transactions in 2016, the first year of operatore 1....

    Hart, Attorney at Law, experienced the following transactions in 2016, the first year of operatore 1. Accepted $38,000 on Apr 1, 2016, as a retainer for services to be performed everly over the rest 12 2. Performed legal services for cash of $54.000 3. Purchased $2.800 of office supplies on account 4. Paid $2.400 of the amount due on accounts payable 5. Paid a cash dividend to the stockholders of $5.000 6. Paid cash for operating expenses of $31,000 7....

  • Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...

    Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: Accepted $36,000 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. Performed legal services for cash of $54,000. Purchased $2,800 of office supplies on account. Paid $2,400 of the amount due on accounts payable. Paid a cash dividend to the stockholders of $5,000. Paid cash for operating expenses of $31,000. Determined that at the...

  • Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...

    Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $16,700 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months 2. Performed legal services for cash of $69.000 3. Purchased $1.500 of office supplies on account 4. Paid $1,350 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,500 6. Paid cash for operating expenses...

  • Hart, Attorney af Law, experienced the following transactions in year 1, the first year of operations:...

    Hart, Attorney af Law, experienced the following transactions in year 1, the first year of operations: 1. Accepted $18,200 on April 1, year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $61,500. 3. Purchased $1,400 of office supplies on account. 4. Paid $1,260 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,900. 6. Paid cash for operating expenses...

  • Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of...

    Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: for Services to be perform es for cash of $66.000 3. Purchased $1500 1. Accepted $17,600 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,500 of office supplies on account. 4. Paid $1,350 of the amount due on accounts payable. 5. Paid...

  • Seved Chapter 2 Quiz Hart. Attorney at Law, experienced the following transactions in 2018, the first...

    Seved Chapter 2 Quiz Hart. Attorney at Law, experienced the following transactions in 2018, the first year of operations 1 1. Accepted $15.500 on April 1. 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,100 of office supplies on account. 4. Paid $990 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,600. 6. Paid cash...

  • Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...

    Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $19,200 on April 1. Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Also performed legal services for cash of $62,000. 3. Purchased $1,050 of office supplies on account. 4. Paid $945 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000. 6. Paid cash for operating...

  • Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions...

    Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions in 2018, the first year of operations: 1. Accepted $36,000 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account. 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000....

  • no Attorney at Low, experienced the Tonowing uransactions in 2016, the rst year UI per un...

    no Attorney at Low, experienced the Tonowing uransactions in 2016, the rst year UI per un 1. Accepted $15,200 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $61,500. 3. Purchased $1,000 of office supplies on account. 4. Paid $900 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,000. 6. Paid cash for operating expenses of...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT