Homework Answers
Answer-
| Transaction | Account Titles | Debit | Credit |
| a. | Accounts receivable | 28,500 | |
| Service revenue | 28,500 | ||
| (To record services performed on account) | |||
| b. | Cash | 22,800 | |
| Accounts receivable | 22,800 | ||
| (To record collections on account) | |||
| c. | Prepaid insurance | 5,700 | |
| Cash | 5,700 | ||
| (To record cash paid in advance for insurance) | |||
| d. | Accounts payable | 980 | |
| Cash | 980 | ||
| (To record payment on account) | |||
| e. | Insurance expense | 3100 | |
| Prepaid insurance | 3100 | ||
| (To record insurance expense) | |||
| f. | Cash | 5700 | |
| Unearned revenue | 5700 | ||
| (To record cash received for services to be performed) | |||
| g. | Land | 1710 | |
| Cash | 1710 | ||
| (To record land purchased for cash) | |||
| h. | Supplies | 1000 | |
| Cash | 1000 | ||
| (To record supplies purchased for cash) |
| Transaction | Assets | = | Liabilities | + | Equity | Revenue | - | Expenses | = | Net Income | Statement of Cash Flow | |
| a. | 28,500 | = | + | 28,500 | 28,500 | - | = | 28,500 | ||||
| b. | 22,800 | = | + | - | = | 22,800 | OA | |||||
| -22,800 | = | + | - | = | ||||||||
| c. | 5,700 | = | + | - | = | |||||||
| -5,700 | = | + | - | = | -5,700 | OA | ||||||
| d. | -980 | = | -980 | + | - | = | -980 | OA | ||||
| e. | -3100 | = | + | -3100 | - | 3100 | = | -3100 | ||||
| f. | 5700 | = | 5700 | + | - | = | 5700 | OA | ||||
| g. | 1710 | = | + | - | = | |||||||
| -1710 | = | + | - | = | -1710 | IA | ||||||
| h. | 1000 | = | + | - | = | |||||||
| -1000 | = | + | - | = | -1000 | OA | ||||||
| Total | 30120 | = | 4720 | + | 25,400 | 28,500 | - | 3100 | = | 25,400 | 19,110 | NC |
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a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
Exercise 3-14A Recording events in the general journal and identifying their effect on financial statements LO...
Exercise 3-14A Recording events in the general journal and
identifying their effect on financial statements LO 3-2
Performed $28,700 of services on account.
Collected $18,100 cash on accounts receivable.
Paid $5,300 cash in advance for an insurance policy.
Paid $1,280 on accounts payable.
Recorded the adjusting entry to recognize $3,500 of insurance
expense.
Received $11,800 cash for services to be performed at a later
date.
Purchased land for $840 cash.
Purchased supplies for $1,300 cash.
Required
Record each of the...
A: Received cash of $35,000 from the issue of common stock. B: Performed $54,000 of services...
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
Exercise 3-14A Recording events in the general journal and identifying their effect on financial statements LO...
Exercise 3-14A Recording events in the general journal and identifying their effect on financial statements LO 3-2 a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies...
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash....
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account 4. Paid $16,500 cash to an employee for salary 5. Collected $50.000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend to the stockholders. 8. Accrued salaries were $2,600 at the end of Year 1. wipped Box Him Terences Required a. Show the effects on the financial...
Exercise 3-9 Davos Company performed services on account for $160,000 in 2016. Davos collected $120,000 cash...
Exercise 3-9
Davos Company performed services on account for $160,000 in
2016. Davos collected $120,000 cash from accounts receivable during
2016, and the remaining $40,000 was collected in cash dur- ing
2017.
Required
a. Record the 2016 transactions in T-accounts. b. Record the
2016 transactions in a horizontal statements model like the
following one:
c. Determine the amount of revenue Davos would report on the
2016 income statement. d. Determine the amount of cash flow from
operating activities Davos would...
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account....
2. Performed legal services for cash of $64,500 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 $4,400 6. Paid cash for operating expenses of $21,700. 7. Determined that at the end of the accounting period $145 of office supplies remained on hand. 8. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction...
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash....
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash. 3. Incurred $62,000 of other operating expenses on account 4. Paid $23,500 cash to an employee for salary. 5. Collected $71,000 cash from accounts receivable. 6. Paid $26,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,400 at the end of Year 1. Required a. Show the effects of the events on the financial statements...
Exercise 3-14B Allected by 000 of sup- Based on this information, determine the amount of cash...
Exercise 3-14B
Allected by 000 of sup- Based on this information, determine the amount of cash outflow for expenses during the accounting period. (Hint: Use a T-account for Accounts Payable. Enter the debits and credits for the given events, and solve for the missing amount.) LO 3-2 Exercise 3-14B Recording events in the general journal and identifying their effect on financial statements Required Record each of the following transactions in general journal form and then show the effect of the...
On September 8, a company provides services on account to a customer for $1,800, terms 5/10,...
On September 8, a company provides services on account to a customer for $1,800, terms 5/10, 1/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the service revenue on account. Note:...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
Exercise 3-14A Recording events in the general journal and
identifying their effect on financial statements LO 3-2
Performed $28,700 of services on account.
Collected $18,100 cash on accounts receivable.
Paid $5,300 cash in advance for an insurance policy.
Paid $1,280 on accounts payable.
Recorded the adjusting entry to recognize $3,500 of insurance
expense.
Received $11,800 cash for services to be performed at a later
date.
Purchased land for $840 cash.
Purchased supplies for $1,300 cash.
Required
Record each of the...
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
Exercise 3-14A Recording events in the general journal and identifying their effect on financial statements LO 3-2 a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies...
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account 4. Paid $16,500 cash to an employee for salary 5. Collected $50.000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend to the stockholders. 8. Accrued salaries were $2,600 at the end of Year 1. wipped Box Him Terences Required a. Show the effects on the financial...
Exercise 3-9
Davos Company performed services on account for $160,000 in
2016. Davos collected $120,000 cash from accounts receivable during
2016, and the remaining $40,000 was collected in cash dur- ing
2017.
Required
a. Record the 2016 transactions in T-accounts. b. Record the
2016 transactions in a horizontal statements model like the
following one:
c. Determine the amount of revenue Davos would report on the
2016 income statement. d. Determine the amount of cash flow from
operating activities Davos would...
2. Performed legal services for cash of $64,500 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 $4,400 6. Paid cash for operating expenses of $21,700. 7. Determined that at the end of the accounting period $145 of office supplies remained on hand. 8. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction...
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash. 3. Incurred $62,000 of other operating expenses on account 4. Paid $23,500 cash to an employee for salary. 5. Collected $71,000 cash from accounts receivable. 6. Paid $26,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,400 at the end of Year 1. Required a. Show the effects of the events on the financial statements...
Exercise 3-14B
Allected by 000 of sup- Based on this information, determine the amount of cash outflow for expenses during the accounting period. (Hint: Use a T-account for Accounts Payable. Enter the debits and credits for the given events, and solve for the missing amount.) LO 3-2 Exercise 3-14B Recording events in the general journal and identifying their effect on financial statements Required Record each of the following transactions in general journal form and then show the effect of the...
On September 8, a company provides services on account to a customer for $1,800, terms 5/10, 1/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the service revenue on account. Note:...
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