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QS 2-11 Sustainability and preparing Journal entries LO P1 Following are the transactions of Green Company...
For each of the following (1) identify the type of account as an asset, liability, equity,...
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Liability Normal Balance increase (Dr. or Cr.) Credit Credit Account a. Accounts Payable b. Consulting Revenue c. Salaries Expense d. Utilities Expense e. Prepaid Rent f. Wages Payable 9. Notes...
7 QS 2-6 Analyzing transactions and preparing Journal entries LO P1 For each transaction. ( analyze...
7 QS 2-6 Analyzing transactions and preparing Journal entries LO P1 For each transaction. ( analyze the transaction using the accounting equation (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101): Accounts Receivable (106): Office Supplies (124); Trucks (153): Equipment (167): Accounts Payable (201) Unoamed Landscaping Revenue (236; D. Tyler. Capital (3011; D. Tyler, Withdrawals (302; Landscaping Revenue...
Exercise 2-7 Preparing general journal entries LO P1 Following are the transactions of a new company...
Exercise 2-7 Preparing general journal entries LO P1 Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,500 cash and $27,950 of photography equipment in the company in exchange for common stock. 2 The company paid $2,600 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,235 cash. 20 The company received $3,650 cash in photography fees earned. 31 The company paid $878 cash...
. QS 2-6 Analyzing transactions and preparing Journal entries LO P1 For each transaction (1) analyze...
. QS 2-6 Analyzing transactions and preparing Journal entries LO P1 For each transaction (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101): Accounts Receivable (106), Office Supplies (124): Trucks (153). Equipment (167): Accounts Payable (201): Uneamed Landscaping Revenue (236): Common Stock (307): Dividends (319): Landscaping Revenue (403): Wages Expense...
On May 31, the Cash account of Tesla had a normal balance of $5,000. During May,...
On May 31, the Cash account of Tesla had a normal balance of $5,000. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of May? Multiple Choice O A SO balance. O A $4,300 debit balance, O A $4,300 credit balance. A $5,700 debit balance. A $5,700 credit balance. 16 24 Next > During the month of March, Harley's Computer...
Exercise 2-7 Preparing general journal entries LO P1 Following are the transactions of a new company...
Exercise 2-7 Preparing general journal entries LO P1 Following are the transactions of a new company called Pose-for-Pics. 2.09 points Aug. 1 Madison Harris, the owner, invested $13,000 cash and $55.900 of photography equipment in the company in exchange for c on stock. 2 The company paid $2,800 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,470 cash. 20 The company received $2,250 cash in photography fees earned. 31 The company...
Problem 2-3A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1,...
Problem 2-3A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March. March 1 Brooks invested $185,000 cash along with $29,000 n office equipment in the company in exchange for common stock. 2 The company prepaid $7,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $7,000.) 3 The company made credit purchases of...
Problem 2-1A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1,...
Problem 2-1A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. 1 Tanner invested $115, 000 cash along with office equipment valued at $27,600 in the company in exchange for April common stock. 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. 3 The...
Problem 2-1A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2
Problem 2-1A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations.April 1 Tanner invested $ 100,000 cash along with office equipment valued at $ 24,000 n the company in exchange for common stock.2. The company prepaid $ 7,200 cash for 12 months" rent for office space. (Hint: Debit Prepaid Rent for $ 7,200 .)3 The...
Problem 2-3A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1,...
Problem 2-3A Preparing and posting journal entries; preparing a
trial balance LO C3, C4, A1, P1, P2
Denzel Brooks opened a Web consulting business called Venture
Consultants and completes the following transactions in
March.
March
1
Brooks invested $170,000 cash along with $20,000 n office
equipment in the company in exchange for common stock.
2
The company prepaid $8,000 cash for six months' rent for an
office. (Hint: Debit Prepaid Rent for $8,000.)
3
The company made credit purchases of...
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Liability Normal Balance increase (Dr. or Cr.) Credit Credit Account a. Accounts Payable b. Consulting Revenue c. Salaries Expense d. Utilities Expense e. Prepaid Rent f. Wages Payable 9. Notes...
7 QS 2-6 Analyzing transactions and preparing Journal entries LO P1 For each transaction. ( analyze the transaction using the accounting equation (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101): Accounts Receivable (106): Office Supplies (124); Trucks (153): Equipment (167): Accounts Payable (201) Unoamed Landscaping Revenue (236; D. Tyler. Capital (3011; D. Tyler, Withdrawals (302; Landscaping Revenue...
Exercise 2-7 Preparing general journal entries LO P1 Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,500 cash and $27,950 of photography equipment in the company in exchange for common stock. 2 The company paid $2,600 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,235 cash. 20 The company received $3,650 cash in photography fees earned. 31 The company paid $878 cash...
. QS 2-6 Analyzing transactions and preparing Journal entries LO P1 For each transaction (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101): Accounts Receivable (106), Office Supplies (124): Trucks (153). Equipment (167): Accounts Payable (201): Uneamed Landscaping Revenue (236): Common Stock (307): Dividends (319): Landscaping Revenue (403): Wages Expense...
On May 31, the Cash account of Tesla had a normal balance of $5,000. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of May? Multiple Choice O A SO balance. O A $4,300 debit balance, O A $4,300 credit balance. A $5,700 debit balance. A $5,700 credit balance. 16 24 Next > During the month of March, Harley's Computer...
Exercise 2-7 Preparing general journal entries LO P1 Following are the transactions of a new company called Pose-for-Pics. 2.09 points Aug. 1 Madison Harris, the owner, invested $13,000 cash and $55.900 of photography equipment in the company in exchange for c on stock. 2 The company paid $2,800 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,470 cash. 20 The company received $2,250 cash in photography fees earned. 31 The company...
Problem 2-3A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March. March 1 Brooks invested $185,000 cash along with $29,000 n office equipment in the company in exchange for common stock. 2 The company prepaid $7,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $7,000.) 3 The company made credit purchases of...
Problem 2-1A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. 1 Tanner invested $115, 000 cash along with office equipment valued at $27,600 in the company in exchange for April common stock. 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. 3 The...
Problem 2-1A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations.April 1 Tanner invested $ 100,000 cash along with office equipment valued at $ 24,000 n the company in exchange for common stock.2. The company prepaid $ 7,200 cash for 12 months" rent for office space. (Hint: Debit Prepaid Rent for $ 7,200 .)3 The...
Problem 2-3A Preparing and posting journal entries; preparing a
trial balance LO C3, C4, A1, P1, P2
Denzel Brooks opened a Web consulting business called Venture
Consultants and completes the following transactions in
March.
March
1
Brooks invested $170,000 cash along with $20,000 n office
equipment in the company in exchange for common stock.
2
The company prepaid $8,000 cash for six months' rent for an
office. (Hint: Debit Prepaid Rent for $8,000.)
3
The company made credit purchases of...
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