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04: Taha Consulting Services Inc opened for business on June 1", 2020. The company maintains the...
Question 1 Maury Wills started an environmental consulting business & during the first month of operations...
Question 1 Maury Wills started an environmental consulting business & during the first month of operations (June 2008) completed the following transactions: a) b) Wills began the business with an investment of $25,000 cash and a building valued at $30,000. The business gave Wills the owner's equity in the firm. Purchased office supplies on account, $2,100 Paid $18,000 for office furniture Paid employee's salary, $2,200 Performed consulting service on account, $5,100 Paid $800 on the account payable created in transaction...
Pyrenees Consulting, Inc. was organized in 2019 to provide consulting services to small businesses. The following...
Pyrenees Consulting, Inc. was organized in 2019 to provide consulting services to small businesses. The following are balance sheet values as of November 30, 2019: Cash $ 14,200 Accounts receivable Supplies 2,600 2,100 8,000 5,000 Equipment Patent Accounts payable $ 4,800 Unearned Service Revenue 1,100 Notes payable -0- Common Stock 1,000 Additional Paid in Capital 14,000 Retained earnings 11,000 Total $31,900 $31,900 Consider the following transactions that occurred during December 2019: 1. Sold 1,000 shares of $1 par value stock...
Wood, Corp was created on June 1, 2019. The company owns and operates a shoe store....
Wood, Corp was created on June 1, 2019. The company owns and operates a shoe store. Using the “Accounting Review” spreadsheet, complete the following: Prepare journal entries for each transaction below, which occurred in the first month, June 2019, of business for Wood, Corp. Issued 100,000 shares of common stock in exchange for $250,000 cash. Purchased fixtures (asset) at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed. Paid $14,000...
Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable slides...
Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable slides for parties and corporate events. The company also has obtained the use of an abandoned ice rink located in a local shopping mall, where its rental products are displayed and available for casual hourly rental by mall patrons. The following transactions occurred during the first month of operations. a. Jessica contributed $44,000 cash to the company on June 1 in exchange for its common...
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its...
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations April 1 Tanner invested $110,000 cash along with office equipment valued at $26,400 in 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 company made credit purchases for $13,200 in office equipment and $2,640 in office supplies. Payment is due within...
Len Edward started his own consulting firm, Edward Consulting, on June 1, 2022. The trial balance...
Len Edward started his own consulting firm, Edward Consulting, on June 1, 2022. The trial balance at June 30 is as follows. EDWARD CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,002 Prepaid Insurance 3,900 Equipment 15,000 Accounts Payable $ 4,250 Unearned Service Revenue 5,200 Common Stock 22,002 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,000 $39,752 $39,752 In addition to those accounts listed on the trial balance, the...
Part 2 The following are Amena Consulting June 2007 transactions: June 1 Amena Ali, owner, invested...
Part 2 The following are Amena Consulting June 2007 transactions: June 1 Amena Ali, owner, invested $13,325 cash into the business June 2 Purchased office supplies for $475 cash June 5 Purchased $6,235 of office equipment on credit June 7 Received $2000 cash as fees for services provided to a customer June 10 Paid $6,235 cash to settle the payable for the office equipment purchased on June 5 June 12 Billed a customer $3,300 as fees for services provided June...
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year)....
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash $ 120,000 Accounts receivable 330,000 Inventory 280,000 Furniture and fixtures (net) 150,000 Total assets $ 880,000 Liabilities and Shareholders’ Equity Accounts payable (for merchandise) $ 260,000 Notes payable 270,000 Interest payable 10,800 Common stock 110,000 Retained earnings 229,200 Total liabilities and shareholders’ equity $ 880,000 Transactions during 2021 (current year) were as follows:...
The following is the balance sheet of Kobie Supply Company at December 31, 2020 (prior year)....
The following is the balance sheet of Kobie Supply Company at December 31, 2020 (prior year). KObie SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash $ 120,000 Accounts receivable 330,000 Inventory 280,000 Furniture and fixtures (net) 150,000 Total assets $ 880,000 Liabilities and Shareholders’ Equity Accounts payable (for merchandise) $ 260,000 Notes payable 270,000 Interest payable 10,800 Common stock 110,000 Retained earnings 229,200 Total liabilities and shareholders’ equity $ 880,000 Transactions during 2021 (current year) were as follows:...
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year)....
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash $ 100,000 Accounts receivable 200,000 Inventory 150,000 Furniture and fixtures (net) 120,000 Total assets $ 570,000 Liabilities and Shareholders’ Equity Accounts payable (for merchandise) $ 150,000 Notes payable 160,000 Interest payable 4,000 Common stock 110,000 Retained earnings 146,000 Total liabilities and shareholders’ equity $ 570,000 Transactions during 2021 (current year) were as follows:...
Question 1 Maury Wills started an environmental consulting business & during the first month of operations (June 2008) completed the following transactions: a) b) Wills began the business with an investment of $25,000 cash and a building valued at $30,000. The business gave Wills the owner's equity in the firm. Purchased office supplies on account, $2,100 Paid $18,000 for office furniture Paid employee's salary, $2,200 Performed consulting service on account, $5,100 Paid $800 on the account payable created in transaction...
Pyrenees Consulting, Inc. was organized in 2019 to provide consulting services to small businesses. The following are balance sheet values as of November 30, 2019: Cash $ 14,200 Accounts receivable Supplies 2,600 2,100 8,000 5,000 Equipment Patent Accounts payable $ 4,800 Unearned Service Revenue 1,100 Notes payable -0- Common Stock 1,000 Additional Paid in Capital 14,000 Retained earnings 11,000 Total $31,900 $31,900 Consider the following transactions that occurred during December 2019: 1. Sold 1,000 shares of $1 par value stock...
Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable slides for parties and corporate events. The company also has obtained the use of an abandoned ice rink located in a local shopping mall, where its rental products are displayed and available for casual hourly rental by mall patrons. The following transactions occurred during the first month of operations. a. Jessica contributed $44,000 cash to the company on June 1 in exchange for its common...
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations April 1 Tanner invested $110,000 cash along with office equipment valued at $26,400 in 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 company made credit purchases for $13,200 in office equipment and $2,640 in office supplies. Payment is due within...
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