Which of the following is not a business transaction? A. A business owner purchasing a new...
Which of the following is not a business
transaction?
A. A business owner purchasing a new home
B.Receiving cash payment for services provided
C.Purchasing stock for the business
D.Paying interest on a business loan
Homework Answers
Answer: A) A Business Owner Purchasing a New Car.
Business Transaction is different from the Personal traction of the owner. According to the entity concept in accounting Concept owner of the business unit, is different for the preparation of Financial Accounts. Only business transaction must be recorded into the financial accounts. Purchase a car by the owner is the personal traction, not a business transaction.
Add Answer to:
Which of the following is not a business
transaction?
A. A business owner purchasing a new...
F. Analyze Business Transactions: 1 Investment by Owner: Dec 1, invested $30,000 Cash to open a...
F. Analyze Business Transactions: 1 Investment by Owner: Dec 1, invested $30,000 Cash to open a new company named Fastforward in exchange for Com 2 Purchase Supplies with Cash: Paid $2,500 Cash to purchase supplies 3 Purchase Equipment with Cash: Spend $26.000 Cash to acquire Equipment 4 Purchase Supplies on Credit: Purchased $7,100 Supplies and promise to pay later 5 Provide Services for Cash: Provided services to customers and got paid $4,200 Cash 6 Pay Rent expense Paid $1,000 for...
Gabl Gram started The Gram Co., a new business that began operations on May 1. The...
Gabl Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 16. Gram invested $40,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,890 of office equipment on credit. 5 The company paid $750 cash for this month's cleaning services. 8 The...
F. Analyze Business Transactions: 1 Investment by Owner: Dec 1, invested $30,000 Cash to open a...
F. Analyze Business Transactions: 1 Investment by Owner: Dec 1, invested $30,000 Cash to open a new company named Fastforward in exchange for Common Stock 2 Purchase Supplies with Cash: Paid $2,500 Cash to purchase supplies 3 Purchase Equipment with Cash: Spend $26,000 Cash to acquire Equipment 4 Purchase Supplies on Credit: Purchased $7.100 Supplies and promise to pay later 5 Provide Services for Cash: Provided services to customers and got paid $4,200 Cash 6 Pay Rent expense Paid $1,000...
Gabi Gram started The Gram Co., a new business that began operations on May 1. The...
Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co, completed the followin transactions during its first month of operations. May 1 G. Gran invested $44,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5 The company paid $720 cash for this month's cleaning services. 8...
Use the following to answer questions 12-15 Transaction Cash involved? (Yes or No) Type of CASH...
Use the following to answer questions 12-15 Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use the first letter ,,F,N) 12. Paid dividends to stockholders 13. 14. Paid interest on the loan Provided services to customers on account Paid for equipment purchased for the company 15. Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals. Transaction Amount of...
Question 16 Which of the following is not a business transaction that would be recorded as...
Question 16 Which of the following is not a business transaction that would be recorded as a journal entry in the accounting records? pay for supplies sell goods for cash make a sales offer receive cash for services to be rendered later
Molag pak Gabi Gram started The Gram Co., a new business that began operations on May...
Molag pak Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. 1 G. Gram invested $40,000 cash in the company in exchange for its common atock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,890 of office equipment on credit. 5 The company paid $750 cash for this month's cleaning services....
The transactions of Spade Company appear below. Kacy Spade, owner, invested $18,500 cash in the company...
The transactions of Spade Company appear below.
Kacy Spade, owner, invested $18,500 cash in the company in
exchange for common stock.
The company purchased office supplies for $537 cash.
The company purchased $10,231 of office equipment on
credit.
The company received $2,183 cash as fees for services provided
to a customer.
The company paid $10,231 cash to settle the payable for the
office equipment purchased in transaction c.
The company billed a customer $3,922 as fees for services
provided.
The...
Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Do...
Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances after each transaction. (Enter the transactions in the given order. Enter reductions to account balances with a minus sign.) + Assets Accounts Receivable = - Liabilities Accounts Payable Equity Dividends Date Office Equipment Cash + Common Stock Revenues - Expenses May 1 + + + + + + + + + + + + + + + + +...
Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides...
Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals Transaction Amount of Transaction Cash used for payment of employee salaries Cash provided from sale of equipment that had been used in operations Cash used for purchase of office supplies Cash used for purchase of office equipment Cash used to pay office utilities Cash used for payment of office rent $345.000 125,000 2,000 300,000 6,000 12,000...
F. Analyze Business Transactions: 1 Investment by Owner: Dec 1, invested $30,000 Cash to open a new company named Fastforward in exchange for Com 2 Purchase Supplies with Cash: Paid $2,500 Cash to purchase supplies 3 Purchase Equipment with Cash: Spend $26.000 Cash to acquire Equipment 4 Purchase Supplies on Credit: Purchased $7,100 Supplies and promise to pay later 5 Provide Services for Cash: Provided services to customers and got paid $4,200 Cash 6 Pay Rent expense Paid $1,000 for...
Gabl Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 16. Gram invested $40,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,890 of office equipment on credit. 5 The company paid $750 cash for this month's cleaning services. 8 The...
F. Analyze Business Transactions: 1 Investment by Owner: Dec 1, invested $30,000 Cash to open a new company named Fastforward in exchange for Common Stock 2 Purchase Supplies with Cash: Paid $2,500 Cash to purchase supplies 3 Purchase Equipment with Cash: Spend $26,000 Cash to acquire Equipment 4 Purchase Supplies on Credit: Purchased $7.100 Supplies and promise to pay later 5 Provide Services for Cash: Provided services to customers and got paid $4,200 Cash 6 Pay Rent expense Paid $1,000...
Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co, completed the followin transactions during its first month of operations. May 1 G. Gran invested $44,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5 The company paid $720 cash for this month's cleaning services. 8...
Use the following to answer questions 12-15 Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use the first letter ,,F,N) 12. Paid dividends to stockholders 13. 14. Paid interest on the loan Provided services to customers on account Paid for equipment purchased for the company 15. Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals. Transaction Amount of...
Question 16 Which of the following is not a business transaction that would be recorded as a journal entry in the accounting records? pay for supplies sell goods for cash make a sales offer receive cash for services to be rendered later
Molag pak Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. 1 G. Gram invested $40,000 cash in the company in exchange for its common atock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,890 of office equipment on credit. 5 The company paid $750 cash for this month's cleaning services....
The transactions of Spade Company appear below.
Kacy Spade, owner, invested $18,500 cash in the company in
exchange for common stock.
The company purchased office supplies for $537 cash.
The company purchased $10,231 of office equipment on
credit.
The company received $2,183 cash as fees for services provided
to a customer.
The company paid $10,231 cash to settle the payable for the
office equipment purchased in transaction c.
The company billed a customer $3,922 as fees for services
provided.
The...
Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances after each transaction. (Enter the transactions in the given order. Enter reductions to account balances with a minus sign.) + Assets Accounts Receivable = - Liabilities Accounts Payable Equity Dividends Date Office Equipment Cash + Common Stock Revenues - Expenses May 1 + + + + + + + + + + + + + + + + +...
Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals Transaction Amount of Transaction Cash used for payment of employee salaries Cash provided from sale of equipment that had been used in operations Cash used for purchase of office supplies Cash used for purchase of office equipment Cash used to pay office utilities Cash used for payment of office rent $345.000 125,000 2,000 300,000 6,000 12,000...
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