Lily Enterprises had the following selected transactions. 1. Bo Lily invested $4,400 cash in the business....
Lily Enterprises had the following selected
transactions.
| 1. | Bo Lily invested $4,400 cash in the business. | |
| 2. | Paid office rent of $805. | |
| 3. | Performed consulting services and billed a client $5,360. | |
| 4. | Bo Lily withdrew $770 cash for personal use. |
Homework Answers
Lily Enterprises had the following selected transactions.
1.Bo Lily invested $4,400 cash in the business.
2.Paid office rent of $805.
3.Performed consulting services and billed a client $5,360.
4.Bo Lily withdrew $770 cash for personal use.
The following journal entries will be done :
1. Cash account debit $4,400
To Capital account $4,400
(being cash amount invested in own business by Bo Lily)
2. Rent acccount debit $805
To Cash account $805
(being cash paid for office rent)
3. Client account debit $5,360
To Consultancy Services account $5,360
(being consultancy services provided to a client and amount billed to client)
4. Drawing (Bo Lily) account debit $770
To Cash account $770
(being cash withdrawal by Bo Lily for personal use
Add Answer to:
Lily Enterprises had the following selected
transactions.
1.
Bo Lily invested $4,400 cash in the business....
Lily Enterprises had the following selected transactions. 1. Bo Lily invested $3,360 cash in the business....
Lily Enterprises had the following selected
transactions.
1.
Bo Lily invested $3,360 cash in the business.
2.
Purchased a 2-year insurance policy for $2,016.
3.
Paid office rent of $706.
4.
Performed consulting services and billed a client $4,368.
5.
Bo Lily withdrew $630 cash for personal use.
Prepare the debit-credit analysis for each transaction.
Debit-Credit Analysis Effect on Accounting Equation Effect on Amounts 1. Debits Debit $ Credits Credit $ 2. Debits Debit $ Credits Credit $ 3. Debits...
Halladay Enterprises had the following selected transactions. 1. Bo Halladay invested $4,560 cash in the business....
Halladay Enterprises had the following selected
transactions.
1.
Bo Halladay invested $4,560 cash in the business.
2.
Paid office rent of $1,083.
3.
Performed consulting services and billed a client $5,928.
4.
Bo Halladay withdrew $855 cash for personal use.
Indicate the effect each transaction has on the accounting
equation, using plus and minus signs.
Journalize each transaction. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry"...
Oriole Enterprises had the following selected transactions. 1. Bo Oriole invested $6,400 cash in the business....
Oriole Enterprises had the following selected transactions.
1. Bo Oriole invested $6,400 cash in the business.
2. Purchased a 2-year insurance policy for $3,840.
3. Paid office rent of $1,344.
4. Performed consulting services and billed a client $8,320.
5. Bo Oriole withdrew $1,200 cash for personal use.
Prepare the debit-credit analysis for each transaction.
Debit-Credit Analysis Effect on Amounts Effect on Accounting Equation : Debit Cash 1. Debits Increase Assets 6,400 Credits Increase Owner's Equity 4: Credit Owner's Capital...
. UHTUWIIIg selected transactions. 1. Bo Halladay invested $4,000 cash in the business. 2. Paid office...
. UHTUWIIIg selected transactions. 1. Bo Halladay invested $4,000 cash in the business. 2. Paid office rent of $840. 3. Performed consulting services and billed a client $5,200. 4. Bo Halladay withdrew $750 cash for personal use. Journalize each transaction. Question 4 (10 points) The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2017. Accounts Receivable $7,642. Prepaid Insurance $1,968. Accounts Payable $8,396. Maintenance and Repairs Expense $961. Cash $ ? Service Revenue...
Question 2 (5 points) Presented following is information related to the sole proprietorship of Alice Henning,...
Question 2 (5 points) Presented following is information related to the sole proprietorship of Alice Henning, attorney. Legal service revenue-2017 $335,000. Total expenses-2017 $211,000. Assets, January 1, 2017 $96,000. Liabilities, January 1, 2017 $62,000. Assets, December 31, 2017 $168,000. Liabilities, December 31, 2017 $100,000. Drawings-2017 S? Prepare the 2017 owner's equity statement for Alice Henning's legal practice. Name Student ID... Question 3 (5 points) Halladay Enterprises had the following selected transactions. 1. Bo Halladay invested $4,000 cash in the business....
Problem 1-6B Analyzing transactions and preparing financial statements LO6,7,8 Lily Coe started a new business on...
Problem 1-6B Analyzing transactions and preparing financial statements LO6,7,8 Lily Coe started a new business on January 1, 2014, called Coe Consulting. She develops financial invest- ment plans for young adults. During the business’s first year of operations, the following activities occurred: a. Coe invested $120,000 cash and office equipment valued at $10,000 in the business. b. Purchased a small building for $240,000 to be used as an office. Paid $50,000 in cash and signed a note payable promising to...
Selected transactions for M. Sheffield, an interior decorator, in her first month of business, are as...
Selected transactions for M. Sheffield, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $14,100 cash in business. 3. Purchased used car for $4,230 cash for use in business 9 Purchased supplies on account for $705. 11 Billed customers $3,384 for services performed. Paid $494 cash for advertising. 20 Received $987 cash from customers billed on January 11. 23 Paid creditor $423 cash on balance owed. 28 Withdrew $1,410 cash for personal use by...
Selected activity of Mason Consulting Services. Date Transactions 2019 Sept. 1 Zack Mason invested $52,000 in...
Selected activity of Mason Consulting Services. Date Transactions 2019 Sept. 1 Zack Mason invested $52,000 in cash to start the firm. 4 Purchased office equipment for $5,700 on invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients; issued check 1001 for 13, 700 in full payment 20 Purchased supplies for $440; paid immediately with check 1002. 23 Returned damaged supplies for a cash refund of $130. 30 Issued check 1003 for $3300...
On April 1, Lily Travel Agency began operations. The following transactions were completed during the month....
On April 1, Lily Travel Agency began operations. The following transactions were completed during the month. 1. Owner invested $26,000 in the business. 2. Obtained a bank loan for $6,400 by issuing a note payable. 3. Paid $12,500 cash to buy equipment. 4. Paid $1,200 cash for April office rent. 5. Paid $1,400 for supplies. 6. Purchased $900 of advertising in the Daily Herald, on account. 7. Performed services for $21,000: cash of $3,000 was received from customers, and the...
Exercise 2-02 Selected transactions for M. Acosta, an interior decorator, in her first month of business,...
Exercise 2-02 Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3. Purchased used car for $3,000 cash for use in business. 9 Purchased supplies on account for $600. 11 Billed customers $2,400 for services performed. 16 Paid $350 cash for advertising. 20 Received $900 cash from customers billed on January 11. 23 Paid creditor $300 cash on balance owed. 28 Withdrew $1,000 cash for...
Lily Enterprises had the following selected
transactions.
1.
Bo Lily invested $3,360 cash in the business.
2.
Purchased a 2-year insurance policy for $2,016.
3.
Paid office rent of $706.
4.
Performed consulting services and billed a client $4,368.
5.
Bo Lily withdrew $630 cash for personal use.
Prepare the debit-credit analysis for each transaction.
Debit-Credit Analysis Effect on Accounting Equation Effect on Amounts 1. Debits Debit $ Credits Credit $ 2. Debits Debit $ Credits Credit $ 3. Debits...
Halladay Enterprises had the following selected
transactions.
1.
Bo Halladay invested $4,560 cash in the business.
2.
Paid office rent of $1,083.
3.
Performed consulting services and billed a client $5,928.
4.
Bo Halladay withdrew $855 cash for personal use.
Indicate the effect each transaction has on the accounting
equation, using plus and minus signs.
Journalize each transaction. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry"...
Oriole Enterprises had the following selected transactions.
1. Bo Oriole invested $6,400 cash in the business.
2. Purchased a 2-year insurance policy for $3,840.
3. Paid office rent of $1,344.
4. Performed consulting services and billed a client $8,320.
5. Bo Oriole withdrew $1,200 cash for personal use.
Prepare the debit-credit analysis for each transaction.
Debit-Credit Analysis Effect on Amounts Effect on Accounting Equation : Debit Cash 1. Debits Increase Assets 6,400 Credits Increase Owner's Equity 4: Credit Owner's Capital...
. UHTUWIIIg selected transactions. 1. Bo Halladay invested $4,000 cash in the business. 2. Paid office rent of $840. 3. Performed consulting services and billed a client $5,200. 4. Bo Halladay withdrew $750 cash for personal use. Journalize each transaction. Question 4 (10 points) The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2017. Accounts Receivable $7,642. Prepaid Insurance $1,968. Accounts Payable $8,396. Maintenance and Repairs Expense $961. Cash $ ? Service Revenue...
Question 2 (5 points) Presented following is information related to the sole proprietorship of Alice Henning, attorney. Legal service revenue-2017 $335,000. Total expenses-2017 $211,000. Assets, January 1, 2017 $96,000. Liabilities, January 1, 2017 $62,000. Assets, December 31, 2017 $168,000. Liabilities, December 31, 2017 $100,000. Drawings-2017 S? Prepare the 2017 owner's equity statement for Alice Henning's legal practice. Name Student ID... Question 3 (5 points) Halladay Enterprises had the following selected transactions. 1. Bo Halladay invested $4,000 cash in the business....
Selected transactions for M. Sheffield, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $14,100 cash in business. 3. Purchased used car for $4,230 cash for use in business 9 Purchased supplies on account for $705. 11 Billed customers $3,384 for services performed. Paid $494 cash for advertising. 20 Received $987 cash from customers billed on January 11. 23 Paid creditor $423 cash on balance owed. 28 Withdrew $1,410 cash for personal use by...
Exercise 2-02 Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3. Purchased used car for $3,000 cash for use in business. 9 Purchased supplies on account for $600. 11 Billed customers $2,400 for services performed. 16 Paid $350 cash for advertising. 20 Received $900 cash from customers billed on January 11. 23 Paid creditor $300 cash on balance owed. 28 Withdrew $1,000 cash for...
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