As per policy only one question is allowed to answer at a time,
1) T-accounts: | |||||||
ASSETS | LIABILITIES | STOCKHOLDERS' EQUITY | |||||
Cash | Accounts Payable | Common Stock | |||||
9100 | g) 26000 | CB 950 | 500 | 16000 | |||
a)30000 | h) 3000 | i) 50 | |||||
c)8000 | h) 12000 | j) 400 | Retained Earnings | ||||
d)10000 | k) 3500 | 4500 | |||||
CB 12600 | Notes Payable | ||||||
15000 | Design Revenue | ||||||
Accounts Receivable | CB 43000 | a)30000 | |||||
5000 | c)8000 | Unearned Revenue | b)10000 | ||||
b)10000 | CB 7000 | e)3000 | d) 10000 | e)3000 | |||
CB 7000 | |||||||
supplies | Wage Expense | ||||||
900 | f) 450 | g) 26000 | |||||
j) 400 | CB 850 | ||||||
Insurance expense | |||||||
Prepaid Rent | h) 250 | ||||||
h)10000 | |||||||
Utilities expense | |||||||
Prepaid Insurance | i) 50 | ||||||
h) 2750 | |||||||
Supplies expense | |||||||
Furniture | f) 450 | ||||||
21000 | CB 24500 | ||||||
k) 3500 | Rent expense | ||||||
h) 2000 |
2) Income Statement: | |
Amount $ | |
Design Revenue | 43000 |
Less: Expenses: | |
wage | 26000 |
Insurance | 250 |
Utilities | 50 |
supplies | 450 |
rent | 2000 |
Total Expenses | 28750 |
Net Operating Income | 14250 |
3) Operating section of Cash Flow: | |
Net Operating income | 14250 |
less:increase in AR | -2000 |
add:decrease in supplies | 50 |
less:increase in Prepaid rent | -10000 |
less: increase in Prepaid insurance | -2750 |
add: increase in AP | 450 |
Cash flow of Operating Activities | 0 |
GloArt, Inc. entered into the following transactions during January a) Received $30,000 for January services. b)...
GloArt, Inc. entered into the following transactions during January a) Received $30,000 for January services. b) Provided S10,000 in design services on account c) Collected $8,000 from customers on account. d) Collected $10,000 in advance on a prepaid contract. e) Provided $3,000 of design services under contract in itemd f) Used $450 of supplies on the work described in item e. g) Paid $26,000 for January salaries. h) Paid $3,000 for one year's insurance coverage, and $12,000 for six months'...
GloArt, Inc. entered into the following transactions during January 2019 a) Received $30,000 for January services b) Provided $10,000 in design services on account. c) Collected $8,000 from customers on account. d) Collected $10,000 in advance on a prepaid contract. e) Provided S3,000 of design services under contract in item d. t) Used $450 of supplies on the work described in item e. g) Paid $26,000 for January salaries. h) Paid S3,000 for one year's insurance coverage, and S12,000 for...
Directions: a. Record journal entries for the January 2019 transactions. b. Prepare T-accounts for each of the accounts provided. Enter beginning balances. Record each of the January transactions in the T-accounts and calculate ending balance for each account. Create new accounts as necessary. c. Prepare a statement of income for the month of January in good form. The following account balances are provided for Green Goblin Corporation at December 31, 2018: Title Balance Accounts payable $65,000 Accounts receivable 90,000 Bank...
In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis. A sample is provided. (Enter any decreases to account balances with a minus sign.) (Sample) Received $15,500 cash for consulting services rendered in January. Issued common stock to investors for $14,500 cash. Purchased $16,200 of equipment, paying 25 percent in cash and owing the rest on a note due in two years....
In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis. A sample is provided. (Enter any decreases to account balances with a minus sign.) (Sample) Received $16,600 cash for consulting services rendered in January. Issued common stock to investors for $15,000 cash. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in two years....
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $15,000 cash for consulting services rendered in January. b. Issued common stock to investors for $12,000 cash. c. Purchased $16,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $8,300 cash for consulting services to be performed in February. e. Bought $1,230 of supplies on account. f. Received utility bill for January for $1,500, due February...
Galle Inc. entered into the following transactions during January. January 1: Borrowed $84,000 from First Street Bank by signing a note payable. January 4: Purchased $25,000 of equipment for cash. January 6: Paid $500 to landlord for rent for January. January 15: Performed services for customers on account, $22,900. January 25: Collected $3,000 from customers for services performed in Transaction d. January 30: Paid salaries of $2,500 for the current month. Required: Prepare journal entries for the transactions. Jan. 1...
The following transactions occurred during January, the first month of operations for Aly Services, Inc. (ASI): a. Toby and Aly incorporate ASI, and each owner contributes $10,000 cash $20,000 total) to the new corporation. The corporation issues stock to Toby and Aly b. ASI Borrows $5,000 cash from a local bank using a one-year note c. ASI pays $10,000 cash to buy a truck d. ASI purchases $400 worth of grooming supplies (shampoos, etc.) on account. The company receives a...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
In January, Tongo, Inc., a branding consultant, had the following transactions. Received $13,200 cash for consulting services rendered in January. Issued common stock to investors for $8,000 cash. Purchased $11,200 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. Received $11,800 cash for consulting services to be performed in February. Bought and received $1,750 of supplies on account. Received utility bill for January for $2,060, due February 15. Consulted for customers...