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On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential...
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential...
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings. TRANSACTIONS 1. The owner invested $100,000 in cash to begin the business. 2. Paid $20,250 in cash for the purchase of equipment. 3. Purchased additional equipment for $15,200 on credit. 4. Paid $12,500 in cash to creditors. 5. The owner made an additional investment of $25,000 in cash. 6. Performed services for $9,750 in cash. 7....
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential...
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings. TRANSACTIONS The owner invested $87,000 in cash to begin the business. Paid $17,750 in cash for the purchase of equipment. Purchased additional equipment for $16,400 on credit. Paid $9,800 in cash to creditors. The owner made an additional investment of $20,000 in cash. Performed services for $6,200 in cash. Performed services for $8,300 on account. Paid...
TRANSACTIONS 1. Performed services for $6,700 on credit. 2. Paid $1,720 in cash for new office...
TRANSACTIONS 1. Performed services for $6,700 on credit. 2. Paid $1,720 in cash for new office chairs. 3. Received $11,400 in cash from credit clients 4. Paid $900 in cash for telephone service 5. Sent a check for $4,900 in partial payment of the amount due creditors. 6. Paid salaries of $8,500 in cash. 7. Sent a check for $1,140 to pay electric bill 8. Performed services for $10,700 in cash. 9. Paid $2,370 in cash for auto repairs. 10....
Analyzing the effects of the transaction on the accounting equation. On September 1, Sarah Dodd opened...
Analyzing the effects of the transaction on the accounting equation. On September 1, Sarah Dodd opened Tailor Made Tutoring Service. Instructions Analyze the following transactions. Use the fundamental accounting equation form to record changes in property, claims of editors, and owner's equity. (Use plus, minus, and equal signs.) Transactions 1. The owner invested $36,000 in cash to begin the business. 2. Purchased equipment for $16,000 in cash. 3. Purchased $6,000 of additional equipment on credit. 4. Paid $3,000 in cash...
Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of...
Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity. Cash Accounts Receivable Office Furniture Auto Accounts Payable Harold Joseph, Capital Revenue Expenses $59, 800 15, 400 34, 600 22, 300 10, ΘΘΘ 90, 300 55, ΘΘΘ 23,200 TRANSACTIONS 1. Performed services for $6,700 on credit. 2. Paid $1,720 in cash for new office chairs. 3. Received $11,400 in cash from...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in a company's accounting system.These transactions are summarized in a set of reports known as the financial statements. The foundation for the accounting system and the financial statements is the accounting equation. Assets = Liabilities + Owner’s Equity The left side of the accounting equation shows the assets of the company: What the company owns. = The right side of the accounting equation summarizes who...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
2 Homework 0 Harold Joseph is a painting contractor who specializes in painting commercial buildings. At...
2 Homework 0 Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity. Cash Accounts Receivable Office Furniture Auto Accounts Payable Harold Joseph, Capital Revenue Expenses 560,200 15,800 35,880 22,780 10,400 90,780 56,200 23, 680 TRANSACTIONS 1. Performed services for $6,600 on credit. 2. Paid $1,620 in cash for new office chairs. 3. Received $10.400 in cash from credit clients. 4....
Problem 2.2A (Static) Analyzing the effects of transactions on the accounting equation. LO 2-1, 2-2, 2-3...
Problem 2.2A (Static) Analyzing the effects of transactions on the accounting equation. LO 2-1, 2-2, 2-3 Carter Wilson is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity. Cash Accounts receivable Office furniture Auto Accounts payable Carter Wilson, Capital Revenue Expenses $144,000 37,000 85,000 55, eee 30,6ee 214, see 131,600 55,700 TRANSACTIONS 1. Performed services for $14,400 on credit 2. Paid $3,640 in...
M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare...
M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carte executed the following transactions. Enter the transactions, a through g, into the financial statement effects template below. a. Carter (owner) invested in the company $80,000 cash and $16,000 in property and equipment. The company issued common stock to Carter. b. The company paid $2,560 cash for rent of office furnishings and facilities for...
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings. TRANSACTIONS 1. The owner invested $100,000 in cash to begin the business. 2. Paid $20,250 in cash for the purchase of equipment. 3. Purchased additional equipment for $15,200 on credit. 4. Paid $12,500 in cash to creditors. 5. The owner made an additional investment of $25,000 in cash. 6. Performed services for $9,750 in cash. 7....
TRANSACTIONS 1. Performed services for $6,700 on credit. 2. Paid $1,720 in cash for new office chairs. 3. Received $11,400 in cash from credit clients 4. Paid $900 in cash for telephone service 5. Sent a check for $4,900 in partial payment of the amount due creditors. 6. Paid salaries of $8,500 in cash. 7. Sent a check for $1,140 to pay electric bill 8. Performed services for $10,700 in cash. 9. Paid $2,370 in cash for auto repairs. 10....
Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity. Cash Accounts Receivable Office Furniture Auto Accounts Payable Harold Joseph, Capital Revenue Expenses $59, 800 15, 400 34, 600 22, 300 10, ΘΘΘ 90, 300 55, ΘΘΘ 23,200 TRANSACTIONS 1. Performed services for $6,700 on credit. 2. Paid $1,720 in cash for new office chairs. 3. Received $11,400 in cash from...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
2 Homework 0 Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity. Cash Accounts Receivable Office Furniture Auto Accounts Payable Harold Joseph, Capital Revenue Expenses 560,200 15,800 35,880 22,780 10,400 90,780 56,200 23, 680 TRANSACTIONS 1. Performed services for $6,600 on credit. 2. Paid $1,620 in cash for new office chairs. 3. Received $10.400 in cash from credit clients. 4....
Problem 2.2A (Static) Analyzing the effects of transactions on the accounting equation. LO 2-1, 2-2, 2-3 Carter Wilson is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity. Cash Accounts receivable Office furniture Auto Accounts payable Carter Wilson, Capital Revenue Expenses $144,000 37,000 85,000 55, eee 30,6ee 214, see 131,600 55,700 TRANSACTIONS 1. Performed services for $14,400 on credit 2. Paid $3,640 in...
M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carte executed the following transactions. Enter the transactions, a through g, into the financial statement effects template below. a. Carter (owner) invested in the company $80,000 cash and $16,000 in property and equipment. The company issued common stock to Carter. b. The company paid $2,560 cash for rent of office furnishings and facilities for...
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