Homework Answers
Correct answer----------Paid $ 700 for an advertisement that appears in april 17 edition of las vegas sun newspaper.
.
The cost for advertisement for april is paid in april so the expense in accrual accounting for advertisement will be $700 and same will be the expense in cash accounting.
Other entries given above will have different effects on income statement using cash and accrual accounting.
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Pawn Shops Unlimited recorded the following four transactions during April. Which of these transactions would have...
Prepare journal entries for the transactions below. A company entered into the following transactions during April....
Prepare journal entries for the transactions below. A company entered into the following transactions during April. This is the first month of their operation. April 1st: Signed a lease and made a payment of $4,500 to the landlord comprised of three month’s rent covering April, May, and June. April 3rd: Purchased equipment on account for $35,000. April 4th: Purchased supplies for $2,000, paid with cash. April 10th: Performed services and sent a bill of $57,000 to a customer. April 15th:...
3. During April Kelly Consulting entered into the following transactions, Prepare journal entries for them. Apr....
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On April 1, Julie Spengel established Spengel's Travel Agency. The following transactions were completed during the month
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[intro] On April 1, Adventures Travel Agency Inc. began operations. The following transactions were completed during...
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Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions...
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Wildhorse Inc.’s general ledger at April 30, 2021, included the following: Cash $6,600; Supplies $400; Equipment...
Wildhorse Inc.’s general ledger at April 30, 2021, included the
following: Cash $6,600; Supplies $400; Equipment $21,000; Accounts
Payable $2,100; Deferred Revenue (from gift certificates) $1,100;
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Earnings $9,800. The following transactions occurred during
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May
1
Paid rent for the month of May,
$1,100.
4
Paid $1,500 of the account payable
outstanding at April 30.
7
Issued gift certificates for future
services for $1,800 cash.
15
Received $2,900 from customers for...
On April 1, Teal Mountain Inc. began operations. The following transactions were completed during the month.
On April 1, Teal Mountain Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $22,100 cash. 2. Obtained a bank loan for $6,400 by issuing a note payable. 3. Paid $10,100 cash to buy equipment. 4. Paid $1,100 cash for April office rent. 5. Paid $1,350 for supplies. 6. Purchased S550 of advertising in the Daily Herald, on account. 7. Performed services for $16,600: cash of $1,840 was received from customers, and the balance of $14,760 was billed to customers...
Question 25 On April 1. Marin Inc. began operations. The following transactions were completed during the...
Question 25 On April 1. Marin Inc. began operations. The following transactions were completed during the month. 1. Stockholders invested $18,700 in the business in exchange for common stock 2. Obtained a bank loan for $5,500 by issuing a note payable. 3. Paid $8,600 cash to buy equipment. 4. Paid $900 cash for April office rent. 5. Paid $1,150 for supplies. 6. Purchased $470 of advertising in the Daily Herald, on account. 7. Performed services for $14,000: cash of $1.560...
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...
On April 1. Larkspur, Inc. began operations. The following transactions were completed during the month. 1....
On April 1. Larkspur, Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $23,500 cash. 2. Obtained a bank loan for $6,900 by issuing a note payable. 3. Paid $10,800 cash to buy equipment 4. Paid $1,200 cash for April office rent. 5. Paid $1,400 for supplies. 6. Purchased $590 of advertising in the Daily Herald, on account. 7. Performed services for $17,600: cash of $1,960 was received from customers, and the balance...
3. During April Kelly Consulting entered into the following transactions, Prepare journal entries for them. Apr. 1. The following assets were received from Kelly Pitney: cash $13100; accounts receivable, $3,000; supplies, $1,400; and office equipment $12,500. 1. Paid three months' rent on a lease rental contract, $4800; 2. Paid the premiums on property and casualty insurance polices,S1800 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees. $5,000. 5. Purchased...
Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr 1 Roulstone contributed $11.500 cash to the business in exchange for common stock. 2 Paid 56,100 cash for the purchase of a used truck. 2 Purchased 53.100 of ladders and other equipment the company paid $1.000 cash with the balance due in 30 days. 3 Paid $2,880 cash for two-year (or 24-month) premium toward liability insurance. 5 Purchased $1,200 of...
Wildhorse Inc.’s general ledger at April 30, 2021, included the
following: Cash $6,600; Supplies $400; Equipment $21,000; Accounts
Payable $2,100; Deferred Revenue (from gift certificates) $1,100;
Bank Loan Payable $10,000; Common Shares $5,000; and Retained
Earnings $9,800. The following transactions occurred during
May:
May
1
Paid rent for the month of May,
$1,100.
4
Paid $1,500 of the account payable
outstanding at April 30.
7
Issued gift certificates for future
services for $1,800 cash.
15
Received $2,900 from customers for...
Question 25 On April 1. Marin Inc. began operations. The following transactions were completed during the month. 1. Stockholders invested $18,700 in the business in exchange for common stock 2. Obtained a bank loan for $5,500 by issuing a note payable. 3. Paid $8,600 cash to buy equipment. 4. Paid $900 cash for April office rent. 5. Paid $1,150 for supplies. 6. Purchased $470 of advertising in the Daily Herald, on account. 7. Performed services for $14,000: cash of $1.560...
On April 1. Larkspur, Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $23,500 cash. 2. Obtained a bank loan for $6,900 by issuing a note payable. 3. Paid $10,800 cash to buy equipment 4. Paid $1,200 cash for April office rent. 5. Paid $1,400 for supplies. 6. Purchased $590 of advertising in the Daily Herald, on account. 7. Performed services for $17,600: cash of $1,960 was received from customers, and the balance...
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