ACC201 Week 1 Homework Questions 2a

36 Sanyu Sony started a new business and completed these transactions during December. Dec. 1 2 3 5 6 8 15 18 20 Sanyu Sony transferred $65,000 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. The company rented office space and paid $1,000 cash for the December rent. The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to pay the $8,200 balance in 30 days. The company purchased office supplies by paying $800 cash. The company completed electrical work and immediately collected $1,200 cash for these services. The company purchased $2,530 of office equipment on credit. The company completed electrical work on credit in the amount of $5,000. The company purchased $350 of office supplies on credit. The company paid $2,530 cash for the office equipment purchased on December 8. 24 28 29 30 The company paid $540 cash for this month's utility bill. 31 The company paid $950 cash in…

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Deb Kelley opens a web consulting business called Smart Deals andcompletes the following transactions in its first month of operations.Prepare journal entries for each transaction and identify the financialstatement impact of each entry. The financial statements are automatically generated based on thejournal entries recorded.Apr. 1 Kelley invested $110,000 cash along with officeequipment valued at $31,000 in the company.Apr. 2 The company prepaid $15,000 cash for 12 months' rent foroffice space. The company's policy is record prepaidexpenses in balance sheet accounts.Apr. 3 The company made credit purchases for $9,000 in officeequipment and $4,600 in office supplies. Payment is duewithin 10 days.Apr. 6 The company completed services for a client andimmediately received $7,000 cash.Apr. 9 The company completed a $11,000 project for a client,who must pay within 30 days.Apr. 13 The company paid $13,600 cash to settle the accountpayable created on April 3.Apr. 19 The company paid $4,800…

9. Leon Jackson is an entrepreneur who plans to start a Web site design and maintenance business called Webworks. The First National Bank just approved a loan so he is now ready to purchase needed equipment, hire administrative help, and begin designing sites. During June, his first month of business, the following events occur. a) Webworks signs a note at the bank and is given $10,000 cash. b) Jackson deposits $2,000 of his own money into the company checking account as his capital contribution. c) Webworks purchases a new computer and other additional equipment for $3,000 in cash. d) Webworks purchases supplies worth $200 on account that should last Webworks two months. e) Webworks hires Nancy Po to assist with administrative tasks. She will charge $100 per Web site for her assistance. f) Webworks begins working on its first two Web sites, one for Juan Sanchez (a friend of Jackson's dad) and the other for Pauline Smith, a local businessperson. g) Webworks completes the site for Mr.…

Karla Tanner opened a web consulting business called Linkworks and completed the following transactions in its first month of operations. Apr. 1 Tanner invested $80,000 cash along with office equipment valued at $26,000 in the company. 2 The company prepaid $9,000 cash for 12 months’ rent for office space. Hint: Debit Prepaid Rent for $9,000. 3 The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4,000 cash. 9 The company completed a $6,000 project for a client, who must pay within 30 days. 13 The company paid $11,600 cash to settle the account payable created on April 3. 19 The company paid $2,400 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $2,400. 22 The company received $4,400 cash as partial payment for the work completed on April 9. 25 The company completed work for another client for $2,890 on…

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Journalize the following selected transactions of ABBA Services for the month of February 2013. Feb. 1 ABBA made an additional investment of PhP150,000 cash Feb. 4 Feb. 6 Rendered services on account to Edna, customer, amounting to PhP65,000, terms of 10% down and the balance at the end of the month Paid the rental for the month - PhP5,000 Feb. 10 Purchased office supplies from National Bookstore with cash amounting to PhP1,500 Feb. 15 Feb. 18 Paid the salary of employees - PhP15,000 Rendered services for cash-PhP10,000 Feb. 20 Feb. 25 Rendered services on account - PhP40,000 Collected the balance from Edna in Feb. 4 transaction Feb. 28 Feb. 28 Withdrew PhP500 for personal use Paid the salary of employees-PhP15,000 Partial collection from Feb. 20 transaction - PhP25,000 Paid the electric bill for the month - Php2,300

operations. April 1 April 2 April 3 April 6 April 9 April 13 April 19 Tanner invested $120,000 cash along with office equipment valued at $28,800 in the company in exchange for common stock. The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. The company made credit purchases for $14,400 in office equipment and $2,880 in office supplies. Payment is due within 10 days. The company completed services for a client and immediately received $2,000 cash. The company completed a $9,600 project for a client, who must pay within 30 days. The company paid $17,280 cash to settle the account payable created on April 3. The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. April 22 The company received $7,680 cash as partial payment for the work completed on April 9. The company completed work for another client for $2,640 on credit. The company paid a $6,200 cash…

Ken Hughes opened a web consulting business called Security First and recorded the following transactions in its first month of operations.   Apr.   1   Hughes invests $89,000 cash along with office equipment valued at $37,500 in the company. Apr.   2   The company prepaid $10,800 cash for twelve months’ rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. Apr.   3   The company made credit purchases for $8,500 in office equipment and $4,100 in office supplies. Payment is due within 10 days. Apr.   6   The company completed services for a client and immediately received $6,100 cash. Apr.   9   The company completed a $17,500 project for a client, who must pay within 30 days. Apr.   13   The company paid $12,600 cash to settle the account payable created on April 3. Apr.   19   The company paid $3,120 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts.…

24 The following transactions occurred during June 2020 for Rashid Est. June 1: Invested BD64,000 cash in the business. June 8 Purchased supplies for BD3,250 from Nader Est on credit. June 16: Performed services to customer Salem for BD9,200 on account. June 20: Paid balance due to creditor Nader Est. June 23: Received BD4,200 from customer Salem. June 27: Paid BD1,700 cash for electricity. June 30: Rashid withdrew BD2,400 cash for personal use. Required: Prepare the Journal entry for June 30 transactions, like this example: Dr: ….……………………‒‒‒‒ BD Cr: ‒‒‒‒‒‒‒‒‒‒‒‒ ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ BD

6 https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%252 Tp Inventor Training D. CHAP2 HOMEWORK A Saved 1 Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. 10 April 1 Tanner invested $8e,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. 2 The company prepaid $9, c00 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $9,000. 3 The company made credit purchases for $8,000 in office equipment and $3,60e in office supplies. Payment is due within 10 days. 6 The company completed services for a client and imnediately received $4,000 cash. 9 The company completed a $6,000 project for a client, who must pay within 30 days. 13 The company paid $11,600 cash to settle the account payable crented on April 3. 19 The company paid $2,400 cash for the…

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Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. April 2 The company prepaid $9,000 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $9,000. April 3 The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $4,000 cash. April 9 The company completed a $6,000 project for a client, who must pay within 30 days. April 13 The company paid $11,600 cash to settle the account payable created on April 3. April 19 The company paid $2,400 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid Insurance for $2,400. April 22 The company received $4,400 cash as partial payment for the work…

Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations.   April   1   Tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock.     2   The company prepaid $9,000 cash for 12 months’ rent for office space. Hint: Debit Prepaid Rent for $9,000.     3   The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days.     6   The company completed services for a client and immediately received $4,000 cash.     9   The company completed a $6,000 project for a client, who must pay within 30 days.     13   The company paid $11,600 cash to settle the account payable created on April 3.     19   The company paid $2,400 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $2,400.     22   The company received $4,400 cash as partial payment for…

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Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $95,000 cash along with office equipment valued at $22,800 in the company. April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. April 3 The company made credit purchases for $11,400 in office equipment and $2,280 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $2,000 cash. April 9 The company completed a $7,600 project for a client, who must pay within 30 days. April 13 The company paid $13,680 cash to settle the account payable created on April 3. April 19 The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. April 22 The company received $6,080 cash as partial payment for the work completed on April 9. April 25…

Required: 1. Prepare general Journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); K. Tanner, Capital (301); K. Tanner, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of April 30. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); K. Tanner, Capital (301); K. Tanner, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet < 1 2 Date April 01 3 Note:…

1 Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. 1 Tanner invested $80, 000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. 2 The company prepaid $9,000 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $9,000. 3 The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4,000 cash. 9 The company completed a $6,000 project for a client, who must pay within 30 days. 13 The company paid $11,600 cash to settle the account payable created on April 3. 19 The company paid $2,400 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $2,400. 22 The company received $4,400 cash as partial payment for the work completed on April 9. 25 The company completed work for…

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Post the following transactions to the ledger

PROBLEM 1: Bob Sample opened the Campus Laundromat on September 1, 2010. During the first month of operations the following transactions occurred. Sept 1. Bob invested $20,000 cash in the business 2. The company paid $1,000 cash for store rent for September 3. Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable. 4 Paid $1,200 for a one-year accident insurance policy. 10. Received a bill from the Daily News for advertising the opening of the laundromat $200. 20. Bob withdrew $700 cash for personal use. 30. The company determined that cash receipts for laundry services for the month were $6,200. REQUIRED: • Journal Entry • Ledger • T- accounts (format provided)

Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $125,000 cash along with office equipment valued at $30,000 in the company in exchange for common stock. April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. April 3 The company made credit purchases for $15,000 in office equipment and $3,000 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received S 2,000 cash. April 9 The company completed a $10,000 project for a client, who must pay within 30 days. April 13 The company paid $18,000 cash to settle the account payable created on April 3. April 19 The company paid $6,000 cash for the premium on a 12 - month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. April 22 The company received $8,000 cash as partial payment for the work…

Karla Tanner opens a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $120, 00e cash along with office equipment valued at $28,800 in the company. 2 The company prepaid $7,20e cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. 3 The company made credit purchases for $14,400 in office equipment and $2,880 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $2,eee cash. 9 The company completed a $9,600 project for a client, who must pay within 30 days. 13 The company paid $17,280 cash to settle the account payable created on April 3. 19 The company paid $6,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,000. 22 The company received $7,680 cash as partial payment for the work completed on April 9. 25 The company completed work for another client for $2,640…

You are a Corporate Credit Analyst for your bank. A new corporate customer in the manufacturing sector approached your bank for a large credit facility in the sum of $20 million for production equipment and warehousing. The customer submitted the following financials to you.    Would you grant the credit? Justify stating three reasons to support your decision.

Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 April 2 April 3 April 6 April 9 April 13 April 19 April 22 April 25 April 28 Tanner invested $135,000 cash along with office equipment valued at $32,400 in the company in exchange for common stock. The company completed a $10,800 project for a client, who must pay within 30 days. The company paid $19,440 cash to settle the account payable created on April 3. The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. The company received $8,640 cash as partial payment for the work completed on April 9. The company completed work for another client for $2,640 on credit. The company paid a $6,200 cash dividend. April 29 The company purchased $1,080 of additional office supplies on credit. April 30 The company paid $700 cash for this month's utility bill. The company prepaid…

Prepare the T-Accounts Ledger

April 1 Tanner invested $100,000 cash along with office equipment valued at $24,000 in the company.. April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. April 3 The company made credit purchases for $12,000 in office equipment and $2,400 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $2,000 cash. April 9 The company completed a $8,000 project for a client, who must pay within 30 days. April 13 The company paid $14,400 cash to settle the account payable created on April 3. April 19 The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. April 22 The company received $6,400 cash as partial payment for the work completed on April 9. April 25 The company completed work for another client for $2,640 on credit. April 28 Tanner withdrew $6,200 cash from the company for personal…

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Karla Tanner opens a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $128,090 cash along with office equipment valued at $28,8ee in the company. 2 The company prepaid $7,20e cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. 3 The company made credit purchases for $14,400 in office equipment and $2,880 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $2,eee cash. 9 The company completed a $9, 680 project for a client, who must pay within 30 days. 13 The company paid $17,280 cash to settle the account payable created on April 3. 19 The company paid $6,800 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,00e. 22 The company received $7, 680 cash as partial payment for the work completed on April 9. 25 The company completed work for another client for $2,648…