Day 2- Quiz

How will IFFA record the May 1 transaction?  a. No entry is needed. b. decrease Cash and increase Bank Loan Payable, $12 c.  decrease Cash and increase Accounts Payable, $12 d. increase both Cash and Owner's Capital, $12 Enter the letter that corresponds to your choice. (A B C D)           How will IFFA record the May 2 transaction?  a. increase both Cash and Accounts Payable, $4,000 b. increase both Cash and Bank Loan Payable, $4,000 c. increase both Cash and Owner's Capital, $4,000 d. increase both Cash and Revenue, $4,000 e. increase both Cash and Retained Earnings, $4,000 Enter the letter that corresponds to your choice. (A B C D E)         How will IFFA record the May 3 transaction?  a. increase both Cash and Accounts Payable, $3,000 b. increase both Cash and Bank Loan Payable, $3,000 c. increase both Cash and Owner's Capital, $3,000 d. increase both Cash and Revenue, $3,000 e. increase both Cash and Retained Earnings, $3,000 Enter the letter that corresponds to your…

required: please answer this question by choosing the right options.

Use Report Form of SFP

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Questions: 1. What is the amount of the creditor's claims against the assets of the business?

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Solve both parts.

i am doing chart of accounting general journal, 4/ 2        Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this). how to solve this problem?   with puting into general journal as debit and credit side

Question (1) Draw up W Pentecost's complete Statement of financial Position from the following incomplete data at 30 June Year 9. Your answer should the missing $ Cash at bank 2614 Payables 4150 Goods 5860 Fixtures and fittings 1900 Receivables 3750 Motor Vehicles 4200 Loan from D Galbraith 3600

Question A small business has $1,000 in their Bank Account, $1,000 in the Equipment Account and $2,000 in Capital. Then, the business buys $75 worth of Equipment and pays cash. The accounting entry made is: Credit Equipment $75 and Debit Bank $57. How does this error impact the Trial Balance? * The Trial Balance will not balance by $18 O The Trial Balance will not balance by $36 ($18 x 2) O The Trial Balance will not balance by $57 O The Trial Balance will not balance by $75 Back Next Page 18 of 25 Clear form

Don't give answer in image format prepare income statement

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Question (1) Draw up W Pentecost's complete Statement of financial Position from the following incomplete data at 30 June Year 9. Your answer should the missing $ Cash at bank 2614 Payables 4150 Goods 5860 heint Online Clas Fixtures and fittings 1900 Receivables 3750 Motor Vehicles 4200 Loan from D Galbraith 3600

Required: Record the debit and credit in the appropriate account for each of the following trans- actions (transaction 1 is done for you): Debit Credit Cash Share Capital 1. Issued share capital for cash. 2. Purchased equipment on credit. 3. Paid for a one-year insurance policy. 4. Billed a customer for repairs completed today. 5. Paid this month's rent. 6. Collected the amount billed in transaction 4 above. 7. Collected cash for repairs completed today. 8. Paid for the equipment purchased in transaction 2 above. 9. Signed a union contract. 10. Collected cash for repairs to be made for customers next month. 11. Transferred this month's portion of prepaid insurance that was used to Insurance Expense.

please answer 1-3 only and show solutions thank you

action Analysis: Debit and Credit Rules Chap APPLY WHAT YOU HAVE LEARNED 2-1. Accounting equation. Use the following table to show the effects of transactions 1-10. Use+ or – and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and -. The transactions describe events for Copymaster Corporation, a photocopying business. Assets Liabilities 1. 000 Equity t 5060 2. 5. 6. 7. 8. 9. 10. 1. Shareholders invested $5,000 cash to begin the business. 2. Copymaster bought a copying machine for $1,500 cash. 3. Copymaster sold copies to customers for $500 cash. 4. Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month. bloe 5. Copymaster paid employees $600. 6. Copymaster bought supplies for $300. 7. Copymaster paid rent of $700. 8. Copymaster paid utilities of $200. 9. Copymaster bought office furniture for $500. 10.…

Suppose hunt company has receivable solution this question

Evaluate the financial status of my icecream business  chills and fruit by looking at the general journal. Is my business making a profit or operating at a loss? and how do you know???

22. MC.03.027 Summit Company paid Hacienda Products, a creditor, on account. The transaction would involve a a. credit to Cash. b. debit to Expenses. c. credit to Accounts Payable. d. debit to Cash. 23. MC.03.028 J. Forest deposited $60,000 in the bank in the name of the business. The transaction would involve a a. debit to J. Forest, Capital. b. credit to Cash. c. debit to Cash. d. credit to J. Forest, Drawing. 24. MC.03.029 G. Wilson invested her personal computer, which had a fair market value of $5,000, in her business. The transaction would involve a: a. debit to Equipment. b. debit to Accounts Receivable. c. debit to Cash. d. debit to G. Wilson, Capital. 25. MC.03.030 Red Baron Company purchased supplies for cash, $1,950. The transaction would involve a a. debit to Supplies. b. credit to Accounts Payable. c. credit to Supplies Expense. d. debit to Cash.

Im resubmitted it pls solve it.

i only wants the correct option can u please tell me the answer

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