DebitCreditClark Logan made cash investment in hisbusiness.1CashLogan, CapitalOffice EquipmentAn office equipment was bought oncredit.The obligation in number 2 was paid tothe creditor.4 An equipment was bought on cash basis.2Accounts Payable35 The owner withdrew cash from thebusiness.6 Paid rent for the month.7 Collected cash for car repair service.8 Paid electricity consumed by the business.9 Paid taxes for municipal permit.10 Rendered car repair service. The customermade a promise to pay.

Name: DebitCreditClark Logan made cash investment in hisbusiness.1CashLogan
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Description: DebitCreditClark Logan made cash investment in hisbusiness.1CashLogan, CapitalOffice EquipmentAn office equipment was bought oncredit.The obligation in number 2 was paid tothe creditor.4 An equipment was bought on cash basis.2Accounts Payable35 The

Sno Transaction Debit Credit 1 Clark logan made cash investment in his business Cash Logan,…

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Debit Credit Logan, Capital Clark Logan made cash investment in his business. 2 An office equipment was bought on credit. 3 The obligation in number 2 was paid to the creditor. 4 An equipment was bought on cash basis. 1 Cash Office Equipment Accounts Payable The owner withdrew cash from the business. 6 Paid rent for the month. 5 7 Collected cash for car repair service. 8 Paid electricity consumed by the business. 8 9 Paid taxes for municipal permit. 10 Rendered car repair service. The customer ade: oromise 2.

Debit Credit Logan, Capital Clark Logan made cash investment in his business. 2 An office equipment was bought on credit. 3 The obligation in number 2 was paid to the creditor. 4 An equipment was bought on cash basis. 1 Cash Office Equipment Accounts Payable The owner withdrew cash from the business. 6 Paid rent for the month. 5 7 Collected cash for car repair service. 8 Paid electricity consumed by the business. 8 9 Paid taxes for municipal permit. 10 Rendered car repair service. The customer ade: oromise 2.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...

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What accounting method (cash or accrual) would you recommend for the following businesses? a. A gift shop with average annual gross receipts of 900,000. b. An accounting partnership with average annual gross receipts of 12 million. c. A drywall subcontractor who works on residences and has annual gross receipts of 3 million. d. An incorporated insurance agency with average annual gross receipts of 28 million. e. A sole proprietor operating a retail clothing store with average annual gross receipts of 12 million. f. A sole proprietor operating a widget manufacturing plant with average annual gross receipts of 27 million.
A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.TASK : FIND A MISTAKE IN THE BALANCE SHEET AND CORRECT IT
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;(ii) ledger accounts showing descriptions and balances;(iii) a trial balance;
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $31,000 and has cash on hand of $18,000 contributed by Lanni’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Choose one option for following blank: A. real asset. B. financial asset. C. real liability. D. Finanical liability. The bank loan is a Financial liability for Lanni, and a Financial asset for the bank. The cash Lanni receives is a Financial asset . 1. The new financial asset destroyed or created is Lanni's promissory note to repay the loan. Lanni uses the cash from the bank plus $18,000 of its own funds to finance the development of new financial planning software. Lanni transfers financial asset (cash) to the software developers. In return, Lanni receives the completed software package, which is a real asset. Lanni exchanges the real asset (the software) for a Financial asset, which is 1,400 shares of…
On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
Jeremy Norton is a property investor and the owner of a French bakery in Balmain. All payments are fully substantiated Receipts Cash Sales 275,240 Cash received from Debtors 15,700 Rent received (See Note 3) 21,000 Ten Year business loan from NAB bank 1/11/21 40,000 Contra from plumber 1,200 Payments Payments to creditors for trading stock 95,650 Speeding fine paid in making deliveries 180 Loan repayments – principal 4,700 -Interest 4,000 Borrowing costs on business loan 4,000 Wages- spouse (the ATO considers $35,000 to be reasonable) 65,000 - Other staff 24,000 Repairs to shop caused by storm damage on 31/3/2022 4,800 Superannuation-self 23,000 -Other staff 8,000 Drawings 17,000 Membership of Balmain business Club 250 Entertainment of suppliers at above club 750 Staff…
V1801 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).
Christopher started a new business, and completed the following transactions during December: Dec. 1 Christopher contributed $21,000 cash on exchange for capital 2 received $3,500 cash from customers for services performed. 5 paid $200 cash for office supplies 9 performed services for a customer, and billed the customer for services rendered $2,000 10 received $300 bill for utilities due in two weeks 15 Paid for advertising in the local paper $325 20 Paid bill utility received on Dec.10 25 collected cash from customer billed on Dec. 9 28 paid rent for the month, $2,000 28 paid $1,250 to assistant for wages 30 received $1,800 cash from customers for services performed Christopher withdraw $5,000 cash from the business. Analyze the effects of transactions on the accounting equation