A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $24,000. The business purchases supplies on account $600. The business purchases furniture on account $2,500. The business renders services to various clients on account totaling $8,000. The business pays salaries $2,200. The business pays this month’s rent $4,000. The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,800. What is total income for the month?
Q: On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities,…
A: Formula: Net profit = Revenues - Expenses
Q: On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following…
A: Since you have posted a question with multiple parts. we will be answering you first three subparts…
Q: On August 1, 2003, Mary Woo opens Woo Computer Consulting. During the business’s first ten days of…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: You are an owner of a service business. The following were the business transactions during the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by…
A: Formula: Net income = Total Revenues - Total expenses
Q: The following entries are in the books of Moh Co. for the month of Jan,2021: 10th Jan Started up the…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: A business has the following transactions: • The business is started by receiving cash from an…
A: Revenue is the aggregate income amount generated through the sale of services or the goods to the…
Q: [The following information applies to the questions displayed below.] Sanyu Sony started a new…
A: Income Statement - This statement shows the income earned and loss incurred by the organization in…
Q: A business has the following transactions:• The business is started by receiving cash from an…
A: Net income is computed by collecting revenues and deducting company expenditures such as production…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650…
A: ERNST CONSULTING Income Statement For the month ended December 31 Revenue…
Q: Galle Inc. entered into the following transactions during January.a. January 1: Borrowed $50,000…
A: You enter transaction data in your company's records to create a journal entry.. Your journal…
Q: The following transactions relates to Joshua Woods, a sole trader, during his first month of…
A: Trial balance: It is the balance of a statement prepared with debit and credit balances of the…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650…
A: The balance sheet is prepared at the end of an accounting period. It is part of financial…
Q: The following transactions relates to Joshua Woods, a sole trader, during his first month of…
A:
Q: Record the following transactions directly into the appropriate T accounts and determine the balance…
A: The business transactions are recorded in the books of accounts through journal entries, which will…
Q: Prepare general journal entries to record the transactions above for Spade Company by using the…
A:
Q: Ming Chen started a business and had the following transactions in June. Owner invested $66,000…
A: The accounting equation states that assets equal to sum of liabilities and equity. The equity…
Q: The cash transactions for the first month of operation of a sole trader business are as follows;…
A: Answer: Cash ledger is the ledger which maintains the complete set of records for transactions…
Q: Goal Systems, a business consulting firm, engaged in the following transactions:a. Issued common…
A: Sno Transaction Assets = Liabilities + Stockholders Equity Cash Equipment…
Q: Bogey Incorporated has the following transactions during May: May 1 Purchase a storage building by…
A: The five Account types are: Assets, Liabilities, Equity, Revenue (or Income) and Expenses. To…
Q: A business has the following transactions in a month. Journalise each of the transactions. What is…
A: Journal entries recording is the first step in accounting process, in which atleast one account is…
Q: Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P…
A: Closing entries are prepared to close the incomes and expenses to income statement and dividend…
Q: A business has the following transactions: The business is started by receiving cash from an…
A: Net Income can be calculated by substracting all the expenses from the service revenue earned by the…
Q: On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. During…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: The following transactions were taken from the books of Cartago Repair Shopfor the month of May…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by…
Q: Sanyu Sony started a new business and completed these transactions during December. 1 Sanyu Sony…
A: The balance sheet represents the financial position of the business with assets and liabilities on a…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660…
A: Balance sheet is the financial statement which is prepared to check the financial health of the…
Q: 01-Sep Started business by investing $10,000 from personal savings into a business' bank account and…
A: Following are the journal. ledger and trial balance of the firm
Q: T.J. Chan, an engineering consultant, decided to begin a business of his own. Chan has set up the…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: A. Opened a business bank account with a deposit of $25,000 from personal funds.B. Purchased office…
A: Answer 1)
Q: Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently…
A:
Q: a. Kacy Spade, owner, invested $10,750 cash in the company in exchange for common stock. b. The…
A:
Q: The following transactions occurred during July: 1. Received $1,100 cash for services provided to…
A: Assuming that accrual method of accounting is being fallowed by entity mentioned in question.
Q: Mason's Restaurant and Catering had the following transactions during the month of May. May 1…
A: Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed…
Q: Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently…
A: ExpectedTransaction 1. Incorrect 2. Correct 3. Incorrect 4. Incorrect 5. Incorrect
Q: Les Stanley established an insurance agency on July 1, 20Y5, and completed the following…
A: Answer and calculations are given below
Q: Journalize the following transactions for the month of July: July 1 K. Elliot deposited $10,000 in…
A: Supplies on account=1000-500=$500
Q: Identify the explanation from a through j below that best describes each transaction 1 through 5…
A: The accounting equation is considered to be the foundation of the double-entry accounting system.…
Q: The following transactions occurred during the company's first month. June 1 The owner invested…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: The following transactions are extracted from the accounting records of Transwell Services for the…
A: Journal is the book of original entry in which all the transactions of the business are recorded…
Q: Mason's Restaurant and Catering had the following transactions during the month of May.
A: The company should need to first record the Journal Entry in the book.
Q: On October 1, 20Y6, Jay Crowley transactions during the month: a. Jay Crowley transferred cash from…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Remy opened her Tours4Fun business. During the first month, January, she completed the following…
A: Pencil footing the ledger means the total balance of both side of ledger. After pencil footing…
Q: Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu…
A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…
Q: A business has the following transactions: The business is started by receiving cash from an…
A: Solution: Computation of net income for the month is as under:
Q: The following transactions occurred in the business during the month of July 2021. 5-Jul Provided…
A: Journal entries are the first step of recording the transactions. Every journal entry will have…
Q: A business has the following transactions: A. The business is started by receiving cash from an…
A: Revenue: Revenues are the income earned by the business through its business operations during a…
A business has the following transactions:
- The business is started by receiving cash from an investor in exchange for common stock $24,000.
- The business purchases supplies on account $600.
- The business purchases furniture on account $2,500.
- The business renders services to various clients on account totaling $8,000.
- The business pays salaries $2,200.
- The business pays this month’s rent $4,000.
- The business pays for the supplies purchased on account.
- The business collects from one of its clients for services rendered earlier in the month $1,800.
What is total income for the month?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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?On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. Record the transactions and the balance after each transaction 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.On July 1, K. Resser opened Ressers Business Services. Ressers accountant listed the following chart of accounts: The following transactions were completed during July: a. Resser deposited 25,000 in a bank account in the name of the business. b. Bought tables and chairs for cash, 725, Ck. No. 1200. c. Paid the rent for the current month, 1,750, Ck. No. 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. No. 1202. e. Bought supplies on account from Wigginss Distributors, 535. f. Sold services for cash, 1,742. g. Bought insurance for one year, 1,375, Ck. No. 1203. h. Paid on account to Ferber Equipment, 700, Ck. No. 1204. i. Received and paid the electric bill, 438, Ck. No. 1205. j. Paid on account to Wigginss Distributors, 315, Ck. No. 1206. k. Sold services to customers for cash for the second half of the month, 820. l. Received and paid the bill for the business license, 75, Ck. No. 1207. m. Paid wages to an employee, 1,200, Ck. No. 1208. n. Resser withdrew cash for personal use, 700, Ck. No. 1209. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance as of July 31, 20--. 6. Prepare an income statement for July 31, 20--. 7. Prepare a statement of owners equity for July 31, 20--. 8. Prepare a balance sheet as of July 31, 20--. LO 1, 2, 3, 4, 5, 6Discuss how each of the following transactions will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. A company purchased $450 worth of office supplies on credit. B. The company parking lot was plowed after a blizzard. A check for $75 was given to the plow truck operator. C. $250 was paid on account. D. A customer paid $350 on account. E. Provided services for a customer, $500. The customer asked to be billed.
- In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?B. Kelso established Computer Wizards during November of this year. The accountant prepared the following chart of accounts: The following transactions occurred during the month: a. Kelso deposited 45,000 in a bank account in the name of the business. b. Paid the rent for the current month, 1,800, Ck. No. 2001. c. Bought office desks and filing cabinets for cash, 790, Ck. No. 2002. d. Bought a computer and printer from Cyber Center for use in the business, 2,700, paying 1,700 in cash and placing the balance on account, Ck. No. 2003. e. Bought a neon sign on account from Signage Co., 1,350. f. Kelso invested her personal computer software with a fair market value of 600 in the business. g. Received a bill from Country News for newspaper advertising, 365. h. Sold services for cash, 1,245. i. Received and paid the electric bill, 345, Ck. No. 2004. j. Paid on account to Country News, a creditor, 285, Ck. No. 2005. k. Sold services for cash, 1,450. l. Paid wages to an employee, 925, Ck. No. 2006. m. Received and paid the bill for the city business license, 75, Ck. No. 2007. n. Kelso withdrew cash for personal use, 850, Ck. No. 2008. o. Kelso withdrew cash for personal use, 850, Ck. No. 2008. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance, with a three-line heading, dated November 30, 20--.
- Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501 (Rent Expense). e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307 (Catering Income). i. Received and paid the heating bill, 248, Ck. No. 504 (Utilities Expense). j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506 (Salary Expense). Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.