a. Kacy Spade, owner, invested $100,750 cash in the company. b. The company purchased office supplies for $1,250 cash. c. The company purchased $10,050 of office equipment on credit. d. The company received $15,500 cash as fees for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,700 as fees for services provided. g. The company paid $1,225 cash for the monthly rent. h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f. 1. Kacy Spade withdrew $10,000 cash from the company for personal use.
Q: The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $17,000 cash in the…
A: Journal entry: Journal entry means recording a business transaction in the accounting system for a…
Q: Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the…
A: Answer:-
Q: a. Lita Lopez invested $60,000 cash and equipment valued at $31,000 in the company in exchange for…
A: The accounting equation states that assets are equal to the sum of liabilities and shareholders'…
Q: The following transactions were completed by the company. a. The owner invested $17,200 cash in the…
A: Accounting equation refers to the equation which forms the basics of the accounting as this equation…
Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
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: a. Edward Wilson invested $8,000 cash in his new landscaping business. b. The business paid the…
A: Introduction: Journal entries: Recording of business transactions in a chronological order. First…
Q: The following transactions have been journalized and posted to the proper accounts: i. Edward Wilson…
A: A trial balance is an accounting worksheet that aggregates all ledger balances into equal debit and…
Q: transactions during the month of January 2021. January 4- It started the business with cash of OMR…
A: The journal keeps the record for day to day transactions of the business on regular basis. The…
Q: The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,250 cash in the…
A: Trial balance is the summary of all general ledger accounts being used in business. Under this,…
Q: The transactions of Spade Company appear below. a. K. Spade, owner, invested $100,750 cash in the…
A: Debit the receiver, and credit the giver. Debit what comes in, and credit what goes out. Debit all…
Q: El Granado established the EG Data Encoders on May 15, 2014. The following transactions occurred…
A: Journal entry is the practice of recording commercial transactions for the first time in the books…
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: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in…
A: The income statement is an essential part of the financial statements of the company. It is prepared…
Q: December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in…
A: First we need to find net income for the month of December inorder to prepare statement of owners…
Q: Emerita Modesto established a. Deposited P120,000 in a bank account in the name of the business.…
A: Accounting equation of the business says that total assets always must be equal to total liabilities…
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: On October 1, Ebony Ernst organized Ernst Consulting; On October 3, the owner contributed $84,780 in…
A: Cash flow statement includes the summary showing receipts and payments made by cash and cash…
Q: Johnny, a sole proprietor, has the following account balances: Cash, RM5,000; Accounts Receivable,…
A: Accounting Equation of the business says that total assets in the business should be equal to total…
Q: Prepare general journal entries to record the transactions above for Spade Company by using the…
A:
Q: King Company uses the following accounts from its chart of accounts: Cash (111), Accounts Receivable…
A: Journal Entry The purpose of providing the journal entry to enter the required transaction into both…
Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: According to the accounting equation, a company's total assets equal the sum of its liabilities and…
Q: Mr. Steve Persian hired Elizabeth to prepare the Statement of Financial Position of his business. To…
A: Statem ent showing financial position is nothong but Balance Sheet. On the basis…
Q: Where can you go to find each of your answers? January 1-D. Hall, owner, invested $142,750 cash in…
A: Accounting equation of the business has three important elements and these are Assets, Liabilities…
Q: the following transactions have been journalized and posted to the proper accounts: i. Edward…
A: We have the following information: Edward Wilson invested $8,000 cash in his new landscaping…
Q: The following selected transactions were completed by Silverado Delivery Service during February: 1.…
A: Definition: Rules of Debit and Credit: The following rules are followed for debiting and crediting…
Q: On October 1, Ebony Ernst organized Ernst Consulting; On October 3, the owner contributed $84,780 in…
A: The balance sheet is the statement of financial position of the business.
Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in…
A: The statement which shows the final balances of all assets, liabilities and equity amounts in a…
Q: The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: a. Edward Wilson invested $8,000 cash in his new landscaping business. b. The business paid the…
A: Introduction: Trial Balance: Final balances of each ledger account balances are posted in to Trial…
Q: Listed below are six transactions for TUV Company during its first month of operations: 1. Owner…
A: Accounting Equation of the business says that total assets in the business must be equal to total…
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: Peter Joshua established an advertising and marketing company registered with the DTI under the…
A: Theory - Journal entries are the first step of recording the transactions, we can prepare the…
Q: The following selected transactions were completed by Silverado Delivery Service during February:1.…
A: Determine the effect on accounting equation:
Q: Journal entries a. Kacy Spade, owner, invested $10,750 cash in the company in exchange for common…
A: Here in this question, we are required to make journal entries. Journal entries are made by the…
Q: The transactions of Spade Company appear below. Kacy Spade, owner, invested $15,500 cash in the…
A: Trial balance is a list of all ledger accounts which are complied into debit and credit account…
Q: GO has a security service business and completed the following transactions ing October 2021: ober 1…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
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: On October 1, Ebony Ernst organized Ernst Consulting; On October 3, the owner contributed $84,780 in…
A: Financial statement means the statement including income statement , balance sheet , cash flow…
Q: The following information applies to the questions displayed below.] n December 1, Jasmin Ernst…
A: The owner's equity statement displays changes in a company's capital balance over a reporting…
Q: The transactions of Spade Company appear below. Kacy Spade, owner, invested $17,000 cash…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: 1- Invested P20,000 cash in the business 2 - Bought repair tools worth P3,200 and repair supplies…
A: As per the accounting equation, total assets in the business should always be equal to total…
Q: Faith D. Nakpil Accounting Services (FDNACCT) paid for the following: Purchase of equipment: P50,000…
A: 1. Purchase of Equipment : it is not an expense. It is the purchase of Fixed assets. The…
Q: The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $14,250 cash in the…
A: Answer - Spade Company Trial Balance May-31 Particulars Debit Credit…
Q: Villadores started his own general cleaning business in Batangas. The following are the business…
A: Accounts Payables: Accounts payable refers to the money due to a business's vendors, whereas…
Q: a. Mr. Apollo established an accounting tutorial service business and had invested P90,000 cash of…
A: As per Accounting Equation, Assets =Liabilities +Capital
Prepare general
transaction to identify entries. After recording the transactions, post them to T-accounts, which serve as the general ledger for this assignment. Determine the ending balance of each T-account.
Trending now
This is a popular solution!
Step by step
Solved in 10 steps
- 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?Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.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?
- Discuss 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.A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this months rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?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 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.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.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--.
- George Hoskin started his own business, Hoskin Hauling. The following transactions occurred in the first two weeks: A. George Hoskin contributed cash of $12,000 and a truck worth $10,000 to start the business. He received Common Stock in return. B. Paid two months rent in advance, $800. C. Agreed to do a hauling job for a price of $1,200. D. Performed the hauling job discussed in C. We will get paid later. E. Received payment of $600 on the hauling job done in D. F. Purchased gasoline on credit, $50. G. Performed another hauling job. Earned $750, was paid cash. Record the following transactions in T-accounts. Label each entry with the appropriate letter. Total the T-accounts when you are done.P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. a. Schwartz deposited 25,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, 9,670. c. Schwartz invested his personal law library, which cost 2,800. d. Paid the office rent for the month, 1,700, Ck. No. 2000. e. Bought office supplies for cash, 418, Ck. No. 2001. f. Bought insurance for two years, 944, Ck. No. 2002. g. Sold legal services for cash, 8,518. h. Paid the salary of the part-time receptionist, 1,820, Ck. No. 2003. i. Received and paid the telephone bill, 388, Ck. No. 2004. j. Received and paid the bill for utilities, 368, Ck. No. 2005. k. Sold legal services for cash, 9,260. l. Paid on account to QuipCo, 2,670, Ck. No. 2006. m. Schwartz withdrew cash for personal use, 2,500, Ck. No. 2007. 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 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.