The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $547 Fees Earned $2,888 Accounts Receivable 808 Insurance Expense 069 Prepaid Insurance 1,833 Land 2,092 Cash 2,048 Wages Expense 722 Dividends 747 Common Stock 5,505 Prepare a trial balance. The total of the debits is O $1,412 $5,505 $6,781 $8,940 MacBook Drn bok Pro Used Car E Ford Blue Search Your Local I Advantage 0%6690

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $547 Fees Earned $2,888 Accounts Receivable 808 Insurance Expense 069 Prepaid Insurance 1,833 Land 2,092 Cash 2,048 Wages Expense 722 Dividends 747 Common Stock 5,505 Prepare a trial balance. The total of the debits is O $1,412 $5,505 $6,781 $8,940 MacBook Drn bok Pro Used Car E Ford Blue Search Your Local I Advantage 0%6690

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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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?
R. Dalberg operates Dalbergs Tours. The company has the following chart of accounts: Using the chart of accounts, record the following transactions in pairs of T accounts. Give the T account to be debited first and the account to be credited to the right. Show debit and credit and plus and minus signs. (Example: Received and paid the bill for the months rent, 480.) a. Received and paid the electric bill, 175. b. Bought supplies on account, 135. c. Paid for insurance for one year, 580. d. Made a payment on account to a creditor, 65. e. Received and paid the telephone bill, 186. f. Sold services on account, 1,375. g. Received and paid the gasoline bill for the van, 130. h. Received cash on account from customers, 1,458. i. Dalberg withdrew cash for personal use, 700.
Prepare journal entries to record the following transactions. A. July 1, issued common stock for cash, $15,000 B. July 15, purchased supplies, on account, $1,800 C. July 25, billed customer for accounting services provided, $950
Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.
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.
The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $526 Fees Earned $3,025 Accounts Receivable 665 Insurance Expense 519 Prepaid Insurance 2,112 Land 2,489 Cash 2,119 Wages Expense 589 Dividends 606 Common Stock 5,548 Prepare a trial balance. The total of the debits is $5,548 $9,099 $1,108 $7,385
The following accounts appear in the ledger of Monroe Entertainment Co. All accounts have normal balances. Accounts Payable $426 Fees Earned $3,148 Accounts Receivable 848 Insurance Expense 642 Cash 1,825 Kim Monroe, Capital 5,046 Kim Monroe, Drawing 670 Land 2,009 Prepaid Insurance 1,852 Wages Expense 774 When a trial balance is prepared, the total of the debits will be a.$5,046 b.$1,732 c.$8,620 d.$3,099
The Lexington Group has the following unadjusted trial balance as of May 31, 20Y6: The Lexington GroupUnadjusted Trial BalanceMay 31, 20Y6 Debit Balances Credit Balances Cash 20,350 Accounts Receivable 37,000 Supplies 1,100 Prepaid Insurance 200 Equipment 171,175 Notes Payable 36,000 Accounts Payable 26,000 Common Stock 50,000 Retained Earnings 94,150 Dividends 15,000 Fees Earned 429,850 Wages Expense 270,000 Rent Expense 63,000 Advertising Expense 25,200 Miscellaneous Expense 5,100 608,125 636,000 The debit and credit totals are not equal as a result of the following errors: The cash entered on the trial balance was overstated by $7,000. A cash receipt of $8,200 was posted as a debit to Cash of $2,800. A debit of $16,500 to Accounts Receivable was not posted. A return of $125 of defective supplies was erroneously posted as a $1,250 credit to…
The following accounts appear in the ledger of Monroe Entertainment Co. All accounts have normal balances. Accounts Payable $470 Fees Earned $2,195 Accounts Receivable 723 Insurance Expense 414 Prepaid Insurance 4,009 Land 1,888 Cash 908 Wages Expense 770 Drawing 338 Capital 6,385 Total assets are a.$6,385 b.$7,528 c.$3,573 d.$2,195
Based on the account balances below, what is the total of the debit and credit columns of the adjusted trial balance? Service revenue $5700 Equipment $7580 Cash 2805 Prepaid insurance 1275 Unearned service revenue 5510 Depreciation expense 890 Salaries and wages expense 1270 Accum. depreciation 1360 Common stock 640 Retained earnings 610 a.) $13440 b.) $11660 c.) $13820 d.) $12460
The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts payable $447 Fees Earned $3,249 Accounts receivable 718 Insurance Expense 460 Supplies 500 Rent expense 1,500 Prepaid insurance 1,516 Land 2,132 Cash 2,195 Wages expense 589 Office equipment 1,800 Retained earnings 5,500 Dividends 697 Common stock 4,611 Unearned rent 1,600 Total assets are a.$3,249 b.$3,360 c.$4,611 d.$8,861
Below are recorded transactions of Yellow Jacket Corporation for August. Debit Credit1. Equipment........................................................ 8,800 Cash.............................................................. 8,8002. Accounts Receivable..................................... 3,200 Service Revenue....................................... 3,2003. Salaries Expense............................................ 1,900 Cash.............................................................. 1,9004. Cash................................................................... 1,500 Deferred Revenue.................................... 1,5005. Dividends.......................................................... 900…