ANALYZE AND MAKE THE NECESSARY JOURNAL ENTRIES WITH NO EXPLANATIONS. Jan. 1 – May invested the following assets into the business; Cash P 50,000 Merchandise 20,000 Equipment 40,000 2 - Bought tables and chairs for office use, P10,000. Terms: 2/10, n/30. 5 – Cash purchases for the day, P5,000. 8 – Bought goods from May Store, P10,000. Terms: 50% down and issued a 10-day, 6% note for the balance. - Paid freight for the above goods, P300. F.O.B. shipping point. 10 – Bought store supplies for cash, P500. 12- Paid the account on January 12. 13- Bought goods from MNO Trading, P5,000. Terms: 10 and 5, 2/10, n/30. 15 – Bought goods from XYZ Trading, P10,000. Terms: 2/10, n/30. - Paid freight for the above goods, P200. FOB destination. 18 - Returned defective goods to XYZ Trading, P1,000. - Paid the note on January 8. 24 – Paid in full the account to MNO Trading. 25 – Paid in full the account to XYZ Trading. 31 – Paid the following expenses; Advertising P 1,000 Salaries 5,000 Rent 3,000
Q: Rebecca’s Office Supplies on 12 July 2001 for the financial year. Account Amount Inventory 72,300…
A: Income statement is the financial statement which is prepared for the purpose of analyzing the…
Q: October 1 - Invested P250,000 to start the business October 2 - Paid P30,000 cash for various…
A: Accounting is the detailed process of recording, summarizing, and classifying accounting…
Q: a. Enter these transactions in the cash book and ledgers. Balance the cash book and Duleep’s…
A: Cash A/c Date Particular Amount Date Particular Amount Nov-01 To Mahendra…
Q: Sonia opens a plastic bag shop in Kangar. She rent shop lots, purchases an initial stock of plastics…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: 1 January Grigory paid $5,000 into the business 2 January Bought a motor van for $600 on credit 3…
A: A journal is a book in which transaction is recorded, transactions are journalized using double…
Q: What is the spcial journal of the following statements : Invested cash of 250,000 and merchandise…
A: Journal: Recording of a business transactions in a chronological order.
Q: Eren Retail Company was recently created with a beginning cash balance of P12,000. The owner expects…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: II. Presented below are transactions of May Daya Co. for January. Analyze and journalize the…
A: Journal entries are the transactions that are to be reported in the books primarily. These are…
Q: Journalize the following transactions and post them into Ledger. 2011 Started business with 50,000,…
A: A Journal is a book in which transactions are recorded in the chronological order. A journal is…
Q: The following Trial Balance was extracted from the books of Mr Ayden as at 30 December 20X1:…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: October 1 - Invested P250,000 to start the business October 2 - Paid P30,000 cash for various…
A: The trial balance is prepared to record the balances of each account as debit and credit.
Q: As of November 5, Calexico had the following selected transactions Purchase of furniture on…
A: >Cash account is an asset account.>It has a normal DEBIT balance.>Its balance increases by…
Q: Record the following transactions for the month of January of a small finishing retailer, prepare…
A: Total Credit purchase on Jan 4=Rs 800+ Rs 930+Rs 160+ Rs 510=Rs 2,400 Total Credit Sale on Jan 6=Rs…
Q: Draw up the trading and profit and loss account for the year ending 28 February 20X7 together with a…
A: Financial statements are prepared to depict the profitability and financial position of company at…
Q: Andy's Autobody Shop has the following balances at the beginning of September: Cash, $11,200;…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the…
A: Journal entries recording is the initial step of accounting process. Under this atleast one account…
Q: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: The Forest Company had the following transactions during the month of December. Cash Sales $3,250…
A: December 31 cash balance = Cash balance Dec. 1 + Receipts - Payments
Q: Andy's Autobody Shop has the following balances at the beginning of September: Cash, $9,800;…
A: A balance sheet seems to be a financial statement that shows the resources, obligations, and owner's…
Q: AngTindahan Co. is a wholesaler of office and school supplies. The e transactions of AngTindahan Co.…
A: The perpetual inventory system entails employing technology to keep inventory data up to date after…
Q: Write the journal entries for each transaction. Post the totals for each account in the end- of-…
A: Definition: Journal: Journal is the method of recording monetary business transactions in…
Q: Week 4-Written Work-Fill in the Blanks Directions: Analyze the following transactions below and…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Financial statements from this trial balance: Fresh Poultry Store Trial Balance Thursday, December…
A:
Q: Supreme Hardware Store completed the following merchandising transactions in the month of May. At…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Bought washing machines and dryers from Bataan Equipment Corp., P115,000. following transactions…
A: T accounts are the general ledger accounts that are prepared in the business for classification of…
Q: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the…
A: The transactions in the business are recorded initially in the book called journal. This follows the…
Q: Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance…
A: Journal is the first place where a transaction is recorded. It contains record of transaction…
Q: Sample: Ms. RCM invested cash of P100,000 and fumiture and fixtures amounting to P250,000, Sept. 5:…
A: There are some type of accounts used in accounting. These are Assets, Liabilities, Revenues,…
Q: Forest Company had the following transactions during the month of December. What is the December 31…
A: Assets: Assets are those items that provide value for money and future economic benefit for an…
Q: ite Shoes was involved in the transactions described below. Purchased $8,200 of inventory on…
A: Increase in assets should be debited and decrease in assets should be credited. Increase in…
Q: Solve the Problem below. 1. Gypsy Co. had the following cash related transaction for the fist month…
A: T-Accounts are the ledgers recording after Journal Entries. Cash T-account is the ledger account…
Q: PROBLEM DATA The following information is for Bonnie's Buds, a nursery and floral shop, for the…
A: Income statement shows the income and expenses of the entity, it is helpful in measuring the…
Q: Eren Retail Company was recently ereated with a beginning cash balance of P12,000. The owner expects…
A: Calculation of Cash Borrowings Requirements by the end of first month of Operations:…
Q: Required: Record all transactions in appropriate T-accounts (costs by nature), close all accounts…
A: Income Statement: An accounting report that indicates the net profitability of company at the…
Q: A company plans to own and operate a storage rental faclity, For the first month of operations, the…
A: The accounts in which the journal entries recorded in the books are posted, are referred to as…
Q: FDN Trading had the following selected transactions on November 5: Purchase of furniture on account,…
A: Gross sales = Sales - trade discount = 34000 - 34000*10% = P30600
Q: business purchases equipment by payingOR8, 000 in cash and issuing a note payable of OR12, 000.…
A: Journal entry : It is prepared to record the financial and non financial transaction of the business…
Q: Andy's Autobody Shop has the following balances at the beginning of September: Cash, $9,800;…
A: Account means the systematic record of various transactions entered by businesses. Income statement…
Q: Enter the following transactions, completing the double entry in the books for the month of May…
A: Answer: Journal entries for the above transactions
Q: The following Trial Balance was extracted from the books of Mr Ayden as at 30 December 20X1:…
A: A balance sheet is an accounting report that shows a corporation's assets liabilities, and…
Q: During Yeor 1, Hardy Merchandising Compony purchased $40,000 of inventory on account. Hardy sold…
A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…
Q: Perspective Company uses special journals to record its transactions. The following occurred during…
A: The following transactions are journalized in the records of Perspective Company.
Q: Sonia opens a plastic bag shop in Kangar. She rent shop lots, purchases an initial stock of plastics…
A: Required journal entries are provided below:
Q: he following selected accounts and their current balances appear in the ledger of wymar Company are…
A: A financial statement is a statement showing the financial position of the company. It includes…
Q: You opened a novelty store called "The Awesome Shop" January 1, 20x1. The following were the…
A: The journal entries are important to record regular transactions in four column book. The t-accounts…
Q: Record all transactions in appropriate T-accounts (costs by nature), close all accounts and prepare…
A: Income Statement: An income statement is an accounting report that shows a company's net…
Q: On February 1, 1991 Aslam started a business with a cash investment of Rs. 100,000.He completed the…
A: Journal entry is the primary entry that records the transactions initially.
- ANALYZE AND MAKE THE NECESSARY
JOURNAL ENTRIES WITH NO EXPLANATIONS. - Jan. 1 – May invested the following assets into the business;
- Cash P 50,000
- Merchandise 20,000
- Equipment 40,000
- 2 - Bought tables and chairs for office use, P10,000. Terms: 2/10, n/30.
- 5 – Cash purchases for the day, P5,000.
- 8 – Bought goods from May Store, P10,000. Terms: 50% down and issued a 10-day, 6%
- note for the balance.
- - Paid freight for the above goods, P300. F.O.B. shipping point.
- 10 – Bought store supplies for cash, P500.
- 12- Paid the account on January 12.
- 13- Bought goods from MNO Trading, P5,000. Terms: 10 and 5, 2/10, n/30.
- 15 – Bought goods from XYZ Trading, P10,000. Terms: 2/10, n/30.
- - Paid freight for the above goods, P200. FOB destination.
- 18 - Returned defective goods to XYZ Trading, P1,000.
- - Paid the note on January 8.
- 24 – Paid in full the account to MNO Trading.
- 25 – Paid in full the account to XYZ Trading.
- 31 – Paid the following expenses;
- Advertising P 1,000
- Salaries 5,000
- Rent 3,000
Step by step
Solved in 3 steps with 3 images
- The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?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?
- 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.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?
- Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.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.