AS Company is a company dedicated to removals. Its owner, Andrés Santiago, began operations in November. Analyze and record the following business transactions in the accounting equation (indicates increase + and decrease -) and in the Jornal (General Journal) (account affected by debit and credit): 1. Andrés Santiago made an investment of $ 12,000 in the business. 2. He paid $ 3,600 for business insurance for a full year. 3. He collected $ 5,000 in cash from his clients, for services already performed at the moment. 4. He offered credit services of $ 2,500, and billed clients. 5. He paid $ 1,000 for the monthly water and electricity bills. 6. Withdrew $ 200 from the business account for personal use. 7. Charged $ 1,000 for services billed on Day 4. 8. He bought a land valued at $ 30,000, for which he paid $ 10,000 in cash and the rest was on credit with a guaranteed note. 9. Bought office equipment for $ 2,500 in cash. 10. Purchased weighing equipment for $ 5,000, on credit

On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $31,000.   2 Paid rent on office and equipment for the month, $3,050.   3 Purchased supplies on account, $2,250.   4 Paid creditor on account, $850.   5 Earned fees, receiving cash, $14,660.   6 Paid automobile expenses (including rental charge) for month, $1,540, and miscellaneous expenses, $670.   7 Paid office salaries, $2,600.   8 Determined that the cost of supplies used was $1,050.   9 Withdrew cash for personal use, $2,200.   Required: 1. Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. . Every line on a journal page is used for debit or credit entries.  2. Post the journal entries to the T accounts, selecting the appropriate date to the left…

Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed services for $26,000 cash. 2. Purchased $4,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,040 of supplies on hand. Required: Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting per c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Income statement Event Req B2 Balance sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. Note: Not all cells require input. Enter any decreases to account balances with a minus sign. Req B3 Statement of cash flows Cash…

Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: Terry Mason invested $32,750 in Succulent Express in exchange for common stock. Paid $4,200 on February 1 for an insurance premium on a one-year policy. Purchased supplies on account, $1,560. Received fees of $48,270 during February. Paid expenses as follows: wages, $22,200; rent, $3,700; utilities, $1,850; and miscellaneous, $2,035. Paid dividends of $8,850. There was $858 of supplies on hand as of February 28. Assume that adjusting entries for usage of supplies and expiration of prepaid insurance were recorded on February 28, 20Y4. Based on the information above, determine the net cash flow from operating activities as of February 28, 20Y4.

Brian Sipe began operations of his business, Sipe Sons Incorporated, on January 1, Year One. During the year, the company performed services on credit of $192,000. Of that amount, $115,750 was collected in cash during the year. Brian estimates, of the remaining amount due, $5,100 may not be collected. Prepare the entries for the events during year one What is the balance in the accounts receivable account? What is the amount of receivables reported on the balance sheet? Why would Brian have a separate allowance account and not reduce the receivable balance for the amount estimated to e uncollectible? What type of account is Allowance for Doubtful Accounts

On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $53,000.   2 Paid rent on office and equipment for the month, $7,950.   3 Purchased supplies on account, $4,240.   4 Paid creditor on account, $2,320.   5 Earned fees, receiving cash, $24,180.   6 Paid automobile expenses (including rental charge) for month, $2,490, and miscellaneous expenses, $560.   7 Paid office salaries, $6,630.   8 Determined that the cost of supplies used was $1,860.   9 Withdrew cash for personal use, $2,600.   Required:         Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will…

On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business: Nov. 1 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $50,000.   1 Paid rent for period of November 1 to end of month, $4,000.   6 Purchased office equipment on account, $15,000.   8 Purchased a truck for $38,500 paying $5,000 cash and giving a note payable for the remainder.   10 Purchased supplies for cash, $1,750.   12 Received cash for job completed, $11,500.   15 Paid annual premiums on property and casualty insurance, $2,400.   23 Recorded jobs completed on account and sent invoices to customers, $22,300.   24 Received an invoice for truck expenses, to be paid in November, $1,250.   Enter the following transactions on Page 2 of the two-column journal: Nov. 29 Paid utilities expense, $4,500.   29…

Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $48,000 in exchange for common stock. Borrowed $25,000 by issuing a note payable. Received cash from fees earned, $28,500. Paid rent on office and equipment for the month, $2,600. Paid automobile expense for the month, $1,800, and miscellaneous expense, $1,000. Paid office salaries, $4,200. Paid interest on the note payable, $90. Purchased land as a future building site, $60,000. Paid dividends, $4,300. Instructions: 1.  Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts. 2.  Which of the following shows the correct effect on the accounting equation for a utility expense…