Homework Help is Here – Start Your Trial Now!
Business
Accounting
Below are individual unrelated transactions from X-call inc Racord each transaction in the General Journal directly below it Enter an appropriate description when andering the transacions in the journal Dates must be entered in the format ddimram (ie January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Couty) Use for increase and for decrease For example, if an account decreases equity, choose Equity a) On November 1, 2014, X-cel Inc. purchased $1,440 of equipment on credit General Journal Date Account/Explanation Equipment Pagi G31 Creat F Dee Effect On Balance Shel 1.440 Accounts Payable 1,440 Liabilities to record the purchase of equipment on ad b) On November 2, 2014, X-cell Inc. agreed to provide teaching services to a client for a fixed No of 5000 per month On that same day this dient paid the first two months' tas in advance General Journal Page GJ Deon Creat Effect On Balance Shant Date Account Explanation c) A client paid 2 months' teaching fee in advance. By November 30, 2014, X-coll inc provided five days of eaching that amounted to revenue of 8070 Page G General Journal Effect On Baunce Sheet Dato Account/Expranation Debt Credit CH revenue accounts d) X-cell be reported its teaching revenue as $9,500 and equipment antal revenue as $270, on November 30, 2014, the company's year-end. There was no other revena Read the journal entry to cow the Effect On eneral Jumel Page G

Below are individual unrelated transactions from X-call inc Racord each transaction in the General Journal directly below it Enter an appropriate description when andering the transacions in the journal Dates must be entered in the format ddimram (ie January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Couty) Use for increase and for decrease For example, if an account decreases equity, choose Equity a) On November 1, 2014, X-cel Inc. purchased $1,440 of equipment on credit General Journal Date Account/Explanation Equipment Pagi G31 Creat F Dee Effect On Balance Shel 1.440 Accounts Payable 1,440 Liabilities to record the purchase of equipment on ad b) On November 2, 2014, X-cell Inc. agreed to provide teaching services to a client for a fixed No of 5000 per month On that same day this dient paid the first two months' tas in advance General Journal Page GJ Deon Creat Effect On Balance Shant Date Account Explanation c) A client paid 2 months' teaching fee in advance. By November 30, 2014, X-coll inc provided five days of eaching that amounted to revenue of 8070 Page G General Journal Effect On Baunce Sheet Dato Account/Expranation Debt Credit CH revenue accounts d) X-cell be reported its teaching revenue as $9,500 and equipment antal revenue as $270, on November 30, 2014, the company's year-end. There was no other revena Read the journal entry to cow the Effect On eneral Jumel Page G

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.1KTQ: Read each definition below and write the number of the definition in the blank beside the...
See similar textbooks
icon
Related questions
Question
Below are individual unrelated transactions from X-call Inc. Record each transaction in the General Journal directly below it Enter an appropriate description when antering the transacions in the journal Dates must be entered in the format ddimmam (ie January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity) Use for increase and for decrease For example, if an account decreases equity, choose Equity a) On November 1, 2014, X-cel Inc purchased $1.440 of equipment on credit General Journal Date Papú GJ FD Creat 1,440 Effect Of Balance Sheet +Assets Equipment Accounts Payable 1,440 +Liabilities to record the purchase of equipment on mad b) On November 2, 2014, X-cell Inc. agreed to provide teaching services to a client for a fixed too of $900 per month On that same day this dient paid the first two months' tes in advance Effect On General Journal Page GJ F Des Creat Date Account Explanation Balaton Shant LA c)A client paid 2 months' teaching fee in advance. By November 30, 2014, X-coll inc provided five days of teaching that amounted to revenue of 570 Effect On Baunce Sheet General Journal Page G Great Date Account Explanation Debt d) X-cell Inc reported its teaching revenue as $9,500 and equipment rental revenue as $270, on November 30, 2014, the company's year-end. There was no other revena Record the journal emity to the revenue accounts Page G General Joumal Account Explanation Effect On Balance Sh Debt Cred Dis
Transcribed Image Text:Below are individual unrelated transactions from X-call Inc. Record each transaction in the General Journal directly below it Enter an appropriate description when antering the transacions in the journal Dates must be entered in the format ddimmam (ie January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity) Use for increase and for decrease For example, if an account decreases equity, choose Equity a) On November 1, 2014, X-cel Inc purchased $1.440 of equipment on credit General Journal Date Papú GJ FD Creat 1,440 Effect Of Balance Sheet +Assets Equipment Accounts Payable 1,440 +Liabilities to record the purchase of equipment on mad b) On November 2, 2014, X-cell Inc. agreed to provide teaching services to a client for a fixed too of $900 per month On that same day this dient paid the first two months' tes in advance Effect On General Journal Page GJ F Des Creat Date Account Explanation Balaton Shant LA c)A client paid 2 months' teaching fee in advance. By November 30, 2014, X-coll inc provided five days of teaching that amounted to revenue of 570 Effect On Baunce Sheet General Journal Page G Great Date Account Explanation Debt d) X-cell Inc reported its teaching revenue as $9,500 and equipment rental revenue as $270, on November 30, 2014, the company's year-end. There was no other revena Record the journal emity to the revenue accounts Page G General Joumal Account Explanation Effect On Balance Sh Debt Cred Dis
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS