Requlred InformatlonUse the following information for Exercises 16-18 below.[The following information applies to the questions displayed below.jCarmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, thecompany's records show the following selected accounts and amounts for the month of August.CashAccounts receivableOffice suppliesLandOffice equipmentAccounts payableCommon stock2425,480 Dividends22,520 Consulting fees earned5,390 Rent expense44,150 Salaries expense20,170 Telephone expense12,020 Miscellaneous expenses101,800$ 6,14027,1409,7105,7301,030640Exercise 2-17 Preparlng a statement of retalned earnliLO P3Use the above information to prepare an August statement of retained earnings for Help Today. The Retained Earnings accountbalance at August 1 was $0. Hint Net income for August is $10,030.HELP TODAYStatement of Retained Earnings

Name: Requlred InformatlonUse the following information for Exercises 16-18
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Requlred InformatlonUse the following information for Exercises 16-18 below.[The following information applies to the questions displayed below.jCarmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August

Solution: Retained earnings statement reflects changes in retained earnings during the period. It…

Business

Accounting

Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. Cash Accounts receivable Office supplies 2$ 25,480 Dividends 22,520 Consulting fees earned 5,390 Rent expense 44,150 Salaries expense 20,170 Telephone expense 12,020 Miscellaneous expenses 101,800 $ 6,140 27,140 9,710 5,730 1,030 640 Land Office equipment Accounts payable Common stock Exercise 2-17 Preparing a statement of retalned earnings LO P3 Use the above information to prepare an August statement of retained earnings for Help Today. The Retained Earnings account palance at August 1 was $0. Hint: Net income for August is $10,030.

Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. Cash Accounts receivable Office supplies 2$ 25,480 Dividends 22,520 Consulting fees earned 5,390 Rent expense 44,150 Salaries expense 20,170 Telephone expense 12,020 Miscellaneous expenses 101,800 $ 6,140 27,140 9,710 5,730 1,030 640 Land Office equipment Accounts payable Common stock Exercise 2-17 Preparing a statement of retalned earnings LO P3 Use the above information to prepare an August statement of retained earnings for Help Today. The Retained Earnings account palance at August 1 was $0. Hint: Net income for August is $10,030.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 2PB: Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which...

See similar textbooks

Similar questions

The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and twocolumn general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
Sage Learning Centers was established on July 20, 2016, to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?
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.
Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600
Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $16,333. A. February 2, issued stock to shareholders, for cash, $25,000 B. March 10, paid cash to purchase equipment, $16,000
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May: 1. Received cash in exchange for common stock, 18,000. 2. Paid advertising expense, 4,850. 3. Purchased supplies on account, 2,100. 4. Billed customers for delivery services on account, 14,700. 5. Received cash from customers on account, 8,200. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 18,000; Common Stock increases by 18,000.
The transactions completed by AM Express Company during March 2016, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March 2016, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
During the month of October 20--, The Pink Petal flower shop engaged in the following transactions: Selected account balances as of October 1 were as follows: The Pink Petal also had the following subsidiary ledger balances as of October 1: REQUIRED 1. Record the transactions in a sales journal (page 7), cash receipts journal (page 10), purchases journal (page 6), cash payments journal (page 11), and general journal (page 5). Total, verify, and rule the columns where appropriate at the end of the month. 2. Post from the journals to the general ledger, accounts receivable ledger, and accounts payable ledger accounts. Use account numbers as shown in the chapter.
The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
Prepare journal entries to record the following transactions: A. December 1, collected balance due from customer account, $5,500 B. December 12, paid creditors for supplies purchased last month, $4,200 C. December 31, paid cash dividend to stockholders, $1,000
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
Trial Balance The following list of accounts was taken from the general ledger of Spencer Corporation on December 31. The bookkeeper thought it would be helpful if the accounts were arranged in alphabetical order. Each account contains the balance that is normal for that type of account; for example, Cash normally has a debit balance. Prepare a trial balance as of this date with the accounts arranged in the following order: (1) assets, (2) liabilities, (3) stockholders equity, (4) revenues, (5) expenses, and (6) dividends.