Question

Consulted for customers in January for fees totaling $18,200, due in February.
Received $17,900 cash for consulting services rendered in December.

how would these appear in the assets equals liabilities + stockholders equity chart

Expert Solution
Check Mark
Blurred answer
Students who’ve seen this question also like:
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
Not helpful? See similar books
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Analyzing Transactions: The Accounting Equation. 6SEA
marketing sidebar icon
Your question is solved by a Subject Matter Expert
marketing sidebar icon
Want to see this answer and more?
Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*
*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Get 24/7 homework help!
8+ million solutions
Get access to millions of step-by-step textbook and homework solutions
Support from experts
Send experts your homework questions or start a chat with a tutor
Essay support
Check for plagiarism and create citations in seconds
Solve math equations
Get instant explanations to difficult math equations
Students love us.
Students love us.

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: following information applies to the questions displayed below.] on Consulting, which began…

A: A balance sheet is a financial statement that details a company's assets and liabilities at a…

Q: Wildhorse Co. has the following transactions during August of the current year. Indicate (a) the…

A: Click to see the answer

Q: prmation applies to the questions g, which began operations on December 1, accounts and amounts on…

A: Financial statements called balance sheets show a company's assets, liabilities, and shareholder…

Q: Transactions made by Pina Colada Corp., a law firm, for the month of March are shown below. 1.…

A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…

Q: Below are the account balances for Cowboy Law Firm at the end of December.Accounts…

A: Income statement:   Income statement is the financial statement of a company which shows all the…

Q: On ist of June, ABC received a $1000 cash advance from one of its clients for a service delivery on…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: At the beginning of January, the balance in the Retained Earnings account is $250,000 for TR…

A: Click to see the answer

Q: Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following…

A: Click to see the answer

Q: Preparing financial statements and evaluating business performance       Presented here are the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Transactions made by Whispering Winds Corp., a law firm, for the month of March are as follows. 1.…

A: Journal entries are recorded in the journal book of account. It recorded in a tabular format which…

Q: Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following…

A: Given that, cash revenues = $33400 Cash expenses = $14800 Cash dividend = $3100

Q: As of December 31, Year 2, Moss Company had total cash of $151,000, notes payable of $85,100, and…

A: Accounting Equation:- It is an equation where total assets are equal to the sum of total liabilities…

Q: Journalize the following selected transactions for January in good form.   Jan. 1 Received cash…

A: Journal Entries are recorded chronologically following the rules of debit and credit.

Q: For each transaction below, calculate the amount of revenue to be recognized in June using…

A: As per cash basis of accounting, we should record the transaction only when corresponding cash is…

Q: Transactions made by Ahmed & Co., for the month of April are shown below. a.       Invested…

A: The tabular analysis includes an accounting equation that indicates total assets are equal to total…

Q: Income Statement After its first month of operations, the following amounts were taken from the…

A: Income statement means where the netprofit or loss is determined and calculated for a company.

Q: Income Statement After its first month of operations, the following amounts were taken from the…

A: It shows the financial performance of any organization by deducting all the expenses from the income…

Q: Prepare an income statement for the month ended July 31, 2019 for Foster Toys. Foster’s account…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following…

A: Net Income = Revenue - Expenses Ending Retained earning = Beginning Retained earning + Net income -…

Q: Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following…

A: Given that,  Cash receipts = $33400 Cash payments = $14800

Q: Analyze the following transactions that took place in January. Determine the amount of revenue…

A: The following posting is analyzed for its correctness.

Q: The balance in the capital account of China company as at Jan 1, is $900,000. During the month of…

A: Ending Capital = Beginning capital + Investment made by owner's + Net income - Amount withdrawn by…

Q: Transactions made by Marigold Corp., a law firm, for the month of March are shown below. The company…

A: Accounting Equation is statement showing effects of financial transaction on basic equation on…

Q: An analysis of the transactions made by Cheyenne Corp., a certified public accounting firm, for the…

A: b) Determine the stockholders’ equity increased for the month as follows:

Q: M. Gonzales has the following transactions during August of the current year. Indicate (a) the…

A: Assets = Liabilities + Owner's Equity

Q: Balance Sheet After its first month of operations, the following amounts were taken from the…

A: Here , We need to prepare the balance sheet but for that , we need to profit Statement of profit…

Q: Using the Transaction Analysis table provided, analyze the effect of the transactions listed below…

A: Accounting equation states that assets is equal to sum of liabilities and Owner's equity.  Assets =…

Q: The AA has the below trial balance for the month of June 2019:   Debits   Credits Cash…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: for each of the 5 transation, state whether  the transaction represented revenue to the firm during…

A: Revenue transactions mean the transactions which are incidental to the operational activities of the…

Q: During the month the following transactions occurred: Earned $1,730 of service revenue for cash.…

A: Increase (decrease) in stockholders' equity = Earned service revenue for cash + Earned sales revenue

Q: Accrual Basis of Accounting versus Cash Basis of Accounting On December 31, Hermani Patterson…

A: Under Part-1, when net income as to be computed for accrual basis, then the fees earned for serices…

Q: At the end of May, the first month of operations, the following selected data were taken from the…

A: Unbilled fees earned at May 31, $6,060. Accounts Receivable - Increases Net income and Stockholders'…

Q: Required information [The following information applies to the questions displayed below.] Lawson…

A: The statement of owners' equity adjusts the income, retained earnings and withdrawals to beginning…

Q: Required information [The following information applies to the questions displayed below.] Lawson…

A: Net income = Total revenue- Total expenses

Q: Required information [The following information applies to the questions displayed below.] Lawson…

A: An income statement is the one prepared by the companies to calculate the net income or loss by…

Q: Walston Company provides consulting services. Here are the account totals for the month ended…

A: Equity: It is the amount shareholder invested in the company. This is the difference between total…

Q: Selected transactions from ABC, Inc. for its first month of operations are presented below. a.…

A: Journal Entry is recording of various transactions of business. It consists of various accounts,…

Q: Jordan Shi operates a consulting firm called X, which began operations on August1. On August 31 the…

A: Formula: Net Income / loss = Total revenues - Total expenses. Definition: Income statement tells the…

Q: Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following…

A: The accounting equation states that assets equal to sum of liabilities and owners' equity.

Q: Mahdy Co. had the following transactions in the last two months of its year ended December 31.…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: Selected transactions from ABC, Inc. for its first month of operations are presented below. a.…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: At the end of May, the first month of operations, the following selected data were taken from the…

A: Click to see the answer

Q: At the end of May, the first month of operations, the following selected data were taken from the…

A: The net income is the amount of total income of the company calculated by deducting expenses from…

Q: Presented below is the adjusted trial balance of Brown Investment Advisers as at 30 June 2021.…

A: Here in this question, we are required to calculate income statement for year ended 30 June 2021.…

Q: Here is the question Massa Company, which has been operating for three years, provides marketing…

A: Net Profit Margin: The net profit margin, also known as net margin, is a percentage of revenue that…

Q: Recording Transactions in a Financial Transaction Worksheet Stephanie Calamba is the owner of the…

A: Accounting Equation in accounting means after every transaction, total of assets should be equal to…

Q: The following transactions occur for Badger Biking Company during the month of June: a. Provide…

A: Assets = Liabilities  + Stockholders' Equity. Increase in revenues increases the net income.…

Q: Journalize the following transactions for Mars Company for July 2020, the company's first month of…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: The following information provided by ABC companies. as of December31, 2019 Accounts Amount Cash…

A: Financial Statements are prepared by the management for reporting purposes. These are the essential…

Q: Required information [The following information applies to the questions displayed below.] Wang…

A: A financial statement is prepared by the corporation by showing its financial performance during a…

Knowledge Booster
Accounting
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
  • Transactions The following selected transactions were completed by Cota Delivery Service during July: 1. Received cash in exchange for common stock, 35,000. 2. Purchased supplies for cash, 1,100. 3. Paid rent for October, 4,500. 4. Paid advertising expense, 900. 5. Received cash for providing delivery services, 33,000. 6. Billed customers for delivery services on account, 58,000. 7. Paid creditors on account, 2,900. 8. Received cash from customers on account, 27,500. 9. Determined that the cost of supplies on hand was 300 and 8,600 of supplies had been used during the month. 10. Paid cash dividends, 2,500. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in a column, and inserting at the right of each number the appropriate letter from the following list: A. Increase in an asset, decrease in another asset. B. 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.
    Net income and dividends The income statement for the month of February indicates a net income of 17,500. During the same period, 25,500 in cash dividends were paid. Would it be correct to say that the business incurred a net loss of 8,000 during the month? Discuss.
    Prepare journal entries to record the following transactions that occurred in April: A. on first day of the month, issued common stock for cash, $15,000 B. on eighth day of month, purchased supplies, on account, $1,800 C. on twentieth day of month, billed customer for services provided, $950 D. on twenty-fifth day of month, paid salaries to employees, $2,000 E. on thirtieth day of month, paid for dividends to shareholders, $500
  • EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first month (March 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets= Liabilities + Owners Equity. After each transaction, show the new account totals. (a) Invested cash in the business, 30,000. (b) Bought office equipment on account, 4,500. (c) Bought office equipment for cash, 1,600. (d) Paid cash on account to supplier in transaction (b), 2,000. EFFECTS OF TRANSACTIONS (REVENUE, EXPENSE, WITHDRAWALS) This exercise is an extension of Exercise 2-3B. Lets assume Jon Wallace completed the following additional transactions during March. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owners Equity (Capital Drawing + Revenues Expenses). After transaction (k), report the totals for each element. Demonstrate that the accounting equation has remained in balance. (e) Performed services and received cash, 3,000. (f) Paid rent for March, 1,000. (g) Paid March phone bill, 68. (h) Jon Wallace withdrew cash for personal use, 800. (i) Performed services for clients on account, 900. (j) Paid wages to part-time employee, 500. (k) Received cash for services performed on account in transaction (i), 500.
    Financial statements The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Common stock was 525,000 and retained earnings was 1,250,000 as of January 1, 20Y5. During the year, additional common stock of 50,000 was issued for cash, and dividends of 90,000 were paid. Instructions 1. Prepare an income statement for the year ended December 31, 20Y5. 2. Prepare a statement of stockholders equity for the year ended December 31, 20Y5. 3. Prepare a balance sheet as of December 31, 20Y5. 4. What items appears on both the statement of stockholders equity and the balance sheet?
    Transactions Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: A. Opened a business bank account with a deposit of 50,000 in exchange for common stock. B. Purchased supplies on account, 4,000. C. Paid creditors on account, 2,300. D. Received cash from fees earned on insurance commissions, 13,800. E. Paid rent on office and equipment for the month, 5,000. F. Paid automobile expenses for month, 1,150, and miscellaneous expenses, 300. G. Paid office salaries, 2,500. H. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. I. Billed insurance companies for sales commissions earned, 12,500. J. Paid dividends, 3,900. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Briefly explain why issuing common stock and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. 3. Determine the net income for March. 4. How much did Marchs transactions increase or decrease stockholders equity?
  • Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Brooke completed the following transactions during the month of August: a. Opened a business bank account with a deposit of 35,000 in exchange for common stock. b. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31.
    Nature of transactions Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in stockholders equity, except transaction (5), affects net income. A. Describe each transaction. B. What is the amount of the net increase in cash during the month? C. What is the amount of the net increase in stockholders equity during the month? D. What is the amount of the net income for the month? E. How much of the net income for the month was retained in the business?
    Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.
  • EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first month (March 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owners Equity. After each transaction, show the new account totals. (a) Invested cash in the business, 30,000. (b) Bought office equipment on account, 4,500. (c) Bought office equipment for cash, 1,600. (d) Paid cash on account to supplier in transaction (b), 2,000.
    EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owners Equity. After each transaction, show the new totals. (a) Invested cash in the business, 27,000. (b) Bought office equipment on account, 7,500. (c) Bought office equipment for cash, 1,600. (d) Paid cash on account to supplier in transaction (b), 2,300. EFFECTS OF TRANSACTIONS (REVENUE, EXPENSE, WITHDRAWALS) This exercise is an extension of Exercise 2-3A. Lets assume John Sullivan completed the following additional transactions during February. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owners Equity (Capital Drawing + Revenues Expenses). After transaction (k), report the totals for each element. Demonstrate that the accounting equation has remained in balance. (e) Received cash from a client for professional services, 1,500. (f) Paid office rent for February, 600. (g) Paid February phone bill, 64. (h) Withdrew cash for personal use, 1,000. (i) Performed services for clients on account, 750. (j) Paid wages to part-time employee, 1,200. (k) Received cash for services performed on account in transaction (i), 400.
    Prepare journal entries to record the following transactions for the month of July: A. on first day of the month, paid rent for current month, $2,000 B. on tenth day of month, paid prior month balance due on accounts, $3,100 C. on twelfth day of month, collected cash for services provided, $5,500 D. on twenty-first day of month, paid salaries to employees, $3,600 E. on thirty-first day of month, paid for dividends to shareholders, $800
    • SEE MORE QUESTIONS
    Recommended textbooks for you
  • College Accounting, Chapters 1-27
    Accounting
    ISBN:9781337794756
    Author:HEINTZ, James A.
    Publisher:Cengage Learning,
    Financial And Managerial Accounting
    Accounting
    ISBN:9781337902663
    Author:WARREN, Carl S.
    Publisher:Cengage Learning,
    Principles of Accounting Volume 1
    Accounting
    ISBN:9781947172685
    Author:OpenStax
    Publisher:OpenStax College
  • Financial Accounting
    Accounting
    ISBN:9781337272124
    Author:Carl Warren, James M. Reeve, Jonathan Duchac
    Publisher:Cengage Learning
    College Accounting (Book Only): A Career Approach
    Accounting
    ISBN:9781337280570
    Author:Scott, Cathy J.
    Publisher:South-Western College Pub
    Financial Accounting
    Accounting
    ISBN:9781305088436
    Author:Carl Warren, Jim Reeve, Jonathan Duchac
    Publisher:Cengage Learning
  • College Accounting, Chapters 1-27
    Accounting
    ISBN:9781337794756
    Author:HEINTZ, James A.
    Publisher:Cengage Learning,
    Financial And Managerial Accounting
    Accounting
    ISBN:9781337902663
    Author:WARREN, Carl S.
    Publisher:Cengage Learning,
    Principles of Accounting Volume 1
    Accounting
    ISBN:9781947172685
    Author:OpenStax
    Publisher:OpenStax College
    Financial Accounting
    Accounting
    ISBN:9781337272124
    Author:Carl Warren, James M. Reeve, Jonathan Duchac
    Publisher:Cengage Learning
    College Accounting (Book Only): A Career Approach
    Accounting
    ISBN:9781337280570
    Author:Scott, Cathy J.
    Publisher:South-Western College Pub
    Financial Accounting
    Accounting
    ISBN:9781305088436
    Author:Carl Warren, Jim Reeve, Jonathan Duchac
    Publisher:Cengage Learning