Devan Co. began the year with $500 in office supplies. During the year, Devan used $2,800 worth of additional supplies. At the end of the year, Devan had $1,200 worth of supplies remaining. How many supplies did Devan purchase during the year?

Devan Co. began the year with $500 in office supplies. During the year, Devan used $2,800 worth of additional supplies. At the end of the year, Devan had $1,200 worth of supplies remaining. How many supplies did Devan purchase during the year?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 47P

See similar textbooks

Related questions

Q: George’s Pizzeria has the following information as of December 31, 2012:cash, $2,000; pizza ovens,…

A: Excel Spreadsheet:

Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…

A: Only transactions related to revenues and expenses has to be considered to calculate net income.

Q: For the past several years, Emily Page has operated a part-time consulting business from her home.…

A: T accounts and general ledger accounts preparation is the important step in accounting cycle…

Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…

A: Journal entry is the process of recording the business transactions in the accounting books for the…

Q: The following transactions occurred during the month of June 2021. 2-Jun Owner contributed $12,000…

A: Journal entries are used to record the different transactions in the books of accounts. Management…

Q: Adam’s Car Repair Shop started the year with total assets of RO 60000 and total liabilities of RO…

A: Net profit is the total income earned by the business from operating and non-operating activities.…

Q: On February 15, 20X1, Evelyn Ferrer opened Cookie Fantasy Bakeshop. She invested 75,000 to purchase…

A: Statement of Changes in Equity is component of financial statements that reconciles between the…

Q: Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $42,000 is…

A: 1.

Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…

A: Since you have asked multiple questions under a single question. Kindly repost the question to get…

Q: One year ago, Allan Thorpe founded Alcazar Sales Company, and the business has prospered. Allan…

A: Adjusting journal entries are the adjustments made in the books of accounts at the end of the…

Q: Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the…

A: A double-entry bookkeeping system is a system of accounting for the transactions of a business.…

Q: Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the…

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

Q: Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions…

A: The statement which is prepared to verify if the account balances results in equal debits and…

Q: Owner juana invested 100,000 to start her laundry business.During the first year of operation the…

A: Capital invested in the business amount of cash and other assets that are invested in business by…

Q: On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi…

A: Journal entries recording is the first step of accounting process, under which atleast one account…

Q: For the past several years, Emily Page has operated a part-time consulting business from her home.…

A: Final Accounts: Final accounts provide the profitability and financial position of an enterprises…

Q: na Sharples opened a retail shop on January 1. She invested $10,000 of her own money. She rented a…

A: Sales revenue includes the amount that has been earned due to the sales of the product or providing…

Q: For the past several years, John Addams has operated a part-time business from his home. As of April…

A: "As per the policy of our company, we are allowed to answer only the first three sub-parts in case…

Q: Ena Sharples opened a retail shop on January 1. She invested $10,000 of her own money. She rented a…

A: Operating expenses are expenses which are incurred for running and maintenance of the business.…

Q: Following are the transactions of Sustain Company. June 1 T. James, owner, invested $16,000 cash in…

A: The practice of capturing commercial transactions for the first time in the account books is known…

Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…

A: Journal entry refers to reporting of the business transactions into the books of entity and it is…

Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…

Q: Pio Baconga started Baconga Industrial Spray Service on Apr. 1, 2019. During April, Baconga…

A: As per accounting equation, assets equal to sum of liabilities and equity.

Q: Prepare the journal entries for the transactions that were not previously recorded

A: Given:

Q: For the past several years, Emily Page has operated a part-time consulting business from her home.…

A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…

Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…

A: "Since you have asked multiple sub part question we will solve the first three sub part question for…

Q: SpaceY, owned by Mlon Eusk, provides space travel consulting services. During January 2017, the…

A: Process of accounting has following steps: Recording journal entries' Posting of entries into…

Q: 1. Prepare the journal entries for the transactions that were not previously recorded, prepare and…

Q: Following are the transactions of Sustain Company. June 1 T. James, owner, invested $21,000 cash in…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…

A: Trial Balance In the trial balance all the details which are recorded into the ledger and to…

Q: One year ago, Allan Thorpe founded Alcazar Sales Company, and the business has prospered. Allan…

A: Workings:

Q: On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash…

A: Accounting cycles simply can be define as the process to perform accounting practices, it includes…

Q: During the year 2021, the following transaction took place: January 1 Elisha contributed additional…

A: Lets understand the basics. Journal entry is a recording of financial event and transaction in books…

Q: For the past several years, Emily Page has operated a part-time consulting business from her home.…

A: Closing Entries - Closing entries are required to close the temporary accounts after making…

Q: He purchased a 4-in-1 equipment from limay equipment for 4,950,paying 1000 in a cash and the balance…

A: Purchased a 4-in-1 equipment from limay equipment for 4,950, paying 1000 in a cash and the balance…

Q: Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions…

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

Q: He asked your help to assess the presentation of the

A: An income statement is a statement showing profit earned by a company during the relevant accounting…

Q: What is the amount of owners equity at the end of year ?

Q: How much is the business income?

A: Revenue will be booked in books of accounts on the basis of accrual system of accounting which says…

Q: On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The…

A: T- Account

Q: Ian bought some goods in May for $600 and sold them in the following August for $950.For the…

A: The expenditures that are incurred in the process of running a firm are referred to as expenses and…

Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…

A: Statement of Owner's Equity: It represents the investment of an owner in the business and reports…

Q: On April 5, Timothy established an interior decorating business, Tim's Design, with a cash investmen…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Allan indicates that, at year-end, customers owe him $1,000 accrued service revenue, which he…

A: You have not submitted the complete question, the accounts at December 31 are missing. Though…

Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…

A: Adjusted Trial Balance: An adjusted trial balance is the statement showing all the current balances…

Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

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

Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for major repairs Depreciation expense recorded for the year is $25,000 If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jadas balance sheet resulting from this years transactions? What amount did Jada report on the income statement for expenses for the year?
For each of the following situations write the principle, assumption, or concept that justifies or explains what occurred. A. A landscaper received a customers order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. The owner should record the revenue from the customer order in March of next year, not in December of this year. B. A company divides its income statements into four quarters for the year. C. Land is purchased for $205,000 cash; the land is reported on the balance sheet of the purchaser at $205,000. D. Brandys Flower Shop is forecasting its balance sheet for the next five years. E. When preparing financials for a company, the owner makes sure that the expense transactions are kept separate from expenses of the other company that he owns. F. A company records the expenses incurred to generate the revenues reported.
In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. 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.
Johnson, Incorporated, had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for extraordinary repairs Depreciation expense recorded for the year is $15,000. If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Johnsons balance sheet resulting from this years transactions? What amount did Johnson report on the income statement for expenses for the year?
Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?
At year end,Elliott counted the office supplies on hand,which amounted to $1500.The firm had $900 of supplies on hand at the start of the year, and had purchased $600 of supplies during the year.What was the total office supplies expense for the year？
Suppose a company paid $15,000 for supplies during the year and you determine that there were $2,000 and $3,000 in supplies at the beginning and end of the year, respectively. What was supplies expense for the year?
the business is a trading business. for the period, it purchased goods for sale valued at 120,000. for the sale only 10% was received as down payment, 60% were collected, and at the end of the year, 30% are still for collection. How much is the business income?
On 1 January 2020, Michael invested £13,000 in a car wash business in front of his house. He used part of the money to buy equipment for £3,000 and supplies worth £1,000 good for 1.5 years. During the first year of operations, the business received only £5,000 after rendering car wash services. Michael prepared the following income statement for the year ended 31 December 2020. He asked your help to assess the presentation of the relevant information in his income statement. Michael Car Wash Income Statement For the year ended 31 December 2020 (£) Service revenue 5,000 Less expenses: Equipment 3,000 Supplies 1,000 Salaries 1,200 Electricity and water 150 Income tax 700 Net income (loss) for the month (1,050)…
during the first year, Smith and associates bought 16,000 worth of supplies for the CPA firm when purchased the supplies account was increased in accounts payable increased make the 4000 worth of supplies are on the hand at year end during the first year, Smith bought $16,000 worth of supplies for their CPA firm purchased. The supplies account was increasing accounts payable increased. What adjustments with Smith and associates make it $4000 worth of supplies were on hand at the end of the year?
The supplies account has a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year. If $400 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is
Abbott Corporation had a balance of $1,800 in Prepaid Supplies at the beginning of the year. The company purchased $1,200 of supplies during the year. At year end, Prepaid Supplies had a balance of $2,100. What is the amount of Supplies Expense that Abbott Corporation will recognize for the year? A. $2,100 B. $1,200 C. $900 D. $1,500