E2.8 (LO 2) Selected transactions for Sophie's Dog Care are as follows during the month of March. Journalize a series of transactions. Marc 1 Paid monthly rent of $1,200. h 3 Performed services for $160 on account. 5 Performed services for cash of $75. 8 Purchased equipment for $600. The company paid cash of $90 and the balance was on account. 1 Received cash from customers billed on March 3. 2 1 Paid salaries and wages to employees of $525. 4 2 Paid utilities of $72. 2 Borrowed $1,500 from Grafton State Bank by signing a note. 2 4 2 Paid $220 to repair service for plumbing repairs. 7

E2.8 (LO 2) Selected transactions for Sophie's Dog Care are as follows during the month of March. Journalize a series of transactions. Marc 1 Paid monthly rent of $1,200. h 3 Performed services for $160 on account. 5 Performed services for cash of $75. 8 Purchased equipment for $600. The company paid cash of $90 and the balance was on account. 1 Received cash from customers billed on March 3. 2 1 Paid salaries and wages to employees of $525. 4 2 Paid utilities of $72. 2 Borrowed $1,500 from Grafton State Bank by signing a note. 2 4 2 Paid $220 to repair service for plumbing repairs. 7

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Description: Journalise the transactions (Omit explanations) E2.8 (LO 2) Selected transactions for Sophie's Dog Care are as follows during the month of March.Journalize a series of transactions.Marc 1 Paid monthly rent of $1,200.h3 Performed services for $160 on

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.10E: Effects of transactions on Accounting equation On Time Delivery Service had the following selected...

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In October, A. Nguyen established an apartment rental service. The account headings are presented below. Transactions completed during the month of October follow. a. Nguyen deposited 25,000 in a bank account in the name of the business. b. Paid the rent for the month, 1,200, Ck. No. 2015. c. Bought supplies on account, 225. d. Bought a truck for 18,000, paying 1,000 in cash and placing the remainder on account e. Bought Insurance for the truck for the yean 1,400, Ck. No. 2016. f. Sold services on account 5,000. g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050. i. Received and paid the bill for utilities, 150, Ck. No. 2017. j. Received a bill for gas and oil for the truck. 80. k. Paid wages to the employees, 1,400, Ck Nos. 20182020. l. Sold services for cash for the remainder of the month, 4,200. m. Nguyen withdrew cash for personal use, 2,000, Ck. No. 2021. 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, reanalyze each transaction.
In October, A. Nguyen established an apartment rental service. The account headings are presented below. Transactions completed during the month of October follow. a. Nguyen deposited 25,000 in a bank account in the name of the business. b. Paid the rent for the month, 1,200, Ck. No. 2015 (Rent Expense). c. Bought supplies on account, 225. d. Bought a truck for 18,000, paying 1,000 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 1,400, Ck. No. 2016. f. Sold services on account, 5,000 (Service Income). g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050 (Service Income). i. Received and paid the bill for utilities, 150, Ck. No. 2017 (Utilities Expense). j. Received a bill for gas and oil for the truck, 80 (Gas and Oil Expense). k. Paid wages to the employees, 1,400, Ck. Nos. 20182020 (Wages Expense). l. Sold services for cash for the remainder of the month, 4,200 (Service Income). m. Nguyen withdrew cash for personal use, 2,000, Ck. No. 2021. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700 (Service Income). g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250 (Service Income). i. Received and paid the bill for utilities, 280, Ck. No. 103 (Utilities Expense). j. Received a bill for gas and oil for the truck, 130 (Gas and Oil Expense). k. Paid wages to the employees, 2,680, Ck. Nos. 104106 (Wages Expense). l. Sold services for cash for the remainder of the month, 3,500 (Service Income). m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. Received and paid the bill for utilities, 280, Ck. No. 103. j. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Nos. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. 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.
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…
Can you help me with 2,3 and 4? 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:…
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 $28,000 in exchange for common stock. b. Paid rent on office and equipment for the month, $3,600. c. Paid automobile expenses for month, $1,300, and miscellaneous expenses, $700. d. Purchased office supplies on account, $1,250. e. Earned sales commissions, receiving cash, $18,400. f. Paid creditor on account, $750. g. Paid office salaries, $3,000. h. Paid dividends, $3,300. i. Determined that the cost of supplies on hand was $500; therefore, the cost of supplies used was $750. Required: 1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings in the exhibit below. In each transaction row (rows indicated by a letter), you must indicate the math sign (+ or -) in columns affected by the transaction. You will not need to…
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 October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance.
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for October. 5. Determine the increase or decrease in retained earnings for October.
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 1. Journalize entries for transactions Oct. 1 through 9. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing…