engaged in the following transactions during the month of December Steel Lt 2018 DEC. 01: Issued 2,000 shares of common stock at 200 per share DEC. 03: Paid office rent for the month of Decemnber Rs 5000. DEC. 06: Purchased office supplies Rs 2500. DEC. 12: Purchased office equipment on account Rs45,000 DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance. DEC. 21: Billed clients Rs 24,000 on account. DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December. DEC. 28. Paid utility bills for the month of December Rs1800. DEC. 29 Received Rs DEC. 30: Paid salary for the month of December Rs 8,500 Required: Record the above transactions in a general journal 000 cash from clients billed on December 21.

engaged in the following transactions during the month of December Steel Lt 2018 DEC. 01: Issued 2,000 shares of common stock at 200 per share DEC. 03: Paid office rent for the month of Decemnber Rs 5000. DEC. 06: Purchased office supplies Rs 2500. DEC. 12: Purchased office equipment on account Rs45,000 DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance. DEC. 21: Billed clients Rs 24,000 on account. DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December. DEC. 28. Paid utility bills for the month of December Rs1800. DEC. 29 Received Rs DEC. 30: Paid salary for the month of December Rs 8,500 Required: Record the above transactions in a general journal 000 cash from clients billed on December 21.

Name: The Kamran Steel Ltd. engaged in the following transactions during th
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Description: The Kamran Steel Ltd. engaged in the following transactions during the month of December2018DEC. 01- Issued 2,000 shares of common stock at 200 per shareDEC 03: Paid office rent for the month of December Rs 5000DEC. 06. Purchased office supplies Rs

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 18EB: Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received...

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Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
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.
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
Journal Entries Overnight Delivery Inc. is incorporated on February 1 and enters into the following transactions during its first month of operations: February 15: Received $8,000 cash from customer accounts. February 26: Provided $16,800 of services on account during the month. February 27: Received a $3,400 bill from the local service station for gas and oil used during February. February 28: Paid $400 for wages earned by employees for the month. February 28: Paid $3,230 for February advertising. February 28: Declared and paid $2,000 cash dividends to stockholders. Required Prepare journal entries on the books of Overnight to record the transactions entered into during February. Explain why you agree or disagree with the following: The transactions on February 28 all represent expenses for the month of February because cash was paid. The transaction on February 27 does not represent an expense in February because cash has not yet been paid.
A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?
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: A. October 9, issued common stock in exchange for building, $40,000 B. October 12, purchased supplies on account, $3,600 C. October 24, paid cash dividend to stockholders, $2,500
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
The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018:  DEC. 01: Issued 2,000 shares of common stock at 200 per share  DEC. 03: Paid office rent for the month of December Rs 5000.  DEC. 06: Purchased office supplies Rs 2500.  DEC. 12: Purchased office equipment on account Rs45,000  DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance.  DEC. 21: Billed clients Rs 24,000 on account.  DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December.  DEC. 28: Paid utility bills for the month of December Rs1800.  DEC. 29: Received Rs 20,000 cash from clients billed on December 21.  DEC. 30: Paid salary for the month of December Rs 8,500 Required: Record the above transactions in a general journal
The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018:⦁ DEC. 01: Issued 2,000 shares of ⦁ common stock at 200 per share⦁ DEC. 03: Paid office rent for the month of December Rs 5000.⦁ DEC. 06: Purchased office supplies Rs 2500.⦁ DEC. 12: Purchased office equipment on account Rs45,000⦁ DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance.⦁ DEC. 21: Billed clients Rs 24,000 on account.⦁ DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December.⦁ DEC. 28: Paid utility bills for the month of December Rs1800.⦁ DEC. 29: Received Rs 20,000 cash from clients billed on December 21.⦁ DEC. 30: Paid salary for the month of December Rs 8,500
Solve this question The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018:• DEC. 01: Issued 2,000 shares of common stock at 200 per share• DEC. 03: Paid office rent for the month of December Rs 5000.• DEC. 06: Purchased office supplies Rs 2500.• DEC. 12: Purchased office equipment on account Rs45,000• DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance.• DEC. 21: Billed clients Rs 24,000 on account.• DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December.• DEC. 28: Paid utility bills for the month of December Rs1800.• DEC. 29: Received Rs 20,000 cash from clients billed on December 21.• DEC. 30: Paid salary for the month of December Rs 8,500Required: Record the above transactions in a general journal.
Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: Terry Mason invested $33,125 in Succulent Express in exchange for common stock. Paid $4,320 on February 1 for an insurance premium on a one-year policy. Purchased supplies on account, $1,920. Received fees of $61,645 during February. Paid expenses as follows: wages, $15,000; rent, $2,500; utilities, $1,250; and miscellaneous, $1,375. Paid dividends of $7,635. There was $1,056 of supplies on hand as of February 28. Assume that adjusting entries for usage of supplies and expiration of prepaid insurance were recorded on February 28, 20Y4. Based on the information above, determine the net cash flow from operating activities as of February 28, 20Y4.