Question

I need to know what Account the following transactions go on and if they are DR or CR. Please write Debit or Credit next to amount under proper account. Thank you!

1) Shareholders invested $5000 to begin business
2) Copymaster bought a copying machine for $1,500 cash
3) Copymaster sold copies to customers for $500 cash
4) Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the mont (HOW DOES PAYING AT END OF MONTH AFFECT RECORDING OF TRANSACTION IF AT ALL?)
5) Copymaster paid employees $600
6) Copymaster bought supplies for $300
7) Copymaster paid rent $700
8) Copymaster paid utilites $200
9) Copymaster bought office furniture for $500
10) Copymaster had an upaid phone bill at month-end for $100
11) Calculate the total assets, liabilites and equity
12) Calculate the net income

Expert Solution

Want to see the full answer?

Check out a sample Q&A here
Blurred answer
Students who’ve seen this question also like:
Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
Not helpful? See similar books
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Current Liabilities. 5PA
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.

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: You are required to record the transactions in the appropriate accounts, balance off the accounts,…

A: Recording of transactions in T-Account    Cash a/c   Debit Amount Credit Amount 1-Jan 10500…

Q: Record each of the following transactions directly in T accounts using the numbers preceding the…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: You are required to record the transactions in the appropriate accounts, balance off the accounts,…

A: Recording of transactions in T-Accounts                                Cash a/c   Debit Amount…

Q: I have 3 columns-Assets, Liabilities, and Equity.I need to know what the following transactions go…

A: The Various Transaction has been explained as under:1. Shareholders investment will increase the…

Q: You are to enter up the necessary accounts for the month of June from the following information…

A: A Trial Balance is a list of all types of general ledger accounts that are contained in the ledger…

Q: I need to know are Debited or Credited AND to what accounts- Assets, Liabilities, and Equity1)…

A: The following is the explanation for each transaction AccountTypeDebit  $Credit $…

Q: Enter the following transactions in the records of TRUST GOD Enterprise, balance the various…

A: Click to see the answer

Q: You have been asked by your boss to look at the estimated financial information for your Client ABC…

A: Cash budget is an estimation about the business's cash inflow and outflow during a particular period…

Q: You have been asked by your boss to look at the estimated financial information for your Client ABC…

A: Cash budget of the business shows all expected cash receipts and expected cash payments of the…

Q: Use the following table to show the effects of transactions. Use + or -and the dollar amount to show…

A: Accounting Equation = Assets  =     Liabilities    +  Capital ( owner’s equity)Assets: An assets own…

Q: Before you begin this assignment, review the Tying It All Together feature in the chapter. Part of…

A: 1. The transaction for service of computer support is recorded by debiting cash and crediting…

Q: 1. Jan Swift, owner, deposited $30,000 in the business checking account. 2. The owner transferred to…

A: Accounting equation is the foundation of the accounting double entry system. On the firm balance…

Q: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred…

A: 1) Accounting Equation: Assets - liabilities = owners' Equity. Owner's Equity = $ 203000.

Q: Before you begin this assignment, review the Tying It All Together feature in the chapter. Part of…

A: The transaction for service of computer support is recorded by debiting cash and crediting service…

Q: Before you begin this assignment, review the Tying It All Together feature in the chapter. Part of…

A: Requirement 1:   The transaction for service of computer support is recorded by debiting cash and…

Q: Record the following transactions directly into the appropriate T accounts and determine the balance…

A: The business transactions are recorded in the books of accounts through journal entries, which will…

Q: A business has the following transactions: • The business is started by receiving cash from an…

A: Revenue is the aggregate income amount generated through the sale of services or the goods to the…

Q: Enter the following transactions in the records of King Zola, balance the various accounts and…

A: The transactions are recorded to journal, posted to ledger and then the trial for the same has been…

Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…

A: Trial Balance= It represents the balances which may be debit and credit of ledger accounts.  The…

Q: The following transactions relate to Kwaabota Enterprise for the month of March 2021. March: 1…

A: The transactions for month of March are given. Required  a) Make the journal entries for the above…

Q: Nihal started an accounting service business. The following transactions took place in the  business…

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…

Q: Nihal started an accounting service business. The following transactions took place in the business…

A: Solution 1: Journal entry on 1st october is "Dr: Cash Cr: Capital Dr: " Hence 2nd option is correct.

Q: Nihal started an accounting service business. The following transactions took place in the business…

A: Three golden rules of accounting are, Debit the receiver, credit the giver. Debit what comes in,…

Q: Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions…

A: 1.) Attached above are the t-accounts prepared by recording transactions with letters. The closing…

Q: Wunderkind Photography entered into the following transactions during February 2020. Stockholders…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Lewis deposited $50,000 in a bank account in the name of the business on 1/5/21 Bought waiting room…

A: Hi, since you have asked multiple questions asked, I will answer the 1st 3 parts of the question…

Q: Do the following events represent business transactions?Explain your answer in each case.(a) A…

A: Business transaction: It is an activity that is measured through the medium of money, which affects…

Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…

A: Journal entries refer to the record of any transaction as per the double-entry bookkeeping system,…

Q: Assume that a relatively new company you and you group members are involved with has presented you…

A: Disclaimer:-Hence it is multipart question, we are able to solve only first 3 parts of question, If…

Q: Assume that a relatively new company you and you group members are involved with has presented you…

A: Introduction:- A trial balance is a list of all of a company's general ledger accounts (including…

Q: Assume that a relatively new company you and you group members are involved with has presented you…

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…

Q: Asuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPA glory,…

A: Accounting equation of the business says that total assets will be always equal to total liabilities…

Q: A business has the following transactions: The business is started by receiving cash from an…

A: Total income for the month is calculated by deducting total expenses from the total revenues of the…

Q: A business has the following transactions: The business is started by receiving cash from an…

A: Net Income can be calculated by substracting all the expenses from the service revenue earned by the…

Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…

A: A bank reconciliation statement aligns an organization's bank account with its book records by…

Q: Analyze the following transactions using ONE T-Account. The following are the transactions of A.…

A: Cash and cash equivalents are those term assets which are either in cash or can be converted into…

Q: Devon Consulting performed service for a client who could not pay immediately. Devon expected to…

A: T-accounts are the ledger accounts prepared to get all the transaction related to such accounts at…

Q: the transactions in the appropriate accounts, balance off the accounts, extract a trial balance,…

A: Date Account Title & Explanation Debit Credit 2016       1-jan Cash 10500…

Q: Lanni Products is a start-up computer software development firm. It currently owns computer…

A: Financial assets are those whose value is based on contractual rights or ownership claims. They are…

Q: A business has the following transactions: The business is started by receiving cash from an…

A: Balance sheet The accounting statement which helps in determining the financial status of…

Q: Domingo Company started its business on May 1, 2019. The following transactions occurred during the…

A: Trial balance:  It implies to one of the company's financials that shows all the assets,…

Q: Windsor, Inc. had the following transactions. 1.   Borrowed $ 6,184 from the bank by signing a…

A: When we borrow money by signing notes payable, cash or bank will increase and  Notes payable will…

Q: A. Opened a business  bank account with a deposit of $25,000 from personal funds.B. Purchased office…

A: Answer 1)

Q: You have been provided with the following transactions of Kofkans Enterprise for the month of March…

A: Computation:

Q: If an amount box does not require an entry, leave it blank. a.  In the T accounts, record the…

A: a. Prepare T-accounts for Potter pool services for the transactions as shown below:

Q: Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable;…

A: Journal entry is a process of recording business transactions in the books of accounts for the first…

Q: Make the analysis of the following transactions and record them in various accounts by applying the…

A: Accounting Equation- Accounting Equation is an equation that shows entity assets are always equal to…

Q: Prepare a trial balance with the 10 activities listed below: The owners invested $8,500 from their…

A: Trial balance refers to the statement or workbook in which all the closing balances of ledgers are…

Q: Using the accounting equation to analyze transactions Tiny Town Kennel earns service revenue by…

A: A ) Increase asset ( Cash ) ; Increase equity ( Service revenue)   B ) Decrease asset ( cash ) ;…

Q: Using the accounting equation to analyze transactions Tiny Town Kennel earns service revenue by…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of an equation,…

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
  • Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
    Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.
    A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this months rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?
  • Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.
    Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.
    Discuss how each of the following transactions will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. A company purchased $450 worth of office supplies on credit. B. The company parking lot was plowed after a blizzard. A check for $75 was given to the plow truck operator. C. $250 was paid on account. D. A customer paid $350 on account. E. Provided services for a customer, $500. The customer asked to be billed.
    Recommended textbooks for you
  • Principles of Accounting Volume 1
    Accounting
    ISBN:9781947172685
    Author:OpenStax
    Publisher:OpenStax College
    Excel Applications for Accounting Principles
    Accounting
    ISBN:9781111581565
    Author:Gaylord N. Smith
    Publisher:Cengage Learning
    College Accounting, Chapters 1-27
    Accounting
    ISBN:9781337794756
    Author:HEINTZ, James A.
    Publisher:Cengage Learning,
  • College Accounting (Book Only): A Career Approach
    Accounting
    ISBN:9781337280570
    Author:Scott, Cathy J.
    Publisher:South-Western College Pub
    Century 21 Accounting General Journal
    Accounting
    ISBN:9781337680059
    Author:Gilbertson
    Publisher:Cengage
    College Accounting (Book Only): A Career Approach
    Accounting
    ISBN:9781305084087
    Author:Cathy J. Scott
    Publisher:Cengage Learning
  • Principles of Accounting Volume 1
    Accounting
    ISBN:9781947172685
    Author:OpenStax
    Publisher:OpenStax College
    Excel Applications for Accounting Principles
    Accounting
    ISBN:9781111581565
    Author:Gaylord N. Smith
    Publisher:Cengage Learning
    College Accounting, Chapters 1-27
    Accounting
    ISBN:9781337794756
    Author:HEINTZ, James A.
    Publisher:Cengage Learning,
    College Accounting (Book Only): A Career Approach
    Accounting
    ISBN:9781337280570
    Author:Scott, Cathy J.
    Publisher:South-Western College Pub
    Century 21 Accounting General Journal
    Accounting
    ISBN:9781337680059
    Author:Gilbertson
    Publisher:Cengage
    College Accounting (Book Only): A Career Approach
    Accounting
    ISBN:9781305084087
    Author:Cathy J. Scott
    Publisher:Cengage Learning