Mr. Tee ordered two computers which he is going to receive after 1 month. He is going to pay for the computers after their arrival. Besides, one of this computer is for his personal use at home. Should Mr. Tee record this transaction in the accounting book of the business? Give your explanations. Which accounting principle or assumptions should we apply here?
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Mr. Tee ordered two computers which he is going to receive after 1 month. He is going to pay for the computers after their arrival. Besides, one of this computer is for his personal use at home. Should Mr. Tee record this transaction in the accounting book of the business? Give your explanations. Which accounting principle or assumptions should we apply here?
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- Your friend Chris Stevick started a part-time business in June and has been keeping her own accounting records. She has been preparing monthly financial statements. At the end of August, she stopped by to show you her performance for the most recent month. She prepared the following income statement and balance sheet: Chris has also heard that there is a statement of owners equity, but she is not familiar with that statement. She asks if you can help her prepare one. After confirming that she has no assets other than cash, no liabilities, and made no additional investments in the business in August, you agree. REQUIRED 1. Prepare the statement of owners equity for your friends most recent month. 2. What suggestions might you give to Chris that would make her income statement more useful?Mr. Tee ordered two computers which he is going to receive after 1 month. He is going to pay for the computers after their arrival. Besides, one of this computer is for his personal use at home. Should Mr. Tee record this transaction in the accounting book of the business? Give your explanations. Which accounting principle or assumptions should we apply here? Please don,t copy from google. Write correct answer.Aimee Griffin recently opened her own law office, which she operates as a proprietorship. She paid $900 cash for ink cartridges for the printer. How does this transaction affect the accounting equation?
- How would i compute if she had a net income or net loss? Connie Young , an architect, opened a office on October 1, 2019. During the month, she completed the following transactions connected with her personal practice: a. Transferred cash from a personal bank account to an account to be used for the business, $36,000. b. Paid October rent for the office and workroom, $2,400. c. Purchased used automobile for $32,800 and, paying $7,800 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $9,000. e. Paid cash for supplies, $2,150. f. Paid cash for annual insurance policies, $4,000. g. Received cash from client for plans delivered, $12,200. h. Paid cash for miscellaneous expenses, $815. i. Paid cash to creditors on account, $4,500/ j. Paid $5,000 on note payable. k. Received invoice for blueprint services, due in Novembre, $2,890. l. Recorded fees earned on plans delivered, payment to be received in November, $18,300. m. Paid salary of…Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions will have on his business, A-Plus Travel Planners; Time is short, so you cannot journalize the transactions. Instead, you must analyze the transactions without a journal. McChesney will continue the business only if he can expect to earn a monthly net income of $6,000. The business completed the following transactions during June: McChesney deposited $10,000 cash in a business bank account to start the company. The company issued common stock to McChesney. Paid $300 cash for office supplies. Incurred advertising expense on account, $700. Paid the following cash expenses: administrative assistant’s salary, $1,400; office rent, $1,000. Earned service revenue on account, $8,800. Collected cash from customers on account, $1,200. Requirements Open the following T-accounts: Cash; Accounts Receivable; Office Supplies; Accounts Payable; Common Stock; Service Revenue; Salaries Expense; Rent…Delia Alvarez, the owner of Delia's Lawn Service, wants to borrow money to buy new lawn equipment. A local bank has asked for financial statements. Alvarez has asked you to prepare financial statements for the year ended December 31. You have been given the unadjusted trial balance on page 175, and you suspect that Alvarez expects you to base your statements on this information. You are concerned, however, that some of the account balances may need to be adjusted. In your post, write how you would explain to Alvarez what additional information you need before preparing the financial statements. Alvarez is not familiar with accounting issues. Therefore, explain why you need this information, the potential impact of this information on the financial statements, and the importance of making these adjustments before approaching the bank for a loan.
- Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions will have on his business, A-Plus Travel Planners; Time is short, so you cannot journalize the transactions. Instead, you must analyze the transactions without a journal. McChesney will continue the business only if he can expect to earn a monthly net income of $6,000. The business completed the following transactions during June: a. McChesney deposited $10,000 cash in a business bank account to start the company. The company issued common stock to McChesney. b. Paid $300 cash for office supplies. c. Incurred advertising expense on account, $700. d. Paid the following cash expenses: administrative assistant’s salary, $1,400; office rent, $1,000. e. Earned service revenue on account, $8,800. f. Collected cash from customers on account, $1,200. Requirements Open the following T-accounts: Cash; Accounts Receivable; Office Supplies; Accounts Payable; Common Stock; Service Revenue; Salaries…Tanner Kerekes had been operating his law practice in Mississauga under the name Tanner Kerekes, Lawyer. The following business transactions took place during the month of May 2019. Identify the accounting characteristic, assumption, or principle that would be applicable to each of the transactions and discuss the effects it would have on the financial statements of Tanner Kerekes, Lawyer. May 1 Kerekes deposited $30,000 cash into the business bank account. May 3 Kerekes completed legal work for a home builder. He charged the builder $5,000, not the $6,000 the work was worth, in order to earn more business from the builder. May 5 The business bought furniture from Ajax Furniture for $8,000, paying $2,000 cash and promising to pay $1,000 per month at the beginning of each month starting June 1, , for six months. Kerekes would like to expense the entire amount to reduce net income for tax reasons. May 10 The business signed a lease to rent additional space at a cost of…You have been so helpful to Sahra that she has recommended you to a friend of hers, Jed Skee. Jed set up the business ‘Surfs Up’ in October 2019 which sells Surf Ski’s. Jed completed a basic bookkeeping course before he commenced his business and is able to prepare his business’s accounting information up to the point of the Trial Balance, but requires your assistance in preparing the financial statements. Required: Prepare an Income Statement, Statement of Changes in Equity and a Balance Sheet from the Trial Balance provided below. Surfs Up Trial Balance for the year ended 30th June 2020 Debit ($) Credit ($) Loan Payable 66 640 Supplies on Hand 9 163 Fuel Expense 7 938 Capital 245 000 Equipment 17 640 Cash at Bank 100 254 Telephone Expense 2 450 Warehouse 196 000 Sales 43 316 Accounts Payable 3 038 Council Rates Expense 588 Accounts Receivable 23…
- One year ago, Allan Thorpe founded Alcazar Sales Company, and the business has prospered. Allan comes to you for advice. He wishes to know how much net income the business earned during the past year. The accounting records consist of the T-accounts in the ledger, which were prepared by an accountant who has resigned from the company. The accounts at December 31, are as follows: Could you briefly explained how you got these answers pleaseConnie Young , an architect, opened a office on October 1, 2019. During the month, she completed the following transactions connected with her personal practice: a. Transferred cash from a personal bank account to an account to be used for the business, $36,000. b. Paid October rent for the office and workroom, $2,400. c. Purchased used automobile for $32,800 and, paying $7,800 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $9,000. e. Paid cash for supplies, $2,150. f. Paid cash for annual insurance policies, $4,000. g. Received cash from client for plans delivered, $12,200. h. Paid cash for miscellaneous expenses, $815. i. Paid cash to creditors on account, $4,500/ j. Paid $5,000 on note payable. k. Received invoice for blueprint services, due in Novembre, $2,890. l. Recorded fees earned on plans delivered, payment to be received in November, $18,300. m. Paid salary of assistants, $6,450. n. Paid gas, oil, and repairs on…Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice:a. Transferred cash from a personal bank account to an account to be used for the business, $36,000.b. Paid October rent for office and workroom, $2,400.c. Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder.d. Purchased office and computer equipment on account, $9,000.e. Paid cash for supplies, $2,150.f. Paid cash for annual insurance policies, $4,000.g. Received cash from client for plans delivered, $12,200.h. Paid cash for miscellaneous expenses, $815.i. Paid cash to creditors on account, $4,500.j. Paid $5,000 on note payable.k. Received invoice for blueprint service, due in November, $2,890.l. Recorded fees earned on plans delivered, payment to be received in November, $18,300.m. Paid salary of assistants, $6,450.n. Paid gas, oil, and repairs on automobile for October,…