On 3/4/2015, Al Diyar Car Maintenance Company was established with a capital of $ 140,000 in cash. On 5/3 / a workshop (machines) was purchased for an amount of $ 50,000, half of its price was paid in cash and the rest on the account is assigned after two months On 3/7 / Purchase of a car for the amount of ($ 6000) on the account from Al-Amer Company
Q: Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the…
A: Answer:-
Q: Jassim Contracting Company started its work on May 1, 2017, and the following operations took place…
A: Identify Transactions Record them in the journals Post them into ledgers Prepare unadjusted Trial…
Q: XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of…
A: Financial statement means the statement including income statement , balance sheet , cash flow…
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: XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of…
A: Financial statement means the statement including income statement , balance sheet , cash flow…
Q: On May 1, Nimbus Flying School, a company that provides flying lessons, was started with an…
A: Income statement shows the net income or net loss that includes the revenues and expenses.
Q: On July1 1, 2016, Mr. Jan Jacob C. Solon opened the Hubbies Hair and Beauty Salon. The following…
A: T-Accounts are the general ledgers made for recording of all the financial transactions & which…
Q: The following entries are in the books of Moh Co. for the month of Jan,2021: 10th Jan Started up the…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: 9. During the current month, the company completed the transactions listed below. The owner invested…
A: Owner equity means the amount that belong to the owner of the business. Any profit will increase…
Q: Journalize and post the closing entries to their respective T accounts.
A: As you have posted multi subparts under a single sub-parts. Kindly resubmit the question along with…
Q: El Granado established the EG Data Encoders on May 15, 2014. The following transactions occurred…
A: Journal entry is the practice of recording commercial transactions for the first time in the books…
Q: WiCom Servicing completed these transactions during November 2020, its first month of operations: I…
A: Journal entries are used to record the accounting effect of the financial transactions. It generally…
Q: Abdullah Engineering completed the following transactions in the month of June. a. Amina Abdullah,…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: The owner of ABC Company invested cash to the business amounting ₱500,000 and office furniture and…
A: Owner Capital at the end of the period = Owner Capital at the beginning of the period + Additional…
Q: Company A was incorporated on January 1, 2010 with an initial capital Rs 1,000,000. During the first…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Company A was incorporated on January 1, 2010 with an initial capital Rs 1,000,000. During the first…
A: Before Preparing Income Statement and Statement of Financial Position we need to Prepare Trial…
Q: At the beginning of April, Moncrief Corporation's assets totaled $240,000 and liabilities totaled…
A: Here in this case, we are required to calculate total liability at the end of April. For solving…
Q: On June 1, 2022, Crane Company was started with an initial investment in the company of $19,500…
A: The balance sheet shows the company's total assets as well as how those assets are financed (debt or…
Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: Net income=Revenue-expenses
Q: On June 1, 2017, Waterway Industries was started with an initial investment in the company of…
A: Prepare the income statement for the month of June 30, 2017:
Q: During the period January to December 2020 the company completed the following transactions: Kay’s…
A: Note: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…
Q: For each adjustment, indicate the income statement and balance sheet account affected, and the…
A: The Adjustments entries are very much important for any company as it helps in showing the correct…
Q: Which of the following transactions take effect on net working capital? Restaurant Barron's…
A: Net working capital = Current assets - current liabilities
Q: During January 2020, the first month of operations, a consulting firm had the following…
A: Revenue - Revenue is the amount earned by the organization from the sales made or service rendered.
Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: Accounting equation is given as follows:- Assets = Liabilities + Owner's Equity Where, closing…
Q: Rivera Roofing Company, owned by Reyna Rivera, began operations in July and completed these trans-…
A: Journal entries refers to the transactions which are being recorded into the books of accounts of…
Q: XYZ Company began operations on April 1 and completed these transactions during the month: April. 1…
A: Journal: Journal entry is used to the record the business transactions of an enterprises.
Q: Neva Nadal started a new business, Nadal Computing, and completed the following transactions during…
A: According to an accounting equation, assets = Liabilities + owner's equity
Q: During the period January to December 2020 the company completed the following transactions:…
A: Journal Entries SR. NO. PARTICULAR DEBIT CREDIT 1 Cash 180,000 Truck 250,000…
Q: Listed below are the transactions for August 2014, the first month of operations of Abdi's Auto…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1…
A: Salary is the expense of a business. As per the golden rule of accounting, the expense is debited.…
Q: On April 1, 2020 Perfect company Ltd., a company that provides flying lessons, was started with an…
A: Following will the be presentation of 3 statements
Q: Aracel Engineering completed the following transactions in the month of June.J. a) Aracel, the…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: June, Ming Chen (the owner) completed these transactions. a. Owner invested $63,000 cash in the…
A: Each transaction shall affect at least 2 transactions in the accounting equation.
Q: On December 2020, Miranda Right started Right consulting, a new business, and completed the…
A: Following accounting rules will be applied Nominal Account - Debit - All expenses and losses Real…
Q: Ricardo Aninang established business on April 1,2017 and invested P5,000 cash and a building valued…
A: Accounting equation: It refers to a financial equation that shows a relationship among different…
Q: 1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5, 000, and…
A: Income Statement - This statement shows the income earned and loss incurred by the organization in…
Q: Aracel Engineering completed the following transactions in the month of June. Jenna Aracel,…
A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…
Q: The McMillan Corporation incorporated on September 2. 2011. The company engaged in the following…
A: The journal entries are prepared to record daily transactions of the business on regular basis.
Q: The following transactions occurred during the company's first month. June 1 The owner invested…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: On May 1, Nimbus Flying School, a company that provides flying lessons, was started with an…
A: This shows the profitability of the business during the accounting years.
Q: During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1…
A: Journal Entries
Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: Accounting Equation :— It is the basic relationship between assets, liabilities and owner's equity.…
Q: Ricardo Aninang established business on April 1,2017 and invested P5,000 cash and a building valued…
A: Every transaction has dual effect. The total of assets is always equal to the total of liabilities…
Q: L. Martin
A: solutions;
Q: E1-7 Falske Computer Timeshare Company entered into the following transactions during May 2017. 1.…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: On May 1, Nimbus Flying School, a company that provides flying lessons, was started with an…
A: Income statement and balance sheet are the financial statements that are used by various internal…
Q: During the period January to December 2020 the company completed the following transactions: Kay’s…
A: Note ;- Dear student, You asked multiple questions, as per rule we will answer only one.…
Q: ollowing are the transactions of Sustain Company. June 1 T. James, owner, invested $15,500 cash…
A: Business Transaction : It is the exchange of goods and service between two persons. Every business…
Step by step
Solved in 3 steps
- 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.The following information is provided for the first month of operations for Legal Services Inc.: A. The business was started by selling $100,000 worth of common stock. B. Six months rent was paid in advance, $4,500. C. Provided services in the amount of $1,000. The customer will pay at a later date. D. An office worker was hired. The worker will be paid $275 per week. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. G. Received the electricity bill. We will pay the $110 in thirty days. H. Paid the worker hired in D for one weeks work. I. Received $100 from a customer for services we will provide next week. J. Dividends in the amount of $1,500 were distributed. Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why.
- 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 Transactions. Using the analytical framework, indicate the effect of the following related transactions of a firm. a. January 1: Issued 10,000 shares of common stock for 50,000. b. January 1: Acquired a building costing 35,000, paying 5,000 in cash and borrowing the remainder from a bank. c. During the year: Acquired inventory costing 40,000 on account from various suppliers. d. During the year: Sold inventory costing 30,000 for 65,000 on account. e. During the year: Paid employees 15,000 as compensation for services rendered during the year. f. During the year: Collected 45,000 from customers related to sales on account. g. During the year: Paid merchandise suppliers 28,000 related to purchases on account. h. December 31: Recognized depreciation on the building of 7,000 for financial reporting. Depreciation expense for income tax purposes was 10,000. i. December 31: Recognized compensation for services rendered during the last week in December but not paid by year-end of 4,000. j. December 31: Recognized and paid interest on the bank loan in Part b of 2,400 for the year. k. Recognized income taxes on the net effect of the preceding transactions at an income tax rate of 40%. Assume that the firm pays cash immediately for any taxes currently due to the government.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?
- 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?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.On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. 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.
- 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.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. e. Sold services for cash for the first half of the month, 6,927. 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. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. 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.Aracel Engineering completed the following transactions in the month of June.J. a) Aracel, the owner, invested $205,000 cash, office equipment with a value of $8,800, and $63,000 of drafting equipment to launch the company in exchange for common stock. b) The company purchased land worth $56,000 for an office by paying $9,600 cash and signing a note payable for $46,400. c) The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b. d) The company paid $5,000 cash for the premium on an 18-month insurance policy. e)The company provided services to a client and collected $7,900 cash. f) The company purchased $33,000 of additional drafting equipment by paying $9,900 cash and signing a note payable for $23,100. g) The company completed $19,000 of services for a client. This amount is to be received in 30 days. h) The company purchased $1,950 of additional office equipment on credit. i) The company completed $27,000 of services for a customer on…