plies to N.] organized er 3, the i assets to ember 31, the $ 15,200 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 82,650 Cash withdrawals by owner $ 460 12,410 2,140 5,300 750 Miscellaneous expenses 560 e a December it Consulting. Hint. $0. ity
Q: 2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac 2020:…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Indicate basic debit–credit analysis.LO4 Dudley Advertising Ltd had the following transactions…
A: In Debit and credit analysis, the effect of transaction on accounts has to be shown.
Q: Benson Consulting Company Trial Balance 30-Jun-21 DR CR Cash 15.000 Accounts Receivable 1.800…
A: The financial statements of the business include income statement and balance sheet.
Q: 4.5 (L02,3) (Income Statement) Presented below is information related to Webster plc (amounts in…
A: Income statement: Particulars Amount ( in thousands) Amount ( in thousands) Sales 96,500…
Q: 1. From the Trial Balances accounts of XYZ Company, construct a Simple Balance Sheet Statement. Cash…
A: Since there are multiple questions, we will solve first for you. To get the remaining questions…
Q: Application Problem Journalizing transactions that affect owner’s equity and receivingcash on…
A: Journalising the financial transaction in the journal is the first step of recording transactions.…
Q: How to set up a balance sheet with each of the transactions. 2-10
A: Accounting equation:
Q: Recording transactions in the expanded accounting equation (15 min) ASSETS E1-4A. Record the…
A: The journal is the first step of accounting process and it is based on the accounting equation. The…
Q: Kai Co paud $18,000 of accounts payable owed to Coat Co by giving cash of 4,500 and isusing a note…
A: Correct answer is Option (a) i.e. not change total assets, liabilities, or owner’s equity.
Q: June 11. Paid cash for rent, $750.00. C4. 12. Sold services on account to G. Stratton, $800.00. S1.…
A: General Journal: Date Particulars Debit Credit June 11 Rent expense Account... Dr. $750…
Q: 2.PREPARE THE THE COMPANY FINANCIAL STATEMENT INCOME STATEMENT AND BALANCE SHEET UNADJUSTED TRIAL…
A: The financial statements consists of an income statement, balance sheet, cash flow statement and…
Q: PA18. LO 4.5 From the following Company Y adjusted trial balance, prepare simple financial…
A:
Q: E24 (LO 1) The following information relates to Royale Real Estate Agency. Oct. ! James Royale…
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Required: Solve for the amount of the missing element. Case A Case B Case C Assets 14,400 5,600…
A: As per accounting equation :- Assets = Liabilities + Capital Liabilities = Assets - Capital Capital…
Q: Ex5.19 From the following accounts (not in order), prepare a post-closing trial balance for Winter…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Required information Use the following information for exercise 15 to 18 LO P2 [The following…
A: Lets understand the basics. Income statement is prepared by the organization to know the income,…
Q: 9.5A The following is the trial balance of T Owen as at 31 March 2009. Draw up a set of financiat…
A: Final accounts of business means Income statement and Balance sheet of business.
Q: 3. Analyze the following tra transaction is given as an example. Income Statement Financial Position…
A: The return on equity is calculated as net income divided by total equity.
Q: 2. Maverick Sdn Bhd The following is the trial balance of Maverick Sdn Bhd at 31 March 2021. Dr…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: 6. Record the following transactions in Tally Prime Date Amount (in R0) 2021 Jan 1 Cash A/C 42,000…
A: The question is related to Journal entries for the year ended December 31st 2021. First we will…
Q: A1 The list below shows select accounts for Reading Readiness Company as of B D E F 1 The list below…
A: Income Statement: It is one of the financial statements of a company that shows the company's…
Q: plies to N.] organized er 3, the i assets to ember 31, the $ 15,200 12,410 Consulting revenue 1,770…
A: Net income = Total revenue - Total expenses
Q: The trial balance for Greenway Corporation appears as foows Greenway Corporation Trial Balance…
A: The adjusting entry for a prepaid expenses however, does effect both a company's income statement…
Q: On May 1, 20x1, the statement of financial position of Juan and Pablo appear below: Juan Pablo Cash…
A: Adjusted Capital balances = Initial capital balances - Uncollectible accounts receivables -…
Q: 5. Identify three (3) accounts that are most likely in error (not normal balances) in the following…
A: Introduction: Trial balance: All ledger account final balances are posted in Trial balance to check…
Q: An entity purchases office equipment for 525,000 on account. Select the appropriate journal entry to…
A: The daily transaction that occur in business are to be recorded in Journal.
Q: Question E2.11 (LO 3, 4), AP Selected transactions from the journal of Kati Tillman, investment…
A: T accounts are the general ledger accounts that are being prepared after recording of journal…
Q: 1. Prepare a General ledger for thr following information below: Use the pictures as reference…
A: General ledgers Cash Date Account title Debit $ Date Account title Credit $ 01 Jan…
Q: Q3. Presented below is information related to Samhan Trading Corp. Prepare necessary entries in…
A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…
Q: B. State wether the following T accounts have normal balance or not. ANSWER: 1. 2. 3. CASH ACCOUNTS…
A: T accounts are the general ledger accounts that are being prepared by the business. General ledger…
Q: 2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac 2020: RM…
A: The trial balance at year end is given with different adjustments. We are required to prepare…
Q: Cash ccounts receivable quipment ccounts payable . Lawson, Capital $ 11,500 I. Lawson, Withdrawals…
A: Solution: Statement of owner's Equity is a statement which represents beginning and ending balances…
Q: 6. Revenues total P10,200, expenses total P7,300, and the owner's withdrawalk account has a balance…
A: Trail balance shows whether the posting entries have been recorded correctly or not. Post-closing…
Q: Cash Loan Payable Office Equipment Unearmed Rentals Accrued Salaries Meg Drawing Repair Income…
A: The question is related to calculation of credit balance. The Liabilities, income and capital has…
Q: os The following balances are extracted from the books of Ramlal on 31-12-98 Prepare Trading…
A: This question has been taken from the financial statement, in which it has been asked to create a…
Q: 2 Compute the Net Income. Php 356,867.00 16,800.00 Service Income Prepaid Rent Interest Expense…
A: Net income: It can be defined as the excess of sales revenue over the expenses incurred by the…
Q: The following transaction tromspired the mont h q December, 2020: Decl: Mr Dela cruz started his…
A: Journal entries are made to record the financial transactions of the business. The journal entries…
Q: Q4: From financial data; -Prepare trail balance. -Prepare suspense account. -Show suspense account…
A: Trial Balance PARTICULAR DEBIT CREDIT Rent 250 Cash 4200 Salaries 12,000…
Q: Required Information Use the following information for exercise 15 to 18 LO P2 [The following…
A: The income statement is prepared to record revenues and expenses for the current period and find net…
Q: BE2.9 (LO 4) From the ledger balances given below, prepare a trial balance for the Amaro Company at…
A: Trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- 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.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?Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May: 1. Received cash in exchange for common stock, 18,000. 2. Paid advertising expense, 4,850. 3. Purchased supplies on account, 2,100. 4. Billed customers for delivery services on account, 14,700. 5. Received cash from customers on account, 8,200. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 18,000; Common Stock increases by 18,000.
- Journalize for Harper and Co. each of the following transactions or state no entry required and explain why. Be sure to follow proper journal writing rules. A. A corporation is started with an investment of $50,000 in exchange for stock. B. Equipment worth $4,800 is ordered. C. Office supplies worth $750 are purchased on account. D. A part-time worker is hired. The employee will work 15–20 hours per week starting next Monday at a rate of $18 per hour. E. The equipment is received along with the invoice. Payment is due in three equal monthly installments, with the first payment due in sixty days.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.Capstone Consulting Services acquired land 5 years ago for $200,000. Capstone recently signed an agreement to sell the land for $375,000. In accordance with the sales agreenwnt, the buyer transferred $375,000 to Capstone’s bank account on February 20. How would elements of the accounting equation be affected by the sale?
- 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.Accounting concepts Match each of the following statements with the appropriate accounting concept. Sonic concepts may he used more than once, while others may not be used at all. Use the notat ions shown to indicate the appropriate accounting concept. Statements 1. Assume that a business will continue forever. 2. Material litigation involving the corporation is described in a note. 3. Monthly utilities costs are reported as expenses along with the monthly revenues. 4. Personal transactions of owners are kept separate from the business. 5. This concept supports relying on an independent actuary (statistician), rather than the chief operating officer of the coq)ration, to estimate a pension liability. 6. Changes in the use of accounting methods from one period to the next are described in the notes to the financial statements. 7. Land worth $800,000 is reported at its original purchase price of $220,000. 8. This concept justifies recording only transactions that are expressed in dollars. 9. If this concept was ignored, the confidence of users in the financial statements could not be maintained. 10. The changes in financial condition are reported at the end of the month.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.
- 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.The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?