QUESTION 1 The accounting equation for Wren Enterprises is as follows: Owner's Equity $96,000 Assets Liabilities $160,000 $64,000 + The company received cash from customers for $1,000 worth of services performed in the prior month. Calculate total liabilities after the performance of services.
Q: 13) A company had the following amounts at the end of the year: Cash 11,200 1,500 2,600 23,500 4,300…
A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…
Q: Question.1: Selected transactions for A. Aslam, a property manager, in her first month of business,…
A: Accounting is a process of recording the financial transactions that are made by the individuals or…
Q: Q 1: NC operates a business closes its accounts and prepares financial statements at the end of…
A: 10 Coloum Worksheet The purpose of preparing the 10 Coloum work sheet to know the all the financial…
Q: Problem 1: a. The assets of the business at the start of the month total P1, 000,000. Owner's equity…
A: The accounting equation helps to keep the balance sheet the same with the help of the double-entry…
Q: FE16 From the following transactions as well as additional data, please complete the entire…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: EXERCISE (1) From the information given below, prepare a Balance Sheet for Nabe Salman Company. All…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Q 1: NC operates a business closes its accounts and prepares financial statements at the end of…
A: Closing Journal Entries The process of closing Journal Entries are transfer all the revenues into…
Q: The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:…
A: Statement of owner's equity describes the total investment value of the owner till a particular…
Q: Show Auemnt HBlury Current Atlempt in Progress Selected transactions for Bonnie Donne Company during…
A: Journal entry: Journal entry records the financial transactions or events of business organizations…
Q: Identifying effects of transactions using accounting equation—Revenues and Expenses LO P1 The…
A:
Q: Journalize the following transactions for Blossom Company. Sept. 1 Purchased supplies for $1,000…
A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…
Q: ABC Co. paid salary $2,000 in cash. What would be the impact of this transaction on the accounting…
A: ACCOUNTS DEBIT CREDIT Salary expense $2000 Cash $2000
Q: Q No 1- Manal Enterprises incorporated on May 3, 2021. The company engaged in the following…
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…
Q: Question 3 Sufjan Stevens Ito began the Sufjan Company by investing $25,000 of cash in the business.…
A: Net Income :— Net income is the Difference Between Total Revenue (income) - Total Revenue Expenses…
Q: Question 4 Accounts + Receivable + Supplies + Equipment Payable + Capital - Drawings + Revenues…
A: Accounting equation shows all the transactions separately and their effect on different accounts.…
Q: e journal. 1. Lohan Company had the following account balances as of June 30. Cash P29,000 Equipment…
A: Solution 11: Debit balance of trial balance is total of all accounts having normal debit balance.
Q: Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first…
A: As per Accounting Equation,Assets =Liabilities +Owner's capital
Q: CASE 1: PM Company PM Company provided the following adjusted account balances on December 31, 2X14:…
A: Any entity to make its operations everyday has to invest the money into assets. The assets with such…
Q: Please assist me with this (:
A: Journal entry: It can be defined as the recording of financial events and transactions that have…
Q: Question 2: The assets, liabilities, owner's equity, revenues and expenses of Andrea Hotel &…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Q 1: NC operates a business closes its accounts and prepares financial statements at the end of…
A: Income Statement The purpose of preparing the income statement to know the net income which are…
Q: 2. The ledger of Swann Company contains the following balances: D. Swann, Capital $30,000; D. Swann,…
A: Journal entries are used to record accounting transactions of the business in its operations and…
Q: How do I set up a balance sheet from the information provided?
A: Prepare balance sheet as on December 31, 20X1 as shown below:
Q: FINANCIAL ACCOUNTING ONE CAT I QUESTION ONE Juan Cruz began professional practice as a system…
A: Introduction:- The act of recording or keeping track of any financial or non-financial action is…
Q: 212 salaries payable Expenses 511 salaries expense 512 advertising expense 513 rent expense 514…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: PROBLEM: - Making an Accounting Equation Table and Financial Statements At the beginning of April,…
A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…
Q: Increase in an asset, decrease in another asset. b. Increase in an asset, increase in a liability.…
A: Accounting equation is the basis of double entry system of accounting. It shows every transaction…
Q: Show Attemptistory Current Attempt in Progress. Selected transactions for Bonnie Donne Company…
A: The T-accounts are prepared to post the journal entries to the specific accounts of the business.
Q: Question 9 On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner…
A: Statement of Owner’s Equity is prepared to calculate the changes in the owner’s capital during the…
Q: The assets and liabilities of Thompson Computer Services at March 31, the end of the current year,…
A: Balance sheet is prepared as follows: Resulting excel sheet is as follows: Note is prepared in next…
Q: Hello, I am kinda confused, how can I do this problem?
A: Accounting equation:Assets = Liabilities + Stockholders' equity
Q: ILLUSTRATION-1 The following transactions of MORALES Accounting Firm during the first month of…
A: In this question, we will post journal entries with proper narration
Q: ACTIVITY 1: Look at It Al the end of the first month of operations for Juan's Service Company, the…
A: solution : concept net income Net income refers to the net earning of the company…
Q: |(2 marks) Question4: TRUMBO decides to open a cleaning and laundry service. Analyze the following…
A: Accounting equation states that all assets must be equal to the sum of all liabilities and equity.…
Q: On October 1. Ebony Ernst organızed Ernst Consulting: on October 3. the owner contributed $84,580 in…
A: Net income = Total Revenue - Total expenses
Q: Question.1: Selected transactions for A. Aslam, a property manager, in her first month of business,…
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: Activity 3. Instruction: : Compute for the missing amount of the account titles taken from the SPF…
A: 1.Liability=Assets-owners equity =27000-15000 =php 12000
Q: 1 Lacson invested P100,000 cash in the business 2 3 4. 5. Paid P5,000 for office rent for the month…
A: Introduction: Journals: Another name for journals is book of prime entries. All the business…
Q: PROBLEM: - Making an Accounting Equation Table and Financial Statements At the beginning of April,…
A: The balance sheet of the firm shows the assets and liabilities of the business.
Q: Question2. : Nova communications was organized on December 1 of the current year and had the…
A: Accounting equation says that total assets should always be equals to total liabilities and…
Q: 8 Net income. $31,425Kelly Pitney began her consulting business. Kelly Consulting, on April 1,20Y8.…
A: Solution: Adjusted Trial balance Particulars Debit Credit Cash $44,195 Accounts…
Q: Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 20Y6,…
A: Solution Retained earning is the part of the company's profit which is not distributed as a dividend…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Transactions; financial statements 2. Net income: 10,850 On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of 24,000 in exchange for common stock. b. Paid rent on office and equipment for the month, 3,600. c. Paid automobile expenses for month, 1,350, and miscellaneous expenses, 600. d. Purchased supplies on account, 1,200. e. Earned sales commissions, receiving cash, 19,800. f. Paid creditor on account, 750. g. Paid office salaries, 2,500. h. Paid dividends, 3,500. i. Determined that the cost of supplies on hand was 300; therefore, the cost of supplies used was 900. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Prepare an income statement for April, a statement of stockholders equity for April, and a balance sheet as of April 30.Brief Exercise 2-30 Transaction Analysis Galle Inc. entered into the following transactions during January. Borrowed $50,000 from First Street Bank by signing a new payable. Purchased $25,000 of equipment for cash. (Continued) Paid $500 to landlord for rent for January. Performed services for customers on account, $10,000. Collected $31000 from customers for services performed in Transaction d. Paid salaries of $2,500 for the current month. Required: Show the effect of each transaction using the following model.The Accounting Equation Using the accounting equation, answer each of the following independent questions. Burlin Company starts the year with $100,000 in assets and $80,000 in liabilities. Net income for the year is $25,000, and no dividends are paid. How much is owners equity at the end of the year? Chapman Inc. doubles the amount of its assets from the beginning to the end of the year. Liabilities at the end of the year amount to $40,000, and owners equity is $20,000. What is the amount of Chapmans assets at the beginning of the year? During the year, the liabilities of Dixon Enterprises triple in amount. Assets at the beginning of the year amount to $30,000, and owners equity is $10,000. What is the amount of liabilities at the end of the year?
- Brief Exercise 1-24 The Accounting Equation Financial information for three independent cases is as follows: The liabilities of Dent Company are $82,000, and its stockholders' equity is $120,000. What is the amount of Dents total assets? The total assets of Wayne Inc. are $55,000, and its stockholders' equity is $22,500. What is the amount of Waynes total liabilities? Gordon Companys total assets increased by $60,000 during the year, and its liabilities decreased by $35,000. Did Gordons stockholders' equity increase or decrease? By how much? Required: Determine the missing amount for each case.Brief Exercise 3-28 Accrual- and Cash-Basis Accounting The following are several transactions for Halpin Advertising Company. Purchased $1,000 of supplies. 0Sold $5,000 of advertising services, on account, to customers. Used $250 of supplies. Collected $3,000 from customers in payment of their accounts. Purchased equipment for $10,000 cash. Recorded $500 depreciation on the equipment for the current period. Required: Identify the effect, if any, that each of the above transactions would have on net income under cash-basis accounting and accrual-basis accounting.Comprehensive Problem 1 8 Net income. 31,425 Kelly Pitney began her consulting business. Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter During May, Kelly Consulting entered into the following transactions: May 3.Received cash from clients as an advance payment for services to be provided and recorded it as unearned tree 4,500 5.Received cash from clients on account 2,450. 9.Paid cash for a newspaper advertisement 225. 13.Raid Office Station Co for part of the debt incurred on April , 640. 15.Recorded services provided on account for the period May 1-15, 9,180. 16 Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 17.Recorded cash from cash clients for fees earned during the period May 116, 8,360. Record the following transactions on Page 6 of the Journal 20.Purchased support on account 735. 21.Recorded services provided on account for the period May 1620. 4,820 25.Recorded cash from cash clients for fees earned for the period May 1723, 7,900 27.Received cash from clients on account 9,520. 28.Paid part-time receptionist for two weeks salary. 7S0. 30.Raid telephone bill for May. 260 31.Paid electricity bill for May, 810. 31.Recorded cash from cash clients tor lees earned for the period May 2031. 3,300. 31.Recorded services provided on account for the remainder of May, 2,650. 31.Paid dividends 10,500 Instructions 1.The chart of accounts foe Kelly Consulting is shown us Exhibit 9. and the post-closing trial balance as of April 30, 20Y8, is shown in Exhibit 17. for each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1. 20Y8. and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting cm Page of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2.Post the journal to a ledger of four-column accounts. 5.Prepare an unadjusted trial balance. 4.At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). (a)Insurance expired during May is 275. (b)Supplies on hand on May II are 715. (c)Depreciation of office equipment for May is 330. (d)Accrued receptionist salary on May 31 is 325. (e)Rent expired during May is 1600. (f)Unearned fees on May 31 are 3,210 5.(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet 6.Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of stockholders equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.
- Cornerstone Exercise 2-22 Transaction Analysis The Mendholm Company entered into the following transactions: Performed services on account, 521,500. Collected $9,500 from client related to services performed in Item a. Find $500 dividend to stockholders. Paid salaries of $4,000 for the current month. (Continued) Required: Show the effect of each transaction using the following model:EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first month (March 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets= Liabilities + Owners Equity. After each transaction, show the new account totals. (a) Invested cash in the business, 30,000. (b) Bought office equipment on account, 4,500. (c) Bought office equipment for cash, 1,600. (d) Paid cash on account to supplier in transaction (b), 2,000. EFFECTS OF TRANSACTIONS (REVENUE, EXPENSE, WITHDRAWALS) This exercise is an extension of Exercise 2-3B. Lets assume Jon Wallace completed the following additional transactions during March. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owners Equity (Capital Drawing + Revenues Expenses). After transaction (k), report the totals for each element. Demonstrate that the accounting equation has remained in balance. (e) Performed services and received cash, 3,000. (f) Paid rent for March, 1,000. (g) Paid March phone bill, 68. (h) Jon Wallace withdrew cash for personal use, 800. (i) Performed services for clients on account, 900. (j) Paid wages to part-time employee, 500. (k) Received cash for services performed on account in transaction (i), 500.Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.