Score: 0 of 10 pts 2of9(o complete) | Hw Score: 0%, 0 of S2-10 (similar to Question Hel After operating for several months, architect Kyle Farnsworth completed the following transactions during the latter part of August Aug 15 22 28 29 31 Borrowed $65,000 from the bank, signing a note payable. Performed service for clients on account totaling $17,400 Received $8,000 cash on account from clients. Received and paid a utility bill of $1,300 Paid monthly salaries of $5,000 to employees. Journalize the transactions of Kyle Farnsworth, Architect. Include an explanation with each journal entry On August 15, Kyle Farnsworth borrowed $65,000 from the bank, signing a note payable. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanations

Score: 0 of 10 pts 2of9(o complete) | Hw Score: 0%, 0 of S2-10 (similar to Question Hel After operating for several months, architect Kyle Farnsworth completed the following transactions during the latter part of August Aug 15 22 28 29 31 Borrowed $65,000 from the bank, signing a note payable. Performed service for clients on account totaling $17,400 Received $8,000 cash on account from clients. Received and paid a utility bill of $1,300 Paid monthly salaries of $5,000 to employees. Journalize the transactions of Kyle Farnsworth, Architect. Include an explanation with each journal entry On August 15, Kyle Farnsworth borrowed $65,000 from the bank, signing a note payable. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanations

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.6P: Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How...

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Question: Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020: Cash $138,000; Accounts receivable $0; Land $ 30,000; Building $0; Supplies $0; Accounts payable $0; Notes payable $0; Quality-capital $70,000; Service revenue $98,000; Utilities, salary expense $0. The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on account June 4. Purchased a building for, $62,100 cash June 6. Performed service for a client on account, $12,000 June 10. Borrowed $7,000 cash, signing a note payable June 13. Paid the liability from June 1 June 17. Sold for $15,000 land that had cost this same amount June 21. Received $8000 cash from June 10 transaction June 30. Paid utilities expense of $600 and salary expense $2,500 Requirements: State the effect each transaction from June 1st -30th will have…
The transactions completed by PS Music during June 20Y9 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business’s operations: Jul. 1 Peyton Smith made an additional investment in PS Music by depositing $5,000 in PS Music’s checking account. 1 Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, $1,750. 1 Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2 Received $1,000 cash from customers on account. 3 On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to KXMD at $40…
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01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;
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Aminu Ltd started a delivery service, Aminu Ltd Deliveries, on June 1, 20X1. The following transactions occurred during the month of June.June 1 Aminu Ltd invested AED10,000 cash to start the delivery company.2 Purchased a used van for deliveries for AED12,000. Aminu Ltd paid AED2,000 cashand signed a note payable for the remaining balance.3 Paid AED500 for office rent for the month.5 Performed AED4,400 of services on account.9 Declared and paid AED200 in cash dividends. 12 Purchased supplies for AED150 on account.15 Received a cash payment of AED1,250 for services provided on June 5.17 Purchased gasoline for AED100 on account.20 Received a cash payment of AED1,500 for services provided.23 Made a cash payment of AED500 on the notes payable.26 Paid AED250 for utilities.29 Paid for the gasoline purchased on account on June 17.30 Paid AED1,000 for employee salariesRequired to:[a] Prepare an income statement for the month of June.[b] Prepare a statement of financial position at June 30,…
2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac 2020: Particulars RM Capital 63,030 Carriage in 1,620 Carriage out 800 Purchases 145,800 Office equipment 10,000 Motor vehicle 8,500 Sales 232,950 Wages and salaries 68,000 Rent and rates 3,600 Lighting and heating 8,400 Vehicles running cost 4,300 Telephone expenses 9,600 General office expenses 3,180 Debtors 28,400 Creditors 16,440 Provision for depreciation: Motor vehicle Office equipment 4,250 4,000 Provision for doubtful debts 500 Drawings 13,570 Cash at bank 6,200 Cash in hand 300 Stock as at 1 April 2019 8,000 Return inwards 3,800 Return outwards 2,900 Additional information as at 31 Mac 2020: Stock on hand was valued at RM8,800 Rent and rates prepaid RM1,200 iii. Wages and salaries RM1,750 Depreciation is to…
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5 Unadjusted Trial Balance December 31, 2015Debit Credit1 Cash 50,000 2 Accounts receivable 0 3 Teaching supplies 60,000 4 Prepaid insurance 18,000 5 Prepaid rent 2,600 6 Professional library 10,000 7 Accumulated depreciation—Professional library 1,5008 Equipment 30,000 9 Accumulated depreciation—Equipment 16,00010 Accounts payable 12,20011 Salaries payable 012 Unearned training fees 27,60013 M. Alcorn, Capital 68,50014 M. Alcorn, Withdrawals 20,000 15 Tuition fees earned 105,00016 Training fees earned 62,00017 Depreciation expense—Professional library 0 18 Depreciation expense—Equipment 0 19 Salaries expense 43,200 20 Insurance expense 0 21 Rent expense 28,600 22 Teaching supplies expense 0 23 Advertising expense 18,000 23 Utilities expense 12,400 Total 292800 292800Following is the unadjusted trial balance for Alcorn Institute as of December 31, 2011, which initially records prepaid expenses and unearned revenues in balance sheet accounts.Additional Information Itemsa. An analysis of…