Show the effect of the following transactions
Q: Define T- account.
A: Transaction: It is an economic event that is recorded in the accounting system of an organisation.…
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A: It is a fiscal performance computation that estimates the amount of operating cash flows (OCF) that…
Q: Discuss and give an example of the following types of associations: (1:0,1), (1:1), (1:M), and…
A: Given: The values are (1: 0, 1), (1:1), (1: M), (M: M)
Q: Explain the difference between external events and internal events. Give an example of each type of…
A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…
Q: transaction, an event, and an arrangement.
A: Transaction, event and arrangement are commonly used in business or life to denote certain…
Q: EBIT
A: EBIT is a measure used by companies to calculate their overall profitability. EBIT stands for…
Q: Write up a transaction analysis chart from the given transaction.
A: The Accounting equation is a statement that shows the equality between the resources and the…
Q: How are the three transaction cycle relate to each other?
A: Transaction Cycle is grouping of similar functions of business together under same head. Transaction…
Q: Analyze the events chronologically, one transaction at a time please
A: a. Missy Mansion has contributed $8000 cash into her business as a capital. Entry for this…
Q: What are the three cycles of transaction processing systems?
A:
Q: Compute for the amount to be received by GHI.
A: Cash P21000 ABC Loan charge from ABC's capital Account P15000 Collection from Accounts…
Q: What is a transaction?
A: Transaction refers to the business activity which brings change in the business assets, liabilities…
Q: Where are transactions initially recorded?
A: The primary point where the financial transaction, which is initiated or effected by entity during a…
Q: explain each item
A: The ratio is the process of determining the relationship between the two variables. In accounting,…
Q: Give three examples of a transaction processing system.
A:
Q: Match the formula to the corresponding account to which it applies.
A: Future value refers to the value that an amount would assume at a future time period after…
Q: Define Contingencies.
A: Uncertain events refer to uncertainty regarding the occurrence of an event or the data values…
Q: how to calculate appiled averhead
A: Applied overhead: It includes indirect costs that cannot be directly applied to the product such as…
Q: Provide the proper format for recording a transaction.
A: Journal: Recording of a business transactions in a chronological order is called journal.
Q: Explain the terms to account for and accounted for.
A: Account Account is refer as the record in the general ledger which is used to sort and store the…
Q: How to do the according equation
A: Accounting Equation is the double-entry system used by the organization to get the balance sheet and…
Q: Which of the following associations requires a separate table in the database? a. 1:1 b. 1:M c. M:M…
A: Association: The type of relationship which one entity shares with other entity is called…
Q: Compare and explain the data presented
A: Solution Working note Presentation in tabular form 2019 2020 Total assets 1141044000…
Q: Hi can you explain transaction F.
A: Every business wants that all items should be reported accurately in the financial statements. These…
Q: it is calculated in which of the following a
A: Net Profit is the gross profit less operating expenses which includes selling expenses and…
Q: source document of each transaction_
A: Source document is the document used for making a transaction into effect. t is used as a primary…
Q: List and describe the components of a SWOT analysis.
A: When an organization aims to study and understand the environment in which it operates, it performs…
Q: EXPLAIN THE RESULT OF EACH ITEMS
A: Balance sheet is the statement of assets, liabilities and equity which means the value of the these…
Q: Show the formula and calculation
A: Comparative statement is the one which is prepared for the purpose of comparing the previous year…
Q: What are the operating activities? Give some examples?
A: The statement of cash flows is the statement which shows the change in the cash and cash equivalents…
Q: Explain the characteristics in table 1
A:
Q: For each transaction indicate whether it should:
A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Transaction analysis for each letter
A: Transaction Analysis Transaction analysis which describes as detailed analysis of the transactions…
Q: Explain whether the characteristics listed in Table 1
A:
Q: Use the information in the following table to answer the questions below
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Define Prepayments.
A: Step 1 The outflow of money to reduce the liabilities occurred in the current accounting period…
Q: Explain characteristics in the given table 1
A:
Q: ompany has the following transactions
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Account
A: The account is a statement that records journal entries. In the double-entry system of accounting,…
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- For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loanFrom the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flowsWhich of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective product
- Which of these transactions requires a debit entry to Cash? A. paid balance due to suppliers B. sold merchandise on account C. collected balance due from customers D. purchased supplies for cashTo demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. paid balance due for accounts payable $6,900 B. charged clients for legal services provided $5,200 C. purchased supplies on account $1,750 D. collected legal service fees from clients for current month $3,700 E. issued stock in exchange for a note payable $10,000Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered later
- Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts). A. provided legal services to customers for cash, $5,600 B. provided legal services to customers on account, $4,700 C. collected cash from customer accounts, $3,500From the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statementCASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING For each journal entry shown below, indicate the accounting method(s) for which the entry would be appropriate. If the journal entry is not appropriate for a particular accounting method, explain the proper accounting treatment for that method. 1. Office Equipment Cash Purchased equipment for cash 2. Office Equipment Accounts Payable Purchased equipment on account 3. Cash Revenue Cash receipts for week 4. Accounts Receivable Revenue Services performed on account 5. Prepaid Insurance Cash Purchased prepaid asset 6. Supplies Accounts Payable Purchased prepaid asset 7. Phone Expense Cash Paid phone bill 8. Wages Expense Cash Paid wages for month 9. Accounts Payable Cash Made payment on account Adjusting Entries: 10. Supplies Expense Supplies 11. Wages Expense Wages Payable 12. Depreciation ExpenseOffice Equipment Accumulated DepreciationOffice Equipment
- On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a) Invested cash in the business, 7,000. (b) Purchased equipment for cash, 900. (c) Purchased equipment on account, 1,500. (d) Paid cash on account for equipment purchased in transaction (c), 800. (e) Withdrew cash for personal use, 1,100.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.