Suppose your company sells services of $260 in exchange for $175 cash and $85 on account. Depreciation of $105 relating to equipment also is recorded. How would i record the journal entries for this situation?
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Suppose your company sells services of $260 in exchange for $175 cash and $85 on account.
How would i record the
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- 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.Suppose your company sells services of $310 in exchange for $200 cash and $110 on account. Depreciation of $130 relating to equipment also is recorded. prepare journal entries a) Record the service revenue of $200 for cash and $110 on account. b) Record the depreciation expense of $130.The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Whích of the following is the correct presentation on the accounting equation?
- On January 4, 2021, Wilkes Company purchased a used delivery truck for $28,000, paying cash. How would this transaction be journalized?Foster, Inc., purchased a truck by paying $5,000 and borrowing the remaining $25,000 required tocomplete the transaction. Briefly state how this transaction affects the company’s basic accountingequation.The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Which of the following is the correct presentation on the accounting equation? Select one: a. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +12000 (Cash ) = 0 + + 2000 (Profit) b. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) + 10500 (Receivables) = 0 + + 5000 (Profit) c. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +12000 (Cash ) = 0 + + 2000 (Profit) d. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 11500 (Receivables) + + 3000 (Profit)
- Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account. The goods cost your company $155 and were paid for in a previous period. Your company also recorded salaries and wages of $145, of which only $45 has been paid in cash. How would I record the following activities in the journal?On October 17, Nickle Company purchased a building and a plot of land for $653,700. The building was valued at $346,500 while the land carried a value of $307,200. Nickle paid $72,000 down in cash and signed a note payable for the balance. Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank. Oct. 17 1. 2. 3. 4.The accountant for Pili’s Gadgets Shop prepared the following list of account balances from the entity’s records for the year ended June 30, 2020: Sales Revenue $168,000 Cash $30,000 Accounts Receivable $14,500 Cost of Goods Sold $45,000 Equipment $48,000 Pili, Capital $27,000 Accounts Payable $17,000 Notes Payable $15,000 General & Admin Expense $50,000 Inventory $1,500 Selling Expense $6,000 Accumulated Depreciation $12,000 Income Taxes Payable $5,000 Income Taxes Expense $18,000 Interest Expense $3,000 Land $28,000 Additional Information: Last year’s ending inventory and accounts receivable balances were $3,500 and $10,000 respectively. Sales are on credit and the credit term is 21 days. Ms. Pili, the owner, praised the shop manager for successfully increased the sales level in the current year. Calculated ratios and the industry averages ratios in the related period are…
- A company purchased equipment for $ 2,000 cash. The vendor stated that the equipment was worth $ 2,400. At what amount should the equipment be recorded?A vacant lot acquired for $375,500, on which there is a balance owed of $274,115, is sold for $413,050 in cash. The seller pays the $274,115 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? Enter all values and positive numbers. Can you help me understand how to compute the assets? Thank you!On December 1, 2022, Pharoah Distributing Company had the following account balances. Debit Credit Cash $7,200 Accumulated Depreciation—Equipment $2,420 Accounts Receivable 4,800 Accounts Payable 5,000 Inventory 12,100 Salaries and Wages Payable 1,200 Supplies 1,400 Owner’s Capital 41,080 Equipment 24,200 $49,700 $49,700 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $600 is for December and $1,200 is for November salaries and wages payable. 8 Received $2,000 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Sheridan Co. $8,500, terms 2/10, n/30. 15 Purchased supplies for cash $1,700. 18 Sold merchandise on account $12,500, terms 3/10, n/30. The cost…
