The following transactions were completed by the company. a. The owner invested $17,400 cash in the company. b. The company purchased supplies for $1,100 cash. c. The owner invested $11,200 of equipment in the company. d. The company purchased $320 of additional supplies on credit. e. The company purchased land for $10,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation Note: Enter decreases to account balances with a minus sign. Assets Liabilities + Equity Transactions Number Cash Supplies Equipment + Land Accounts Payable + Owner, Capital Owner, Withdrawals + Revenue Expenses a. + b. + + + + Balance after a and b 0+ 0+ 0+ 0 0+ 0 0+ 0 C. + + = + + Balance after c 0+ d. Balance after d 0+ e. + ++ 0+ + 0+ 0 + 0 0+ 0 0+ 0 + + 0 = 0+ 0 0+ 0

The following transactions were completed by the company. a. The owner invested $17,400 cash in the company. b. The company purchased supplies for $1,100 cash. c. The owner invested $11,200 of equipment in the company. d. The company purchased $320 of additional supplies on credit. e. The company purchased land for $10,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation Note: Enter decreases to account balances with a minus sign. Assets Liabilities + Equity Transactions Number Cash Supplies Equipment + Land Accounts Payable + Owner, Capital Owner, Withdrawals + Revenue Expenses a. + b. + + + + Balance after a and b 0+ 0+ 0+ 0 0+ 0 0+ 0 C. + + = + + Balance after c 0+ d. Balance after d 0+ e. + ++ 0+ + 0+ 0 + 0 0+ 0 0+ 0 + + 0 = 0+ 0 0+ 0

Name: The following transactions were completed by the company.a. The owner
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: The following transactions were completed by the company.a. The owner invested $17,400 cash in the company.b. The company purchased supplies for $1,100 cash.c. The owner invested $11,200 of equipment in the company.d. The company purchased $320 of a

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

See similar textbooks

Similar questions

Holloway Company earned $4,300 of service revenue on account during Year 1. The company collected $3,655 cash from accounts receivable during Year 1. Based on this information alone, determine the following for Holloway Company. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. The amount of net income that would be reported on the Year 1 income statement.
Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are:
Holloway Company earned $9,400 of service revenue on account during Year 1. The company collected $7,990 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. C. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. Complete this question by entering your answers in the tabs below. Accounting Equation Reg A to D Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an…
Holloway Company earned $6, 700 of service revenue on account during Year 1. The company collected $5, 695 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. The amount of net income that would be reported on the Year 1 income statement. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. The amount of retained earnings that would be reported on the Year 1 balance sheet. Event Earned revenue Collected accounts receivable Ending balance HOLLOWAY COMPANY Effect of Events on the Year 1 Accounting Equation Assets Liabilities + Cash + + + Accounts Receivable = C || || || + + + Stockholders' Equity Common Stock + + + Retained Earnings
The following transactions were completed by the company. a. The owner invested $16,800 cash in the company. b. The company purchased supplies for $950 cash. c. The owner invested $10,900 of equipment in the company. d. The company purchased $290 of additional supplies on credit. e. The company purchased land for $9,900 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Transactions Number b. Balance after a and b C Balance after c d. Balance after d e. Balance after e Cash 0 + 0 + 0 0 + + + Assets Supplies + Equipment + 0 0 0 0 + + + + + + + + 0 0 0 0 + + + + + + + + + Land 0 0 0 0 = W = W = = = = Liabilities Accounts Payable 0 0 0 0 + + + + + + +++ Owner, Capital 0 0 0 0 III - II Equity Owner, Withdrawals 0 + + + + 0 + + + 0 + 0 + Revenue 0 0 0 0 11 Expenses 0 0 0 0
On October 17, Nickle Company purchased a building and a plot of land for $582,300. The building was valued at $302,796 while the land carried a value of $279,504. Nickle paid $56,300 down in cash and signed a note payable for the balance. Required: Provide the journal entry for this transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSNickle CompanyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Building 18 Truck LIABILITIES 21 Notes Payable 22 Accounts Payable 23 Unearned Revenue EQUITY 31 Marlene Nickle, Capital 32 Marlene Nickle, Drawing REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Maintenance Expense 59 Miscellaneous Expense
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $13,100 of common stock for cash. 2) The company paid cash to purchase $7,900 of inventory. 3) The company sold inventory that cost $5,300 for $10,900 cash. 4) Operating expenses incurred and paid during the year, $4,800. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $11,400 of inventory. 2) The company sold inventory that cost $9,500 for $17,500 cash. 3) Operating expenses incurred and paid during the year, $5,800. Note: Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for Year 2? Multiple Choice $9,500 $2,200 $6,100 $8,000
The following account balances were extracted from the accounting records of A and D Corporation: Accounts Receivable $280,000 Uncollectible Account Expense $45,000 Allowance for Uncollectible Accounts $35,000 What is the net realizable value of the accounts receivable? $280,000 O $270,000 O $200,000 O $245,000 O $235,000
Gibson Company engaged in the following transactions for Year 1. The beginning cash balance was $28,100 and the ending cash balance was $74,991. 1. Sales on account were $283,100. The beginning receivables balance was $94,700 and the ending balance was $77,000. 2. Salaries expense for the period was $55,460. The beginning salaries payable balance was $3,815 and the ending balance was $2,180. 3. Other operating expenses for the period were $120,170. The beginning other operating expenses payable balance was $4,860 and the ending balance was $9,181. 4. Recorded $19,330 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $14,340 and $33,670, respectively. 5. The Equipment account had beginning and ending balances of $211,970 and $238,570, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $48,500 and $150,500, respectively. There were no payoffs of…
The Pioneer Company has provided the following account balances: Cash $38,100; Short-term investments $4,100; Accounts receivable $48,500; Supplies $6,100; Long-term notes receivable $2,100; Equipment $96,500; Factory Building $181,000; Intangible assets $6,100; Accounts payable $29,900; Accrued liabilities payable $3,950; Short-term notes payable $14,200; Long-term notes payable $92,500; Common stock $181,000; Retained earnings $60,950. What are Pioneer's total current assets?
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $45,200 of common stock for cash. 2) The company paid cash to purchase $28,000 of Inventory. 3) The company sold inventory that cost $17,600 for $34,600 cash. 4) Operating expenses incurred and paid during the year, $15,600. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $38,400 of inventory. 2) The company sold inventory that cost $34,400 for $61,000 cash. 3) Operating expenses incurred and paid during the year, $19,600. Note: Sanchez uses the perpetual inventory system. What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice $7,000
The following transactions were completed by the company: a. The owner invested $18,400 cash in the company. b. The company purchased supplies for $1,350 cash. c. The owner invested $11,700 of equipment in the company in exchange for more common stock. d. The company purchased $370 of additional supplies on credit. e. The company purchased land for $10,700 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) a. b. Balance after a and b C. Transactions Number Balance after c d. Balance after d e. Balance after e Cash 0 + + + 0 + + 0 + + 0 + + + Assets Supplies + Equipment + 0 0 0 0 + + + + + + + + + 0 0 0 0 + + + + + + + + + Land 0 0 0 0 = = = = = = = = = = Liabilities Accounts Payable 0 + + 0 + + + 0 + + 0 + + + Common Stock 0 0 0 0 - - Equity Dividends 0 0 0 0 + + + + + + + + + + Revenue 0 0 0 0 - - - - - - Expenses 0 0 0 0