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| Accounts payable | $418 | Fees Earned | $3,074 | |
| 806 | Insurance Expense | 548 | ||
| Supplies | 500 | Rent expense | 1,500 | |
| Prepaid insurance | 2,149 | Land | 2,099 | |
| Cash | 2,131 | Wages expense | 674 | |
| Office equipment | 1,800 | 5,500 | ||
| Dividends | 566 | Common stock | 5,481 | |
| Unearned rent | 1,600 |
Total assets are
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- 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, $5,700Effects 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.Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May: 1. Received cash in exchange for common stock, 18,000. 2. Paid advertising expense, 4,850. 3. Purchased supplies on account, 2,100. 4. Billed customers for delivery services on account, 14,700. 5. Received cash from customers on account, 8,200. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 18,000; Common Stock increases by 18,000.
- Prepare journal entries to record the following transactions. A. July 1, issued common stock for cash, $15,000 B. July 15, purchased supplies, on account, $1,800 C. July 25, billed customer for accounting services provided, $950Analyzing 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.The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts payable $447 Fees Earned $3,249 Accounts receivable 718 Insurance Expense 460 Supplies 500 Rent expense 1,500 Prepaid insurance 1,516 Land 2,132 Cash 2,195 Wages expense 589 Office equipment 1,800 Retained earnings 5,500 Dividends 697 Common stock 4,611 Unearned rent 1,600 Total assets are a.$3,249 b.$3,360 c.$4,611 d.$8,861
- The accounts in the ledger of Monroe Entertainment Co. follow. All accounts have normal balances. Line Item Description Amount Accounts Payable $460 Accounts Receivable 610 Supplies 500 Prepaid Insurance 1,750 Cash 1,730 Office Equipment 1,800 Dividends 660 Unearned Rent 1,600 Fees Earned 3,280 Insurance Expense 600 Rent expense 1,500 Land 2,960 Wages Expense 700 Retained Earnings 5,500 Common Stock 5,270 Total assets are a. $3,280 b. $5,270 c. $2,800 d. $9,350The accounts in the ledger of Ivanhoe Delivery Service contain the following balances on July 31, 2022. Accounts Receivable $15,000 Prepaid Insurance $ 3,400 Accounts Payable 10,000 Service Revenue 17,300 Cash ? Dividends 880 Equipment 59,550 Common Stock 40,190 Maintenance and Repairs Expense 3,758 Salaries and Wages Expense 8,628 Insurance Expense 720 Salaries and Wages Payable 990 Notes Payable (due 2025) 29,650 Retained Earnings (July 1, 2022) 6,400Below are recorded transactions of Yellow Jacket Corporation for August. Debit Credit1. Equipment........................................................ 8,800 Cash.............................................................. 8,8002. Accounts Receivable..................................... 3,200 Service Revenue....................................... 3,2003. Salaries Expense............................................ 1,900 Cash.............................................................. 1,9004. Cash................................................................... 1,500 Deferred Revenue.................................... 1,5005. Dividends.......................................................... 900…
- The Lexington Group has the following unadjusted trial balance as of May 31, 20Y6: The Lexington GroupUnadjusted Trial BalanceMay 31, 20Y6 Debit Balances Credit Balances Cash 20,350 Accounts Receivable 37,000 Supplies 1,100 Prepaid Insurance 200 Equipment 171,175 Notes Payable 36,000 Accounts Payable 26,000 Common Stock 50,000 Retained Earnings 94,150 Dividends 15,000 Fees Earned 429,850 Wages Expense 270,000 Rent Expense 63,000 Advertising Expense 25,200 Miscellaneous Expense 5,100 608,125 636,000 The debit and credit totals are not equal as a result of the following errors: The cash entered on the trial balance was overstated by $7,000. A cash receipt of $8,200 was posted as a debit to Cash of $2,800. A debit of $16,500 to Accounts Receivable was not posted. A return of $125 of defective supplies was erroneously posted as a $1,250 credit to…On May 31, 20X8, Deana's Services Company had account balances as follows: Accounts payable $ 9,900 Accounts receivable 26,950 Cash 11,390 Fees earned 70,800 Insurance expense 1,475 Land 74,400 Miscellaneous expense 1,510 Prepaid insurance 2,000 Rent expense 8,000 Salary expense 35,300 Dividends 15,100 Supplies 950 Supplies expense 825 Utilities expense 3,800 Capital stock 81,000 Retained earnings (beginning balance on May 1, 20Y8) 20,000 Present, in good form, (a) an income statement for May, (b) a statement of shareholders' equity for May, and (c) a balance sheet as of May 31.The following accounts appear in the ledger of Monroe Entertainment Co. All accounts have normal balances. Accounts Payable $470 Fees Earned $2,195 Accounts Receivable 723 Insurance Expense 414 Prepaid Insurance 4,009 Land 1,888 Cash 908 Wages Expense 770 Drawing 338 Capital 6,385 Total assets are a.$6,385 b.$7,528 c.$3,573 d.$2,195
