Horngren's Financial & Managerial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)
5th Edition
ISBN: 9780134078908
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.26E
Using the
Indicate the effects of the following business transactions on the accounting equation of Vivian’s Online Video store. Transaction (a) is answered as a guide.
- a. Received cash of $10,000 from issuance of common stock.
Answer: Increase asset (Cash); Increase equity (Common Stock)
- b. Earned video rental revenue on account, $2,800.
- c. Purchased office furniture on account, $300.
- d. Received cash on account, $400.
- e. Paid cash on account, $100.
- f. Rented videos and received cash of $200.
- g. Paid monthly office rent of $1,000.
- h. Paid $100 cash to purchase office supplies.
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Using the accounting equation to analyze business transactions
Indicate the effects of the following business transactions on the accounting equation of Vivian’s Online Video store. Transaction (a) is answered as a guide.
Received cash of $10,000 from the issuance of common stock.
Answer: Increase asset (Cash); Increase Equity (Common Stock)
Earned video rental revenue on account, $2,800.
Purchased office furniture on account, $300.
Received cash on account, $400.
Paid cash on account,
Rented videos and received cash of $200.
Paid monthly office rent of $1,000.
Paid $100 cash to purchase office supplies.
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Directions: Analyze the transaction of Tiny Bubbles Co, put an emojey smileyif it is part in the preparation of Statement of Comprehensive Income and NA if it is not part in the preparation of Statement of Comprehensive Income. Tiny Bubbles, a parlor owner, asks to you to prepare her Statement of Comprehensive Income for the month of August with the following transactions. 1. Her company has cash deposited in a bank account amounting to P50, 000 as her initial capital 2. She bought parlor furniture set amounting to P75, 000 by paying 20% down and the balance in 12 monthly installments 3. Supplies expense for the month is P20,000 4. She paid two months rent amounting to P24, 000 5. Her total income for the month of August is 120,000 cash 6. She paid one staff for P5, 000 a month 7. The business paid P4, 500 for the light, water, and Internet connection 8. She has trade receivables amounting to P25, 000 for…
Processing accounting transactions. I have to analyze, record in general journal and post the entry using t accounts. Here is the problem.
a. on may 15, DeShawn opens a landscaping company called elegant lawns by investing $7,000 in cash along with equipmewnt having a $3,000 value in exchange for common stock.
b. on may 21, elegant lawns purchases office supplies on credit for $500.
c. on may 25, elegant lawns receives $4,000 cash for performing landscaping services.
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I attached 3 pictures of my work and it seems to be right but I am missing something. It says my answer is not complete. What am I missing? Please help. Thank you.
Chapter 1 Solutions
Horngren's Financial & Managerial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)
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