MYLAB ACCOUNTING WITH PEARSON ETEXT --
7th Edition
ISBN: 2819120053883
Author: MILLER-NOBLES
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:
a. Opened a business bank account with a deposit of $30,000 from personal funds.
b. Purchased office supplies on account, $3,010.
c. Paid creditor on account, $1,900.
d. Earned sales commissions, receiving cash, $30,690.
Using the accounting equation for transaction analysis
Meg McKinney opened a public relations firm called Solid Gold on August 1, 2018. The following amounts summarize her business on August 31, 2018
During September 2018, the business completed the following transactions:
a. Received contribution of $17,000 cash from Meg McKinney in exchange for common stock.
b. Performed service for a client and received cash of $800.
c. Paid off the beginning balance of accounts payable.
d. Purchased office supplies from OfficeMax on account, $1,200.
e. Collected cash from a customer on account, $2,000.
f. Cash dividends of $1,600 were paid to stockholders.
g. Consulted for a new band and billed the client for services rendered, $4,500.
h. Recorded the following business expenses for the month:
Paid office rent: $1,000.
Paid advertising: $500.
Analyze the effects of the transactions on the accounting equation of Solid Gold using the format presented in Exhibit 1-6.
Using the accounting equation to analyze transactions
Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town Kennel is organized as a corporation. During the past month, Tiny Town Kennel has the following transactions:
a. Received $520 cash for service revenue earned.
b. Paid $325 cash for salaries expense.
c. Investors contributed $1,000 to the corporation in exchange for common stock.
d. Earned $640 for service revenue, but the customer has not paid Tiny Town Kennel yet.
e. Received utility bill of $85, which will be paid next month.
f. Cash dividends of $100 were paid to stockholders.
Indicate the effects of the business transactions on the accounting equation for Tiny Town Kennel. Transaction (a) is answered as a guide.
a. Increase asset (Cash); Increase equity (Service Revenue)
Chapter 1 Solutions
MYLAB ACCOUNTING WITH PEARSON ETEXT --
Ch. 1 - Prob. 1QCCh. 1 - Prob. 2QCCh. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the a. financial...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - Prob. 13RQCh. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for return on assets...Ch. 1 - Identifying users of accounting information For...Ch. 1 - Prob. 1.2SECh. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. 1.6SECh. 1 - Prob. 1.7SECh. 1 - Identifying accounts Consider the following...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Prob. 1.11SECh. 1 - Prob. 1.12SECh. 1 - Prob. 1.13SECh. 1 - Prob. 1.14SECh. 1 - Prob. 1.15SECh. 1 - Prob. 1.16SECh. 1 - Prob. 1.17ECh. 1 - Prob. 1.18ECh. 1 - Prob. 1.19ECh. 1 - Prob. 1.20ECh. 1 - Prob. 1.21ECh. 1 - Prob. 1.22ECh. 1 - Prob. 1.23ECh. 1 - Prob. 1.24ECh. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. 1.28ECh. 1 - Prob. 1.29ECh. 1 - Prob. 1.30ECh. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Prob. 1.33ECh. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Preparing the statement of cash flows For each...Ch. 1 - Prob. 1.38ECh. 1 - Prob. 1.39ECh. 1 - Prob. 1.40ECh. 1 - Prob. 1.41APCh. 1 - Prob. 1.42APCh. 1 - Prob. 1.43APCh. 1 - Prob. 1.44APCh. 1 - Prob. 1.45APCh. 1 - Prob. 1.46APCh. 1 - Prob. 1.47APCh. 1 - Prob. 1.48BPCh. 1 - Prob. 1.49BPCh. 1 - Prob. 1.50BPCh. 1 - Prob. 1.51BPCh. 1 - Prob. 1.52BPCh. 1 - Prob. 1.53BPCh. 1 - Prob. 1.54BPCh. 1 - Prob. 1.55CPCh. 1 - Lets examine a case using Gregs Tunes and Sals...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1CTFC
Knowledge Booster
Similar questions
- Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.arrow_forwardTransactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $29,000 from personal funds. b. Purchased office supplies on account, $2,940. c. Paid creditor on account, $1,860. d. Earned sales commissions, receiving cash, $29,990. e. Paid rent on office and equipment for the month, $5,880. f. Withdrew cash for personal use, $9,000. g. Paid automobile expenses (indluding rental charge) for the month, $2,820, and miscellaneous expenses. S1,350. h. Paid office salaries, $3,540. i. Determined that the cost of supplies on hand was $990; therefore, the cost of supplies used was $1,950. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank, If required, enter negative values as neg Assets - Liabilities + Owner's Equity Accounts Pat Glenn,…arrow_forwardTransactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $33,000 from personal funds. b. Purchased office supplies on account, $3,310. c. Paid creditor on account, $2,090. d. Earned sales commissions, receiving cash, $33,790. e. Paid rent on office and equipment for the month, $6,620. f. Withdrew cash for personal use, $10,000. g. Paid automobile expenses (including rental charge) for the month, $3,180, and miscellaneous expenses, $1,520. h. Paid office salaries, $3,990. i. Determined that the cost of supplies on hand was $1,120; therefore, the cost of supplies used was $2,190. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity…arrow_forward
- Deb Kelley opens a web consulting business called Smart Deals andcompletes the following transactions in its first month of operations.Prepare journal entries for each transaction and identify the financialstatement impact of each entry. The financial statements are automatically generated based on thejournal entries recorded.Apr. 1 Kelley invested $110,000 cash along with officeequipment valued at $31,000 in the company.Apr. 2 The company prepaid $15,000 cash for 12 months' rent foroffice space. The company's policy is record prepaidexpenses in balance sheet accounts.Apr. 3 The company made credit purchases for $9,000 in officeequipment and $4,600 in office supplies. Payment is duewithin 10 days.Apr. 6 The company completed services for a client andimmediately received $7,000 cash.Apr. 9 The company completed a $11,000 project for a client,who must pay within 30 days.Apr. 13 The company paid $13,600 cash to settle the accountpayable created on April 3.Apr. 19 The company paid $4,800…arrow_forwardQuestion 1. From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder. Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day. Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days. Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000. Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha. Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account. Mar 13. Mr. John paid RO 15,000 by Cheque. Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…arrow_forwardTransactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $30,000 from personal funds. b. Purchased office supplies on account, $3,080. c. Paid creditor on account, $1,950. d. Earned sales commissions, receiving cash, $31,380. e. Paid rent on office and equipment for the month, $6,150. f. Withdrew cash for personal use, $10,000. g. Paid automobile expenses (including rental charge) for the month, $2,950, and miscellaneous expenses, $1,410. h. Paid office salaries, $3,700. 1. Determined that the cost of supplies on hand was $1,040; therefore, the cost of supplies used was $2,040. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers.arrow_forward
- Directions: Analyze the transactions of Ronald Cabiling Housekeeping Services during the month of August 2020. Record the transactions using the Mr. Cabiling invested Php 1, 000.000.00 cash for his business. Various equipment were purchased for the business amounting financial transaction worksheet. Write your answers on a separate sheet of paper. August1- Mr. Cabiling invested Php 1, 000,000.00 cash for his businee. Various equipment were purchased for the business amountin to Php 100,000.00 2 - 4 - Cabiling Housekeeping Services was hired by a customer and they received a payment of Php 5, 000.00. 5 - Cabiling paid Php 3,000.00 for the salary of the employees. 7 - Another customer hired the service of Cabiling Housekeeping. A bill was issued to them for Php 10,000.00 of which 90% was collected. 13 - Cabiling paid Php 2,000.00 for the telephone bill. 21 - Cabiling invested again the amount of Php 50,000 in the business. 25 - The account on August 7 was finally collected in full. The…arrow_forwardOn November 1, 2018, Kris Lehman established an interior decorating business, Modern Designs.During the month, Kris completed the following transactions related to the business:Nov. 1. Kris transferred cash from a personal bank account to an account to be used for the business in exchangefor common stock, $36,000.1. Paid rent for period of November 1 to end of month, $4,000.6. Purchased office equipment on account, $16,000.8. Purchased a truck for $43,000 paying $4,300 cash and giving a note payable for the remainder.10. Purchased supplies for cash, $1,860.12. Received cash for job completed, $8,000.15. Paid annual premiums on property and casualty insurance, $2,400.23. Recorded jobs completed on account and sent invoices to customers, $15,500.24. Received an invoice for truck expenses, to be paid in November, $1,250.Enter the following transactions on Page 2 of the two-column journal:29. Paid utilities expense, $3,660.29. Paid miscellaneous expenses, $1,700.30. Received cash from…arrow_forwardYou work as an accounting professional and have been contracted by the auditors of Jane Company for a job. In examining the company’s records, you have extracted the following information: Jane Account Balances 2018 2019 Accounts Payable $ 24,600.00 $ 21,250.00 Accounts receivable $ 15,700.00 $ 12,340.00 Cash $ 23,450.00 $ 28,600.00 Cost of goods sold $ 19,700.00 $ 23,000.00 Depreciation $ 3,090.00 $ 4,590.00 Dividends $ 5,800.00 $ 10,800.00 Interest $ 2,340.00 $ 2,890.00 Inventory $ 7,050.00 $ 8,640.00 Long-term debt $ 28,000.00 $ 30,000.00 Net fixed Assets $ 41,500.00 $ 48,000.00 Other expenses $ 2,400.00 $ 2,800.00 Sales $ 58,000.00 $ 62,500.00 Short-term notes payable $ 2,890.00 $ 2,340.00 Shares outstanding $ 85,000.00 $ 90,000.00 The tax rate is 32% You are required to:…arrow_forward
- You work as an accounting professional and have been contracted by the auditors of Jane Company for a job. In examining the company’s records, you have extracted the following information: Jane Account Balances 2018 2019 Accounts Payable $ 24,600.00 $ 21,250.00 Accounts receivable $ 15,700.00 $ 12,340.00 Cash $ 23,450.00 $ 28,600.00 Cost of goods sold $ 19,700.00 $ 23,000.00 Depreciation $ 3,090.00 $ 4,590.00 Dividends $ 5,800.00 $ 10,800.00 Interest $ 2,340.00 $ 2,890.00 Inventory $ 7,050.00 $ 8,640.00 Long-term debt $ 28,000.00 $ 30,000.00 Net fixed Assets $ 41,500.00 $ 48,000.00 Other expenses $ 2,400.00 $ 2,800.00 Sales $ 58,000.00 $ 62,500.00 Short-term notes payable $ 2,890.00 $ 2,340.00 Shares outstanding $ 85,000.00 $ 90,000.00 The tax rate is 32% You are required to:…arrow_forwardTransactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $34,000 from personal funds. Purchased office supplies on account, $3,470. Paid creditor on account, $2,190. Earned sales commissions, receiving cash, $35,390. Paid rent on office and equipment for the month, $6,940. Withdrew cash for personal use, $11,000. Paid automobile expenses (including rental charge) for the month, $3,330, and miscellaneous expenses, $1,590. Paid office salaries, $4,180. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…arrow_forwardOn July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:a. Opened a business bank account with a deposit of $25,000 from personal funds.b. Purchased office supplies on account, $1,850. c. Paid creditor on account, $1,200.d. Earned sales commissions, receiving cash, $41,500.e. Paid rent on office and equipment for the month, $3,600.f. Withdrew cash for personal use, $4,000.g. Paid automobile expenses (including rental charge) for the month, $3,050, and miscellaneous expenses, $1,600.h. Paid office salaries, $5,000.i. Determined that the cost of supplies on hand was $950; therefore, the cost of supplies used was $900.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeFinancial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage LearningFinancial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning