Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business.  This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below.   1 Aug             Started business with $150, 000 in the bank   3 Aug             Bought supplies on credit from Right Way Manufacturers                         24 Boxes Air Filter                                                               $720.00 per box                         96 Bottles fuel injector cleaner                                          $200.00 per bottle                         48 Boxes Spark Plug                                                          $300.00 per box                         36 Boxes Brake Shoe…

Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business.  This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below.       1 Aug                    Started business with $150, 000 in the bank       3 Aug                    Bought supplies on credit from Right Way Manufacturers                                   24 Boxes Air Filter                                                                                            $720.00 per box                                   96 Bottles fuel injector cleaner                                                   $200.00 per bottle                                   48 Boxes Spark Plug                                                                        $300.00 per box…

equired information Skip to question   [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December.  December 1 Sanyu Sony transferred $66,000 cash from a personal savings account to a checking account in the name of Sony Electric. December 2 The company paid $1,500 cash for the December rent. December 3 The company purchased $13,400 of electrical equipment by paying $5,200 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $900 cash. December 6 The company completed electrical work and immediately collected $1,600 cash for these services. December 8 The company purchased $2,950 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,900. December 18 The company purchased $500 of supplies on credit. December 20 The company paid $2,950 cash for the office equipment…

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.

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.

Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.

Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.

Scenario:   Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business.  This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below.   1 Aug             Started business with $150, 000 in the bank   3 Aug             Bought supplies on credit from Right Way Manufacturers                         24 Boxes Air Filter                                                               $720.00 per box                         96 Bottles fuel injector cleaner                                          $200.00 per bottle                         48 Boxes Spark Plug                                                          $300.00 per box                         36 Boxes Brake Shoe…

Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021from the books of the business. This company operates one bank account to reflect all cash and cheque transactions.You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below.   1 Aug Started business with $150, 000 in the bank   3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.oo per box   5 Aug Provided services for cash less 10% discount 12 small motorbike engines$350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service)$800.00 per engine   7 Aug Paid Rent by cheque $5,000.00   10 Aug Paid Wages by cheque…