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The document provides accounting transaction data for a company throughout April. It lists cash investments, prepaid expenses, cash payments for rent and services, services provided on account, equipment and supply purchases on account, cash payments for salaries and utilities, cash dividends paid, and adjusting entries for expired insurance, inventory count of supplies, wages earned but not paid, services earned but not billed, and monthly depreciation of equipment. The data must be used to complete journal entries, post to T-accounts, prepare trial balances, adjusting entries, adjusted trial balance, income statement, statement of retained earnings, balance sheet, and closing entries.

Education

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https://resources.careered.com/LCMSFileSharePreview/Resourc
es/MSExcelWorkbook/ACCT460_Week%201_IP_Template.xlsx
Accounting Data
A.4/1: Jim invested $100,000 in cash and $50,000 in equipment
in the company.
B.4/2: The company prepaid for insurance with $1,200 cash.
C.4/3: The company paid cash for rent totaling $1,200.
D.4/5: The company completed services for a client for cash
totaling $8,000.
E.4/10: The company provided a service for $15,000 on
account.
F.4/11: The company purchased equipment for $5,000 and
supplies for $3,000 on account.
G.4/15: The company paid $1,500 cash for employee salaries.
H.4/24: The company paid $300 cash for utility bills.
I.4/28: The company paid dividends totaling $2,000 cash.
Adjusting entries completed on April 30
J.Insurance expired for the month of April.

K.An ending count determined that supplies totaled $2,600.
L.Wages of $3,000 were earned but not paid.
M.Services of $5,000 were earned but not billed.
N.Depreciation on the equipment is $500 per month.
Using the above data, complete the following:
•Journal entries
•Posting to T-accounts
•Trial balance
•Adjusting entries
•Adjusting trial balance
•Income statement
•Statement of retained earnings
•Balance sheet and closing entries

A.4/1: Jim invested $100,000 in cash and $50,000 in equipment in the company. B.4/2: The company prepaid for insurance with $1,200 cash. C.4/3: The company paid cash for rent totaling $1,200. D.4/5: The company completed services for a client for cash totaling $8,000. E.4/10: The company provided a service for $15,000 on account. F.4/11: The company purchased equipment for $5,000 and supplies for $3,000 on account. G.4/15: The company paid $1,500 cash for employee salaries. H.4/24: The company paid $300 cash for utility bills. I.4/28: The company paid dividends totaling $2,000 cash. Adjusting entries completed on April 30 J.Insurance expired for the month of April. K.An ending count determined that supplies totaled $2,600. L.Wages of $3,000 were earned but not paid. M.Services of $5,000 were earned but not billed. N.Depreciation on the equipment is $500 per month. Using the above data, complete the following: •Journal entries •Posting to T-accounts •Trial balance •Adjusting entries •Adjusting trial balance •Income statement •Statement of retained earnings •Balance sheet and closing entries ...

answer statements 1-9 using the following independent business activit.pdf

atozleathers

answer statements 1-9 using the following independent business activities; A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase liabilities, increase equity G. Increase liabilities, decrease equity H. Decrease liabilities, increase equity I. Decrease liabilities, decrease equity J. Decrease assets, decrease liabilities K. Decrease assets, increase liabilities L. Decrease assets, increase equity M. Decrease assets, decrease equity N. No entry is required. STATMENTS: 1. Hire a new employee who will be paid $400 per week. They start next month. 2. Purchase $500 of supplies on account. 3. The company paid $700 in dividends to the owners. 4. Collected $1,100 of accounts receivable from a customer 5. Insurance of $1,200, which was purchased in January, was used in May. 6. Received $2,300 of cash from a customer for work to be performed in the future. 7. Received a utility bill on April 30 for $1,250. The bill will be paid in early May. 8. Provide services to a customer worth $1,250, on account. 9. In July provided $900 of services to a customer who paid in advance in June..

Uop acc 290 week 4 practice connect practice assignment

programmers799

Devry acct 216 week 2 homework

jody zoll

P1-1A And P1-4A Problem solve copy

REZAUL KARIM REFATH

Assignment Week 2Question 11. Baseball stadiums vary in age, s.docx

ssuser562afc1

Assignment Week 2 Question 1 1. Baseball stadiums vary in age, style, size, and in many other ways. Fans might think of the size of the stadium in terms of the number of seats; while the player might measure the size of the stadium by the distance from the homplate to the centerfield fence. Note: CF = distance from homeplate to centerfield fence. Using the Excel add-in construct your scatter diagram with the data set provide below. Seats CF 38805 420 41118 400 56000 400 45030 400 34077 400 40793 400 56144 408 50516 400 40615 400 48190 406 36331 434 43405 405 48911 400 50449 415 50091 400 43772 404 49033 407 47447 405 40120 422 41503 404 40950 435 38496 400 41900 400 42271 404 43647 401 42600 396 46200 400 41222 403 52355 408 45000 408 Is there a relationship between these two measurements for the “size” of the 30 Major League Baseball stadiums? a. Before you run your scatter diagram answer the following: What do you think you will find? Bigger fields have more seats? Smaller fields have more seats? No relationship exists between field size and number of seats? A strong relationship exists between field size and number of seats? Explain. b. Construct a scatter diagram and include it in your answer. c. Describe what the scatter diagram tells you, including a reaction to your answer in (a). Question 2 2. Place a pair of dice in a cup, shake and dump them out. Observe the sum of dots. Record 2, 3, 4, _ , 12. Repeat the process 25 times. Using your results, find the relative frequency for each of the values: 2, 3, 4, 5, _ , 12. BUAD 212: Financial Accounting II Homework Assignment 2 Financial Accounting II Homework Assignment 2 1. Draw a diagram of the first three steps in the accounting cycle. Then, explain to me the meaning of the three steps, and why they are important? 2. Selected accounts from the general ledger of the Express Lawnmower Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each transaction. 101 Cash 111 Accounts Receivable 121 Supplies 131 Equipment 202 Accounts Payable 301 Thomas Jefferson, Capital 401 Fees Income 511 Rent Expense 514 Salaries Expense 517 Utilities Expense Transactions: 1. Issued a check for $1,700 to pay the monthly rent. 2. Purchased supplies for $1,000 on credit. 3. Collected $4,800 from credit customers. 4. Collected services for $3,900 in cash. 5. Performed services for $3,900 in cash. 6. Issued a check for $1,500 to pay a creditor on account. 7. Purchased new equipment for $2,150 and paid for it immediately by check. 8. Provided services for $5,600 on credit. 9. Sent a check for $600 to the utility company to pay the monthly bill. 10. Gave a cash refund of $180 to a customer because of a lost package (customer had previously paid in cash.) Attach additional paper if necessary to the examination for completion of problem. 3. Tell me why it is important to ...

Uop acc-290-week-4-practice-connect-practice-assignment

individual484

The document provides examples of adjusting entries practice problems for various accounts including supplies, prepaid rent, prepaid insurance, depreciation, and more. It includes 6 practice problems requiring the preparation of adjusting entries, income statements, balance sheets, and analysis of the impact of adjustments on net income. The problems cover monthly and year-end adjustments for multiple sample companies.

Uop acc-290-week-4-practice-connect-practice-assignment

indi7257

This document provides accounting information for Kim Fuller's recycling business. It includes an opening balance sheet showing his initial investments and assets/liabilities. It provides assumptions for transactions in the first 5 months, including materials purchased, wages paid, depreciation amounts. Using this information, an income statement is presented showing revenues of $170,000 and expenses of $152,790, resulting in a net income of $17,210. A closing balance sheet is also presented reflecting the business after 5 months of operations.

Acc2051 5

courseprofessor

The document provides a tutorial with solutions for ACC 205 Week 1-5 assignments on financial ratios. It includes 16 pages of tutorial solutions and 10 practice problems covering basic accounting concepts like identifying assets, liabilities, revenues and expenses; preparing basic financial statements; journal entries; adjusting entries; and bank reconciliations. The high-level tasks involve preparing basic financial statements, journal entries, adjusting entries and a bank reconciliation based on sample business transactions provided.

How to Make Journal Entries Using the Double Entry System

UNowAcademics

1. Recognition of normal balances The following items appeared i.docx

mansonagnus

1. Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. Amounts paid to a mall for rent. b. Amounts to be paid in 10 days to suppliers. c. A new fax machine purchased for office use. d. Land held as an investment. e. Amounts due from customers. f. Daily sales of merchandise sold. g. Promotional costs to publicize a concert. h. A long-term loan owed to Citizens Bank. i. The albums, tapes, and CDs held for sale to customers. 2. Basic journal entries The following transactions pertain to the Jennifer Royall Company: May 1 Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business. 5 Provided $1,000 of services to Jason Ratchford, a client, on account. 9 Paid $1,250 of salaries to an employee. 14 Acquired a new computer for $4,200, on account. 20 Collected $800 from Jason Ratchford for services provided on May 5. 24 Borrowed $2,500 from BestBanc by securing a six-month loan. Prepare journal entries (and explanations) to record the preceding transactions and events. 3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX: Building $40,000 Accounts receivable $24,000 Cash 21,000 Loan payable 30,000 J. Preston, Capital 65,000 Land 21,000 Accounts payable ? Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4) 4. Basic transaction processing . On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month: 1: Simmons invested $32,000 into the business for $32,000 in common stock. 2: Paid $5,000 to acquire a used minivan. 3: Purchased $1,800 of office furniture on account. 4: Performed $2,100 of consulting services on account. 5: Paid $300 of repair expenses. 6: Received $800 from clients who were previously billed in item 4. 7: Paid $500 on account to the supplier of office furniture in item 3. 8: Received a $150 electric bill, to be paid next month. 9: Simmons withdrew $800 from the business. 10: Received $250 in cash from clients for consulting services rendered. Instructions a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5) b..

AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docx

ikirkton

AWeek One Exercise Assignment Basic Accounting Equations 1.Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize a concert. d. Daily sales of merchandise sold, e. Amounts due from customers, f. Land held as an investment, g. A new fax machine purchased for office use. h. Amounts to be paid in 10 days to suppliers, i. Amounts paid to a mall for rent. 2.Basic journal entries The following April transactions pertain to the Jennifer Royall Company: Apr. 1 Jennifer Royall invested cash of $15,000 and land valued at $10,000into the business. Apr.5 Provided $1,200 of services to Jason Ratchford, a client, on account. Apr.9 Paid $250 of salaries to an employee. Apr.14 Acquired a new computer for $3,200, on account. Apr.20 Collected $800 from Jason Ratchford for services provided on April 5. Apr.24 Borrowed $7,500 from BestBanc by securing a six-month loan. Prepare journal entries (and explanations) to record the preceding transactions and events. 3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX: Building $44,000 Accounts receivable $24,000 Cash 17,000 Loan payable 30,000 J. Preston, Capital 65,000 Land 21,000 Accounts payable ? Prepare a balance sheetas of December 31, 20XX. (See Exhibit 1.1 and 1.4) 4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month: 1: Parker invested $19,000 into the business for $19,000 in common stock. 2: Paid $9,000 to acquire a used minivan. 3: Purchased $1,800 of office furniture on account. 4: Performed $2,100 of consulting services on account. 5: Paid $300 of repair expenses. 6: Received $800 from clients who were previously billed in item 4. 7: Paid $500 on account to the supplier of office furniture in item 3. 8: Received a $150 electric bill, to be paid next month. 9: Parker withdrew $600 from the business. 10: Received $250 in cash from clients for consulting services rendered. Instructions a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5) b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items. c. Answer the following questions for Parker. (1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? ...

41019, 8)57 PMPrint PreviewPage 1 of 13fileUsersahm

romeliadoan

4/10/19, 8)57 PMPrint Preview Page 1 of 13file:///Users/ahmedalmadan/Desktop/ch4.webarchive Chapter 4: Additional Income and the Qualified Business Income Deduction Group 5: Cumulative Software Problem Book Title: Income Tax Fundamentals, 2019 Edition Printed By: Ahmed Almadan ([email protected]) © 2019 Cengage Learning, Cengage Learning Chapter Review Group 5: Cumulative Software Problem 1. The following additional information is available for the Albert and Allison Gaytor family. The Gaytors own a rental beach house in Hawaii. The beach house was rented for the full year during 2018 and was not used by the Gaytors during the year. The Gaytors were active participants in the management of the rental house. Pertinent information about the rental house is as follows: Address: 1237 Pineapple St., Lihue, HI 96766 Gross rental income $20,000 Mortgage interest 7,850 Real estate taxes 2,250 Utilities 2,100 Maintenance 2,400 The house is fully depreciated so there is no depreciation expense. Albert sold the following securities during the year and received a Form 1099-B that showed the following information: 4/10/19, 8)57 PMPrint Preview Page 2 of 13file:///Users/ahmedalmadan/Desktop/ch4.webarchive Security Description Date Acquired Date Sold Selling Price Adjusted Basis Orange, Inc. 100 Shares Common 02/11/00 04/16/18 $?3,050 $?2,150 Banana, Inc. 100 Shares Common 07/17/04 07/31/18 2,000 4,200 Grape, Corp. 100 Shares Preferred 12/08/17 09/25/18 9,000 10,500 Plum, Inc. 5 Bonds due 4/2018 12/30/08 01/02/18 5,200 5,400 Peach Mutual Fund 5,010.150 Shares 05/30/09 10/22/18 60,100 56,000 The selling price given is net of sales commissions and the basis was reported to the IRS for all sales. In addition to the above amounts, the Grapefruit mutual fund distributed a long-term capital gain of $450 on December 30, 2018. On January 12, 2018, Albert and Allison sold their personal residence for $715,150 and purchased a new house for $725,000. This was their personal residence before and after the divorce (they have lived in it together for three years since remarrying). The old house cost $120,000 back in January of 2006 and they added on a new bedroom and bathroom a few years ago for a cost of $20,000. They also built a pool for a cost of $60,000. They moved into the new house on January 19, 2018. Required: Combine this new information about the Gaytor family with the information from Chapters 1–3 and complete a revised 2018 tax return for Albert and Allison. Be sure to save your data input files since this case will be expanded with more tax information in later chapters. 4/10/19, 8)57 PMPrint Preview Page 3 of 13file:///Users/ahmedalmadan/Desktop/ch4.webarchive 4/10/19, 8)57 PMPrint Preview Page 4 of 13file:///Users/ahmedalmadan/Desktop/ch4.webarchive 4/10/19, 8)57 PMPrint Preview Page 5 of 13file:///Users/ahmedalmadan/Desktop/ch4.webarchive 4/10/19, 8)57 PMPrint Preview Page 6 of 13file:///Users/ahmed ...

(Multiple Choice) Purchasing an item of equipment for cash will .docx

marilynnhoare

The document contains multiple choice and essay questions about basic accounting concepts such as journal entries, financial statements, ratios, and adjusting entries. It tests understanding of how various business transactions impact the basic accounting equation and financial statements. The questions cover topics like revenues, expenses, assets, liabilities, equity, the accounting cycle and closing process.

Accounting

Syed Academic

500.51 petty cash

No Kill Shelter Alliance

This document outlines the uniform procedure for using and replenishing the Petty Cash Fund for the County of Orange Health Care Agency. It states that the Petty Cash Fund is limited to purchases under $250 for goods and services not available through existing County contracts, and all purchases must be pre-approved. It provides details on the approval process, completing a Petty Cash Voucher, and replenishing the fund by submitting a requisition form along with the original sales receipt.

BWeek One Exercise AssignmentBasic Accounting Equations1.docx

humphrieskalyn

BWeek One Exercise Assignment Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. Amounts paid to a mall for rent. b. Amounts to be paid in 10 days to suppliers. c. A new fax machine purchased for office use. d. Land held as an investment. e. Amounts due from customers. f. Daily sales of merchandise sold. g. Promotional costs to publicize a concert. h. A long-term loan owed to Citizens Bank. i. The albums, tapes, and CDs held for sale to customers. 2. Basic journal entries The following transactions pertain to the Jennifer Royall Company: May 1 Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business. 5 Provided $1,000 of services to Jason Ratchford, a client, on account. 9 Paid $1,250 of salaries to an employee. 14 Acquired a new computer for $4,200, on account. 20 Collected $800 from Jason Ratchford for services provided on May 5. 24 Borrowed $2,500 from BestBanc by securing a six-month loan. Prepare journal entries (and explanations) to record the preceding transactions and events. 3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX: Building $40,000 Accounts receivable $24,000 Cash 21,000 Loan payable 30,000 J. Preston, Capital 65,000 Land 21,000 Accounts payable ? Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4) 4. Basic transaction processing. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month: 1: Simmons invested $32,000 into the business for $32,000 in common stock. 2: Paid $5,000 to acquire a used minivan. 3: Purchased $1,800 of office furniture on account. 4: Performed $2,100 of consulting services on account. 5: Paid $300 of repair expenses. 6: Received $800 from clients who were previously billed in item 4. 7: Paid $500 on account to the supplier of office furniture in item 3. 8: Received a $150 electric bill, to be paid next month. 9: Simmons withdrew $800 from the business. 10: Received $250 in cash from clients for consulting services rendered. Instructions a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5) b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items. c. Answer the following questions for Simmons. (1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? ( ...

PART I SHORT RESPONSEDirections Please respond to each of th.docx

mosyrettcc

PART I: SHORT RESPONSE Directions: Please respond to each of the following questions. Write at least 3 to 5 sentences for each question. 1. List and explain the four items under the umbrella of owner's equity, including whether it increases or decreases overall equity. 2. What is the fundamental accounting equation, including examples of each item of the equation? 3. Explain the separate entity concept, including why it is important to accounting. PART II: APPLICATION Directions: Please answer each of the following questions. Show your work as necessary. 1. T. Richtor established her own business, called Richtor's Self-Storage. Use the account headings presented below in the expanded accounting equation to record the monthly transactions. Assets = Cash + Accounts Receivable + Supplies + Prepaid Insurance + Office Equipment Liabilities + Owner's Equity Accounts Payable T. Richtor, Capital  T. Richtor, Drawing + Revenue  Expenses a. Deposited $12,000 in a bank account in the name of the business. b. Bought office equipment on account from Molly Company, $3,100. c. Paid rent for the month, $2,400. d. Bought supplies for cash, $450. e. Paid wages, $980. f. Received cash for storage services, $3,600. g. Received and paid the utility bill, $252. h. Paid Lar's Graphics for advertising, $428. (The bill was not previously recorded.) i. Paid for a one-year liability insurance policy, $835. j. Billed customers for storage services on account, $3,370. k. Received cash for storage services, $2,300. l. Paid wages, $990. m. Paid Molly Company $1,100 as partial payment on the office equipment bought in transaction b. n. Richter withdrew $1,200 for personal use. Instructions: 1. Record the transactions in columnar form, write plus and minus signs, and show the balance after each transaction to be sure that the equation remains in balance. 2. Write the proof of totals at the bottom to show that one side of the equation equals the other side. Assets = > Accounts Prepaid Office > Cash + Receivable + Supplies + Insurance + Equipment = > a. > b. = > Bal. = > c. > Bal. = > d. > Bal. = > e. > Bal. = > f. > Bal. = > g. > Bal. = > h. > Bal. = > i. > Bal. = > j. > Bal. = > k. > Bal. = > l. > Bal. = > m. > Bal. = > n. > Bal. = > < Liabilities + Owner's Equity < Accounts T. Richtor, T. Richtor, < Payable + Capital  Drawing + Revenue  Expenses < a. + < b. < Bal. + < c. < Bal. +  < d. < Bal. +  < e. < Bal. +  < f. < Bal. + +  < g. < Bal. + +  < h. < Bal. + +  < i. < Bal. + +  < j. .

accounting exam (1).docx

ELECTRICEGYPT

Sherif Consultant Group provides engineering consulting services. During January 2019, Sherif recorded over 25 transactions including starting the business, purchases, sales, expenses, payments, and adjusting entries. The transactions were recorded in a general journal and posted to accounts. Financial statements including an income statement, owner's equity statement, and balance sheet were prepared showing the results for the month.

accounting exam (2).docx

ELECTRICEGYPT

Sherif Consultant Group provides engineering consulting services. During January 2019, Sherif recorded over 25 transactions including starting the business, purchases, sales, expenses, payments, and adjustments. The assistant summarized the accounting cycle by journalizing transactions, posting to accounts, and preparing financial statements including an income statement showing net income of $12,000 and an ending capital balance of $76,500, as well as a balance sheet with total assets of $87,500 equal to total liabilities and owner's equity.

Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx

alanfhall8953

Week One Exercise Assignment Basic Accounting Equations 1. Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint. a. The inventory of boating supplies owned by the company. b. Monthly rental charges paid for store space. c. A loan owed to Citizens Bank. d. New computer equipment purchased to handle daily record keeping. e. Daily sales made to customers. f. Amounts due from customers. g. Land owned by the company to be used as a future store site. h. Weekly salaries paid to salespeople. 2. Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3: Accounts Payable $3,200 Interest Expense $2,500 Accounts Receivable 14,800 Land 18,000 Auto Expense 1,900 Loan Payable 40,000 Building 30,000 Tax Expense 3,300 Cash 7,400 Utilities Expense 4,100 Fee Revenue 56,900 Wage Expense 37,500 a. Determine Rossi’s total assets as of December 31. b. Determine the company’s total liabilities as of December 31. c. Compute 20X3 net income or loss. 3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 19XX: Building $44,000 Accounts receivable $24,000 Cash 17,000 Loan payable 30,000 J. Preston, Owners Equity 65,000 Land 21,000 Accounts payable ? Prepare a balance sheet as of December 31, 19XX. (See Exhibit 1.1 and 1.4) 4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month: 1: Parker invested $19,000 into the business. 2: Paid $9,000 to acquire a used minivan. 3: Purchased $1,800 of office furniture on account. 4: Performed $2,100 of consulting services on account. 5: Paid $300 of repair expenses. 6: Received $800 from clients who were previously billed in item 4. 7: Paid $500 on account to the supplier of office furniture in item 3. 8: Received a $150 electric bill, to be paid next month. 9: Parker withdrew $600 from the business. 10: Received $250 in cash from clients for consulting services rendered. Instructions a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Investments/Withdrawals, and Revenues/Expenses. (See Exhibit 5) b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items. c. Answer the following questions for Parker. (1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? (2) Did the company have a “good” month from an accounting viewpoint? Briefly explain. 5. Transaction analysis and statement.

TransactionsOn June 1 of the current year, Chad Wilson established.pdf

sivakumar19810

Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: Opened a business bank account with a deposit of $35,000 from personal funds. Purchased office supplies on account, $2,050. Received cash from fees earned for managing rental property, $5,600. Paid rent on office and equipment for the month, $2,510. Paid creditors on account, $930. Billed customers for fees earned for managing rental property, $4,650. Paid automobile expenses (including rental charges) for the month, $560, and miscellaneous expenses, $280. Paid office salaries, $1,770. Determined that the cost of supplies on hand was $1,210; therefore, the cost of supplies used was $840. Withdrew cash for personal use, $1,670. 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. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) 2. Owner\'s equity is the right of owners to the assets of the business. These rights are by owner\'s investments and revenues and by owner\'s withdrawals and expenses. 3. Determine the net income for June. $ 4. June\'s transactions (a-j) increased or decreased Chad Wilson\'s capital to? to $Assets=Liabilities+Owner\'s EquityItemCash+Accounts Receivable+Supplies=Accounts Payable+Chad Wilson, Capital-Chad Wilson, Drawing+Fees Earned-Rent Expense-Salaries Expense-Supplies Expense-Auto Expense-Misc. Expensea.b.Bal.c.Bal.d.Bal.e.Bal.f.Bal.g.Bal.h.Bal.i.Bal.j.Bal. Solution 1. Assets = Liabilities + Owner\'s Equity Item Cash + Accounts Receivable + Supplies = Accounts Payable + Chad Wilson, Capital - Chad Wilson, Drawing + Fees Earned - Rent Expense - Salaries Expense - Supplies Expense - Auto Expense - Misc. Expense a. 35,000 35,000 b. 2,050 2,050 Bal. 35,000 2,050 2,050 35,000 c. 5,600 5,600 Bal. 40,600 2,050 2,050 35,000 5,600 d. -2,510 2,510 Bal. 38,090 2,050 2,050 35,000 5,600 2,510 e. -930 -930 Bal. 37,160 2,050 1,120 35,000 5,600 2,510 f. 4,650 4,650 Bal. 37,160 4,650 2,050 1,120 35,000 10,250 2,510 g. -840 560 280 Bal. 36,320 4,650 2,050 1,120 35,000 10,250 2,510 560 280 h. -1,770 1,770 Bal. 34,550 4,650 2,050 1,120 35,000 10,250 2,510 1,770 560 280 i. -840 840 Bal. 34,550 4,650 1,210 1,120 35,000 10,250 2,510 1,770 840 560 280 j. -1,670 + + = + - 1,670 + - - - - - Bal. 32,880 + 4,650 + 1,210 = 1,120 + 35,000 - 1,670 + 10,250 - 2,510 - 1,770 - 840 - 560 - 280 3. Net Income for June = Fees Earned - Rent Expenses - Salaries expenses - supplies expenses- Auto Expenses - miscellaneous expenses = 10,250 - 2,510 - 1,770 - 840 - 560 - 280 = $4,290 4. June\'s trascation increased Chad Wilson\'s capital. Net Increase in capital = Opening capital - closing capital - Drawings + net income = 35,000 - 35,000 - 1,670 + 4,290 = 2,620 Assets = Liabilities + Owner\'s Equity Item Cash + Accounts Receivable + Supplies.

Uop acc-290-week-4-practice-connect-practice-assignment

avengershulk294

- Cain Company paid $8,400 rent in advance on June 1, 2019 for a seven-month period. It also bought $10,250 of supplies. - Desoto Company must make three adjusting entries on December 31, 2019 for supplies used, expired insurance, and depreciation expense. - The adjusted trial balance for University Book Store shows account balances and that adjustments have been made for supplies used, expired rent, and depreciation expense.

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