1. D. Belle created a new business and invested $6,300 cash, $7,800 of equipment, and $12,700 in web servers.2. The company paid $5,700 cash in advance for prepaid insurance coverage.3. The company purchased $700 of supplies on account.4. The company paid $900 cash for selling expenses.5. The company received $4,100 cash for services provided.6. The company paid $700 cash toward accounts payable.7. The company paid $2,900 cash for equipment.View transaction listJournal entry worksheetAB CD E E G>Record the owner investment in company.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1.Record entryClear entryView general journal

Business transactions are first recorded in books of accounts as journal entries. Under the double…

Answered: 1. D. Belle created a new business and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $63,000 cash and equipment valued at $39,000 in the company. b. The company purchased a building for $41,000 cash. c. The company purchased equipment for $5,400 cash. d. The company purchased $3,100 of supplies and $1,100 of equipment on credit. e. The company paid $870 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,600 for the service. g. The company designed a financial plan for another client and immediately collected a $8,400 cash fee. h. L. Lopez withdrew $1,400 cash from the company for personal use. i. The company received $3,600 cash as partial payment from the client described in transaction f j. The company made a partial payment of $550 cash on the equipment purchased in transaction d k. The company paid $1,800 cash for the secretary's wages for this period.…
Following are the transactions of Green Energy Company. May 1 The company provided $2,000 of sustainability consulting services on credit to a customer. May 3 The company purchased $300 of energy-efficient supplies on credit. May 9 The company collected $500 cash as partial payment of the May 1 consulting revenue. May 20 The company paid $300 cash toward the payable for energy-efficient supplies. May 31 The company paid $100 cash for May’s renewable energy Analyze each transaction of the Green Energy Company by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense. Date Assets = Liabilities + Equity May 1 = + May 3 = + May 9 = + May 9 = + May 20 =…
I invest $10,000 in a new company. The company then gets a bank loan for $5,000. The company then buys a machine for $3,000 and inventory for $2,000. Create a balance sheet for the company.
Use below information to prepare general journal entries for Belle Co's 1 through 7 transactions. 1. D. Belle created a new business and invested $5,900 cash, $6,900 of equipment, and $12,900 in web servers 2. The company paid $6,000 cash in advance for prepaid insurance coverage. 3. The company purchased $800 of supplies on account. 4. The company paid $600 cash for selling expenses. 5. The company received $6,000 cash for services provided. 6. The company paid $800 cash toward accounts payable. 7. The company paid $4,000 cash for equipment. View transaction list Journal entry worksheet A В C D E F G > Record the cash received from customer for services provided. Note: Enter debits before credits. Transaction General Journal Debit Credit 5.
II. Computational. Look for the balances of the different accounts using the following transactions: A) Invested P50,000 in the business. B) Bought supplies on account amounting to P9,850. C) Received 7,500 cash from clients on account. D) Billed a client for the service rendered P6,000. E) Hired an assistant at a salary of P7,000 per month. Look for the ending of cash. Look for the ending balanceofcash.
Directions: Below are the economic transaction of Garcia’s Car Accessories and Services. Aug. 1 Garcia invested P48,000 cash in the business. 1 Rented office space and paid P800 cash for the August rent. 3 Purchased exploration equipment for P22,000 by paying P12,000 cash and agreeing to pay the balance in 3 months. 5 Purchased office supplies by paying P1,500 cash. 6 Completed exploration work and immediately collected P420 cash for the work. 8 Purchased P1,350 of office equipment on credit. 15 Completed exploration work on credit in the amount of P8,000. 18 Purchased P700 of office supplies on credit. 20 Paid cash for the office equipment purchased on August 8. 24 Billed a client P2,400 for work completed; the balance is due in 30 days. 28 Received P5,000 cash for the work completed on August 15. 30 Paid the assistant’s salary of P1,100 cash for this month. 30 Paid P340 cash for this month’s utility bill. 30 Garcia withdrew P1,050 cash from the business for personal…
XYZ Company is a landscaping service. In July, they provided $30,000 of services for several customers and billed them. During January, they received $25,000 from their customers for services performed. Employees clocked 500 hours of work and had earned $6,000 of wages. During July, XYZ had paid their employees $5,000. What is their income using cash basis income measurement? Group of answer choices $25,000 $20,000 $19,000 $24,000
Required information [The following information applies to the questions displayed below.] The transactions of Belle Company appear below. 1. D. Belle created a new business and invested $5,600 cash, $6,000 of equipment, and $11,100 in web servers in exchange for common stock. 2. The company paid $4,600 cash in advance for prepaid insurance coverage. 3. The company purchased $800 of supplies on credit. 4. The company paid $600 cash for selling expenses. 5. The company received $5,200 cash for services provided. 6. The company paid $800 cash toward accounts payable. 7. The company paid $3,300 cash for equipment. Use above information to prepare general journal entries for Belle Company's 1 through 7 transactions. View transaction list Journal entry worksheet A C D F G > Record the owner investment.
On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and custom program development. October 1 S. Rey invested $55,000 cash, a $27,000 computer system, and $10,000 of office equipment in the company in exchange for its common stock. October 3 The company purchased $1,330 of computer supplies on credit. October 6 The company billed Easy Leasing $5,600 for services performed in installing a new web server. October 8 The company paid $1,330 cash for the computer supplies purchased on credit on October 3. October 10 The company hired a part-time assistant. billed Easy Leasing another $2,100 for services performed. October 12 The company October 15 The company received $5,600 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $730 cash to repair its computer equipment. October 20 The company paid $1,673 cash for…
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $66,000 cash and equipment valued at $39,000 in the company. b. The company purchased a building for $48,000 cash. c. The company purchased equipment for $5,600 cash. d. The company purchased $3,200 of supplies and $1,400 of equipment on credit. e. The company paid $890 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,100 for the service. g. The company designed a financial plan for another client and immediately collected a $8,200 cash fee. h. L. Lopez withdrew $1,000 cash from the company for personal use. 1. The company received $3,100 cash as partial payment from the client described in transaction f. J. The company made a partial payment of $700 cash on the equipment purchased in transaction d. k. The company paid $2,200 cash for the secretary's wages for this period.…
The following transactions occurred in Nanon Company:a. Nanon, the owner, invested P25,000,000 and obtained P100,000,000 loan from a bank.b. The company purchased a manufacturing plant for business amounting to P152,000,000 for cash.c. It also purchased goods for sale on cash amounting to P250,000.d. There were sales of goods on credit amounting to P550,000.e. The company purchased goods for sale on credit amounting to P450,000.f. The company returned goods to the supplier amounting to P50,000 which was evidence by a credit memo from the supplier.g. Various accruals were recorded at the end of the period amounting to P30,000. From the above transactions, what is the total amount to be recorded in the Cash Receipts Journal? P150,250,000P150,000,000P150,300,000P125,000,000
Required Information View transaction list Journal entry worksheet A в . с Transaction 1. CD Record the owner Investment. Note: Enter debits before credits. Record entry DE F General Journal Clear entry G Debit Credit View general Journal

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