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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Similar questions

Give the effects of the following transactions on ASSETS, LIABILITIES, OWNER’S EQUITY, REVENUES, AND EXPENSES.
Please answer the question correctly with solution. Thank you.
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.…
You have just been employed at a Junior Analyst at a bank and as your first assignment you have been asked to analyze the financial statements of a small snow removal business which has applied for a $100,000 loan to purchase additional equipment to expand its operations. a. Should the bank lend the company the funds? Support your recommendation with calculations
Getting Better: ** Gypsy Co. had the following cash related transaction for the fist month of operation, March 2018. Solve the Problem below. the owner invested P 100, 000 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable Sold goods for cash P 75, 300 Paid employees salaries amounting toP 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses March 1 9. 15 17 19 25 29 30 Required: Determine theT-account. Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below. Gaining Mastery: Credit Normal Debit Balance Assets Liability capital Date Gypsy Capital I00,000) Date cash Account Inventory Account Receivable payable March I P I0b, o00 P 501 200 S0,200 9 is 17 19 25 29 30 we we ww.ww a
determine adjusting entries
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.
need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…
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
Please help me
JOURNAL ENTRIES, LEDGERS, AND TRIAL BALANCE After opening their computer sales and service store, the Millers completed the following four transactions: 1. They invested $100,000 in cash in the business. 2. They purchased on credit $10,000 worth of goods from several suppliers. 3. They sold on a cash basis $13,000 worth of products and services. 4. They paid $3,000 for salaries. Use the above information to prepare the following: 1. Journal entries 2. Ledgers 3. Trial balance

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