ave a ERtThe following transactions were completed by the company:a. The company completed consulting work for a client and immediately collected $7,000 cash.b. The company completed commission work for a client and sent a bill for $5,500 to be received within 30 days.c. The company paid an assistant $2,150 cash as wages for the period.d. The company collected $2,750 cash as a partial payment for the amount owed by the client in transaction b.e. The company paid $1,000 cash for this period's cleaning services.Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with aminus sign.)AssetsLiabilitiesEquityTransactions NumberAccountsReceivableAccountsCommonCashDividendsRevenueExpensesPayableStocka.700|b.+]Balance after a and b+.C.Balance after a%3!d.Balance after d+]e.%24%24%2.+]Balance after e

Solution : The impact of each transaction is shown below Transaction number Cash Accounts…

Answered: 1öllowing transactions were completed…

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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Davos Company performed services on account for $160,000 in Year 1. Davos collected $120,000 cash from accounts receivable during Year 1, and the remaining $40,000 was collected in cash during Year 2. Required a. e. & f. Record the Year 1 transactions in T-accounts and close the Year 1 Service Revenue account to the Retained Earnings account. Record the Year 2 cash collection in the appropriate T-accounts.
owe subject-Accounting
Sparks Corporation has a cash balance of $24,100 on April 1. The company must maintain a minimum cash balance of $6,500. During April, expected cash receipts are $49,000. Cash disbursements during the month are expected to total $68,500. Ignoring interest payments, during April the company will need to borrow:
Please Complete all required and do not give images format
Account inquiry (hours) Account billing (lines) Account verification (accounts) Correspondence (letters) The above activities are carried out at two of its regional offices. Activities $78,000 2,000 hours $41,000 20,000 lines $16,000 22,000 accounts $12,000 1,400 letters Account inquiry (hours) Account billing (lines) Account verification (accounts) Correspondence (letters) Northeast Office 180 hours 16,000 lines 1,400 accounts 70 letters Midwest Office What is the cost per letter for the correspondence activity? (Round your answer to the nearest cent.) 300 hours 7,000 lines 600 accounts 130 letters OA. $6.00 B. $29.29 O C. $8.57 OD. $0.73 1
A company established a petty cash fund in April of the current year and experienced the following transactions affecting the fund during April. Prepare journal entries to establish the fund on April 1, to replenish it on April 25, and to record the increase in the fund on April 25. April 1 Prepared a company check for $300.00 to establish the petty cash fund. April 25 Prepared a company check to replenish the fund for the following expenditures made since April 1. Paid $84.50 for cleaning services. Paid $84.00 for postage expense. Paid $103.15 for office supplies. Counted $23.35 remaining in the petty cash box. April 25 The company decides to increase the fund by $100.
2. If HHC has $1,150 cash, $500 of government Treasury bills purchased four months ago, $780 of cash set aside for its workers' compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Cash and Cash Equivalents
Garcia Trade has the following cash transactions for the period. Accounts Amounts Cash received from sale of products to customers $31,000 Cash received from the bank for long-term loan 36,000 Cash paid to purchase factory equipment (41,000) Cash paid to merchandise suppliers (10,200) Cash received from the sale of an unused warehouse 11,200 Cash paid to workers (22,200) Cash paid for advertisement (2,200) Cash received for sale of services to customers 21,000 Cash paid for dividends to stockholders (4,200) Assume the balance of cash at the beginning of the period is $3,200. Required: 1. Calculate the ending balance of cash.2. Prepare a statement of cash flows.

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