4) Prepare journal entries in good form for the following transactions for the Calorie Corp. a. Owner invested cash of $12,000 and office equipment valued at $7,500 into the business, receiving common shares in exchange. b. Purchased supplies for cash, $1,000. Paid $750 for one month's rent on the store. d. Billed a client $1,500 for services rendered. Owner received a dividend of $300. С. e.

4) Prepare journal entries in good form for the following transactions for the Calorie Corp. a. Owner invested cash of $12,000 and office equipment valued at $7,500 into the business, receiving common shares in exchange. b. Purchased supplies for cash, $1,000. Paid $750 for one month's rent on the store. d. Billed a client $1,500 for services rendered. Owner received a dividend of $300. С. e.

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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The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,390 from a local bank on a note due in six months. b. Received $5,080 cash from investors and issued common stock to them. c. Purchased $1,900 in equipment, paying $650 cash and promising the rest on a note due in one year. d. Paid $750 cash for supplies. e. Bought and received $1,150 of supplies on account. Required: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginni Debit Beginning Balance Ending Balance Debit F Cash Equipment Credit Credit Debit Beginning Balance Ending Balance Debit Supplies Accounts Payable
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets in exchange for its common stock to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Office equipment 18,310 Salaries expense 7,350 Land 45,990 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common stock 84,310 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0.
Question: Soar Inc. enters into the following transactions: . Stockholders contribute $11,200 cash to a company in exchange for common stock. The company purchases $5,600 to buy new equipment by paying cash. The company pays $3,120 to suppliers on account. I. Show the effect of these transactions on the basic accounting equation. Transaction Analysis a. Assets = Liabilities Stockholders' Equity + C. II: a) Record the entry for cash contributed by stockholders, $11,200. b) Record the purchase of new equipment for $5,600 cash. c) Record the entry for cash used to payoff accounts payable $3,120. Transaction General Journal Debit Credit
3. Record journal entries for each of the following transactions for MM Corporation: a. MM Corp. provided services to customers on account for $50,000 b. MM received $42,000 in cash from customers who had previously purchased goods on account c. MM paid $5,000 in cash for their utilities in the current month d. MM purchased $2,000 of inventory on account e. MM provided consulting services for $17,000 in cash f. MM paid $2,000 for business insurance that will cover the next two years g. MM bought a new delivery truck for $500 h. MM paid a cash dividend of $1,000 i. MM paid $4,000 in salary to its employees j. MM issued common stock in exchange for $1,000 k. MM repaid $3,000 worth of loans 1. MM pays $4,000 to its supplier for inventory previously purchased m. MM's employees earned $5,000 this week. MM paid them $2,000 in cash and promised to past the remainder at the end of the month.
Record the following selected transactions for April.
prepare journal entries and T-account
The following seven transactions produced the account balances shown above. a. Y. Min invested $21,500 cash in the business in exchange for common stock. b. Paid $8,620 cash for monthly rent expense for May. c. Paid $4,400 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $980 cash. e. Purchased $13,600 of office equipment on credit (with accounts payable). f. Received $42,000 cash for services provided in May. g. The company paid a $3,748 cash dividend. 2. Prepare a Cash T-account for the above transactions, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g. Beginning Balance a. f. Ending Balance Cash 0 21,500 42,000 63,500 8,620 b. 4,400 C. 980 d. 3,748 g.
You are the bookkeeper for Harley Inc., a newly formed corporation. Harley had the following transactions for their business: * Four shareholders contributed $40,000 ($10,000 each) in exchange for Harley common stock. * Harley purchased inventory for $5,000. Harley received an invoice for the inventory that is due in 30 days. What are the effects on Harley's accounting equation? A B D Based on the two transactions, Assets increased by $40,000, Liabilities decreased by $5,000 and Shareholder Equity increased by $45,000. Based on the two transactions, Assets increased by $45,000, Liabilities increased by $5,000 and Shareholder Equity increased by $40,000. C Based on the two transactions, Assets increased by $15,000, Liabilities increased by $5,000 and Shareholder Equity increased by $10,000. Based on the two transactions, Assets increased by $35,000, Liabilities decreased by $5,000 and Shareholder Equity increased by $40,000.
For August 2021 a. Issued common stock for $15,000 b. Purchased supplies of $2,250 on credit c. Borrowed $8,000 from a bank (received in cash) d. Paid secretary's salary for August for $2,150 e. Paid $1,000 dividend to stockholders f. Purchased $500 in supplies for cash 1. Prepare a trial balance statement from the above information. Can you show formulas for cash and supplies totals in excel?
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets in exchange for its common stock to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Office equipment 18,310 Salaries expense 7,350 Land 45,990 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common stock 84,310 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
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