6. Selected transactions for A. Mane, an interior decorator, in her first month of business, are asfollows.Jan.2 Invested $10,000 cash in business.3 Purchased used car for $3,000 cash for use in business.9 Purchased supplies on account for $500.11 Billed customers $2,400 for services performed.16 Paid $350 cash for advertising.20 Received $700 cash from customers billed on January 11.23 Paid creditor $300 cash on balance owed.28 Withdrew $1,000 cash for personal use by owner.Analyse the above transactions with the extended accounting equation.

As per accounting equation, assets equal to sum of liabilities and shareholders' equity.

Answered: 6. Selected transactions for A. Mane,…

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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1. Adriana Diaz invested $50,000 cash to start an appliance repair business. 2. Hired an employee to be paid $400 per week, starting tomorrow. 3. Paid two years’ rent in advance, $7,200. 4. Paid the worker’s weekly wage. 5. Recorded revenue earned and received for the week, $1,500
On April 1, Donna Clark established Clark’s Travel Agency. The following transactions were completed during the month. 1. Invested $13,000 cash to start the agency. 2. Paid $500 cash for April office rent. 3. Purchased equipment for $3,800 cash. 4. Incurred $600 of advertising costs in the Chicago Tribune, on account. 5. Paid $600 cash for office supplies. 6. Performed services worth $10,000: $3,500 cash is received from customers, and the balance of $6,500 is billed to customers on account. 7. Withdrew $600 cash for personal use. 8. Paid Chicago Tribune $400 of the amount due in transaction (4). 9. Paid employees' salaries $2,800. 10. Received $3,500 in cash from customers who have previously been billed in transaction (6). Complete the tabular analysis of the transactions. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular…
Please follow the same sample which I attached
Moore General Store purchased office supplies on account during the month of March for $5,000. Payment for the supplies will be made in April. On March 1, the balance in the supplies account was $350. On March 31, supplies on hand amounted to $310. What was the amount of supplies used during March? Select one: a. $40 b. $310 c. $4,690 d. $5,040 e. $5,350
DATE TRANSACTIONS October 1 Shonna Pumphrey invested $90,000 cash in the business October 2 Paid October office rent of $6,000; issued Check 1001. October 5 Purchased desks and other office furniture for $22,800 from Hudson's Furniture; received Invoice 4067 payable in 60 days. October 6 Issued Check 1002 for $8,200 to purchase art equipment. October 7 Purchased supplies for $3,340; paid with Check 1003. October 10 Issued Check 1004 for $1,250 for office cleaning service. October 12 Performed services for $8,400 in cash and $2,200 on credit. (Use a compound entry.) October 15 Returned damaged supplies for a cash refund of $750. October 18 Purchased a computer for $4,490 from Tolliver's Office Supply, Invoice 8017; issued Check 1005 for a $1,490 down payment, with the balance payable in 30 days. (Use one compound entry.) October 20 Issued Check 1006 for $12,800 to Hudson's Furniture as payment on account for Invoice 4067. October 26 Performed services for $9,600 on credit. October 27…
Handy Dandy Repair Shop had the following transactions during the first month of business as a proprietorship. Aug. 2 Invested $11,440 cash and $2,350 of equipment in the business. 7 Purchased supplies on account for $490. (Debit asset account.) 12 Performed services for clients, for which $1,380 was collected in cash and $640 was billed to the clients. 15 Paid August rent $555. 19 Counted supplies and determined that only $245 of the supplies purchased on August 7 are still on hand. Journalize the transactions.
April 1- investigated $ 23,000 cash in her business. April 1- hired a secretary-receptionist at a salary of $ 900 per week payable monthly. April 2- paid office rent for the month $ 1,000. April 3- purchased dental supplies on account from Dazzle Company $ 4,500. April 10- performed dental services and billed insurance companies $ 4,700. April 11- received $ 1,100 cash advance from Leah Mataruka for an implant. April 20- received $ 1,900 cash for services performed from Michael Santos. April 30- paid secretary receptionist for the month $ 3,600. April 30- paid $ 2,900 to Dazzle for accounts payable due. Prepare a trial balance for April 30, 2020
Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June: 6/1 Quark invests 24,000 into the business. 6/3 Purchased 2,100 of equipment on account. 6/4 Paid 400 premium for a two-year insurance policy. 6/6 Purchased office supplies for cash, 220. 6/9 Purchased a new computer for 6,000. Paid 30% cash agreed to pay the remainder in 30 days. 6/10 Billed student Rashid Ali 30 for tutorial services that were performed. 6/14 Paid for the equipment purchased on June 3rd. 6/15 the owner suggested to purchased new building for his company by 10,000 6/25 Received $35 cash from student Mohammed Nasir for tutorial services performed. 6/30 Student billed on June 10 pays the amount due to Quark. 6/30 Quark withdraws 200 for personal use. Required: Prepare the _journal entries to transactions. record these
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Problem #6, occurred during June of this year: P1,000 in cash and the balance on account. Bought office intercom on account from NE Office Supply, P2,750. e. Received and paid the telephone bill, P1,080. T. Performed professional services on account, P12,940. g. Received and paid the electric bill, P1,850. h. Received and paid the bill for the Regional Dental Convention, P3,500. i. Performed professional services for cash, P17,650. J. Partially settled accounts with NE Office Supply, P1,000. k. Paid rent for the month, P8,400. Paid salaries of the part-time receptionist, P3,500. m. Dalangin withdrew cash for personal use, P8,500. Received P5,500 on account from patients who were previously billed. I. n. Required: 1. Establish the following T-accounts: Cash; Accounts Receivable; Office Equipme Office Furniture; Accounts Payable; Dalangin, Capital; Dalangin, WithdrawG Professional Fees; Salaries Expense; Rent Expense; Utilities Expense a Miscellaneous Expense. 2. Record the transactions…
Dec. 2 Paid $1,060 cash to Northview Mall for Security First’ share of mall advertising costs. Dec. 3 Paid $520 cash for minor repairs to the company’s computer. Dec. 4 Received $6,900 cash from Brady Engineering Co. for the receivable from November. Dec. 10 Paid cash to Zahara Hughes for six days of work at the rate of $160 per day. Dec. 14 Notified by Brady Engineering Co. that Security First’ bid of $7,100 on a proposed project has been accepted. Brady paid a $1,550 cash advance to Security First. Dec. 15 Purchased $2,250 of computer supplies on credit from Arnold Office Products. Dec. 16 Sent a reminder to Jackson Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Masters Corporation and received $7,900 cash. Dec. 22-26 Took the week off for the holidays. Dec. 28 Received $4,400 cash from Jackson Co. on its receivable. Dec. 29 Reimbursed K. Hughes for business automobile mileage…
A dentist opens a dental practice by depositing $10,000 into a bank account in the business name The dental business borrows $100,000 from the bank The dentist pays for malpractice insurance for the month, $2,000 Purchases for cash dental equipment, including X-ray machine, chair, etc. $60,000 The dentist pays for a billboard to advertise his services for one month, $500 The dentist performs dental services for the first half of the month and receives $8,000 for services January 1 January 2 January 3 January 4 January 20 January 21 rendered January 29 January 31 Pays the dental hygienist $2500 Bills patients for services rendered that have not been paid $5,000 Date Account Debit Credit 1/1/16 Cash 10000 Сapital 10000 Chart of Accounts: 1/2/16 Cash Accounts Receivable 1/3/16 Equipment Notes Payable 1/4/06 Сapital Fees Earned 1/20/16 Insurance Expense Advertising Expense 1/21/16 Salaries Expense 1/29/16 1/31/16 1. What is the net income for January? 2. How much do patients owe the…

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