7. Purchased more office supplies from General Office Company for $1,500 on account.Identify the two parties to this transaction.Describe the activity of each partyWhich party is being accounted forDescribe the impact on company valueMaquoketa Services adds a liability (Accounts Payable) for $1,500 pertaining to office supplies.Describe the portions of the transaction occurring currently and describe portions of transactionthat is being deferred (postponed)Was cash exchanged in the transaction?

Name: 7. Purchased more office supplies from General Office Company for $1,
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 7. Purchased more office supplies from General Office Company for $1,500 on account.Identify the two parties to this transaction.Describe the activity of each partyWhich party is being accounted forDescribe the impact on company valueMaquoketa Servi

“Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Business

Accounting

7. Purchased more office supplies from General Office Company for $1,500 on account. Identify the two parties to this transaction. Describe the activity of each party Which party is being accounted for

7. Purchased more office supplies from General Office Company for $1,500 on account. Identify the two parties to this transaction. Describe the activity of each party Which party is being accounted for

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following are several transactions for Halpin Advertising Company.a. Purchased $1,000 of supplies.b. Sold $5,000 of advertising services, on account, to customers.c. Used $250 of supplies.d. Collected $3,000 from customers in payment of their accounts.e. Purchased equipment for $10,000 cash.f. Recorded $500 depreciation on the equipment for the current period.Required:Identify the effect, if any, that each of the above transactions would have on net income undercash-basis accounting and accrual-basis accounting.
For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following partial chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601); and Landscaping Expense (696). On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $7,000 in cash along with equipment having a $3,000 value in exchange for common stock. On May 21, Elegant Lawns purchases office supplies on credit for $500. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.
Use additions and subtractions to show the dollar effects of each transaction on a. to e. below on the expanded accounting equation below. Intermediate balances are not required. a. The company completed consulting work for a client and immediately collected $5,500 cash. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. e. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Date Cash + Assets Accounts Receivable + Office Equipment = = Liabilities + Accounts + Payable Common Stock 4 Stockholders' Equity Dividends + Revenues Expenses
Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery Service during May:1. Received cash from owner as additional investment, $18,000.2. Paid advertising expense, $4,850.3. Purchased supplies on account, $2,100.4. Billed customers for delivery services on account, $14,700.5. Received cash from customers on account, $8,200.Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner’s Equity, Drawing, Revenue, and Expense). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to(1) follows:(1) Asset (Cash) increases by $18,000; Owner’s Equity (Katie Wyer, Capital) increases by $18,000.
A book keeper recorded the purchase of office supplies on accounts as follows: Dr. Supplies expense 34000 Cr. Accounts receivable 34000 How much are total assets over or under stated? show workings
Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); ACcounts Payable (201); D. Brooks, Capital (301); D. Brooks, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Brooks invested $200,000 cash along with $28,000 in office equipment in the company. Note: Enter debits before credits. Date General Journal Debit Credit Mar 01
Which of the following transactions is recorded in the revenue journal? a. sale of excess office equipment for cash b. rendering services for cash c. rendering services on account d. sale of excess office equipment on account
Identify the accounting concept that was violated in each of the following situations.5. Golden Book Company purchased a large printing machine for $1,000,000 (a material amount) and recordedthe purchase as an expense
The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $6,900 cash. b. The company completed commission work for a client and sent a bill for $5,400 to be received within 30 days. c. The company paid an assistant $2,100 cash as wages for the period. d. The company collected $2,700 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $980 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Transactions Number a. b. Balance after a and b C. Balance after c d. Balance after d e. Balance after e Cash $ Assets $ 6,900 + 6,900 + 6,900 + + + + + 6,900 + 980 + 7,880 + Accounts Receivable $ 5,400 $ 5,400 = 5,400 5,400 = Liabilities + Accounts Payable 5,400 = = = = = = = = = $ 0 0 0 0 + + + + + + + + + + Owner, Capital $ 0 0 0…
What does each account fall under financial statement, major classification, and possible account number?
Which of the following best describes an application of historical cost? A.Property is exchanged with another business for services received. B.Transactions are valued in terms of the currency of the business’ country. C.An owner uses their personal cheque account to buy milk at the grocery store. D.A transaction is recorded based on the dollars exchanged at the time of the transaction. E.A sales transaction is recorded from the customer sales order.