80Exercise 2-12Analyzing and journalizingexpense transactionsA1 P1Exercise 2-13Preparing an incomestatementC3 P3owCheck Net income, $10,470Exercise 2-14Preparing a statementof owner's equity P3Check End. Capital, $106,470DExercise 2-15Preparing a balance sheet P3Exercise 2-16Computing net incomeA1Exercise 2-17Analyzing changes in acompany's equityP31Chapter 2 Analyzing and Recording TransactionsExamine the following transactions and identify those that create expenses for Valdez Services. Prepageneral journal entries to record those expense transactions and explain why the other transactions did rcreate expenses.a. The company paid $12,200 cash for payment on a 16-month old liability for office supplies.b. The company paid $1,233 cash for the just completed two-week salary of the receptionist.c. The company paid $39,200 cash for equipment purchased.d. The company paid $870 cash for this month's utilities.e. Owner (Valdez) withdrew $4,500 cash from the company for personal use.Carmen Camry operates a consulting firm called Help Today. On August 31, the company's records shthe following accounts and amounts for the month of August. Use this information to prepare an Augiincome statement for the business.BCash.Accounts receivableOffice suppliesLandOffice equipmentAccounts payableC. Camry, Capital, July 31.$25,36022,3605,25044,00020,00010,5002,000C. Camry, WithdrawalsConsulting fees earned.Use the information in Exercise 2-13 to prepare an August statement of owner's equity for Help Toda(The owner invested $100,000 cash in the company during the first week of August.)Beginning of the yearEnd of the yearRent expenseSalaries expense.Telephone expenseMiscellaneous expenses.Owner investment made on August 4Use the information in Exercise 2-13 (if completed, you can also use your solution to Exercise 2-14)prepare an August 31 balance sheet for Help Today.A sole proprietorship had the following assets and liabilities at the beginning andWindow Help12 Equity, December 31, 20123 Owner investments during the year4 Owner withdrawals during the year5 Net income (loss) for the year6 Equity, December 31, 20137KHASheet1 / Sheet2 Sheets/Σ £ 271 E 100%Assets$ 60,000105,000$Determine the net income earned or net loss incurred by the business during the year for each of the folloing separate cases:a. Owner made no investments in the business and no withdrawals were made during the year.b. Owner made no investments in the business but withdrew $1,250 cash per month for personal use.c. Owner made no withdrawals during the year but did invest an additional $55,000 cash.d. Owner withdrew $1,250 cash per month for personal use and invested an additional $35,000 cash.Compute the missing amount for each of the following separate companies a through d.File Edit View Insert Format Tools DataDDAVGenev(a)Liabilities$20,00036,0000 $110,000?22,000104,000$ 6,00027,0009,5505,600860520100,000C(b)of this year.BYUEDE(c) (d)0 $ 0?87,000 210,000(47,000) (10,000) (55,000)90,000 (4,000)85,000 ??110,000DU Chapter 2 Analyzing and Recording TransactionsGroro Co. bills a client $62,000 for services provided and agrees to accept the following three items in fullpayment: (1) $10,000 cash, (2) computer equipment worth $80,000, and (3) to assume responsibility for a$28,000 note payable related to the computer equipment. The entry Groro makes to record this transactionincludes which one or more of the following?a. $28,000 increase in a liability accountb. $10,000 increase in the Cash accountc. $10,000 increase in a revenue account25d. $62,000 increase in an asset accounte. $62,000 increase in a revenue accountf. $62,000 increase in an equity accountPrepare general journal entries for the following transactions of a new company called Pose-for-Pics.Aug. 1Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in thecompany.The company paid $2,100 cash for an insurance policy covering the next 24 months.The company purchased office supplies for $880 cash.20 The company received $3,331 cash in photography fees earned.31The company paid $675 cash for August utilities.Use the information in Exercise 2-7 to prepare an August 31 trial balance for Pose-for-Pics. Begin byopening these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; M. Harris,Capital; Photography Fees Earned; and Utilities Expense. Then, post the general journal entries to theseT-accounts (which will serve as the ledger), and prepare the trial balance.Prepare general journal entries to record the transactions below for Spade Company by using the fol-lowing accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable;K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside eachtransaction to identify entries. After recording the transactions, post them to T-accounts, which servesas the general ledger for this assignment. Determine the ending balance of each T-account.a. Kacy Spade, owner, invested $100,750 cash in the company.b. The company purchased office supplies for $1,250 cash.c. The company pur$10,050 of office equipment on credit.d. The company received $15,500 cash as fees for services provided to a customer.e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c.f. The company billed a customer $2,700 as fees for services provided.g. The company paid $1,225 cash for the monthly rent.h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f.i. Kacy Spade withdrew $10,000 cash from the company for personal use.After recording the transactions of Exercise 2-9 in T-accounts and calculating the balance of each account,prepare a trial balance. Use May 31, 2013, as its report date.Examine the following transactions and identify those that create revenues for Valdez Services, a companyowned by Brina Valdez. Prepare general journal entries to record those revenue transactions and explainwhy the other transactions did not create revenues.a. Brina Valdez invests $39,350 cash in the company.b. The company provided $2,300 of services on credit.c. The company provided services to a client and immediately received $875 cash.d. The company received $10,200 cash from a client in payment for services to be provided next year.e. The company received $3,500 cash from a client in partial payment of an account receivable.f. The company borrowed $120,000 cash from the bank by signing a promissory note.Exercise 2-6Analyzing effects oftransactions on accountsA1reviewExercise 2-7Preparing general journalentriesP1-Exercise 2-8Preparing T-accounts (ledger)and a trial balance P2VlowExercise 2-9Recording effects of transactionsin T-accountsA1Check Cash ending balance,$94,85079HW ✓Exercise 2-10Preparing a trial balance P2Exercise 2-11Analyzing and journalizingrevenue transactionsA1 P1 I

Name: 80Exercise 2-12Analyzing and journalizingexpense transactionsA1 P1Exe
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: 80Exercise 2-12Analyzing and journalizingexpense transactionsA1 P1Exercise 2-13Preparing an incomestatementC3 P3owCheck Net income, $10,470Exercise 2-14Preparing a statementof owner's equity P3Check End. Capital, $106,470DExercise 2-15Preparing a ba

As per the guidelines, in the case of multi-questions, the answer to the first question is given…

Business

Accounting

80 Exercise 2-12 Analyzing and journalizing expense transactions A1 P1 Exercise 2-13 Preparing an income statement C3 P3 , вы Check Net income, $10,470 Exercise 2-14 Preparing a statement of owner's equity P3 Check End. Capital, $106,470 Hu Exercise 2-15 Preparing a balance sheet P3 Exercise 2-16 Computing net income A1 Exercise 2-17 Analyzing changes in a company's equity P3 Chapter 2 Analyzing and Recording Transactions Examine the following transactions and identify those that create expenses for Valdez Services. Prep general journal entries to record those expense transactions and explain why the other transactions did r create expenses. a. The company paid $12,200 cash for payment on a 16-month old liability for office supplies. b. The company paid $1,233 cash for the just completed two-week salary of the receptionist. c. The company paid $39,200 cash for equipment purchased. d. The company paid $870 cash for this month's utilities. e. Owner (Valdez) withdrew $4,500 cash from the company for personal use. Carmen Camry operates a consulting firm called Help Today. On August 31, the company's records sh the following accounts and amounts for the month of August. Use this information to prepare an Augi income statement for the business. Cash Accounts receivable Office supplies Land Office equipment Accounts payable C. Camry, Capital, July 31. $25,360 22,360 5,250 44,000 20,000 10,500 2,000 C. Camry, Withdrawals. Consulting fees earned Use the information in Exercise 2-13 to prepare an August statement of owner's equity for Help Toda (The owner invested $100,000 cash in the company during the first week of August.) Beginning of the year End of the year Rent expense Salaries expense. Telephone expense Miscellaneous expenses. Owner investment made on August 4 Use the information in Exercise 2-13 (if completed, you can also use your solution to Exercise 2-14) prepare an August 31 balance sheet for Help Today. A sole proprietorship had the following assets and liabilities at the beginning and end of this year. 1 2 Equity, December 31, 2012 3 Owner investments during the year 4 Owner withdrawals during the year File Edit View Insert Format Tools Data Window Help DEDY 0300- 5 Net income (loss) for the year 6 Equity, December 31, 2013 7 MIKHYTHSheets Shopt2/18/ARM Assets $ 60,000 105,000 Determine the net income earned or net loss incurred by the business during the year for each of the follo ing separate cases: a. Owner made no investments in the business and no withdrawals were made during the year. b. Owner made no investments in the business but withdrew $1,250 cash per month for personal use. c. Owner made no withdrawals during the year but did invest an additional $55,000 cash. d. Owner withdrew $1,250 cash per month for personal use and invested an additional $35,000 cash. Compute the missing amount for each of the following separate companies a through d. B (a) $ Liabilities 0 $ 110,000 ? 22,000 104,000 $20,000 36,000 $ 6,000 27,000 9,550 5,600 860 520 100,000 C -BU D 2.A. 0 $ 0 $ 0 ? 87,000 210,000 (47,000) (10,000) (55,000) 90,000 (4,000) ? ? 110,000 85,000 00