a. Issued shares to investors for $67,000 cash. b. Billed customers $13,900 for services performed in January. c. Purchased car for $33,000 for use in the business; paid in cash. d. Purkhased $4,100 of supplies on account. e. Received $9,200 cash from customers billed in transaction (b). f. Used $2,350 in utilities, which will be paid in February. g. Paid employees $6,900 cash for work done in January. h. Paid $2,050 cash toward supplies purchased in transaction (d). Required: For each transaction, give (a) the name of the account being debited or credited, (b) the basic account type (A, L, SE, R, E). (d) whether the account is increased (+) or decreased (-) due to the transaction, and (d) whether the account normally holds a debit or credit balance. Transaction (a) has been given as an example. Debit Side of Journal Entry Account Type Account Name a Cash b. Accounts receivable Direction of Change Normal Balance Debit Debit Credit Side of Journal Entry Account Type Account Name Contributed capital Accounts receivable SE A Direction of Change No Bal Credit: Credit

a. Issued shares to investors for $67,000 cash. b. Billed customers $13,900 for services performed in January. c. Purchased car for $33,000 for use in the business; paid in cash. d. Purkhased $4,100 of supplies on account. e. Received $9,200 cash from customers billed in transaction (b). f. Used $2,350 in utilities, which will be paid in February. g. Paid employees $6,900 cash for work done in January. h. Paid $2,050 cash toward supplies purchased in transaction (d). Required: For each transaction, give (a) the name of the account being debited or credited, (b) the basic account type (A, L, SE, R, E). (d) whether the account is increased (+) or decreased (-) due to the transaction, and (d) whether the account normally holds a debit or credit balance. Transaction (a) has been given as an example. Debit Side of Journal Entry Account Type Account Name a Cash b. Accounts receivable Direction of Change Normal Balance Debit Debit Credit Side of Journal Entry Account Type Account Name Contributed capital Accounts receivable SE A Direction of Change No Bal Credit: Credit

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Description: a. Issued shares to investors for $67,000 cash.b. Billed customers $13,900 for services performed in January.c. Purchased car for $33,000 for use in the business; paid in cash.d. Purkhased $4,100 of supplies on account.e. Received $9,200 cash from c

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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ABC Company ended Year 1 with the following account balances: Cash 600, Common Stock 400, and Retained Earnings 200. The following transactions occurred during Year 2: • Issued common stock for $19,000 cash. • ABC borrowed an additional $11,000 from Chris Bank. • ABC earned $9,000 of revenue on account. • ABC incurred $4,000 of operating expenses on account. • Cash collections of accounts receivables were $6,000. • ABC provided additional services to customers for $1,000 cash. • ABC purchased land for $14,000. • ABC used $3,000 in cash to make a partial payment on its accounts payable. • ABC declared and paid a $200 dividend to the stockholders • On December 31 ABC had accrued salaries of $4,000. What is the net cash flow from operating activities shown on the statement of cash flows for the year ending December 31, Year 2? Multiple Choice O O $4,000 $3,800 $6,000 None of these answer choices is correct.
The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,050. 15 Paid employee salaries $1,110. 17 Performed $570 of services in exchange for cash. 20 Paid $1,980 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 31 Paid utilities $320. Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Utilities Expense
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