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

Name: a. Issued shares to investors for $67,000 cash.b. Billed customers $1
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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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On January 1, Entity A invested cash of P 50,000. On January 5, the business performed services amounting to P 40,000, 40% of which is on a cash basis. On January 10, the entity collected half of its receivables. During the month, the entity incurred P 40,000 expenses, P 18,000 of which have been paid. An equipment was also bought on account for P 10,000. A withdrawal of P 5,000 was also made. Compute the cash balance as of January 31.
Below were selected transactions of FDNACCT Services for the month of September: • Paid rent for the month, P43,000 • Received the electricity bill, P17,000 • Paid salary of the secretary, P29,000 • Paid water bill, $4,400 Based on these transactions alone, how much was the total amount credited to Cash account?
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
Mr. Tristan Siy III established Siy Bookkeeping Services and had the following transactions for the month of February: 4 19 15 18 19 Received P35,000 cash from customers in payment of their account. Paid in cash and received an official receipt 20 from the supplier for payment of accounts, 21 28 28 Investment of P150,000 cash fund by Mr. Siy into the business. 28 Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter. Purchased supplies amounting to P18,000 in cash. Paid P6,000 insurance for six months. Issued a Service Invoice for an amount of P50,000 to a customer for services rendered on account. P20,000. Rendered services to customers billed for P30,000. Cash payment of P15,000 for the salary of an employee. Mr. Siy withdrew P12,000 cash from the business. Paid the telephone bill for February amounting to P3,000.
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.
c. Pass the transactions to balance Accounting Equation for the month of January 2021: January 1: Star Co started a business with $70000 cash in hand and $50000 cash at bank. January 3: Purchased furniture $15000 and building $25000 and paid cash. January 4: Purchased office supplies and raw material for $5000 and $10000 respectively on account. January 5: Star co. issued additional capital of $25000 by depositing in bank account. January 11: Purchased equipment by issuing 30 days notes payable for S10000, January 12: Sold raw material of $5500 equal to the original cost on account. January 15: Received cash of $4500 in settlement of account receivables. January 20: Paid utility expenses for $5000 in cash.
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation: 1. Started business when it acquired $83,000 cash from the issue of common stock. 2. Purchased merchandise with a list price of $67,000 on account, terms 3/10, n/30. 3. Paid off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $54,400. Credit terms were 2/20, n/30. The merchandise had cost Expert Computers $32,600. 5. Collected cash from the account receivable within the discount period. 6. Paid $9,900 cash for operating expenses. 7. Paid the balance due on accounts payable. The payment was not made within the discount period. Required a. Record the events in a horizontal statements model below. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the account is not affected by the event,…
Show all your workings.
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
The following events occurred for Favata Company: a. Received $14,000 cash from owners and issued stock to them. b. Borrowed $11,000 cash from a bank and signed a note due later this year. c. Bought and received $1,200 of equipment on account. d. Purchased land for $20,000; paid $1,800 in cash and signed a long-term note for $18,200. e. Purchased $7,000 of equipment; paid $1,800 in cash and charged the rest on account. Required: For each of the above events, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Transaction a 2 Received $14,000 cash from owners and issued stock to them. Record the transaction. Note: Enter debits before credits. 3 4 Record entry 5 General Journal Clear entry Debit Credit View general journal
This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $31,020 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $42,960. 3 Buys office furniture for $4,110, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,340 (not paid by Roads at this time). 10 Receives cash of $215 as commission for acting as rental agent renting an apartment. 27 Pays $730 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,580 in salary for October. Prepare the debit–credit analysis for each transaction
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?