a. The owner (Alex Carr) invested $15,800 cash in the company. b. The company purchased supplies for $700 cash. c. The owner (Alex Carr) invested $10,400 of equipment in the company d. The company purchased $240 of additional supplies on credit. e. The company purchased land for $9,400 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities Equity A. Carr, + Equipment Accounts Рayabie A. Carr, Withdrawals Еxpe Cash Supplies Land Revenue Capital a. b. Bal. C. +] Bal. d. Bal. e. +] Bal

a. The owner (Alex Carr) invested $15,800 cash in the company. b. The company purchased supplies for $700 cash. c. The owner (Alex Carr) invested $10,400 of equipment in the company d. The company purchased $240 of additional supplies on credit. e. The company purchased land for $9,400 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities Equity A. Carr, + Equipment Accounts Рayabie A. Carr, Withdrawals Еxpe Cash Supplies Land Revenue Capital a. b. Bal. C. +] Bal. d. Bal. e. +] Bal

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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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Brian Sipe began operations of his business, Sipe Sons Incorporated, on January 1, Year One. During the year, the company performed services on credit of $192,000. Of that amount, $115,750 was collected in cash during the year. Brian estimates, of the remaining amount due, $5,100 may not be collected. Prepare the entries for the events during Year One. What is the balance in the accounts receivable account? What is the amount of receivables reported on the balance sheet? Why would Brian have a separate allowance account and not reduce the receivable balance for the amount estimated to be uncollectible? What type of account is Allowance for Doubtful Accounts? Continuing problem 2, Sipe Sons Incorporated continued to have successful operations in Year Two. Sales on credit amounted to $205,000 and cash collections were $183,250. At the end of Year Two, he estimates of the remaining amount due, $8,600 may not be collected. What is the balance in the accounts…
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); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); WagesExpense (601), and Landscaping Expense (696).
The following transactions were completed by the company: The owner invested $15,000 cash in the company in exchange for its common stock. The company purchased supplies for $500 cash. The owner invested $10,000 of equipment in the company in exchange for more common stock. The company purchased $200 of additional supplies on credit. The company purchased land for $9,000 cash. Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
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.
[The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,250 cash in the company. b. The company purchased supplies for $558 cash. c. The company purchased $10,645 of equipment on credit. d. The company received $2,272 cash for services provided to a customer. e. The company paid $10,645 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,081 for services provided. g. The company paid $535 cash for the monthly rent. h. The company collected $1,714 cash as partial payment for the account receivable created in transaction f. 1. K. Spade withdrew $1,100 cash from the company for personal use. equired: 1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Services Revenue; and…
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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); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $89,000 in cash along with equipment having a $49,000 value. On May 21, Elegant Lawns purchases office supplies on credit for $660. On May 25, Elegant Lawns receives $9,700 cash for performing landscaping services. On May 30, Elegant Lawns receives $2,900 cash in advance of providing landscaping services to a customer.
Required information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock. b. The company purchased supplies for $573 cash. c. The company purchased $10,922 of equipment on credit. d. The company received $2,331 cash for services provided to a customer. e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,187 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder). Required: 1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common…
The following transactions were completed by the company: a. The owner invested $17,600 cash in the company. b. The company purchased supplies for $1,150 cash. c. The owner invested $11,300 of equipment in the company in exchange for more common stock. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10,300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. a. b. Balance after a and b C. Transactions Number Balance after c d. Balance after d e. Balance after e Cash 0 0 + 0 + + + + + + 0 + + Assets Supplies 0 0 + Equipment + 0 + + + 0 + + + + + + 0 0 + 0 + + + + 0 + + + Land 0 0 = II 0 11 11 11 0 = 11 || 11 || Liabilities + Accounts Payable 0 + + 0 + + + 0 + + 0 + + + Common Stock 0 0 0 0 I - - 1 I 1 Equity Dividends 0 + 0 + + + + 0 + + + + 0 + Revenue 0 0 0 0 - T - I I F Expenses 0 0 0 0
During the year, the Flight Company experienced the following accounting transactions: 1. Issued common stock in the amount of $150,0002. Paid a $30,000 cash dividend3. Borrowed $25,000 from a bank4. Made a principal payment of $3,500 on an outstanding bank loan5. Made an interest payment of $1,200 on an outstanding bank loan Using the accounting equation, record each of the transactions in columnar format using the following template:Use negative signs with answers, when appropriate.
[The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $2,600 cash during the year. $ 11,600 10,600 7,600 6,600 14,200 17,600 22,200 14,600 36, 200 25,200 21,600 13,600 9,600 Cash Accounts receivable Supplies Equipment Accounts payable Armani, Capital, December 31, prior year Armani, Capital, December 31, current year Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare the current year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31 Liabilities Assets Total liabilities Equity $ 2$ 0 Total liabilities and equity Total assets
A company engaged in the following transactions: Dec.1- Performed services for cash, $750 Dec.1- Paid expenses in cash, $550. Dec 2- Performed services on credit, $900. Dec 3- Collected on account, $600. Dec 4- Incurred expenses on credit, $650. Dec 5- Paid on account, $350. Enter the correct titles on the following T accounts, as attached, and enter the above transactions in the accounts. Determine the cash balance after these transactions, the amount still to be received, and the amount still to be paid.