3-5B Bob Royce incorporated Royce Consulting, an accounting2014. During the first month of operations, these events and transactions urred.tice, on MayStockholders invested $100,000 cash in exchange for common stock thcorporation.Hired a secretary-receptionist at a salary of $2,500 per month.3May 1Purchased $800 of supplies on account from Pickering Supply Company.Paid office rent of $1,400 for the month.Completed a tax assignment and billed client $2,500 for services performed.Received $4,200 advance on a management consulting engagement.Received cash of $3,300 for services completed for Woodman Co.7111217Paid secretary-receptionist $2,500 salary for the month.Paid 50% of balance due Pickering Supply Company.3131The company uses the following chart of accounts: Cash, Accounts Receivable, Supplies,Accounts Payable, Unearned Service Revenue, Common Stock, Service Revenue, Salariesand Wages Expense, and Rent Expense.Instouetions.☺ Poepare.trausoctions, TheMayshould be cash t Acounts deceivale+ AccouutsTabulooi aualysis of Thecoleonta headingapayable+Stock holdosissquity.S PhotoGrid

Bob Royce incorporated Royce Consulting on May 2014 May 1- Stockholders invested $100000 cash in…

Answered: 3-5B Bob Royce incorporated Royce…

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

Solve this question The Kamran Steel Ltd. engaged in the following transactions during the month of December 2018:• DEC. 01: Issued 2,000 shares of common stock at 200 per share• DEC. 03: Paid office rent for the month of December Rs 5000.• DEC. 06: Purchased office supplies Rs 2500.• DEC. 12: Purchased office equipment on account Rs45,000• DEC. 16: Purchased business car for Rs 50,000. Paid Rs200,000 cash and issued a note for the balance.• DEC. 21: Billed clients Rs 24,000 on account.• DEC. 25: Declared dividends Rs 30,000. The amount of dividends will be distributed in December.• DEC. 28: Paid utility bills for the month of December Rs1800.• DEC. 29: Received Rs 20,000 cash from clients billed on December 21.• DEC. 30: Paid salary for the month of December Rs 8,500Required: Record the above transactions in a general journal.
Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company’s accounts included the following at June 30:Accounts Payable $ 61,000Buildings 580,000Cash 98,000Common Stock 250,000Equipment 164,000Land 484,000Notes Payable (long-term) 13,000Retained Earnings 1,006,000Supplies 4,000During the month of July, the company had the following activities:Issued 3,700 shares of common stock for $370,000 cash.Borrowed $100,000 cash from a local bank, payable in four years.Bought a building for $182,000; paid $74,000 in cash and signed a three-year note for the balance.Paid cash for equipment that cost $98,000.Purchased supplies for $98,000 on account.PB2-2 Part 5Prepare a classified balance sheet at July 31.
Svi
Give me write answers and I give you good reviews
Subject: acounting
Current Attempt in Progress Sheridan Computer Corporation had the following opening account balances at the end of April: Cash $5,500; Accounts Receivable $8,000; Accounts Payable $2,500: Common Shares $5,000; and Retained Earnings $6,000. It entered into the following transactions during the month of May: 1. Purchased equipment on account for $8,200. Paid $1,800 for rent for the month of May. Provided computer services for $4,300 on account. Paid Ontario Hydro $300 cash for utilities used in May. Borrowed $19,500 from the bank. Paid supplier for equipment purchased in transaction 1. Purchased a one-year accident insurance policy for $500 cash. Received $2,800 cash in partial payment of the account owed in transaction 3. Declared and paid $500 of dividends to shareholders. Paid income tax of $250 for the month. 2. 3. 4. 5. 6. 7. 8. 9. 10. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is…
Borrowed $22 cash on July 1, 2018, signing a six-month note payable. Purchased equipment for $25 cash on July 2, 2018. Issued additional shares of common stock for $5 on July 3. Purchased software on July 4, $3 cash. Purchased supplies on July 5 on account for future use, $7. Recorded revenues on December 6 of $55, including $8 on credit and $47 received in cash. Recognized salaries and wages expense on December 7 of $30; paid in cash. Collected accounts receivable on December 8, $9. Paid accounts payable on December 9, $10. Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Amortization for 2018, $1. Supplies of $3 were counted on December 31, 2018. Depreciation for 2018, $4. Accrued interest of $1 on notes payable. Salaries and wages incurred but not yet paid or recorded, $3. Income tax expense for 2018 was $4 and will be paid in 2019. What is the transaction for all of these?
Following information is from first month of operations. Make a Mulit Step Income Statement 1/1 Ray incorporated B&C Inc and invested $100,000 in exchange for 100,000 shares of $1 par common stock. 1/1 Paid $9,000 for the first 6 months of rent (Jan-June) on a production facility. 1/1 Paid $4,200 for an insurance premium on a one-year policy. 1/1 Purchased a $15,000 piece of factory equipment with a 3% Note Payable which will be paid in full at the end of 2 years. This equipment has an estimated life of 5 years and an estimated residual value of $3,000. 1/2 Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 1/3 Purchased $50,000 of raw materials from Chemical Supply Inc on account. 1/5 Requisitioned $10,000 of raw materials to begin working on Job A (a batch of doodads) and another $7,000 of raw materials to begin working on Job B. 1/8 Paid off account with Office Hoard Corp with cash. 1/10 Incurred $2,500 worth of direct labor costs while…
E2-13 (Algo) Recording Journal Entries LO2-4 Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $72,000 cash from the five investors who organized Jameson Corporation. Each investor received 110 shares of $10 par value common stock. b. Ordered store fixtures costing $11,000. c. Borrowed $10,000 cash and signed a note due in two years. d. Purchased $18,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance. e. Lent $1,500 to an employee who signed a note to repay the loan in three months. f. Received and paid for the store fixtures ordered in (b). Required: Prepare journal entries for each transaction. (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 2 3 4 5 6 Record the receipt of $72,000 cash from five investors who each received 110 shares of $10 par value common stock. Note: Enter…
Selected transactions for Concord Corporation during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $18,200 cash received from investors. 5 Purchased equipment for $8,670, paying $2,550 in cash and the balance on account. 8 Performed services on account for $19,700. 14 Paid salaries of $2,900. 25 Paid $2,900 cash on balance owed for equipment. 30 Paid $520 cash dividend. Complete a tabular analysis of the September transactions. For transactions affecting stockholders’ equity, provide explanations in the far right column. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.)
Comprehensive review of the entire accounting cycle, Chapters 1-5 0 (175 min) Check Figure Net Income $5,388.44 P5-2C. From the following transactions as well as additional data, please complete the entire accounting cycle for Mike's Plumbing of Prince Albert. (Use a chart of accounts similar to the one in Problem P5-1A on page 228.) 2022 May 1 To open the business, Mike Quinlan invested $10,000 cash and $7,400 worth of plumbing equipment. 1 Paid rent for four months in advance, $1,980. 3 Purchased office equipment on account from MacKenzie Co., $3,800. 7 Bought plumbing supplies, $1,645. 8 Collected $3,600 for plumbing services provided. 9 Mike paid his home utility bill with a company cheque, $122. Billed Western Construction Co. for plumbing fees earned but not to be received until later, $9,600. 10 14 21 28 Advertising bill was received from ABCD Radio Co. but is not to be paid until next month, $420. Received cheque from Western Construction Co. in partial payment of transaction…
Do not give answer in image

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS