action Analysis: Debit and Credit RulesChapAPPLY WHAT YOU HAVE LEARNED2-1. Accounting equation.Use the following table to show the effects of transactions 1-10. Use+ or – and the dollaramount to show the effects. If a transaction affects only one cell, show the dollar amount andboth + and -. The transactions describe events for Copymaster Corporation, a photocopyingbusiness.AssetsLiabilities1. 000Equityt 50602.5.6.7.8.9.10.1. Shareholders invested $5,000 cash to begin the business.2. Copymaster bought a copying machine for $1,500 cash.3. Copymaster sold copies to customers for $500 cash.4. Copymaster produced copies for Fellows Corporation, its customer. The total saleamount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of themonth.bloe5. Copymaster paid employees $600.6. Copymaster bought supplies for $300.7. Copymaster paid rent of $700.8. Copymaster paid utilities of $200.9. Copymaster bought office furniture for $500.10. Copymaster had an unpaid phone bill at month-end for $100.lowbo gid leil atibisg noalost1012-720uaiucels bisgou e badHids dino313.4.

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Answered: action Analysis: Debit and Credit Rules…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 4.3C

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Use the following T-account for Careful Corporation to answer questions 11 and 12: Accounts Receivable Beg. Bal. $ 187 18 150 6 64 15 19 End. Bal. $ ? The ending balance of Accounts Receivable for Careful is: Group of answer choices A. $401 debit B. $343 debit C. $343 credit D. $ 58 credit
2. According to the list items below, tick (√) either the debit column or credit column based to which side of the trial balance you would expect the item to appear.Items DEBIT CREDITOffice EquipmentCreditorsInsuranceCashRent payableDebtorsSalesRent receivableDrawingsMotor vehiclesLoan from CUMB BhdCapitalWagesPremisesCarriage inwards
Required information [The following information applies to the questions displayed below) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…
SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Opened an account with Bank and made initial deposit1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Bought Equipment on Account3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In…
SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Purchased supplies on account1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid travelling expenses to pay business permit3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb.…
What's New The activity below will help you check how much you know about the key elements of the Statement of Financial Position (SFP). Activity 1: "HULA ME" Directions: 1. Guess the account title being described in each sentence. 2. Identify what element of SFP (Assets, Liabilities or Equity) it is listed/ included. 3. Write your answers on the columns provided. Description Account title SFP Element I am used as a medium of exchange in business transactions. I may be held on hand or put in banks for safekeeping. 2. 1. I can be in the form of cash or other assets invested by the owner to start- up a business. 3. I am items held for resale. 4. I am expenses paid in advance. 5. I am expenses incurred but not yet paid. 6. I am amounts due to suppliers for the purchase of goods or services received on account. 7. I am an amount taken by the owner from the business for personal use. 8. I am an account due with supporting promissory notes. I am 9. an account due from customers as a result…
For each transaction, suggest two internal controls you would implement. Justify your response. Here's an example to guide you: · A. Transaction: Big Marker purchased supplies on account, $100. B. Business process: Acquisition/ payment. C. Journal entry: Debit Supplies $100. Credit Accounts Payable $100. D. Elements: Supply is an asset; accounts payable, a liability E. Forms: Purchase requisition and purchase order. F. Additional information: name of the primary contact person at the vendor, specific type and quantity of supplies purchased (e.g., 10 boxes of paper clips) G. Internal controls: Transaction authorizations would ensure that only the purchasing department can issue purchase orders. Sending a blind copy of the purchase e Receiving department would aid in the segregation of duties.
Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "i" and the dollar amount in the column or columns. For decreases, place a"- and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total essets, total abilities, and total equity For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from Snancing activities. Transaction 1. Owner invest $300 cash in business in exchange for vock 2 Rives $700 cash for services provided 3 Pays $500 cash for employee wages & Buys $100 of equipment on cred 5 Purchases $200 af supplies on credit &…
Which of the following account is debited when account payable is converted into note payable? Account payable Interest Note payable Cash Which one of the following elements of financial statement helps in understanding the financial performance of the business iull lis M 直 0 TOSHIBA
Explain how the accounting equation organizes financial information using T-accounts and debits and credits.
Indicate how changes in these types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.23
Working with T-accounts Draw a T-account and label the following: 1. Account title, use Cash 2. Debit side 3. Credit side Next, post the following amounts to the Cash T-account: a. $4,500, debit b. $3,000 credit c. $900 debit d. $450 credit Then, find and insert the ending balance of the T-account.

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