More infoа.Marilyn Crane contributed $18,000 cash in exchange for capital.b.Performed service for a client and received cash of $1,500.с.Paid off the beginning balance of accounts payable.d.Purchased office supplies from OfficeMax on account, $700.е.Collected cash from a customer on account, $1,600.f.Marilyn withdrew $1,900.g.Consulted for a new band and billed the client for services rendered, S2,700.h.Recorded the following business expenses for the month:1. Paid office rent: $1,300.2. Paid advertising: $500.PrintDone Marilyn Crane opened a public relations firm called Shining Stars on August 1,2016. The following amounts summarize her business on August 31, 2016:During September 2016, the business completed the following transactions:1 (Click the icon to view the transactions.)(Click the icon to view the amounts.)Analyze the effects of the transactions on the accounting equation ofShining StarsAnalyze the events chronologically, one transaction at a time. Beginning with transaction a., calculate the balance in each account after analyzing the effect of thetransaction on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.]Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign orparentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Adv. = Advertising; Cap. = Crane, Capital; Exp. = Expense; Liab = Liabilities;Rev. = Revenue; Sup. = Supplies; Withdr. = Crane, Withdrawals.)ASSETSLIAB.+EQUITYCashA/ROfficeLandA/PСар.Withdr.+ ServiceRentAdv.Sup.Rev.Exp.Exp.Bal.2,0003,20013,000 =4,00011,0003,20018,00018,000a.Bal.20,0003,20013,0004,00029,0003,200b.Bal.++

The accounting equation states that a company's total assets are equal to the sum of its liabilities…

Analyze the events chronologically, one transaction at a time. Beginning with transaction a., calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign o parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Adv. = Advertising; Cap. = Crane, Capital; Exp. = Expense; Liab = Liabilities Rev. = Revenue; Sup. = Supplies; Withdr. = Crane, Withdrawals.) ASSETS LIAR FOUITY

Analyze the events chronologically, one transaction at a time. Beginning with transaction a., calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign o parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Adv. = Advertising; Cap. = Crane, Capital; Exp. = Expense; Liab = Liabilities Rev. = Revenue; Sup. = Supplies; Withdr. = Crane, Withdrawals.) ASSETS LIAR FOUITY

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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Please help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…
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7. Opening balances are entered: A. via the Gear menu B. on the day the expenses were incurred C. on the Chart of Accounts D. as a Journal Entry or directly into the account register 8. Which accounts in the Chart of Accounts CANNOT be deleted? A. Accounts added by other users B. Preset accounts or those linked to other features C. Asset accounts D. All of them 9. What type of account is a credit card account? A. Asset B. Liability C. Equity D. Revenue
Select all that apply Which of the following statements are true? Credit entries produce increases in some account balances and decreases in other account balances. Increases in account balances are always recorded with debit entries. Decreases in account balances are always recorded with debit entries. Debit entries produce increases in some account balances and decreases in other account balances. Need help? Review these concept resources. Read About the Concept-
Ch. 3 Classwork Chart of Accounts Common Stock Cash Accounts Receivable Supplies Inventory Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation Accounts Payable Notes Payable Unearned Revenue Retained Earnings Dividends Fees Earned Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense M4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering services to local these parks. Listed below are some transaction from the first quarter of 2020. a) On January 1, the owners deposited $200,000 into the business bank account in exchange for Common Stock. b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check for $30,000. c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning on April 1.…
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