ated, a branding consultant, had the following transactions. Indicate the accounts, amounts, and directio the effects on the accounting equation under the accrual basis. A sample is provided. a. (Sample) Received $9,700 cash for consulting services rendered in January. b. Issued common stock to investors for $11,500 cash. c. Purchased $21,500 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $8,450 cash for consulting services to be performed in February. e. Bought and received $1,250 of supplies on account. f. Received utility bill for January for $2,170, due February 15. g. Consulted for customers in January for fees totaling $16,300, due in February. h. Received $16,700 cash for consulting services rendered in December. i. Paid $625 toward supplies purchased in (e). Required: ndicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis. A sample is provided. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.)

ated, a branding consultant, had the following transactions. Indicate the accounts, amounts, and directio the effects on the accounting equation under the accrual basis. A sample is provided. a. (Sample) Received $9,700 cash for consulting services rendered in January. b. Issued common stock to investors for $11,500 cash. c. Purchased $21,500 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $8,450 cash for consulting services to be performed in February. e. Bought and received $1,250 of supplies on account. f. Received utility bill for January for $2,170, due February 15. g. Consulted for customers in January for fees totaling $16,300, due in February. h. Received $16,700 cash for consulting services rendered in December. i. Paid $625 toward supplies purchased in (e). Required: ndicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis. A sample is provided. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.)

Name: January, longo, Incorporated, a branding consultant, had the followin
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Description: January, longo, Incorporated, a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction ofthe effects on the accounting equation under the accrual basis. A sample is provided.a. (Sample) Received $9,700 cas

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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Record the following selected transactions for April.
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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,…
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Alex Vera organized Succulent Epress at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: a. Terry Mason invested $30,000 in Succulent Express in exchange for common stock. b. Paid $5,400 on February 1 for an insurance premium on a one-year policy. c. Purchased supplies on account, $1,800. d. Received fees of $57,000 during February. e. Paid expenses as follows: wages, $21,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200. f. Paid dividends of $8,000. Part 2: Record the adjustments at the end of February to record the insurance expense and supplies expense. There was $300 of supplies on hand as of February 28. Identify the adjustment for insurance as (a1) and supplies as (a2). Enter the Net income under the Income Statement column after recording both adjustments. Statement of Cash Flows a. Financing…