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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The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,050. 15 Paid employee salaries $1,110. 17 Performed $570 of services in exchange for cash. 20 Paid $1,980 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 31 Paid utilities $320.
Listed below are eight transactions the Foster Corporation made during November:a. Issued stock in exchange for cash.b. Purchased land. Made partial payment with cash and issued a note payable for the remainingbalance.c. Recorded utilities expense for November. Payment is due in mid-December.d. Purchased office supplies with cash.e. Paid outstanding salaries payable owed to employees for wages earned in October.f. Declared a cash dividend that will not be paid until late December.g. Sold land for cash at an amount equal to the land’s historical cost.h. Collected cash on account from customers for services provided in September and October.Indicate the effects of the above transactions on each of the financial statement elements shownin the column headings below. Use the following symbols: I Increase, D Decrease, andNE no effect. Transaction Net Income Assets Liabilities Equitya.b.c.d.e.f.g.h.Transaction Net Income Assets Liabilities Equitya.b.c.d.e.f.g.h.Transaction
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Record the following selected transactions for April.
Required: Complete the table using additions and subtractions to show the dollar effects of transactions on individual items of the accounting equation. Show new balances after each transaction.
The following seven transactions produced the account balances shown above. a. Y. Min invested $21,500 cash in the business in exchange for common stock. b. Paid $8,620 cash for monthly rent expense for May. c. Paid $4,400 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $980 cash. e. Purchased $13,600 of office equipment on credit (with accounts payable). f. Received $42,000 cash for services provided in May. g. The company paid a $3,748 cash dividend. 2. Prepare a Cash T-account for the above transactions, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g. Beginning Balance a. f. Ending Balance Cash 0 21,500 42,000 63,500 8,620 b. 4,400 C. 980 d. 3,748 g.
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 3: Prepare all financial statements for February, including income statement, statement of stockholders' equity, balance sheet, and statement of cash flows. Part 3: Financial Statements Succulent Express Income Statement For the Month Ended February 28, 20Y4 Fees earned Operating expenses: Wages expense Rent…
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.
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.)
Transaction Analysis Galle Inc. entered into the following transactions during January. Borrowed $50,000 from First Street Bank by signing a note payable. Purchased $25,000 of equipment for cash. Paid $500 to landlord for rent for January. Performed services for customers on account, $10,000. Collected $3,000 from customers for services performed in Transaction d. Paid salaries of $2,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank or enter zero ("0"). Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item, enter "0" since the net effect on the item is zero. Assets = Liabilities + Stockholders' Equity ContributedCapital + RetainedEarnings
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…
Can someone please check this? Gomez Company had the following transactions in the last two months of its year ended December 31. November 1 Paid $2,000 cash for future advertising. November 1 Paid $3,120 cash for 12 months of insurance through October 31 of the next year. November 30 Received $6,600 cash for future services to be provided to a customer. December 1 Paid $12,000 cash for consulting to be received over the next eight months. December 15 Received $10,550 cash for future services to be provided to a customer. December 31 Of the advertising paid for on November 1, $1,450 worth is not yet used. December 31 A portion of the insurance paid for on November 1 has expired. No adjustment was made in November. December 31 Services worth $1,100 are not yet provided to the customer who paid on November 30. December 31 One-eighth of the consulting paid for on December 1 has been received. December 31 The company has performed $3,900 of services that the customer…