Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company,proposes to record the following transactions.External TransactionAccountsDebitCredit1. Owners invest $11,500 in the company and receive common stock.Common Stock11,500Cash11,5002. Receive cash of $3,300 for services provided in the current period.Cash3,300Service Revenue3,3003. Purchase office supplies on account,$230.Supplies230Cash2304. Pay $530 for next month's rent.Rent Expense530Cash5305. Purchase office equipment with cash of $1,850.Cash1,850Equipment1,850 2. Provide a correct entry for each of the transactions classified as incorrect. (If no entry is required to correct a transaction/event,select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet13>Owners invest $11,500 in the company and receive common stock.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1No Journal Entry Required

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Description: Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company,proposes to record the following transactions.External TransactionAccountsDebitCredit1. Owners invest $11,500 in the company and rec

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Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions. External Transaction Accounts Debit Credit 1. Owners invest $11,500 in the company and receive common stock. Common Stock 11,500 Cash 11,500 2. Receive cash of $3,300 for services provided in the current period. Cash 3,300 Service Revenue 3,300 3. Purchase office supplies on account, $230. Supplies 230 Cash 230 4. Pay $530 for next month's rent. Rent Expense Cash 530 530 5. Purchase office equipment with cash of $1,850. Cash 1,850 Equipment 1,850

Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions. External Transaction Accounts Debit Credit 1. Owners invest $11,500 in the company and receive common stock. Common Stock 11,500 Cash 11,500 2. Receive cash of $3,300 for services provided in the current period. Cash 3,300 Service Revenue 3,300 3. Purchase office supplies on account, $230. Supplies 230 Cash 230 4. Pay $530 for next month's rent. Rent Expense Cash 530 530 5. Purchase office equipment with cash of $1,850. Cash 1,850 Equipment 1,850

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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Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 560 Office equipment Accounts payable Owner investments Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $ Add: Investments by owner 82,650 Add: Net income 3,660 86,310 Less: Withdrawals by owner 460 J. Ernst, Capital, December 31 $ 85,850
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.
Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed services for $26,000 cash. 2. Purchased $4,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,040 of supplies on hand. Required: Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting per c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Income statement Event Req B2 Balance sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. Note: Not all cells require input. Enter any decreases to account balances with a minus sign. Req B3 Statement of cash flows Cash…
1. Prepare a Classified Statement of Assets & Liabilities as at 30th June 2023 Cash receipts and payments for the year ended 30th June 2023: Cash Receipts: Subscriptions 11,000 Bar sales Hire of function room $ Bank Bar inventory 30,000 5,300 Assets & Liabilities as at $46,300 Subscription in arrears Subscription in advance Bar equipment - at cost Accumulated depreciation bar equipment Bank Loan (Due 30/6/17) Accounts payable (bar) Accrued bar wages Prepaid rent expense Cash Payments: Bar purchases 12,000 Payments to accounts payable Telephone Insurance Cleaner's wages Electricity Bar wages Bank Loan interest Rent paid 1 July 2022 15,000 2,600 220 800 35,000 5,000 16,000 1,000 O 0 $ ? 6,000 900 1,200 1,500 800 5,000 2,900 10,000 $40,300 30 June 2023 2,400 880 270 35,000 6,000 16,000 2,000 100 500
Required Informatlon [The following Information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash withdrawals by owner Consulting revenue Cash $14,8980 930 Accounts receivable 12,820 12,820 Office supplies 2,290 Rent expense 2,530 Land 45,960 Salaries expense 5,780 Office equipment Accounts payable Telephone expense Miscellaneous expenses 16,900 790 7,678 610 Owner investments 83,010 Using the above Information prepare an October Income statement for the business. ERN ST CON SULTING Income Statement
Krespy Corp. has a cash balance of $7,500 before the following transactions occur:- received customer payments of $965 supplies purchased on account $435 services worth $850 performed, 25% is paid in cash the rest will be billed corporation pays $275 for an ad in the newspaper bill is received for electricity used $235. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
Only typed answer Refer to the accompanying table of information for the Moolah Bank. Assume that the listed amounts constitute this bank's complete set of accounts. Moolah's Multiple Choice assets are $1,100. liabilities are $1,100. net worth is $300. profit is $1,000.
JOURNAL ENTRIES, LEDGERS, AND TRIAL BALANCE After opening their computer sales and service store, the Millers completed the following four transactions: 1. They invested $100,000 in cash in the business. 2. They purchased on credit $10,000 worth of goods from several suppliers. 3. They sold on a cash basis $13,000 worth of products and services. 4. They paid $3,000 for salaries. Use the above information to prepare the following: 1. Journal entries 2. Ledgers 3. Trial balance