C. In June, Nikea Inc. received the $10,000 payment from XYZ Which of Nikea's accountsare affected by this transaction and what is its effect on the accounting equation?Type your response here:D. What is the effect on XYZ's accounting equation in June when it remitted the $10,000?Type your response here:EvaluationYour teacher will use this rubric to evaluate the completeness of your work as well as theclanty of thinking you exhibitTotal Points: 100Basics of Fundamental AccountingTask points: (100]The owner invests more money in the business(10]

Given transaction is: Nikea Inc. received the $10,000 payment from XYZ. Cash (Assets) - Increase XYZ…

Answered: C. In June, Nikea Inc. received the…

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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A manager at Thess, a business retailing and servicing custom keyboards, needs help with interpreting some of the accounting transactions that took place during the month of January 2022. The manager has provided you with a list of those transactions below. Required: Underneath each transaction in the space proyided, write a brief narration describing the economic event that corresponds to that transaction. Date Account titles (Details) Dr ($) Cr ($) 2/1/2022 Cash 3,000 Accounts Receivable 2,500 GST Collected 500 Service Revenue 5,000 Answer here: 15/1/2022 Inventory 10,000 GST Paid 1,000 Accounts Payable 5,500 Cash 5,500 Answer here: 30/1/2022 Accounts Payable 15,000 Bank Loan 15,000 Answer here: 31/1/2022 Rent Expense 2,000 Prepaid Rent 2,000 Answer here: 31/1/2022 Unearned Revenue 10,000 Service Revenue 10,000 Answer here:
Hespeler services financial accounting information for the year ending October 2019 is presented below , assume all accounts have a normal balance
above transactions and determine the balances. Prove total amounts c. Prepare a statement of Income for July and a statement of financial 48 MGMT 101a: Principles of Accounting I Learning Tasks/Activities Direction: Analyze and answer the following problems provided below. Problem 1. The Family Clinic is owned and operated by Dr. Galing. Dr. Galing has the following assets and liabilities when he started the clinic on July 1: Cash P 54,200 , Medical Supplies P 3,850, Medical Equipment P 75,000, Accounts Payable on Medical Equipment P 25,000. His business transactions during July are the following a. Received cash from patient for services performed, P 40,000 b. Paid amounts owed for medical equipment, P 15,000 C. Paid Office Rent for the month, P 15,000 d. Charged patients for services performed, P 8,025 e. Received cash from account patients P 10,000 for Medical Services of P 20,000 f. Purchased medical supplies on account, P 12,450 a. Received cash from patients for amounts owing, P…
Prior to Tuesday midnight of Week 5, post at least once about this week's Wiley assignment. You are highly encourage to ask your fellow learners for help or share your own insight as you work through the assignment. Try to add constructive points to the discussion rather than, for instance, simple comments about the difficulty of the assignment. Some guiding points: What were some interesting management accounting concepts that came up this week? At this point, do you see the management accounting approach being more or less useful than financial accounting for you? Why?
(Learning Objective 4: Journalize and post transactions) Orman Consulting performed services for a client who could not pay immediately. Orman expected to collect the$4,600 the following month. A month later, Orman received $2,100 cash from the client.1. Record the two transactions on the books of Orman Consulting. Include an explanation foreach transaction.2. Post to these T-accounts: Cash, Accounts Receivable, and Service Revenue. Compute eachaccount balance and denote it as Bal.
your line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners’ equity statement, and balance sheet as well as how these accounts are differed under different forms and types of business. Produce the final accounts for a sole trader business (Software Programming Company) from task 1 including profit and loss account, owners’ equity statement, and balance sheet for the Period ended July 31st. using the trial balance that you have produced in problem 2/ task1 2) Make the adjustments entries for the following transactions before preparing the final accounts for LLC company:  On the 20th of October 2019, the business purchased supplies for 8000 cash. On 31st of December, 2019 the business found out that the supplies still on hand were 4000 only.  The business has a Equipment with book value of 17000, with annual depreciation rate of 10%.  On the 1st of July the business purchased a…
In November, Year 2, your accounting firm placed a one-time website advertisement with Today's CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company's Citibank Visa credit card. Below is the transaction you completed for this purchase. If you run the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today's CPA? Why? Teacher Feedback: was the expense form completed properly?
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
Complete the General Ledger based on the recorded journal entries. Remember to: write the date, explanation, and fill out the value in the corresponding DR or CR column. Your explanation should only contain the other account names as per your journal entries, separated by a "/" where necessary.
Prepare journal entered for the attached transactions
to Financial Accounting / FINAL EXAM ACCT101 FALL 2020-2021 Muscat Company Paid R.O 4, 000 on balance owed for Account Payable incurred last month. Which of the following journal entries is recorded correctly and in the standard format? Select the correct answer: ion Select one: O a. DEBIT Cash OMR 4,000 and CREDIT Account Payable OMR 4,000 O b. DEBIT Account Payable OMR 4,000 and CREDIT Cash OMR 4,000 Oc. No entry-not a transaction O d. DEBIT Cash OMR 4,000 and CREDIT Utilities Expense OMR 55,000 e. DEBIT Utilities Expense OMR 4,000 and CREDIT Account Payable OMR 4,000 Finish attempt Seyll lis si page
Kindly prepare the Worksheet for this. thank yoouu!!

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