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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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.
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
Learning Objectives 4, 5: Journalize and post transactions; construct and use atrial balance) Olivia Matthews, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the first part of May 2018:May Received $12,000 cash from Matthews, and issued common stock to her.Paid monthly oce rent, $500.Paid cash for a desktop computer, $1,800, with the computer expected toremain in service for five years.Purchased oce furniture on account, $6,000, with the furniture projectedto last for five years.Purchased supplies on account, $900.Performed tax services for a client and received cash for the full amountof $600.Received bill and paid utility expenses, $750.Performed consulting services for a client on account, $3,100.2234591218Requirements1. Journalize the transactions for Olivia Matthews, Certified Public Accountant. Explanationsare not required.2. Post to the T-accounts. Key all items by date and determine the ending balance…
Learning Outcomes Covered in the Assignment: Outcome No. 3, 4 and 5 > Recording the Journal > Posting in the ledger > Preparing unadjusted trial balance Assignment Question(s) Problem 1. Mr. Amjad started his Car Repair Business in Muscat in June 2020. During the month of June, the following transactions occurred: June 1 Amjad opened the business by investing OMR 200,000. June 2 Purchased Computers for OMR 2,500 and immediately paid OMR 2,000 cash and promised the supplier to pay the remaining amount in the future. June 5 Purchased supplies on account for OMR 8,500. June 6 Provided repair service to a customer, OMR 5,600. The customer paid OMR 2,000 and the remaining will be paid in the near future. June 10 Paid the remaining amount of OMR 500 for the Computers bought June 2. June 15 Provided repair service to a customer on account, OMR 20,000. June 16 Purchased Computer Equipment by cash, OMR 9,000 June 23 Received cash from the customer who was billed on June 15", OMR 20,000. June 24…
(Learning Objective 4: Journalize and post transactions) Consultant Mary Gervaispurchased supplies on account for $4,300. Later Gervais paid $3,450 on account.1. Journalize the two transactions on the books of Mary Gervais, Consultant. Include anexplanation for each transaction.2. Open a T-account for Accounts Payable and post to Accounts Payable. Compute thebalance and denote it as Bal.3. How much does the business owe after both transactions? In which account does thisamount appear?
Can you help me create a trial balance and balance sheet please for the following information

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