Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. 25,440 Dividends 22,470 Consulting fees earned 5,360 Rent expense 44,100 Salaries expense 20,120 Telephone expense 10,420 Miscellaneous expenses 103,000 $ 6,100 27,100 9,660 5,690 980 Cash Accounts receivable Office supplies Land Office equipment Accounts payable 600 Common stock

Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. 25,440 Dividends 22,470 Consulting fees earned 5,360 Rent expense 44,100 Salaries expense 20,120 Telephone expense 10,420 Miscellaneous expenses 103,000 $ 6,100 27,100 9,660 5,690 980 Cash Accounts receivable Office supplies Land Office equipment Accounts payable 600 Common stock

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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Assume John Sullivan completed the following additional transactions during February. (e) Received cash from a client for professional services, $1,500. (f) Paid office rent for February, $600. (g) Paid February phone bill, $64. (h) Withdrew cash for personal use, $1,000. (i) Performed services for clients on account, $750. (j) Paid wages to part-time employee, $1,200. (k) Received cash for services performed on account in transaction (i), $400. (Enter the change in Cash on the first line and the change in other account on the second line.) Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital – Drawing + Revenues – Expenses). Use the minus sign to indicate a decrease or reduction in the account. After transaction (k), report the totals for each element. If an amount box does not require an entry, leave it blank. Owner's Equity Assets = Liabilities + Capital - Drawing + Revenues…
The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31: Fees Earned $165,000 Cash $30,000 Accounts Receivable 16,000 Selling Expenses 44,000 Equipment 64,000 Common Stock 47,000 Accounts Payable 12,000 Interest revenue 3,000 Salaries & Wages Expense 40,000 Income taxes expense 18,000 Income Taxes Payable 5,000 Rent expense 20,000 Determine the total assets at the end of the current year for Scott Industries.$fill in the blank 1
Use the following information for Exercises 16-18 below. (The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following accounts and amounts for the month of August. Cash Accounts receivable Office supplies Land $ 25,310 C. Camry, Withdrawals 22,320 Consulting fees earned 5,200 Rent expense 43,970 Salaries expense 19,960 Telephone expense 10,700 Miscellaneous expenses $ 5,950 26,960 9,500 5,560 820 470 Office equipment Accounts payable
Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1. On December 31, Metrix shows the following selected accounts and amounts for the month of December. Cash $ 11,400 Common stock $ 18,400 Accounts receivable 5,200 Dividends 3,700 Notes receivable 4,200 Consulting revenue 20,500 Office supplies 3,200 Rental revenue 2,200 Prepaid insurance 2,700 Salaries expense 4,700 Equipment 12,500 Rent expense 3,700 Accounts payable 6,740 Advertising expense 740 Notes payable 4,100 Utilities expense 540 Unearned revenue 640 Required:1. Prepare a December income statement for the business.2. Prepare a December statement of retained earnings. The Retained Earnings account balance at December 1 was $0.3. Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.
Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows the following selected accounts and amounts for the month of March.Equipment $10,000Office supplies $2,700Salaries expense 4,200Rental revenue 1,700Consulting revenue 18,000Advertising expense 640Cash 10,400Prepaid insurance 2,200Utilities expense 440Accounts payable 5,140Note payable 3,600Note receivable 3,700Accounts receivable 4,700Rent expense 3,200Common stock 16,400Unearned revenue 540Dividends 3,200Prepare a Balance Sheet:
Handy Dandy Repair Shop had the following transactions during the first month of business as a proprietorship. Aug. 2 Invested $11,440 cash and $2,350 of equipment in the business. 7 Purchased supplies on account for $490. (Debit asset account.) 12 Performed services for clients, for which $1,380 was collected in cash and $640 was billed to the clients. 15 Paid August rent $555. 19 Counted supplies and determined that only $245 of the supplies purchased on August 7 are still on hand. Journalize the transactions.
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. Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Utilities Expense
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Following is the chart of accounts of Smith Financial Services: Assets 111 Cash 113 Accounts Receivable 115 Supplies 117 Prepaid Insurance 124 Office Furniture Liabilities 221 Accounts Payable Owner’s Equity 311 A. Smith, Capital 312 A. Smith, Drawing Revenue 411 Professional Fees Expenses 511 Salary Expense 512 Rent Expense 513 Advertising Expense 514 Utilities Expense Smith completed the following transactions during June (the first month of business): June 1 Smith deposited $10,000 in a bank account in the name of the business. 3 Sold financial services on account to W. Johnson, $3,030, Inv. No. 001. 8 Paid a bill for advertising, $100, Ck. No. 200. 9 Bought supplies on account from Jones Supply, $75, Inv. No. 405. 13 Performed financial services for clients for cash, $3,200. 17 Received and paid the bill for utilities, $104, Ck. No. 201. 19 Bought a desk and chair from Davis Furniture, $600, paying $50 in cash and…
Shafinaz running a medium-sized 24 hours petrol station kiosk at Johor Bahru, Johor. The petrol station has six pump attendants cum general workers, a cashier and accounts clerk. The employees record their attendance using a punch card which they manually write their name, time and month of work. Each employee is required to keep their own punch card and submit it to the accounts clerk, at the end of every month. Any overtime payment will be verbally authorize by Shafinaz with flat-rate RM3.50 per hour. No other record is maintained as the owner is satisfied with the comprehensive information stated in the payroll master schedule. Cashier or account clerk would prepare a cheque based on the amount in the payroll master schedule and hand over the cheques to Syafinaz for her signature. The cheques are then distributed to the employees by cashier.a. Evaluate any FIVE (5) weaknesses in the above internal control system.
Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1. On December 31, Metrix shows the following selected accounts and amounts for the month of December. Cash $ 10,200 Common stock $ 16,000 Accounts receivable 4,600 Dividends 3,100 Notes receivable 3,600 Consulting revenue 17,500 Office supplies 2,600 Rental revenue 1,600 Prepaid insurance 2,100 Salaries expense 4,100 Equipment 9,500 Rent expense 3,100 Accounts payable 4,820 Advertising expense 620 Notes payable 3,500 Utilities expense 420 Unearned revenue 520 Required:1. Prepare a December income statement for the business. 2. Prepare a December statement of retained earnings. The Retained Earnings account balance at December 1 was $0. 3. Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.
Bluestreak Painting Company incurs the following transactions for September. 1. September 3 Paint houses in the current month for $16,500 on account. 2. September 8 Purchase painting equipment for $17,500 cash. 3. September 12 Purchase office supplies on account for $2,800. 4. September 15 Pay employee salaries of $3,500 for the current month. 5. September 19 Purchase advertising to appear in the current month for $1,200 cash. 6. September 22 Pay office rent of $4,700 for the current month. 7. September 26 Receive $11,500 from customers in (1) above. 8. September 30 Receive cash of $5,300 in advance from a customer who plans to have his house painted in the following. month. Required: 1. Record each transaction. 2. Post each transaction to T-accounts and calculate the ending balance for each account. At the beginning of September, the company had the following account balances: Cash, $42,600; Accounts Receivable, $1,350; Supplies, $430; Equipment, $6,700; Accounts Payable, $1,100;…