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. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock 25,480 Dividends 22,520 Consulting fees earned 5,390 Rent expense 44,150 Salaries expense 20,170 Telephone expense 12,020 Miscellaneous expenses 101,800 $ 6, 140 27, 140 9,710 5,730 1,030 640 Exerclse 2-18 Preparing a balance sheet LO P3 Use the above information to prepare an August 31 balance sheet for Help Today. HELP TODAY Balance Sheet Total equity

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. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock 25,480 Dividends 22,520 Consulting fees earned 5,390 Rent expense 44,150 Salaries expense 20,170 Telephone expense 12,020 Miscellaneous expenses 101,800 $ 6, 140 27, 140 9,710 5,730 1,030 640 Exerclse 2-18 Preparing a balance sheet LO P3 Use the above information to prepare an August 31 balance sheet for Help Today. HELP TODAY Balance Sheet Total equity

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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Daube Industries' operations for the month of October are summarized as follows: A. Provided $9,000 of services in October on account. B. Received $3,800 cash from customers for services provided in October. C. Received $1,900 cash for services to be provided in November. D. Received $3,300 cash from customers on account for services provided in September. E. Paid September's warehouse rental bill on account in the amount of $1,400. F. Received October's warehouse rental bill of $1,000; set it aside to be paid at a later date. Required: a. Prepare journal entries to record the transactions identified among activities (A) through (F). Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
This problem is based on the transactions for the Kind Matters Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. December 1 On December 1, Jim Kennedy forms a consulting business, named Kind Matters. Kind Matters receives $42,000 cash from Jim Kennedy as an owner contribution. December 2 Kind Matters pays $3,100 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Kind Matters pays $38,000 cash for equipment. December 4 Kind Matters purchases $8,050 of supplies on credit from a supplier, CalTech Supply. December 5 Kind Matters provides consulting services and immediately collects $4,800 cash. December 6 Kind Matters pays $1,600 cash for December rent. December 7 Kind Matters pays $1,300 cash for employee salary. December 8 Kind Matters provides…
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
Transactions; Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a business bank account with a deposit of $26,000 in exchange for common stock. Purchased supplies on account, $2,620. Paid creditor on account, $1,660. Earned sales commissions, receiving cash, $26,750. Paid rent on office and equipment for the month, $5,240. Paid dividends, $8,000. Paid automobile expenses for month, $2,510, and miscellaneous expenses, $1,200. Paid office salaries, $3,160. Determined that the cost of supplies on hand was $880; therefore, the cost of supplies used was $1,740. Required: Question Content Area 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers using a minus sign. 2. Prepare an income statement for April.
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.
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Barbara Jones opened Barb’s Book Business on February 1. You have been hired to maintain the company’s financial records. The following transactions occurred in February, the first month of operations. a. Received shareholders’ cash contributions on February 1 totaling $19,000 to form the corporation; issued 1,000 shares of common stock. b. Paid $3,060 cash on February 2 for three months’ rent for office space. TIP: For convenience, simply record the full amount of the payment as an asset (Prepaid Rent). At the end of the month, this account will be adjusted to its proper balance. c. Purchased and received supplies on February 3 for $695 cash. d. Signed a promissory note on February 4, payable in two years; deposited $12,900 in the company’s bank account. e. On February 5, paid cash to buy equipment for $5,000 and land for $7,900. f. Placed an advertisement in the local paper on February 6 for $500 cash. g. Recorded sales on February 7 totaling $2,150; $1,250 was in…
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
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 Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue $ 10,000 4,500 3,500 2,500 2,000 9,000 4,500 3,400 500 Common stock Dividends Consulting revenue Rental revenue Salaries expense Rent expense Advertising expense Utilities expense 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. Complete this question by entering your answers in the tabs below. $ 15,600 3,000 17,000 1,500 4,000 3,000 600 400 n
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.
On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $53,000. 2 Paid rent on office and equipment for the month, $7,950. 3 Purchased supplies on account, $4,240. 4 Paid creditor on account, $2,320. 5 Earned fees, receiving cash, $24,180. 6 Paid automobile expenses (including rental charge) for month, $2,490, and miscellaneous expenses, $560. 7 Paid office salaries, $6,630. 8 Determined that the cost of supplies used was $1,860. 9 Withdrew cash for personal use, $2,600. Required: Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will…
On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business: Nov. 1 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $50,000. 1 Paid rent for period of November 1 to end of month, $4,000. 6 Purchased office equipment on account, $15,000. 8 Purchased a truck for $38,500 paying $5,000 cash and giving a note payable for the remainder. 10 Purchased supplies for cash, $1,750. 12 Received cash for job completed, $11,500. 15 Paid annual premiums on property and casualty insurance, $2,400. 23 Recorded jobs completed on account and sent invoices to customers, $22,300. 24 Received an invoice for truck expenses, to be paid in November, $1,250. Enter the following transactions on Page 2 of the two-column journal: Nov. 29 Paid utilities expense, $4,500. 29…