Ch. 2 QuizLarry Bar opened a frame shop and completed these transactions:211. Larry started the shop by investing $41,500 cash and equipment valued at $19,500.2. Purchased $220 of office supplies on credit3. Paid $2,700 cash for the receptionist's salary4. Sold a custom frame service and collected $6,000 cash on the sale.Skipped5. Completed framing services and billed the client $350What was the balance of the cash account after these transactions were posted?Multiple Choice$10,580.$10,930.$44,800.$44,930.$45,150

Step 1: Cash balance is calculated as follows:

Answered: Ch. 2 Quiz Larry Bar opened a frame…

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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Chapter 5: Question 7 On April 5, Timothy established an interior decorating business, Tim's Design. Required: A,B, and C.
PA4. LO 8.5 Prepare a trial balance using the journal entries in the Problem PA3.
Question 2: The cake Basket has recently started a business named Cookie Creations. Following Data is given for the month of November. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name "Cookie Creations" and transfers $500 from her personal account to the new account. 11 Natalie pays $65 for advertising. 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. (Hint: Úse Supplies account.) 14 Natalic starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost her $750. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth $300. She invests the equipment in the business. 16 Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $2,000 cash,…
Please answers these one
Journalize the following transactions and prepare cash account 1 Started business with 50,000, paid into Bank * 20,000.2 Bought furniture for 5,000 and machinery for * 10,000.3 Purchased goods for * 14,000.6 Sold goods for * 8,000.8 Purchased goods from Malhotra & Co. * 11,000.10 Paid telephone rent for the year by cheque * 500.11 Bought one typewriter for 2,100 from Universal Typewriter Co. on credit.15 Sold goods to Keshav Ram for 12,000.17 Sold goods to Rajesh Kumar for 2,000 for cash.19 Amount withdrawn from bank for personal use * 1,500.20 Withdrew from bank for business use 3,500.
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DATE TRANSACTION June 1 Jenna Davis invested $40 900 cash to start the business. 2 Issued Check 201 for $1,940 to pay the June rent for the office. 3 Purchased desk and other office furniture for $11,160 from Lowe's Office Supply, Invoice 5103; issued Check 202 for a $1,900 down payment with the balance due in 30 days. 4 Issued Check 203 for $1,460 for supplies. 6 Performed services for $7,210 in cash. 7 Issued Check 204 for $6,090 to pay for advertising expense. 8 Purchased recording equipment for $12,450 from Special Moves, Inc., Invoice 2122; issued Check 285 for a down payment of $4,000 with the balance due in 30 days. 10 Performed services for $6,160 on account. 11 Issued Check 206 for $3,300 to Lowe's Office Supply as payment on account. 12 Performed services for $10,500 in cash. 15 Issued Check 207 for $5,210 to pay an employee's salary. 18 Received payments of $3,640 from credit clients on account. 20 Issued Check 288 for $5,580 to Special Moves, Inc., as payment on account. 25…
Question 10 Two friends, Mickey and Minnie, had just started university studies. Both intended to major in accounting. During the first week of lectures, Minnie, who had to go home for family reasons, asked Mickey to buy a copy of the prescribed accounting text for her from the university book- shop. She left Mickey $100 to cover the cost of the text currently selling in the bookshop for $80. On the day Mickey visited the bookshop to buy the text; he noted that there were a number of copies that had been returned to the shop by the students who had managed to get second-hand copies. These returned copies had been marked down to $65 and looked new. Unable to resist a bargain, Mickey bought a copy for $65. Mickey then realized that Minnie would not know that the text he had bought was a return and he had been bought at a special price and that he could give Minnie change of $20 and the keep the savings on the text for $15 for himself. He simply had to tell Minnie that he had lost the…
Prepare ledger accounts
11:22 ASSIGNMENT RE... / Problem #6 Journalizing Transactions cangeline Jamili Landscaping Service has the following completed transactions: Mar. 1 Jamili deposited P200,000 in a bank account in the name of the business. 4 Jamili invested personal gardening equipment, with a fair market value of P10,000, in the business. 6 Bought a used trailer on account from Sala Sales, P8,500. 7 Paid rent for the month, P6,000. 9 Bought a used backhoe from Mobile Equipment, P62,000, paying P30,000 in cash and the balance on account. 10 Bought liability insurance for one year, P9,000. 13 Performed landscaping services on account for Tindoy Restaurant, P34,200. 14 Bought supplies on account from Office Decor, P2,400. 15 Performed landscaping services on account for Urios University, P25,600. 17 Received and paid the bill from De Leon Services for gas and oil for the equipment, P1,400. 19 Performed landscaping services for Calimpusan on cash basis, P18,800. 22 Paid accounts to Sala Sales, P4,000. 24…
Activity 4: journalize the following transactions
X the column involved in the journal entry. Debit Cash Account 1 business You put $10,000 cash in your 2 next month. You sell a $5000 painting to Joey. The money's due You buy $300 supplies on account 3 from the paint store You pay $100 cash bonus to your helper so they can buy 4 turkey dinner. 8 5 delivered. 9 You owe Staples for $75 of copy paper you had 6 Joey paid his bill You pay off what you owe at the 7 paint store Amy puts $300 on your desk for a painting you'll do over New Years You pay Staples You buy a scanner 10 for $4000 cash Debit Accts Receivable Debit Accts Payable Credit Cash Credit Credit Accts Accts Receivable Payable h

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