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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Adjusting Entries On August 31, Cliff has the transactions shown below which requires the accounting team to make the necessary adjustments to reflect in the end of period accounting records: Date Aug. 31 Aug. 31 Aug. 31 Aug. 31 Transaction Cliff took an inventory of supplies and discovered that $250 of supplies remain unused at the end of the month. The equipment purchased on August 3 depreciated $2,500 during the month of August. Clip'em Cliff performed $1,100 of services during August for the customer from the August 14 transaction. Reviewing the company bank statement, Clip'em Cliff discovers $350 of interest earned during the month of August that was previously uncollected and unrecorded. As a new customer for the bank, the interest was paid by a bank that offered an above-market-average interest rate.
PA4. LO 8.5 Prepare a trial balance using the journal entries in the Problem PA3.
Question Sharon Kerr Owns South City Moving Service. She had the following transaction for February 2004 February 2 she started South City Moving Service by investing $ 62,000 February 6 Received an advertising bill for $2,000 February 10 Purchased $ 6,000of store Supplies on the account. February 13 Purchased $8,000of equipment on account February 16 Owner invested an additional $ 4,000 cash February 20 Paid wages of $3,000. February 23 Billed a customer $7,000 for moving services Required 1- Prepare general journal and general T ledger account 2- Prepare from the T ledger account trial balance
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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 4: You have the following transactions the last few days of April. Apr. 25 You stop by your uncle's gas station to refill both gas cans for your company, Watson's Landscaping. Your uncle adds the total of $28 to your account. Apr. 26 You record another week's revenue for the lawns mowed over the past week. You earned $1,200. You received cash equal to 75% of your revenue. You pay your local newspaper $35 to run an advertisement in this week's paper. Apr. 27 Apr. 29 You make a $25 payment on account. Prepare the necessary journal entries for these four transactions. Explain why you debited and credited the accounts you did. What will be the new balance in each account used in these entries?
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
art 1 Test A October Transactions: Oct Received cash from owner as an investment, $18,000.00. RL 1 2. Paid cash to establish a petty cash fund, $150.00. C1. 2. Bought supplies, $190.00, using debit card. M1. 3 Paid cash for insurance, $800.00. C2. 4 Paid cash for one month's rent, $1,100.00. C3. Bought supplies on account from Star Supplies, $225.00. M2. Sold services on account to Ridgewood Center, $2,200.00. S1. Sold services on account to Palmdale Cafe, $850.00. S2. 17 Paid cash for advertising in a professional journal, $300.00. C4. 20 Paid cash for postage (Miscellaneous Expense), $35.00. C5. 22 Paid cash on account to Costello Company, $300.00, using EFT, M3. 24 Received cash on account from Palmdale Cafe, $500.00. R2. 28 Paid cash to owner for personal use, $1,500.00. C6. 29 Recorded bank service charge, $25.00. M4. 29 Received notice from the bank of a dishonored check from Palmdale Cafe, $500.00, plus $40.00 fee; total, $540.00. M5. 31 Received cash from sales, S4,200.00, T31…

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