CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 5,950 172,000 14,900 325,000 34,500 134,500 33,750 0 8,800 During the month of July, the company had the following activities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $54,750 cash from a local bank, payable in two years. c. Bought a building for $176,250; paid $44,250 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $236,000. e. Purchased supplies for $13,500 on account.

CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 5,950 172,000 14,900 325,000 34,500 134,500 33,750 0 8,800 During the month of July, the company had the following activities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $54,750 cash from a local bank, payable in two years. c. Bought a building for $176,250; paid $44,250 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $236,000. e. Purchased supplies for $13,500 on account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); ACcounts Payable (201); D. Brooks, Capital (301); D. Brooks, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Brooks invested $200,000 cash along with $28,000 in office equipment in the company. Note: Enter debits before credits. Date General Journal Debit Credit Mar 01
Required information PA2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 27,800 156,000 58,250 155,000 138,000 262,000 3,250 440, 100 11,900 During the month of July, the company had the following activities: a. Issued 5,500 shares of common stock for $550,000 cash. b. Borrowed $135,000 cash from a local bank, payable in two years. c. Bought a building for $233,000; paid $90,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $225,000. e. Purchased supplies for $54,250 on account.
ces All associated information and instructions for the Chapter 11 case are presented between pages 706 and 713 in the text. The steps for setting up a new company in Section 11.3 (pages 706 to 713) must be attempted before attempting any of the following questions. Required: The following accounts are from Mookie The Beagle Coach's Chart of Accounts. For each account, identify Account Type and Financial Statement on which it appears. Note: Complete all steps listed for C11.3.1 to C11.3.7 in the text prior to attempting the following question. Accort 1. Sales 2. Checking 3. Accounts Receivable (A/R) 4. Rent and Lease 5. Prepaid Expenses 6. Prepaid Expenses: Supplies 7 Office Supplies and Software 8. Prepaid Expenses: Insurance 9. Insurance Expense: Liability Insurance Expense 10 Payments to Deposit 11 Accounts Payable (AP) 12. VISA Credit Card 13. Prepaid Expenses: Rent 14. Interest Expense 15. Contractors 16 Legal and Professional Services 17 Advertising and Marketing 18 Retained…
Required information [The following information applies to the questions displayed below.] Chase Company posted transactions (a through in the following T-accounts in December, its first month of operations. a. C. Debit Debit Cash 15,600 b. 14,600 e. f. Accounts Payable 4,200 d. Debit Credit Services Revenue C. Credit Credit Prepare its December 31 trial balance. Chase Company Trial Balance 5,200 b. 6,200 d. 4,200 6,300 14,600 e. Debit Debit Debit Supplies 5,200 6,300 Common Stock a. Rent Expense 6,200 Credit Credit Credit 15,600
please answer within the format with detailed working, Please provide answer in text (Without image)
Required Informatlon [The following Information applies to the questions displayed below) Athletic Performance Company (APC) was Incorporated as a private company. The company's accounts Included the following at July 1: Accounts Payable Buildings $ 4,500 242,000 Cash 12,200 Common Stock 348, e00 Equipment 25,500 Land 95,000 Notes Payable (long-term) Retained Earnings 28,250 Supplies 6,050 During the month of July, the company had the following activitles: a. Issued 2,100 shares of common stock for $210,000 cash. b. Borrowed $53,000 cash from a local bank, payable In two years. c. Bought a bullding for $210,000; pald $59,000 in cash and signed a three-year note for the balance. d. Pald cash for equlpment that cost $174,000. e. Purchased supplies for $16,000 on account. 5. Prepare a classified balance sheet at July 31. Include Retalned Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Balance Sheet At July 31 Assets Liabilities…
Sagar
Required information [The following information applies to the questions displayed below] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: $ 4,500 Accounts Payable Buildings 242,000 12,200 348,000 25,500 95,000 28, 250 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 6,050 During the month of July, the company had the following activities: a. Issued 2,100 shares of common stock for $210,000 cash. b. Borrowed $53,000 cash from a local bank, payable in two years. c. Bought a building for $210,000; paid $59,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $174,000. e. Purchased supplies for $16,000 on account. 4. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Trial Balance At July 31 Debit Credit Cash 12,200 Supplies…
! Required information E2-12 (Algo) Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet [LO 2-2, LO 2-3, LO 2-4] [The following information applies to the questions displayed below.] Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $36,000 cash from the company's founders in exchange for common stock. b. Purchased land for $13,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $8,000 each; paid $3,000 cash and signed a note due in three years for $13,000 (ignore interest). d. Paid $1,700 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $310,000 cash for a house for his personal use. E2-12 (Algo) Part 1 Required: 1. Analyze each item for its effects on the accounting equation of Laser Delivery Services for the…
How to complete this balance sheet?
Required Informatlon [The following Information applies to the questions displayed below.] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts Included the following at June 30: $ 22,700 Accounts Payable Buildings 158,000 Cash 46,250 Common Stock 170,000 Equipment 153,500 Land Notes Payable (long-term) Retained Earnings 226,000 3,200 395,650 Supplies 7,800 During the month of July, the company had the following activitles: a. Issued 4,600 shares of common stock for $460,000 cash. b. Borrowed $189,000 cash from a local bank, payable in two years. c. Bought a bullding for $202,000; pald $85,000 in cash and signed a three-year note for the balance. d. Pald cash for equlpment that cost $277,000. e. Purchased supplies for $45,750 on account. Requlred: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity Accounts…
Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $16,580 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $9,000 I. Lawson, Withdrawals 5,300 Services revenue 7,300 Rent expense 3,720 Wages expense 16,580 $ Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $17,880. LAWSON CONSULTING Balance Sheet 0 Total equity $ 2,300 14,400 2,800 8,000 $ 0 0