Crane Enterprises had the following selected transactions. 1. 2. 3. 4. (a) Indicate the effect each transaction has on the accounting equation, using plus and minus signs. 1. N 2. Bo Crane invested $4,400 cash in the business. Paid office rent of $1,045. Performed consulting services and billed a client $5,720. Bo Crane withdrew $825 cash for personal use. 3. Assets > II Liabilities + Owner's Equity ✓ (Investment) ✓ (Expense) ✓ (Revenue)

Crane Enterprises had the following selected transactions. 1. 2. 3. 4. (a) Indicate the effect each transaction has on the accounting equation, using plus and minus signs. 1. N 2. Bo Crane invested $4,400 cash in the business. Paid office rent of $1,045. Performed consulting services and billed a client $5,720. Bo Crane withdrew $825 cash for personal use. 3. Assets > II Liabilities + Owner's Equity ✓ (Investment) ✓ (Expense) ✓ (Revenue)

Name: Journalize each transaction. (List all debit entries before credit en
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Description: Journalize each transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O

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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Question: Soar Inc. enters into the following transactions: . Stockholders contribute $11,200 cash to a company in exchange for common stock. The company purchases $5,600 to buy new equipment by paying cash. The company pays $3,120 to suppliers on account. I. Show the effect of these transactions on the basic accounting equation. Transaction Analysis a. Assets = Liabilities Stockholders' Equity + C. II: a) Record the entry for cash contributed by stockholders, $11,200. b) Record the purchase of new equipment for $5,600 cash. c) Record the entry for cash used to payoff accounts payable $3,120. Transaction General Journal Debit Credit
A Required information [The following information applies to the questions displayed below.] Required: 1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Receivable; Supplies; Equipment, Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Expense 2. Post entries to T-accounts and the ending balances will be calculated. @ The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $11,500 cash in the company in exchange for common stock. b. The company purchased supplies for $334 cash. c. The company purchased $6,360 of equipment on credit. d. The company received $1,357 cash for services provided to a customer. e. The company paid $6,360 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,438 for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,02Tash as partial payment for the…
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Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets in exchange for its common stock to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Office equipment 18,310 Salaries expense 7,350 Land 45,990 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common stock 84,310 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
Record the following transactions in the basic accounting equation. Treat each one separately. a. Morgan invests $118,000 in company.b. Bought equipment for cash, $1,100.c. Bought equipment on account, $800.
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Presented below are a number of economic events. 1. Purchased supplies on account, $200. 2. Provided a service on account, $560. 3. Paid salaries expense, $340. 4. Issued common shares in exchange for cash, $7,000. 5. Declared and paid $140 of dividends to shareholders. 6. Received cash from a customer who had previously been billed for services provided, $560 (see item 2). 7. Paid account owed to supplier on account, $200 (see item 1). 8. Paid for insurance in advance, $180. 9. Received cash in advance from a customer for services to be performed in the future, $350. 10. Performed the service that the customer previously paid for (see item 9). Journalize the transactions given above for Crane Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.