Determine the Impact to the accounting equation related to Transactions each transaction 1 Tom, Lisa, Katie and Tim each contributed 250,000 in exchange for Common Stock of the TLKT Corporation The company purchased a building and land worth 200,000 and 100,000, respectively by putting 20% down and 1 carrying a mortgage on the balance. 2 The company purchased 1,000 units of inventory at $50 per unit on account. 3 The company purchased a 1 year insurance policy for $3,600 4 The company purchased $2,400 of supplies 15 The company received $40,000 for 10 service jobs to be completed in the future Jan. Jan. Jan. Jan. Jan. Jan. Jan. 16 The company hired an employee The company sold inventory for $60,000 receiving 15,000 in cash and the remainder on account; record the sale Jan. 17 first. 17 The inventory sold was worth 20,000; record the reduction of inventory second 24 The company completed 3 service jobs for $5,000 each. (Not related to the entry on January 15). Jan. Jan. X Jan. 29 The company declared a dividend of 1,000 to be paid to the shareholders on record on Feb 15 図回回回区区

Determine the Impact to the accounting equation related to Transactions each transaction 1 Tom, Lisa, Katie and Tim each contributed 250,000 in exchange for Common Stock of the TLKT Corporation The company purchased a building and land worth 200,000 and 100,000, respectively by putting 20% down and 1 carrying a mortgage on the balance. 2 The company purchased 1,000 units of inventory at $50 per unit on account. 3 The company purchased a 1 year insurance policy for $3,600 4 The company purchased $2,400 of supplies 15 The company received $40,000 for 10 service jobs to be completed in the future Jan. Jan. Jan. Jan. Jan. Jan. Jan. 16 The company hired an employee The company sold inventory for $60,000 receiving 15,000 in cash and the remainder on account; record the sale Jan. 17 first. 17 The inventory sold was worth 20,000; record the reduction of inventory second 24 The company completed 3 service jobs for $5,000 each. (Not related to the entry on January 15). Jan. Jan. X Jan. 29 The company declared a dividend of 1,000 to be paid to the shareholders on record on Feb 15 図回回回区区

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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You are the bookkeeper for Harley Inc., a newly formed corporation. Harley had the following transactions for their business: * Four shareholders contributed $40,000 ($10,000 each) in exchange for Harley common stock. * Harley purchased inventory for $5,000. Harley received an invoice for the inventory that is due in 30 days. What are the effects on Harley's accounting equation? A B D Based on the two transactions, Assets increased by $40,000, Liabilities decreased by $5,000 and Shareholder Equity increased by $45,000. Based on the two transactions, Assets increased by $45,000, Liabilities increased by $5,000 and Shareholder Equity increased by $40,000. C Based on the two transactions, Assets increased by $15,000, Liabilities increased by $5,000 and Shareholder Equity increased by $10,000. Based on the two transactions, Assets increased by $35,000, Liabilities decreased by $5,000 and Shareholder Equity increased by $40,000.
Part A: Journalize the following transactions for June.Dean Winchester opened Ghost Cleaners on June 1, 2021. He is the sole owner of the corporation.During June, the following transactions were completed by Dean.1-Jun Invested $65,000 in exchange for common stock in Ghost Cleaners, Inc.1-Jun Purchased a used van for $12,000, paying $3,000 cash and the taking out a note payable for the rest.He plans to pay off the remaining balance on the van by June 1, 2022. The note has a 10% APRwith interest being payable at the end of every month. No principle payments are due until August 1, 2021.1-Jun Paid $1,800 cash on a 12-month insurance policy effective June 1, 2021.1-Jun Hired his brother, Sam, to help with the corporation. He will be paid $1,000 per month for now.5-Jun Purchased cleaning supplies for $1,500 on account.7-Jun Billed a client, F. Crowley, for services performed on June 7 in the amount of $3,000.8-Jun Paid $100 for gasoline for the van.12-Jun Paid $200 for maintenance on the…
Park & Company was recently formed with a $6,400 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,400 from a local bank, purchased $1,140 of supplies on account, and also purchased $6,400 of equipment by paying $2,140 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are: Multiple Choice $9,800. $15,200. $12,800. $11,940.
On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…
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I want # 3 required to be answered.
A company reported the following transactions during the year: o Issued bonds worth $100,000 o Paid $20,000 in interest o Purchased a building for $150,000 o Received dividends of $5,000 o Sold equipment for $25,000 Classify these transactions into operating, investing, and financing activities.
Upc Rosilyn trades an old parcel of land with an adjusted basis of $13,000 and an outstanding loan liability balance of $2,000 for a new parcel of land valued at $9,000 plus $3,000 cash from Bob's Company. Bob assumes Rosilyn's loan balance. What is Rosilyn's amount realized on the transaction? Oa. $13,000 Ob. $14,000 Oc, $3,000 Od. $9,000 Oe. $12,000 (Previous Next 1:57 A 5/11/202
Required information [The following information applies to the questions displayed below.] Bailey Delivery Company, Incorporated, was organized in 2021 in Wisconsin. The following transactions occurred during the year: a. Received cash from investors in exchange for 14,000 shares of stock (par value of $1.00 per share) with a market value of $11 per share. b. Purchased land in Wisconsin for $19,000, signing a one-year note (ignore interest). c. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $13,000 each; paid $3,000 cash and signed a note due in three years for the rest (ignore interest). d. Paid $1,200 cash to a truck repair shop for a new motor for one of the trucks. (Increase the account you used to record the purchase of the trucks because the productive life of the truck has been improved) e. Sold one-fourth of the land for $4,750 to Pablo Development Corporation, which signed a six-month note. f. Stockholder Helen Bailey paid $29,000…