E3-11 Selected transactions for F.heroe Corporation during its first month in business are presented below. Issued common stock in exchange for $20,000 cash received from investors. 5 Purchased equipment for $9,000, paying $3,000 in cash and the balance Sept. 1 on account. Performed services on account for $18,000. 14 Paid salaries of $1,200. 25 Paid $4,000 cash on balance owed for equipment. 30 Paid $500 cash dividend. 8. Protheroe's chart of accounts shows Cash, Accounts Receivable, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, and Salaries and Wages Expense. Instructions (a) Prepare a tabular analysis of the September transactions. The column headings should be Cash + Accounts Receivab holders' Equity. For transactions affecting stockholders' equity, provide explanations in the right margin, as shown on page 110. (b) Journalize the transactions. Do not provide explanations. (c) Post the transactions to T-accounts. + Equipment = Accounts Payable + Stock-

E3-11 Selected transactions for F.heroe Corporation during its first month in business are presented below. Issued common stock in exchange for $20,000 cash received from investors. 5 Purchased equipment for $9,000, paying $3,000 in cash and the balance Sept. 1 on account. Performed services on account for $18,000. 14 Paid salaries of $1,200. 25 Paid $4,000 cash on balance owed for equipment. 30 Paid $500 cash dividend. 8. Protheroe's chart of accounts shows Cash, Accounts Receivable, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, and Salaries and Wages Expense. Instructions (a) Prepare a tabular analysis of the September transactions. The column headings should be Cash + Accounts Receivab holders' Equity. For transactions affecting stockholders' equity, provide explanations in the right margin, as shown on page 110. (b) Journalize the transactions. Do not provide explanations. (c) Post the transactions to T-accounts. + Equipment = Accounts Payable + Stock-

Name: E3-11 Selected transactions for F.heroe Corporation during its first
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: E3-11 Selected transactions for F.heroe Corporation during its first month in businessare presented below.Issued common stock in exchange for $20,000 cash received from investors.5 Purchased equipment for $9,000, paying $3,000 in cash and the balanc

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

Journalize the following transactions for the firm that began operations on 1/1/of 23. Create the Debit and Credit for each of the following 8 transactions. January 2 Issued 10,000 shares of common stock for $100,000. Par value at $1 January 2 Bought a building: cost $70,000 paid $10,000 in cash and borrowed the balance from XYZ bank. ( no salvage value, 5 year life, straight line method used) Bought inventory during the year from various suppliers on account for $80,000. During the year, sold inventory cost was $60,000 for $130,000 on account. In 2023 paid employees $30,000 for wages performed. In 2023, collected $90,000 from customers related to sales on account. In 2023 paid suppliers $56,000 related to purchases on account. On December 31, recognized depreciation expense of $14,000 on the building.
Please give answer
ABC Company ended Year 1 with the following account balances: Cash 600, Common Stock 400, and Retained Earnings 200. The following transactions occurred during Year 2: • Issued common stock for $19,000 cash. • ABC borrowed an additional $11,000 from Chris Bank. • ABC earned $9,000 of revenue on account. • ABC incurred $4,000 of operating expenses on account. • Cash collections of accounts receivables were $6,000. • ABC provided additional services to customers for $1,000 cash. • ABC purchased land for $14,000. • ABC used $3,000 in cash to make a partial payment on its accounts payable. • ABC declared and paid a $200 dividend to the stockholders • On December 31 ABC had accrued salaries of $4,000. What is the net cash flow from operating activities shown on the statement of cash flows for the year ending December 31, Year 2? Multiple Choice O O $4,000 $3,800 $6,000 None of these answer choices is correct.
Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company’s accounts included the following at June 30:Accounts Payable $ 61,000Buildings 580,000Cash 98,000Common Stock 250,000Equipment 164,000Land 484,000Notes Payable (long-term) 13,000Retained Earnings 1,006,000Supplies 4,000During the month of July, the company had the following activities:Issued 3,700 shares of common stock for $370,000 cash.Borrowed $100,000 cash from a local bank, payable in four years.Bought a building for $182,000; paid $74,000 in cash and signed a three-year note for the balance.Paid cash for equipment that cost $98,000.Purchased supplies for $98,000 on account.PB2-2 Part 5Prepare a classified balance sheet at July 31.
Svi
Question (I got $44,000... correct?): Riley Company began operations on August 1, 2026 and entered into the following transactions during 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and borrowed $48,000 from a local bank on a 10-month, 10% note payable. 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchased a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchased land for $30,000 cash. 5. On October 28, Riley Company sold two-thirds of the inventory that was purchased on August 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19,000 cash. 7. On December 31, Riley recorded all necessary adjusting entries. Calculate the amount of total expenses reported in Riley Company's 2026 income statement after all of the above transactions have been recorded and posted.
prepare journal entries and T-account
Accounting
The following transactions occurred during March. The first month of operations for Quality Galleries incorporated Capital Stock was issued in exchange fot $351,000 cash Purchased $1,62.000 of equipment by making a $51,000 cash down payment and signing a note payable tor the balance. made$30,500 cash payment on the note payable from the purchase of equipment sold a piece of equipment for cash of $9,000. The equipment was sold at cost . so there is no gain or loss on the sale. What is the balance in the Note Payable account at the end of March? Options a.$80,500 b.$111,000 c.$141,500 d.$30,500
E2-13 (Algo) Recording Journal Entries LO2-4 Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $72,000 cash from the five investors who organized Jameson Corporation. Each investor received 110 shares of $10 par value common stock. b. Ordered store fixtures costing $11,000. c. Borrowed $10,000 cash and signed a note due in two years. d. Purchased $18,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance. e. Lent $1,500 to an employee who signed a note to repay the loan in three months. f. Received and paid for the store fixtures ordered in (b). Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the receipt of $72,000 cash from five investors who each received 110 shares of $10 par value common stock. Note: Enter…
Selected transactions for Concord Corporation during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $18,200 cash received from investors. 5 Purchased equipment for $8,670, paying $2,550 in cash and the balance on account. 8 Performed services on account for $19,700. 14 Paid salaries of $2,900. 25 Paid $2,900 cash on balance owed for equipment. 30 Paid $520 cash dividend. Complete a tabular analysis of the September transactions. For transactions affecting stockholders’ equity, provide explanations in the far right column. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.)