eBook Show Me How Video Transactions and Financial Statements Roger Smith established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Opened a business bank account in the name of Smith Insurance Inc., with a deposit of $30,000 in exchange for common stock. b. Borrowed $50,000 by issuing a note payable. c. Received cash from fees earned, $15,000. d. Paid rent on office and equipment for the month, $2,500. e. Paid automobile expense for the month, $1,250, and miscellaneous expense, $500. f. Paid office salaries, $3,250. g. Paid interest on the note payable, $250. h. Purchased land as a future building site, paying cash of $60,000. i. Paid dividends, $1,500. Instructions: 1. Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. After all transactions are recorded, enter Net income under the Income Statement column. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts using the minus sign. Transaction a Fees earned b. C. Chec Issued common stock Issued note payable Paid dividends Paid interest expense Paid salary expense Purchased land Rent expense Balance Sheet Assets Assets Liabilities Stockholders' Equity Stockholders' Equity + Save and Exit Submit Assignment for Grading
eBook Show Me How Video Transactions and Financial Statements Roger Smith established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Opened a business bank account in the name of Smith Insurance Inc., with a deposit of $30,000 in exchange for common stock. b. Borrowed $50,000 by issuing a note payable. c. Received cash from fees earned, $15,000. d. Paid rent on office and equipment for the month, $2,500. e. Paid automobile expense for the month, $1,250, and miscellaneous expense, $500. f. Paid office salaries, $3,250. g. Paid interest on the note payable, $250. h. Purchased land as a future building site, paying cash of $60,000. i. Paid dividends, $1,500. Instructions: 1. Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. After all transactions are recorded, enter Net income under the Income Statement column. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts using the minus sign. Transaction a Fees earned b. C. Chec Issued common stock Issued note payable Paid dividends Paid interest expense Paid salary expense Purchased land Rent expense Balance Sheet Assets Assets Liabilities Stockholders' Equity Stockholders' Equity + Save and Exit Submit Assignment for Grading
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 13MC: Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would...
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Show Me How Video
Transactions and Financial Statements
Roger Smith established an insurance agency on July 1, 20Y5, and completed the following transactions during July:
a. Opened a business bank account in the name of Smith Insurance Inc., with a deposit of $30,000 in exchange for common stock.
b. Borrowed $50,000 by issuing a note payable.
c. Received cash from fees earned, $15,000.
d. Paid rent on office and equipment for the month, $2,500.
e. Paid automobile expense for the month, $1,250, and miscellaneous expense, $500.
f. Paid office salaries, $3,250.
g. Paid interest on the note payable, $250.
h. Purchased land as a future building site, paying cash of $60,000.
i. Paid dividends, $1,500.
Instructions:
1. Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. After all transactions are recorded,
enter Net income under the Income Statement column. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash
outflows as negative amounts using the minus sign.
Transaction
a
Fees earned
b.
C.
Chec
Issued common stock
Issued note payable
Paid dividends
Paid interest expense
Paid salary expense
Purchased land
Rent expense
Balance Sheet
Assets
Assets
Liabilities
Stockholders' Equity
Stockholders' Equity
+
Save and Exit
Submit Assignment for Grading
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