eht-take&inprogress=fa eBook Effect of Transactions on Accounting Equation David Segal started a business. During the first month (October 20--), the following transactions occurred. a. Invested cash in the business, $15,000. b. Bought office supplies for $3,800: $1,800 in cash and $2,000 on account. c. Paid one-year insurance premium, $1,000. d. Earned revenues amounting to $2,700: $1,700 in cash and $1,000 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $1,800. f. Paid office rent for the month, $650. g. Withdrew cash for personal use, $150. Required: Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Ca Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. a. Cash 15,000 T Assets (Items Owned) Accounts Receivable b. 1,800 C. 1,000 d. 1,700 1,000 e. 1,800 X + Office Supplies + Prepaid Insurance || Liabilities + Owner's (Amts. Owed) (Owner's Investment) Accounts + Payable D. Segal, Capital D. Segal, Drawing + 15,000 3,800 2,000 X 1,000 X f. g. 650 X X 150

eht-take&inprogress=fa eBook Effect of Transactions on Accounting Equation David Segal started a business. During the first month (October 20--), the following transactions occurred. a. Invested cash in the business, $15,000. b. Bought office supplies for $3,800: $1,800 in cash and $2,000 on account. c. Paid one-year insurance premium, $1,000. d. Earned revenues amounting to $2,700: $1,700 in cash and $1,000 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $1,800. f. Paid office rent for the month, $650. g. Withdrew cash for personal use, $150. Required: Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Ca Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. a. Cash 15,000 T Assets (Items Owned) Accounts Receivable b. 1,800 C. 1,000 d. 1,700 1,000 e. 1,800 X + Office Supplies + Prepaid Insurance || Liabilities + Owner's (Amts. Owed) (Owner's Investment) Accounts + Payable D. Segal, Capital D. Segal, Drawing + 15,000 3,800 2,000 X 1,000 X f. g. 650 X X 150

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 17PA: Prepare journal entries to record the following transactions for the month of November: A. on first...

See similar textbooks

Similar questions

On Ontober 1, 20Y6, Jay Crowley estabished Afiordable Reakty, which oompleted the following transactions during the month: 1. Joumalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of Oet 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for account titles. common stock, $31,500. 2 Paid rent on office and equipment for the month, $2,450. PAGE 1 JOURNAL ACCOUNTING EQUATION 3 Purchased supplies on account, $2,200. 4 Paid creditor on account, $860. DATE DESCRIPTION POST, REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 5 Earned sales commissions, receiving cash, $16,430. 6 Paid automobile expenses (including rental charge) for 2 month, $1,650, and miscellaneous expenses, $690. 7 Paid office salaries, $2,200. 4 * Determined that the cost of supplies used was $1,100. * Paid dividends, $3,600. 1. Joumalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for…
JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
.ComDino takeASSignmenu takeASsigmentMain.do?invoker=assignments&takeAssignmentSessionLocator%=Dassignment-take&inpro. Q < Show oie riow Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume 30O days in a year. For a compound transaction, I an amount box does not require an entry, leave it blank. Apr. 18. Received a $60,000, 30-day, 7% note dated April 18 from Glenn Cross on account. 30. Received a $42,000, 60-day, 8% note dated April 30 from Rhoni Melville on account. May 18 The note dated April 18 from Glenn Cross is dishonored, and the customer's account is charged for the note, including interest. June 29. The note dated April 30 from Rhoni Melville is'dishonored, and the customer's 'account is charged for the note, including interest. Aug. 16. Cash is received for the amount due on the dishonored note dated April 18 plus Interest for 90 days at 8% on the total amount…
I am struggling with these calculations: I uploaded both data need to answer question and answer table
1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
Beth uses the net invoice method to record sales on account. Beth made sales of $40,000 with terms 3/15, net 45. The customer pays after 25 days. Journalize: Date Accounts Debit Credit
Prepare journal entries for the following transaction using the accrual basis of accounting. Received $2,000 from a charge client for services performed last month. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BUS Paragraph EX² X₂ X² X₂ > ¶< श्री unearned revenue $2.000 cash credit $2,4000 Arial - ABC ✓ ¶T ΠΩ
Posting Transactions to T-accountsDuring the year, the Decker Company experienced the following accounting transactions: 1. Issued common stock in the amount of $150,0002. Paid a $30,000 cash dividend3. Borrowed $25,000 from a bank4. Made a principal payment of $3,500 on an outstanding bank loan5. Made an interest payment of $1,200 on an outstanding bank loan Prepare journal entries and post your transaction analysis to the appropriate T-accounts. When posting the journal entries to the T-accounts, enter them in order. For expenses, and dividends - select "Retained earnings" as the account. General Journal Ref. Description Debit Credit 1. Answer Answer Answer Answer Answer Answer 2. Answer Answer Answer Answer Answer Answer 3. Answer Answer Answer Answer Answer Answer 4. Answer Answer Answer Answer Answer Answer 5. Answer Answer Answer Answer Answer Answer Cash Answer Answer Answer Answer Answer Answer…
Comprehensive review of the entire accounting cycle, Chapters 1-5 0 (175 min) Check Figure Net Income $5,388.44 P5-2C. From the following transactions as well as additional data, please complete the entire accounting cycle for Mike's Plumbing of Prince Albert. (Use a chart of accounts similar to the one in Problem P5-1A on page 228.) 2022 May 1 To open the business, Mike Quinlan invested $10,000 cash and $7,400 worth of plumbing equipment. 1 Paid rent for four months in advance, $1,980. 3 Purchased office equipment on account from MacKenzie Co., $3,800. 7 Bought plumbing supplies, $1,645. 8 Collected $3,600 for plumbing services provided. 9 Mike paid his home utility bill with a company cheque, $122. Billed Western Construction Co. for plumbing fees earned but not to be received until later, $9,600. 10 14 21 28 Advertising bill was received from ABCD Radio Co. but is not to be paid until next month, $420. Received cheque from Western Construction Co. in partial payment of transaction…
hh. Subject:- Accounting On December 31, the company purchases equipment for $10,000 and pays for the purchase in cash.Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.