EX 1-12 Chapter 1 Introduction to Accounting and BusinessObj. 4The following selected transactions were completed by Cota Delivery Service during July:1. Received cash in exchange for common stock, $35,000.2. Purchased supplies for cash, $1,100.3. Paid rent for October, $4,500.EX 1-12 Transactions4. Paid advertising expense, $900.5. Received cash for providing delivery services, $33,000.6. Billed customers for delivery services on account, $58,000.7. Paid creditors on account, $2,900.8. Received cash from customers on account, $27,500.9. Determined that the cost of supplies on hand was $300 and $8,600 of supplies had been used during themonth.10. Paid cash dividends, $2,500.Indicate the effect of each transaction on the accounting equation by listing the numbersidentifying the transactions, (1) through (10), in a column, and inserting at the right of eachnumber the appropriate letter from the following list:A. Increase in an asset, decrease in another asset.B. Increase in an asset, increase in a liability.C. Increase in an asset, increase in stockholders' equity.D. Decrease in an asset, decrease in a liability.Decrease in an asset, decrease in stockholders' equity.E.EX 1-13 Nature of transactionsObj. 4Teri West operates her own catering service. Summary financial data for July are presented inequation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in stockholders' equity, except transactio(5), affects net income.Assets= Liabilities +Stockholders' Equity%3DAccountsCommonRetainedFeesPayable +7,500Cash + Supplies + LandStockEamingsDividends + Earned -Exper%3DBal.40,0003,00082,00050,00067,5001.+71,800+71,8002.-15,000+15,0003. -47,500-474.+1,100+1,1005.-5,000-5,0006.-4,000-4,0007.-1,500Bal. 40,3002,60097,0004,60050,00067,500-5,00071,800А.Describe each transaction.What is the amount of the net increase in cash during the month?С.В.What is the amount of the net increase in stockholders' equity during the month?D. What is the amount of the net income for the month?E.How much of the net income for the month was retained in the business?

Since, you have specifically asked for 1-12, so, we will answer the same for you.

EX 1-12 Transactions The following selected transactions were completed by Cota Delivery Service during July: 1. Received cash in exchange for common stock, $35,000. 2. Purchased supplies for cash, $1,100. 3. Paid rent for October, $4,500. 4. Paid advertising expense, $900. 5. Received cash for providing delivery services, $33,000. 6. Billed customers for delivery services on account, $58,000. 7. Paid creditors on account, $2,900. 8. Received cash from customers on account, $27,500. 9. Determined that the cost of supplies on hand was $300 and $8,600 of supplies had been used during the month. 10. Paid cash dividends, $2,500. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in a column, and inserting at the right of each number the appropriate letter from the following list: A. Increase in an asset, decrease in another asset. Increase in an asset, increase in a liability. C Increase in an asset, increase in stockholders' equity. В. D. Decrease in an asset, decrease in a liability. E Decrease in an asset, decrease in stockholders' equity.

EX 1-12 Transactions The following selected transactions were completed by Cota Delivery Service during July: 1. Received cash in exchange for common stock, $35,000. 2. Purchased supplies for cash, $1,100. 3. Paid rent for October, $4,500. 4. Paid advertising expense, $900. 5. Received cash for providing delivery services, $33,000. 6. Billed customers for delivery services on account, $58,000. 7. Paid creditors on account, $2,900. 8. Received cash from customers on account, $27,500. 9. Determined that the cost of supplies on hand was $300 and $8,600 of supplies had been used during the month. 10. Paid cash dividends, $2,500. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in a column, and inserting at the right of each number the appropriate letter from the following list: A. Increase in an asset, decrease in another asset. Increase in an asset, increase in a liability. C Increase in an asset, increase in stockholders' equity. В. D. Decrease in an asset, decrease in a liability. E Decrease in an asset, decrease in stockholders' equity.

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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