following transactions occur for the Hamilton Manufacturers. (a) Provide services to customers on account for $4,000. (b) Purchase equipment by signing a note with the bank for $10,500. (c) Pay advertising of $1,300 for the current month. Analyze each transaction and indicate the amount of increases and decreases in the accounting eq classifications should be entered as negative amounts.) Transaction Assets (a) (b) Stockholders' Liabilities Equity

following transactions occur for the Hamilton Manufacturers. (a) Provide services to customers on account for $4,000. (b) Purchase equipment by signing a note with the bank for $10,500. (c) Pay advertising of $1,300 for the current month. Analyze each transaction and indicate the amount of increases and decreases in the accounting eq classifications should be entered as negative amounts.) Transaction Assets (a) (b) Stockholders' Liabilities 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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Accounting
Analyzing Transactions Using the Financial Statement Effects Template Following are selected transactions of Mogg Company. Record the effects of each using the financial statement effects template. 1. Shareholders contribute $15,000 cash to the business in exchange for common stock. 2. Employees earn $750 in wages that have not been paid at period-end. 3. Inventory of $4,500 is purchased on credit. 4. The inventory purchased in transaction 3 is sold for $6,750 on credit. 5. The company collected the $6,750 owed to it per transaction 4. 6. Equipment is purchased for $7,500 cash. 7. Depreciation of $1,500 is recorded on the equipment from transaction 6. 8. The Supplies account had a $3,800 balance at the beginning of this period; a physical count at period-end shows that $1,200 of supplies are still available. No supplies were purchased during this period. 9. The company paid $15,000 cash toward the principal on a note payable; also, $750 cash is paid to cover this note's interest…
The following trial balance was compiled from accounting records of Okalongo-stores for the year ended 31 March 2019 Owner's equity Drawings Long term investment Petty cash Provision for bad and doubtful debts Salaries and wages Inventory Accounts receivables Accounts payables Advertisements Administrative expenses Bank overdraft Office equipment at cost Accumulated depreciation: Office equipment Cost of sales Repairs and maintenance Water and electricity Sales Bank Insurance N$ 23 000 80 000 2 000 34 000 22 000 21 300 1 600 2 600 24 000 114 000 3 600 8 650 102 700 10 500 449 950 N$ 207 300 1 200 12 500 12 000 8 400 208 550 449 950 Additional information: (1) The entity took out a fire insurance policy on 1 February 2019 and paid the annual premi of N$6 000 for coverage until 31 January 2020. (2) A credit customer who owes the business N$1 300 was declared insolvent and her accou must be written off as irrecoverable. (3) Depreciation on office equipment c must still be provided for at…
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‏Give journal entries for the following , when Stock and Debtors Method is used- ( ANY ( FOUR a ) For Goods sent to Branch b ) For Goods returned by the customer c ) For Bad debts d ) For Remittance from H / o to Branch 1
 Show the effect on the of the following transactions of ABC Traders on the Accounting Equation. Use ‘+’ to denote an increase, ‘- ‘ to denote a decrease and ‘0’ no change to the elements of the equation . Assume the Bank balance is favourable all the times. Transactions1.1 Received rent from a tenant, cash, R 5 000.1.2 Received an account from G-Force Motors for motor vehicle repairs, R 10 500.1.3 Issued a cheque to Techno Traders for equipment purchased, R 45 000.1.4 Issued a receipt to the proprietor who increased her capital contribution by R 250 000.1.5 Received a R14 800 from a debtor settled his account.1.6 Purchased a cash register machine on credit, R28 000.1.7 Received R3 000 interest on fixed deposit.1.8 Services rendered to customers on credit, R5 500.1.9 Received a cheque for R1 700 from a debtor in full settlem
Transaction Analysis The Mendholm Company entered into the following transactions: Performed services on account, $14,600. Collected $8,100 from client related to services performed in Item a. Paid $1,500 dividend to stockholders. Paid salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero. a. b. C. d. Assets Liabilities + Stockholders' Equity Contributed Capital + Retained Earnings
Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, December 31, prior year Retained earnings, December 31, current year Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare the current year-end balance sheet for Armani Company. Cash Supplies Accounts receivable Equipment Total assets Assets $ ARMANI COMPANY Balance Sheet December 31 11,100 Accounts payable 7,100 10,100 Total liabilities 6,100 Common stock Retained earnings $ 11,100 10, 100 7,100 6,100 13, 200 15, 100 4,100 6,100 14, 100 35,200 24,200 21,100 13,100 9,100 Liabilities Equity Total equity $ 34,400 Total liabilities and equity $ $ 13,200 13,200 15,100 6,100 21,200 34,400
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