Gray Beast, a local cleaning company, has the following transactions:(a) Provide services to customers on account for $4,800.(b) Purchase equipment by signing a note with the bank for $10,100.(c) Pay advertising of $1,800 for the current month.Show you each transaction impacts the accounting equation. (Enter "O" wherever required.)Stockholders' EquityAssets=Liabilities(a)(b)(c)+++1

Step 1: The effects of various transactions on accounting equation is made as follows:- Assets…

Answered: Gray Beast, a local cleaning company,…

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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Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] On December 31, Hawkin's records show the following accounts. Cash $ 8,500 Accounts Receivable 1,200 Supplies 3,200 Equipment 15,300 Accounts Payable 7,700 Hawkin, Capital, December 1 18,700 Hawkin, Withdrawals 2,300 Services Revenue 17,700 Wages Expense 8,000 Rent Expense 3,200 Utilities Expense 2,400 QS 1-17 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December balance sheet for Hawkin. Assets HAWKIN Balance Sheet December 31 Liabilities Equity Total Assets Total Liabilities and Equity
Required: Prepare the journal entries for each of these transactions. Note: 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 Transaction a. Note: Enter debits before credits. 3 The firm was organized and the stockholders invested cash of $8,800. Record entry 4 5 6 7 General Journal 8 Clear entry Assessment Tool iFrame Debit 14 Credit View general journal
7
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2024, trial balances contained the following account information: November 30 December 31 Debit Credit Debit Credit Supplies 1,500 3,000 Prepaid insurance 6,000 4,500 Salaries payable 10,000 15,000 Deferred rent revenue 2,000 1,000 The following information also is known: The December income statement reported $2,000 in supplies expense. No insurance payments were made in December. $10,000 was paid to employees during December for salaries. On November 1, 2024, a tenant paid Righter $3,000 in advance rent for the period November through January. Deferred rent revenue was credited at the time cash was received. Required: Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30. Using the above information, prepare the adjusting entries Righter recorded…
Required Information E2-16 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing a Balance Sheet, and Evaluating the Current Ratio over Time as a Bank Loan Officer LO2-4, 2-5 [The following information applies to the questions displayed below.] Bailey Delivery Company, Incorporated, was organized in 2021 in Wisconsin. The following transactions occurred during the year. a. Received cash from investors in exchange for 11,000 shares of stock (par value of $1.00 per share) with a market value of $8 per share. b. Purchased land in Wisconsin for $17,000, signing a one-year note (ignore interest). c. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $13,000 each; paid $2,000 cash and signed a note due in three years for the rest (ignore interest). d. Paid $1,900 cash to a truck repair shop for a new motor for one of the trucks. (Increase the account you used to record the purchase of the trucks because the productive life of the…
A company provides services to customers on account for $2,100. Indicate the amount of increases and decreases in the accounting equation. Assets Liabilities Stockholders' Equity + 4) 44 F10 F7 20 F3 F5 F2 F1 & # 3 4 5 6 7 8 Q W E R T Y K S D F G C V alt alt command option ption command .. .. * co
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Receive payment of $12,000 owed by a customer2. Purchase equipment for $45,000 in cash3. Issue $85,000 in stock4. Borrow $67,000 from a bank What is the net change in Total Liabilities & Equity? Please don't provide answer in image format thank you
3 Mc Graw Hill Required: The following are the transactions of Spotlighter, Incorporated, for the month of January. For each transaction, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $4,240 from a local bank on a note due in six months. b. Received $4,930 cash from investors and issued common stock to them. c. Purchased $1,300 in equipment, paying $350 cash and promising the rest on a note due in one year. d. Paid $450 cash for supplies. e. Bought and received $850 of supplies on account. a. Cash b Cash c Equipment C. Cash d. Cash d Supplies e. Supplies Assets 4,240 Notes Payable (short-term) 4,930 = 1,300 Notes Payable (short-term) 350 = 450= 1,300 = 850 Accounts Payable Liabilities 4,240 + +Common Stock 950+ + + + 850+ Stockholders' Equity Check my work 4,930

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