E2-9 Analyzing the Effects of Transactions in T-AccountsLO2-4Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors (that is, six in total). Thefollowing activities occurred during the year:a. Received $70,000 cash from the six investors; each investor was issued 8,400 shares of common stock with a parvalue of $0.10 per share.b. Purchased equipment for use in the business at a cost of $18,000; one-fourth was paid in cash and the companysigned a note for the balance (due in six months).c. Signed an agreement with a cleaning service to pay $120 per week for cleaning the corporate offices next year.d. Received an additional contribution from investors who provided $3,000 in cash and land valued at $15,000 inexchange for 1,000 shares of stock in the company.e. Lent $2,500 to one of the investors, who signed a note due in six months.f. Bennett Griffin borrowed $7,000 for personal use from a local bank, signing a one-year note.Required:1. Create T-accounts for the following accounts: Cash, Notes Receivable, Equipment, Land, Notes Payable, CommonStock, and Additional Paid-in Capital. Beginning balances are $0. For each of the transactions (a) through (f), recordthe effects of the transaction in the appropriate T-accounts. Include good referencing and totals for each T-account.2. Using the balances in the T-accounts, fill in the following amounts for the accounting equation:Assets $Liabilities $+ Stockholders' Equity $.

Accounting equation represents that the asses is equal to the sum of liabilities and stockholders'…

Answered: Griffin Service Company, Inc., was…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

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Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $30,000 from a local bank; the loan is due in 9 months. b. Lent $10,000 to an affiliate; accepted a note due in one year. c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $5 per share; received cash. d. Purchased $15,000 of equipment, paying $5,000 cash and signing a note for the rest due in one year. e. Declared $2,000 in cash dividends to stockholders, to be paid in February. For each of the above transactions, indicate the accounts and amounts. A sample is provided. Note: Enter decreases to an element of the balance sheet with a minus sign. a. Cash b. Notes receivable b. C. C. d. d. e. e. Assets Accounts payable Accounts receivable Accrued liabilities payable Additional paid-in-capital 30,000 = Notes payable 10,000 = = = = = = = Liabilities 30,000 + + + + + + + + + Stockholders' Equity
on An analysis of Forest Hills Corporation's Investment in Marketable Securities account disclosed the following: Debit entries $ 160,000 Credit entries 240,000 Forest Hill's income statement included a $40,000 gain on sale of marketable securities and $30,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash. The amount of cash paid by Forest Hills Corporation in for the purchase of marketable securities was: Select one: O a. $200,000 O b. $190,000 O c. $160,000 O d. $240.000
Following are the transactions of JonesSpa Corporation, for the month of January. a Borrowed $30,000 from a local bank; the loan is due in 9 months. b. Lent $10,000 to an affiliate; accepted a note due in one year. c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $5 per share; received cash. d. Purchased $15,000 of equipment, paying $5,000 cash and signing a note for the rest due in one year. e. Declared $2,000 in cash dividends to stockholders, to be paid in February. Prepare the journal entry to record each of the above transactions for the month of January, 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 Record the receipt of the bank loan of $30,000. Note: Enter debits before credits Transaction 5 Record entry General Journal Clear entry Debit Credit View general journal
Park & Company was recently formed with a $6,400 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,400 from a local bank, purchased $1,140 of supplies on account, and also purchased $6,400 of equipment by paying $2,140 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are: Multiple Choice $9,800. $15,200. $12,800. $11,940.
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
An analysis of Karman Corporation's Investment in Marketable Securities account during Year 2 disclosed the following: Debit entries Credit entries Karman's Year 2 income statement included a $40,000 gain on sale of marketable securities and $30,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash. $ 160,000 240,000 The cash proceeds received by Karman Corporation in Year 2 for the sale of marketable securities was: Select one: a. $240,000. b. $280,000. c. $230,000. d. $160,000. $
Selected amounts from Alex Company’s balance sheet from the beginning of the year follow: Cash P70,000 Marketable securities P12,000 Accounts receivable (net) 350,000 Inventory 460,000 Prepaid expenses 8,000 Plant and equipment (net) 950,000 Accounts payable 200,000 Accrued liabilities 60,000 Notes due within one year 100,000 Bonds payable in 5 years 140,000 During the year, the company completed the following transactions: Purchased inventory on account, P50,000 b. Declared cash dividends P30,000 Paid accounts payable P100,000 Collected cash on accounts receivable P80,000 e. Purchased equipment for cash P75,000 Paid a cash dividend previously declared P30,000 Borrowed cash on a short-term note with the bank P60,000 h. Sold inventory costing P70,000 for P100,000, on…
Journal entries? A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for S16,000, to be paid in the future. D. Paid S26,500 to suppliers for purchases on account.
Balance Sheet You are evaluating the balance sheet for Cypress Corporation. From the balance sheet you find the following balances: Cash and marketable securities = $670,000, Accounts receivable = $870,000, Inventory = $570,000, Accrued wages and taxes = $111,000, Accounts payable = $207,000, and Notes payable = $1,070,000. What is Cypress's net working capital? Multiple Choice $1,388,000 O $2,110,000 $722,000 O $3,498,000
suuctions Chart of Accounts Journal Instructions Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. May July Aug. Oct. 24 Acquired 1,200 shares of Tett Co. stock for $82 per share plus a $140 brokerage commission. Acquired 2,600 shares of Issacson Co. stock for $35 per share plus a $105 commission. 16 14 12 31 400 shares of Tett Co. stock for $100 per share less a $80 brokerage commission. Sold 710 shares of Issacson Co. stock for $33.00 per share less an $85 brokerage commission. Received dividends of $0.40 per share on Tett Co. stock. Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. Check My Work 3 more Check My Work uses remaining. O All work saved. DELL
During the year, Company A had the transactions listed below. Cash to retire bonds $4,200 Proceeds from bond issuance 8,040 Proceeds from sale of common stock 6,240 Cash to purchase common stock of Company A 2,400 Cash to purchase common stock of Company B 1,080 What amount would the company include in the financing section of the statement of cash flow? Select one: a. $1,024 million b. $950 million c. $3,498 million d. $510 million e. None of these are correct
questions 67-69 are all interconnected , please answer them dear tutor. Thank you so much Information from Greg Corporation’s balance sheet is as follows:Current Assets: Cash P 2, 400, 000 Marketable Securities 7, 500, 000Inventories 57, 600, 000 Prepaid Expenses 1, 200, 000 Total Current Asset P 135, 000,000Current Liabilities: Notes Payable P 1, 500, 000 Accounts Payable 19, 500, 000 Accrued Expenses 12, 500, 000 Income Taxes Payable 500,000 Payments due within one year onlong-term debt 3, 500, 000 Total…

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Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors (that is, six in total). The following activities occurred during the year: