Natalie Gold is the owner of the marketing agency Vivid Volce. The company focuses on online consulting services, such as onlinemarketing campaigns and blog services. The June transactions for VIvid Voice resulted in totals at June 30, 2020, as shown In thefollowing accounting equation format:AssetsLiabilities +EquityAccountsAccountsNatalieExplanation of Equity+ Supplies + Equipment =$1,900CashReceivablePayable$4,800Gold, CapitalTransaction$6,000 +$1, 200$6,500$11,600+During July, the following occurred:a. Collected $800 from a credit customer.b. Pald $2,500 for equipment purchased on account in June.c. Did work for a client and collected cash; $1,100.d. Paid a part-time consultant's wages; $950.e. Pald the July rent; $1,200.f. Pald the July utilitles; $600.g. Performed services for a customer on credit; $1,600.h. Called an Information technology consultant to fix the agency's photo editing software in August; It will cost $350.Show the effects of the activities listed in (a) through (h). For each transaction that affects equity, select the appropriate descriptionbeside it (owner Investment, owner withdrawal, revenue, expenses provided in the dropdown). (Enter all amounts as positive values.If the transection/event does not affect equlty or do not require a Journal entry, select "No Affect on Equity" In the 'Explanetion ofequlty transaction' field.)AssetsLiabilitiesEquityExplanation ofEquity TransactionAccountsAccountsPayableNatalie Gold,CapitalCashSuppliesEquipment+ReceivableBal.$6.000$1,200$ 1,900$ 6,500$4,000$ 11,600++a.

A transactiion may be a completed agreement between a buyer and a seller to exchange goods,…

ing accounting equation format: = Liabilities + Equity Natalie Gold, Capital Assets Accounts Explanation of Equity Accounts Receivable Supplies + Equipment $1,900 + Payable $4,800 Transaction eee + $1, 200 $6,5e0 $11,600 g July, the following occurred: llected $800 from a credit customer. d $2,500 for equipment purchased on account in June. d work for a client and collected cash; $1,100. da part-time consultant's wages; $950. d the July rent; $1,200. d the July utilities;: $600. rformed services for a customer on credit; $1,600. lled an Information technology consultant to fix the agency's photo editing software in August, It will cost $3 the effects of the activities listed in (a) through (h). For each transaction that affects equity, select the approp e it (owner Investment, owner withdrawal, revenue, expenses provided in the dropdown). (Enter all amounts transaction/event does not affect equlty or do not require a Journal entry, select "No Affect on Equity" In y transection' fleld.) Assets Liabilities Equity

ing accounting equation format: = Liabilities + Equity Natalie Gold, Capital Assets Accounts Explanation of Equity Accounts Receivable Supplies + Equipment $1,900 + Payable $4,800 Transaction eee + $1, 200 $6,5e0 $11,600 g July, the following occurred: llected $800 from a credit customer. d $2,500 for equipment purchased on account in June. d work for a client and collected cash; $1,100. da part-time consultant's wages; $950. d the July rent; $1,200. d the July utilities;: $600. rformed services for a customer on credit; $1,600. lled an Information technology consultant to fix the agency's photo editing software in August, It will cost $3 the effects of the activities listed in (a) through (h). For each transaction that affects equity, select the approp e it (owner Investment, owner withdrawal, revenue, expenses provided in the dropdown). (Enter all amounts transaction/event does not affect equlty or do not require a Journal entry, select "No Affect on Equity" In y transection' fleld.) Assets 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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Flash Company budgeted $557,000 manufacturing direct wages, 2,000 direct labor hours, and had the following manufacturing overhead: Overhead Cost Pool Budgeted Overhead Cost Budgeted Level for Cost Driver Materials handling $ 136,000 3,400 pounds Machine setup 16,400 410 setups Machine repair 1,440 Inspections 12,600 32,000 machine hours 180 inspections Requirements for Job number 971 which manufactured 4 units of product: Direct labor Direct materials Machine setup 20 hours 150 pounds 30 setups Machine hours Inspections 15,200 machine hours 15 inspections Overhead Cost Driver Weight of materials Number of setups Machine hours Number of inspections Using activity-based costing, the materials handling overhead cost assigned to Job number 971 is:
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27 es The general ledger of Zips Storage at January 1, 2024, Includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totaln Debits $25,300 16,100 13,400 155,000 $7,400 6,500 150,000 45,900 $209,800 $209,800 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15. 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $141,100, and on account, $55,700. Collect on accounts receivable, $52,200. Receive cash in advance from customers, $13,600. Purchase supplies on account, $10,600. Pay property taxes, $9,200. Pay on accounts payable, $12,100. Pay salaries, $130,600. Issue shares of common stock in exchange for $34,000 cash. Pay $3,500 cash dividends to stockholders. Problem 3-9A (Algo) Part 5 5. Record adjusting entries. Insurance expired during the year is $7,700. Supplies…