Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April and recorded the following entries. A. The owners invested $8,500 from their personal account to the business account B. Paid rent $850 with check #101. C. Initiated a petty cash fund $550 with check #102. D. Received $800 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $9,000, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement: Office supplies $250, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $37. Check #106. J. Increased Petty Cash by $100, check #107. A. Cash 8,500 Inner Resources Company, Capital 8,500 В. Rent Expense 850 Cash 850 C. Petty Cash 550 Cash 550 D. Cash 800 Services Income 800 E. Office Supplies 180 Cash 180 F. Computer Equipment 9,000 Cash 1,600 Accounts Payable 7,400 G. Cash 1,200 Services Income 1,200 н. Wages Expense 560 Cash 560 I. Office Supplies 250 Maintenance Expense 140 Miscellaneous Expense 65 Cash Over and Short 58 Cash 513 J. Petty Cash 100 Cash 100

Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April and recorded the following entries. A. The owners invested $8,500 from their personal account to the business account B. Paid rent $850 with check #101. C. Initiated a petty cash fund $550 with check #102. D. Received $800 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $9,000, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement: Office supplies $250, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $37. Check #106. J. Increased Petty Cash by $100, check #107. A. Cash 8,500 Inner Resources Company, Capital 8,500 В. Rent Expense 850 Cash 850 C. Petty Cash 550 Cash 550 D. Cash 800 Services Income 800 E. Office Supplies 180 Cash 180 F. Computer Equipment 9,000 Cash 1,600 Accounts Payable 7,400 G. Cash 1,200 Services Income 1,200 н. Wages Expense 560 Cash 560 I. Office Supplies 250 Maintenance Expense 140 Miscellaneous Expense 65 Cash Over and Short 58 Cash 513 J. Petty Cash 100 Cash 100

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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McGuire Corporation began operations in 2024. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2024, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. O Cash receipts: Issue of common stock Collections from customers Borrowed from local bank on April 1, note signed requiring principal and interest at 12% to be paid on March 31, 2025 Total cash receipts Cash disbursements: Purchase of inventory Payment of salaries Purchase of office equipment Payment of rent on building Miscellaneous expense Total cash disbursements $ 75,000 335,000 37,000 $ 447,000 Required: Prepare an income statement for 2024 and a balance sheet as of December 31, 2024. $ 202,500 80,500 45,000 11,250 13,100 $352,350 You are called in to prepare financial statements on December 31, 2024. The following additional…
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McGuire Corporation began operations in 2024. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2024, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. Cash receipts: Issue of common stock $ 37,500 Collections from customers 265,000 Borrowed from local bank on April 1, note signed requiring principal and interest at 12% to be paid on March 31, 2025 23,000 Total cash receipts $ 325,500 Cash disbursements: Purchase of inventory $ 167,500 Payment of salaries 59,500 Purchase of office equipment 22,500 Payment of rent on building 7,750 Miscellaneous expense 8,900 Total cash disbursements $ 266,150 You are called in to prepare financial statements on December 31, 2024. The following additional information was provided to you: Customers owed the company…