June 1 2 3 5 9 12 15 17 20 23 26 29 30 Stockholders invested $11,200 cash in the business in exchange for common stock. Purchased a used van for deliveries for $14,900. Nancy paid $3,100 cash and signed a note payable for the remaining balance. Paid $500 for office rent for the month. Performed $4,900 of services on account. Declared and paid $300 in cash dividends. Purchased supplies for $100 on account. Received a cash payment of $1,200 for services performed on June 5. Purchased gasoline for $100 on account. Received $1,300 cash for services performed. Made a cash payment of $700 on the note payable. Paid $200 for utilities. Paid for the gasoline purchased on account on June 17. Paid $1,500 for employee salaries.

June 1 2 3 5 9 12 15 17 20 23 26 29 30 Stockholders invested $11,200 cash in the business in exchange for common stock. Purchased a used van for deliveries for $14,900. Nancy paid $3,100 cash and signed a note payable for the remaining balance. Paid $500 for office rent for the month. Performed $4,900 of services on account. Declared and paid $300 in cash dividends. Purchased supplies for $100 on account. Received a cash payment of $1,200 for services performed on June 5. Purchased gasoline for $100 on account. Received $1,300 cash for services performed. Made a cash payment of $700 on the note payable. Paid $200 for utilities. Paid for the gasoline purchased on account on June 17. Paid $1,500 for employee salaries.

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Description: June123591215172023262930Stockholders invested $11,200 cash in the business in exchange for common stock.Purchased a used van for deliveries for $14,900. Nancy paid $3,100 cash and signed a note payable for the remainingbalance.Paid $500 for office

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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Selected transactions for Pharoah Company during its first month in business are as follows. Sept. 1 Stockholders invested $11,500 cash in the business in exchange for common stock. 5 Purchased equipment for $13,500 paying $2,600 in cash and the balance on account. 25 Paid $1,720 cash on balance owed for equipment. 30 Declared and paid a $510 cash dividend. Pharoah’s chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends. (a) Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
operations. April 1 April 2 April 3 April 6 April 9 April 13 April 19 Tanner invested $120,000 cash along with office equipment valued at $28,800 in the company in exchange for common stock. The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. The company made credit purchases for $14,400 in office equipment and $2,880 in office supplies. Payment is due within 10 days. The company completed services for a client and immediately received $2,000 cash. The company completed a $9,600 project for a client, who must pay within 30 days. The company paid $17,280 cash to settle the account payable created on April 3. The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. April 22 The company received $7,680 cash as partial payment for the work completed on April 9. The company completed work for another client for $2,640 on credit. The company paid a $6,200 cash…
35. Best Graphics has the following accounts in its general ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; and Salaries Expense. Prepare general journal entries to record the following transactions: May 1 Shareholders invested $110,000 cash in exchange for stock. 2 Paid May rent, $5,300. 4 Purchased office equipment for $9,000, paying $3,000 cash, with the balance due on account in 60 days. 5 Purchased supplies on account, $2,300. 12 Billed clients for services, $5,800. 18 Collected $3,800 on account from clients. 19 Paid $1,500 on account to suppliers. 26 Paid $9,000 cash dividends. 31 Paid salaries for May, $3,200.
ABC Company ended Year 1 with the following account balances: Cash 600, Common Stock 400, and Retained Earnings 200. The following transactions occurred during Year 2: • Issued common stock for $19,000 cash. • ABC borrowed an additional $11,000 from Chris Bank. • ABC earned $9,000 of revenue on account. • ABC incurred $4,000 of operating expenses on account. • Cash collections of accounts receivables were $6,000. • ABC provided additional services to customers for $1,000 cash. • ABC purchased land for $14,000. • ABC used $3,000 in cash to make a partial payment on its accounts payable. • ABC declared and paid a $200 dividend to the stockholders • On December 31 ABC had accrued salaries of $4,000. What is the net cash flow from operating activities shown on the statement of cash flows for the year ending December 31, Year 2? Multiple Choice O O $4,000 $3,800 $6,000 None of these answer choices is correct.
The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,050. 15 Paid employee salaries $1,110. 17 Performed $570 of services in exchange for cash. 20 Paid $1,980 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 31 Paid utilities $320. Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Utilities Expense
Post the transactions to t- account ( post entries in the order of information presented in the question cash, account receivable, equipment, account payable, common stock, service revenue, sales and wages expenses)
For August 2021 a. Issued common stock for $15,000 b. Purchased supplies of $2,250 on credit c. Borrowed $8,000 from a bank (received in cash) d. Paid secretary's salary for August for $2,150 e. Paid $1,000 dividend to stockholders f. Purchased $500 in supplies for cash 1. Prepare a trial balance statement from the above information. Can you show formulas for cash and supplies totals in excel?
Below are several amounts reported at the end of the year.Currency located at the company $1,050 Supplies 3,200 Short-term investments that mature within three months 1,950 Accounts receivable 3,500 Balance in savings account 8,500 Checks received from customers but not yet deposited 650 Prepaid rent 1,450 Coins located at the company 110 Equipment 9,400 Balance in checking account 6,200Required: Calculate the amount of cash to report in the balance sheet.
Charlie's Crispy Chicken (CCC) operates a fast-food restaurant. When accounting for its first year of business, CCC created several accounts. Account Name Accounts Payable. Cash Common Stock Equipment Land Notes Payable (long-term) Description Balance $ Payment is due in 30 days. 2,200 3,450 Includes cash in register and in bank account 46,000 Stock issued in exchange for owners' contributions 56,000 Includes deep fryers, microwaves, dishwasher, etc. 26,900 Held for future site of new restaurant Required 1 Required 2 36,000 Payment is due in six years 4,600 Total earnings through September 30 550 Payment is due in 7 days 3,000 Includes serving trays, condiment dispensers, etc. Retained Earnings Salaries and Wages Payable Supplies Required: 1. Using the above descriptions, prepare a classified balance sheet at September 30. 2. Calculate CCC current ratio. Complete this question by entering your answers in the tabs below. Using the above descriptions, prepare a classified balance sheet…