Mary Smith opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $ 5,000, Accounts Receivable $ 1,500,Supplies $ 400, Equipment $ 5,500, Accounts Payable $ 3,500, and Owner's Capital $ 8,900. During August, the following transactionsoccurred.1.Collected $ 1,200 of accounts receivable.2.Paid $ 2,400 cash on accounts payable.3.Recognized revenue of $ 6,800 of which $ 1,500 is collected in cash and the balance is due in September.4.Purchased additional equipment for $ 1,500, paying $ 300 in cash and the balance on account.5.Paid salaries $ 1,700, rent for August $ 1,000, and advertising expenses $ 250.6.Withdrew $ 700 in cash for personal use.7.Received $ 1,000 from Standard Federal Bank-money borrowed on a note payable.Incurred utility expenses for month on account $ 170.8. Prepare an owner's equity statement for August. (List items that increase owner's equity first.)MARY SMITH, ATTORNEY AT LAWOwner's Equity StatementLessAdd$%24>>

The owners' equity statement represents the equity for the shareholders.

Answered: Mary Smith opened a law office on July…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

prepare a working paper of cash flows. 12. Fay Fedor started a delivery service, Fed Deliveries, on July 1, 2019. The following transactions occurred during the month of July. July She contributed P100,000 cash. 84 1 2 Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance Paid P15,000 for office rent for the month. 3 5 Delivery services amounted to P44,000, half on account. Cash of P2,000 withdrawn by May. 9
the company have cash of $12,351, Accounts Receivable of $18,431, Accounts Payable of$4,124, and G. Crane, Capital of $26,658. During the month of March, the following transactions occurred.1.Purchased equipment for $24,234 from Digital Equipment. Paid $5,634 cash and signed a note payable for the balance.2.Received $12,469 from customers for contracts billed in February.3.Paid $3,138 for March rent of office space.4.Paid $2,315 of the amounts owing to suppliers at the beginning of March.5.Provided software services to Kwon Construction Company for $7,147 cash.6.Paid BC Hydro $ 1,064 for energy used in March.7.G. Crane withdrew $4,853 cash from the business.B.Paid Digital Equipment $1.953 on account of the note payable issued for the equipment purchased in transaction 1. Of this,$93 was for interest expense.9 Hired an erployee to start working in April.10. Incurred advertising expense on account for March, $1,705.Prepare a tabular analysis of the above transactions. The first row…
Can you make sure everything lines up with the t chart please
Prepare a trial balance as of December 31, 2021. Cash Account 580.00 Interest Earned 200.00 Cash in Bank Account 25,000.00 Inventory Account 20,000.00 Furniture Account 2,000.00 Building Account 10,000.00 Anil Account-debtors 1,000.00 Madhu Account-debtors 2,000.00 Capital Account 55,000.00 Babu's Loan Account 10,000.00 Purchase Account 8,800.00 Purchase Discount 380.00 Bahrat Company-creditors 5,000.00 Fixtures Account 5,300.00 Interest on Loans Payable 500.00 Sales Account 7,100.00 Bad Debts Account 300.00 Salary Account 2,000.00 Drawings Account 200.00 NOTE: Please put VAT as applicable if it requires percentage it's 5%
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
Brian Sipe began operations of his business, Sipe Sons Incorporated, on January 1, Year One. During the year, the company performed services on credit of $192,000. Of that amount, $115,750 was collected in cash during the year. Brian estimates, of the remaining amount due, $5,100 may not be collected. Prepare the entries for the events during year one What is the balance in the accounts receivable account? What is the amount of receivables reported on the balance sheet? Why would Brian have a separate allowance account and not reduce the receivable balance for the amount estimated to e uncollectible? What type of account is Allowance for Doubtful Accounts
B. Mr. Abdullah formed Al-Noor Enterprises on February 2021. During the month, the following financial transactions occurred: Review and find the mistake of the following transactions which is recorded in general journal and rewrite them. 2021, February 10 Paid the month's rent OR 700 16 Withdrew OR 10,000 for personal use. 23 Collected OR 9,000 from Bahwan Company. 28 Sold goods for cash - OMR 15,000 Al-Noor Enterprises for January Date Particulars Ref. Debit Credit 2020 Feb. 11 Rent Expense 700 Cash 700 16 Abdullah, Withdrawal 10,000 Expense 10,000 10,000 Cash Accounts Payable 23 10,000 30 Sales 15,000 Cash 15,000
Entries into The simplest form of an account.T Accounts and A summary listing of the titles and balances of accounts in the ledger.Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank An accounting form that is used to record the increases and decreases in each financial statement item.account to an account to be used for the business, $60,400. Paid October rent for office and workroom, $6,000. Purchased used automobile for $39,000, paying $9,100 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $12,100. Paid cash for supplies, $2,900. Paid cash for annual insurance policies, $4,000. Received cash from client for plans delivered, $15,100. Paid cash for miscellaneous expenses, $1,630. Paid cash to creditors on account, $3,500. Paid $480 on note payable. Received invoice…
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $9,000 from their personal account to the business account. B. Paid rent $750 with check #101. C. Initiated a petty cash fund $550 with check #102. D. Received $850 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, 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 $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107. Prepare the journal entries. If an amount box does not require an entry, leave it blank. A. В. E. F. G. Н. II II II 1I I II II I II II 1I I1 III II II D.
The following transactions occurred during the month of July 2021. July 1 Paid employee salaries, $2,700 for June. Sharon pays her employees’ accrued salaries on the first day of each calendar month. July 1 Paid office rent for the month of July, $2,300. July 8 Received $7,200 cash from a client on account. July 9 Purchased office supplies on credit, $2,000 14 Paid $3,500 of the accounts payable. July 15 Invoiced customers for accounting services performed, $12,300. July 25 Sharon withdrew capital of $2,250 July 31 Paid $4,200 for a one-year insurance policy. a) Prepare the cash at bank ledger account as at 31 July 2021.
Can you help me create a trial balance and balance sheet please for the following information
On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business: Nov. 1 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $50,000. 1 Paid rent for period of November 1 to end of month, $4,000. 6 Purchased office equipment on account, $15,000. 8 Purchased a truck for $38,500 paying $5,000 cash and giving a note payable for the remainder. 10 Purchased supplies for cash, $1,750. 12 Received cash for job completed, $11,500. 15 Paid annual premiums on property and casualty insurance, $2,400. 23 Recorded jobs completed on account and sent invoices to customers, $22,300. 24 Received an invoice for truck expenses, to be paid in November, $1,250. Enter the following transactions on Page 2 of the two-column journal: Nov. 29 Paid utilities expense, $4,500. 29…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS