ok mt int ences c raw QS 1-10 (Algo) Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,900 cash. b. The company completed commission work for a client and sent a bill for $4,400 to be received within 30 days. c. The company paid an assistant $1,600 cash as wages for the period. d. The company collected $2,200 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $780 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Transactions Number a. b. Balance after a and b C. Balance after c d. Balance after d e. Balance after e Cash $ Assets 0 0 + 0 + + + 0 + + Accounts Receivable $ = Liabilities + Accounts Payable = = 0 = 0 = 0 = 0 = $ 0 + 0 + + + 0 + 0 + < Prev Owner, Capital $ 0 0 0 0 FIILI 2 of 10 Owner, Withdrawals $ Equity 0 0+ + 0+ Next > + 0+ $ Revenue 0 0 0 ****** 0- $ Expenses 0 0 0 0

ok mt int ences c raw QS 1-10 (Algo) Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,900 cash. b. The company completed commission work for a client and sent a bill for $4,400 to be received within 30 days. c. The company paid an assistant $1,600 cash as wages for the period. d. The company collected $2,200 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $780 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Transactions Number a. b. Balance after a and b C. Balance after c d. Balance after d e. Balance after e Cash $ Assets 0 0 + 0 + + + 0 + + Accounts Receivable $ = Liabilities + Accounts Payable = = 0 = 0 = 0 = 0 = $ 0 + 0 + + + 0 + 0 + < Prev Owner, Capital $ 0 0 0 0 FIILI 2 of 10 Owner, Withdrawals $ Equity 0 0+ + 0+ Next > + 0+ $ Revenue 0 0 0 ****** 0- $ Expenses 0 0 0 0

Name: Readin XM Questic xer 1 Assignment iBookHintPrintferencesMcGrawHillto
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Readin XM Questic xer 1 Assignment iBookHintPrintferencesMcGrawHillto.mheducation.com/ext/map/index.html?_con-con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fitiwrapper%252Fa.b.0804Transactions NumberBala

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

Rr.1
3:09 Yesterday Edit 10:50 PM Warren Company began the accounting period with a $14,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $44,000. The accounts receivable account at the end of the accounting period contained a S8,000 detit balance. Based on this information, the cash collected from accounts receivable during the period is a. S38.000 O b. $18,000 OC. $40,000 O d. sso,000
Question 12 of 20 Which one of the following statements is NOT true? A. Details from the purchases journal are posted to the debtors ledger. B. Details from the sales journal are posted to the debtors ledger. C. When subsidiary journals for a month have been completed, the joumal columns are added up and the totals are posted to the general ledger. D. The combined totals of the individual accounts contained in the debtors ledger must balance with the balance of the debtors contral account in the general ledger.
20
Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 Cash wit 12,410 Consulti Cash Accounts receivable Rent exp Office supplies Land Office equipment Accounts payable 1,770 Salaries 46,080 16,450 Telephon 6,060 Miscella 82,650 Owner investments Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $ $
Question 2:The following Trial Balance was extracted from the books of Mr Smith as at30 December 20X1: Debit CreditRM RMSales and Purchases 68,080 215,580Returns 220 380Inventories as at 1 January 20X1 18,400Rent received 9,000Building at cost 520,000Advertising expenses 27,600Trade receivables and Trade Payables 168,000 100,000Salaries and wages 68,000Motor vehicles at cost 100,000Insurance 24,000Sundry expenses 15,000Accumulated depreciation: Motor vehicles 40,000Accumulated depreciation: Buildings 64,000Electricity and water 7,100Allowance for doubtful debts 1,200Discounts 3,000 7,000Printing and stationery 2,496Cash in hand 136,000Bank overdraft 736Capital 720,0001,157,896 1,157,896 Additional information:1. Rent received in arrears as at 31 December 20X1 was RM1,000.2. Insurance includes RM2,000 paid for January and February 20X2.3. Depreciation charges are to be provided as follows:- Motor vehicles at 10% per annum on net book value- Buildings at the rate of 1% per annum on…
3
Please do not give solution in image format thanku
Vishu Sub: acounting
Acc
Please help
1/1 1/1 12/31 Required information [The following information applies to the questions displayed below.] Required a. Organize the transaction data in accounts under the accounting equation for Year 2 and Year 3. Note: Enter any decreases to account balances with a minus sign. Not all cells in the "Account Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding input needed. Doyle Company issued $300,000 of 10-year, 5 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. Event Year 2 1/1 1/1 12/31 12/31 Balance Required information Event Year 2 Year 3 Beginning balance Cash 12/31 12/31 Ending balance Assets 300,000 + (300,000) + 51,000 + Cash + Assets IMPLE.…