HCC CurrenQue x S Acct 2New TaConterConter bnc An easUntitleNew TP wild_fa AL ACto.mheducation.com/ext/map/index.html?_con=con&external browser=0&launch Url=https%253A%252F%252Fnewconnect.mhed1-18, 19, 20 iSaved331122mimpingwwwOn December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,exchange for its common stock to launch the business. On December 31, the company's records showand amounts.3Cash$1,12012, 940Accounts receivable.office supplies2,640$14,550 Cash dividends12,940 Consulting revenue2,400 Rent expense17,020 Salaries expense45,860 Telephone expense7,820 Miscellaneous expenses83, 110office equipmentLand5,920800620Accounts payableCommon stockedkExercise 1-20 (Algo) Preparing a balance sheet LO P2Use the above information to prepare a December 31 balance sheet for Ernst Consulting.ERNST CONSULTINGcesBalance SheetS3of 3Next< Prev

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Description: HCC CurrenQue x S Acct 2New TaConterConter bnc An easUntitleNew TP wild_fa AL ACto.mheducation.com/ext/map/index.html?_con=con&external browser=0&launch Url=https%253A%252F%252Fnewconnect.mhed1-18, 19, 20 iSaved331122mimpingwwwOn December 1, Jasmin

The balance Sheet refers to the part of the financial statement that reflects the financial position…

Business

Accounting

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83 exchange for its common stock to launch the business. On December 31, the company's records show and amounts. Cash $ 14,550 Cash dividends Consulting revenue Rent expense $ 1,120 12,940 12,940 2,400 2,640 Accounts receivable office supplies office equipment Land 17,020 Salaries expense 45,860 Telephone expense 7,820 Miscellaneous expenses 83, 110 5,920 800 620 Accounts payable Common stock Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83 exchange for its common stock to launch the business. On December 31, the company's records show and amounts. Cash $ 14,550 Cash dividends Consulting revenue Rent expense $ 1,120 12,940 12,940 2,400 2,640 Accounts receivable office supplies office equipment Land 17,020 Salaries expense 45,860 Telephone expense 7,820 Miscellaneous expenses 83, 110 5,920 800 620 Accounts payable Common stock Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

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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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land $15,760 12,590 1,960 46,030 16,580 7,250 82,780 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 640 12,590 2,270 5,450 760 580 Office equipment Accounts payable Owner investments ng the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet
Here are selected transactions of Mason Consulting Service. Post the transactions into the appropriate Ledger accom DATE TRANSACTIONS 20X1 Sept. 1 Zack Mason invested $41,000 in cash to start the firm. 4 Purchased office equipment for $4,600 on credit from Den, Inc.; received Invoice 9823, payable in 30 d 16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $12,600 in full payr 20 Purchased supplies for $330; paid immediately with Check 1002. 23 Returned damaged supplies for a cash refund of $75. 30 Issued Check 1003 for $2,750 to Den, Inc., as payment on account for Invoice 9823. 30 Withdrew $1,100 in cash for personal expenses. 30 Issued Check 1004 for $750 to pay the rent for October. 30 Performed services for $3,200 in cash. 30 Paid $340 for monthly telephone bill, Check 1005.
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 in assets in exchange for its common stock to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 7,950 Cash dividends $ 3,070 Accounts receivable 17,450 Consulting revenue 17,450 Office supplies 4,200 Rent expense 4,530 Office equipment 19,060 Salaries expense 8,090 Land 46,010 Telephone expense 880 Accounts payable 9,430 Miscellaneous expenses 690 Common stock 85,050
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Office equipment Land Accounts payable Common stock $ 9,750 Cash dividends 15,620 3,710 18,450 45,970 8,900 84,470 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,530 15,620 4,070 7,450 810 630
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $31,500. 2 Paid rent on office and equipment for the month, $2,650. 3 Purchased supplies on account, $2,200. 4 Paid creditor on account, $830. 5 Earned sales commissions, receiving cash, $14,580. 6 Paid automobile expenses (including rental charge) for month, $1,630, and miscellaneous expenses, $460. 7 Paid office salaries, $2,400. 8 Determined that the cost of supplies used was $1,150. 9 Paid dividends, $3,200. 1. Journalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the…
As of December 31 of the current year, Armani Company’s records show the following. Hint: The owner invested $2,700 cash during the year. Required:Prepare the income statement for Armani Company for the current year ended December 31. Cash $ 11,700 Accounts receivable 10,700 Supplies 7,700 Equipment 6,700 Accounts payable 14,400 Armani, Capital, December 31, prior year 17,700 Armani, Capital, December 31, current year 22,400 Armani, Withdrawals 14,700 Consulting revenue 36,400 Rental revenue 25,400 Salaries expense 21,700 Rent expense 13,700 Selling and administrative expenses 9,700
Here are selected transactions of Mason Consulting Service. Post the transactions into the appropriate Ledger accounts DATE TRANSACTIONS 20X1 Sept. 1 Zack Mason invested $41,000 in cash to start the firm. 4 Purchased office equipment for $4,600 on credit from Den, Inc.; received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $12,600 in full payment. 20 Purchased supplies for $330; paid immediately with Check 1002. 23 Returned damaged supplies for a cash refund of $75. 30 Issued Check 1003 for $2,750 to Den, Inc., as payment on account for Invoice 9823. 30 Withdrew $1,100 in cash for personal expenses. 30 Issued Check 100ø4 for $750 to pay the rent for October. 30 Performed services for $3,200 in cash. 30 Paid $340 for monthly telephone bill, Check 1005.
More info July 6 Stamford contributed $65,000 in the business by opening a bank account in the name of S. Stamford, M.D. The business gave capital to Stamford. 9 Paid $52,000 cash for land. 12 Purchased medical supplies for $1,600 on account. 15 Officially opened for business. 20 Paid cash expenses: employees' salaries, $1,500; office rent, $1,300; utilities, $350. 31 Earned service revenue for the month, S8,000, receiving cash. 31 Paid $800 on account. Print Done
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Transactions; financial statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a business bank account with a deposit of $24,000 in exchange for common stock. Paid rent on office and equipment for the month, $3,600. Paid automobile expenses for month, $1,350, and miscellaneous expenses, $600. Purchased supplies on account, $1,200. Earned sales commissions, receiving cash, $19,800. Paid creditor on account, $750. Paid office salaries, $2,500. Paid dividends, $3,500. Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $900. Required: Question Content Area 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers using a minus sign.
Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…
Journalize the following transactions for the month of July: July 1 K. Elliot deposited $10,000 in the bank in the name of the business (Elliot Company). 2 The business paid the monthly office rent, $500. 3 The business purchased office equipment on account, $1,500. 5 The business received consulting fees of, $750. 18 The business paid the monthly telephone bill, $75. 25 K. Elliot withdrew $200 for personal use. 30 The business purchased supplies for $1,000, paying $500 in cash and the rest on account. For a compound transaction, If an amount box does not require an entry, leave it blank.