Light and Power ExpenseSalaries Expense9. On May 2, Mr. Blasi purchased land for $14,500 and a theater building for $30,500, paying cash in the amount of $25,000 and signing a note payable for the balance of $20,000. What two accounts were debited when this transactionwas recorded?A. Frank Blasi, Capital, and Frank Blasi, DrawingOB. Mortgage Payable and Accounts PayableOC. Land and BuildingsOD. Cash and Notes Payable1Mark for review (Will be highlighted on the review page)<< Previous QuestionType here to searchNext Question >>>DHiASave & Ext

Name: Light and Power ExpenseSalaries Expense9. On May 2, Mr. Blasi purchas
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Description: Light and Power ExpenseSalaries Expense9. On May 2, Mr. Blasi purchased land for $14,500 and a theater building for $30,500, paying cash in the amount of $25,000 and signing a note payable for the balance of $20,000. What two accounts were debited w

As per Golden rule of real account, we should Debit what comes in and credit what goes out.

Business

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On May 2, Mr. Blasi purchased land for $14,500 and a theater building for $30,500, paying cash in the amount of $25,000 and signing a note payable for the balance of $20,000. What two accounts were debited when this transaction recorded? A. Frank Blasi, Capital, and Frank Blasi, Drawing B. Mortgage Payable and Accounts Payable C. Land and Buildings D. Cash and Notes Payable Mark for review (Will be highlighted on the review page) << Previous Question Next Question >>>

On May 2, Mr. Blasi purchased land for $14,500 and a theater building for $30,500, paying cash in the amount of $25,000 and signing a note payable for the balance of $20,000. What two accounts were debited when this transaction recorded? A. Frank Blasi, Capital, and Frank Blasi, Drawing B. Mortgage Payable and Accounts Payable C. Land and Buildings D. Cash and Notes Payable Mark for review (Will be highlighted on the review page) << Previous Question Next Question >>>

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 May 1, 20x1, the statement of financial position of Juan and Pablo appear below: Juan Pablo 44,708 1,135,780 520,204 Cash Accounts receivable 22,000 469,072 240,070 1,206,000 Inventories Land Building Furniture and fixtures 100,690 4,000 2,041,832 856,534 69,578 7,200 2,634,004 Other assets Total assets Accounts payable Notes payable Juan, Capital Pablo, Capital Total liabilities and equity 357,880 400,000 1,283,952 487,300 690,000 2,041,832 1,456,704 2,634,004 Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to the following adjustments: a. Accounts receivable of P40,000 in Juan's books and P70,000 in Pablo's books are uncollectible. b. Inventories of P11,000 and P13,400 are worthless in Juan's and Pablo's respective books. c. Other assets of P4,000 and P7,200 in Juan's and Pablo's respective books are to be written off. Required: 1. What are the adjusted capital balances of the partners after formation? 2. Pedro offered to join…
Kia deposited $1,100, at the BEGINNING of each year for 25 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. A. $73,441.24 B. $80,416.53 C. $86,849.86 D. $87,949.86
Deadwood paid $265,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Re iournal entny table)
On July 1, 2024, Sarasota Limited received an 18-month loan for $437,000 from a bank at 6% and with these funds and another $95,000 cash, purchased land for $532,000. Prepare the journal entries to record each of the following on Sarasota's books: (a) The purchase of the land on July 1, 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation July 1, 2024 Debit Credit
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David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 25,600 $ 170,000 $ 95,000 $ 7,600 $ 18,000 $ 37,000 $ 20,000 $ 18,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $62,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.) 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).
Make Ledger of the following transactions. Ali purchased land for Business for $35,000. Paid $20,000 cash. Balance will be paid as account payable. Purchased additional machinery for Business for $10,000 on cash. Purchased wood stock for $45,000, paid $35,000 cash and signed a note payable for balance. Obtained a lone from Supreme Bank in the amount of $50,000. Signed a note payable. Paid $15,000 Accounts payable and $30,000 of Note Payable.
The following events occurred for Favata Company: a. Received $14,000 cash from owners and issued stock to them. b. Borrowed $11,000 cash from a bank and signed a note due later this year. c. Bought and received $1,200 of equipment on account. d. Purchased land for $20,000; paid $1,800 in cash and signed a long-term note for $18,200. e. Purchased $7,000 of equipment; paid $1,800 in cash and charged the rest on account. Required: For each of the above events, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Transaction a 2 Received $14,000 cash from owners and issued stock to them. Record the transaction. Note: Enter debits before credits. 3 4 Record entry 5 General Journal Clear entry Debit Credit View general journal
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Ali Furniture Business (AFB), starting from the owner’s investment of $100,000. Record the following transactions on general journal. Ali purchased land for Business for $35,000. Paid $20,000 cash. Balance will be paid as account payale. Purchased additional machinery for Business for $10,000 on cash. Purchased wood stock for $45,000, paid $35,000 cash and signed a note payable for balance. Obtained a lone from Supreme Bank in the amount of $50,000. Signed a note payable. Paid $15,000 Accounts payable and $30,000 of Note Payable.
Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $25,000 from personal funds. Purchased office supplies on account, $2,540. Paid creditor on account, $1,610. Earned sales commissions, receiving cash, $25,920. Paid rent on office and equipment for the month, $5,080. Withdrew cash for personal use, $8,000. Paid automobile expenses (including rental charge) for the month, $2,440, and miscellaneous expenses, $1,170. Paid office salaries, $3,060. Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,680. Required: 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. Assets = Liabilities + Owner's Equity Cash +…
I want # 3 required to be answered.