---**Financial Transaction Entries for a Sole Proprietorship**This section helps you understand how to categorize and record various financial transactions for a sole proprietorship. Below are the steps for handling different types of transactions. Use the drop-down menus and input fields to enter and classify these transactions correctly.---### Collected cash for future services**Transaction Overview:**When cash is collected for services that will be performed in the future, it needs to be recorded correctly.**Entry Fields:**- **Account #1:** [Input Needed] - **Account Type:** [Dropdown Option: Asset, Liability, Equity, Revenue, Expense] - **Increase/Decrease:** [Dropdown Option: Increase, Decrease] - **Debit/Credit:** [Dropdown Option: Debit, Credit]- **Account #2:** [Input Needed] - **Account Type:** [Dropdown Option: Asset, Liability, Equity, Revenue, Expense] - **Increase/Decrease:** [Dropdown Option: Increase, Decrease] - **Debit/Credit:** [Dropdown Option: Debit, Credit]---### Purchased office furniture on account**Transaction Overview:**When office furniture is purchased on account (i.e., on credit), it needs to be recorded as money owed but not yet paid.**Entry Fields:**- **Account #1:** [Input Needed] - **Account Type:** [Dropdown Option: Asset, Liability, Equity, Revenue, Expense] - **Increase/Decrease:** [Dropdown Option: Increase, Decrease] - **Debit/Credit:** [Dropdown Option: Debit, Credit]- **Account #2:** [Input Needed] - **Account Type:** [Dropdown Option: Asset, Liability, Equity, Revenue, Expense] - **Increase/Decrease:** [Dropdown Option: Increase, Decrease] - **Debit/Credit:** [Dropdown Option: Debit, Credit]---### Accrued liability for utilities**Transaction Overview:**Accrued liabilities for utilities refer to expenses that have been incurred but not yet paid by the business.**Entry Fields:**- **Account #1:** [Input Needed] - **Account Type:** [Dropdown Option: Asset, Liability, Equity, Revenue, Expense] - **Increase/Decrease:** [Dropdown Option: Increase, Decrease] - **Debit/Credit:** [Dropdown Option: Debit, Credit]- **Account #2:** [Input Needed] - **

Pearson ACT-Sole Proprietorship Google Chrome #act pearsoncmg.com/activity/2/7 Collected cash for future services Account #1 Account #2 Account #1 Purchased office furniture on account Account #2 Accrued liability for utilities. Account #1 Account Type Account #2 Account Type Account Type Account Type Account Type Account Type NA Increase/Decrease Increase/Decrease Debit/Credit 18 Debit/Credit Increase/Decrease Debit/Credit Increase/Decrease Debit/Credit Increase/Decrease Increase/Decrease Debit/Credit Debit/Credit M

Pearson ACT-Sole Proprietorship Google Chrome #act pearsoncmg.com/activity/2/7 Collected cash for future services Account #1 Account #2 Account #1 Purchased office furniture on account Account #2 Accrued liability for utilities. Account #1 Account Type Account #2 Account Type Account Type Account Type Account Type Account Type NA Increase/Decrease Increase/Decrease Debit/Credit 18 Debit/Credit Increase/Decrease Debit/Credit Increase/Decrease Debit/Credit Increase/Decrease Increase/Decrease Debit/Credit Debit/Credit M

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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Multiple choice
(a) Received $12,000 from Katie Long, owner. Purchased equipment for $25,000, paying $10,000 in cash (b) and giving a note payable for the remainder. (c) Paid $1,800 for rent for April (d) Purchased $9,800 of supplies on account. (e) Recorded $2,250 of fees earned on account. (f) Received $9,000 in cash for fees eamed (g) Paid $300 to creditors on account Paid wages of $1,650 (h) Received $1,190 from customers on account. (i) ()Recorded owner's withdrawal of $2,350
Courses =HCS380 Week 1 Terminology Matching Accounts Receivable Terminology Matching Note Payable Bonds Payable Common Stock Income Statement Balance Sheet Retained Earnings Statement Statement of Cash Flow Basic Accounting Equation multimedia.phoenix.edu Annual Report View Assessment HCS/380: Week 1 - Terminology Matching - Academic Resources Owed to a bank for the money borrowed Bill customer/patient for services HCS Debt securities sold to investors that must be repaid at a particular date in the future A AOL PASSV REQUIRED Enter your password for "kaylakı Accounts. Prepared by corporate management to present financial information, management discussion, notes, and auditor's report Used by creditors to determine if they will be paid Assets Liabilities+Stockholder's Equity Used by creditors and investors to analyze the organization's cash position Used by investors to evaluate the organization's history of paying high dividends The total amount paid in by stockholders for the share…
► YouTube W West Chester Uni.... L Question 3: Evaluating customer profitability. You own a credit card company. You want to evaluate the profitability of customers A and B. customer A customer B $2,000 $800 80 200 80 4 credit card balance number of transactions number of customer-support calls The only source of revenue from customers is the interest that you charge on credit card balances. You charge customers an interest rate of 40%. Thus, if the credit card balance is $1,000, reven $1000*0.4 $400. Variable costs are zero for simplicity. From your ABC system, the activity rates are $1 per transaction and $8 per customer-support call. a) Compute revenue, costs, and profit margin for each customer. customer A customer B Revenue Vintage Camera Variable costs Contribution margin Allocated costs - transactions Allocated costs - customer support $ $ $$ $$ $ $$ 774 If you get rid of customer A, profit will: O decrease by $40 in the long term O decrease by $800 in the long term O remain the…
16 The Accounts Payable account: Multiple Choice has a normal credit balance. is increased by a debit. is an asset. is increased when a company receives cash from customers.
CHART OF ACCOUNTS Norwegian Medical Co. General Ledger C. e. 110 Cash f. 111 Petty Cash 1. ASSETS 120 Accounts Receivable 131 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 211 Accounts Payable-Universal Supply Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY Owner, Capital 311 Owner, Drawing REVENUE 410 Sales 610 Interest Revenue 510 The cash account for Norwegian Medical Co. at April 30 indicated a balance of $93,115. The bank statement indicated a balance of $125,800 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $30,060. Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520…