---**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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Cash Accounts Payable Land: Operating Expenses What is the total of the credit account balances that will be shown on the adjusted trial balance? Multiple Choice $60,500 $62,500 $61.500 18,100 Accounts Receivable 4,800 Service Revenue 25,100 Retained Earnings 12,500 Common Stock $43,200 5,800 18,300 17,300 21,100
* CENGAGE MINDTAP Test 7A Income Statement Balance Sheet Revenue Expenses Assets Llabilltles Owner's Equlty Nelther Account Accounts Payable-Steinke Accounts Receivable-K. Hillsdale Advertising Expense Cash Cash Short and Over G. Rothchild, Capital G. Rothchild, Drawing Income Summary Insurance Expense Miscellaneous Expense Petty Cash Prepaid Insurance Rent Expense Sales Supplies Supplies Expense Utilities Expense DELL Oo0 oooooo ooo oooo Ooo 0C O ooo Ooo O Oololo
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…
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Account #Account Name Cash 11 12 14 15 16 18 21 22 23 31 41 51 52 53 54 55 56 57 Accounts Receivables Supplies Prepaid Rent Prepaid Insurance Furniture and Equipment Other Creditors Salaries Payable Unearned Fees Capital Stock Fees Earned Salary Expense Rent Expense Supplies Expense Insurance Expense Utilities Expense Advertising Expense Income Summary 2. Post the journal entries to their respective ledger accounts.
► 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…
Prepare Trial Balance Cash Accounts Receivable Capital Withdrawals Service Fees Rent Expense $1,200 700 1,900 500 1,000 500 $2,900 debit, S2,900 credit $3.900 debit, $3,900 credit $2,000 debit, $2,000 credit $1.200 debit, $1,200 credit
Melody Mouse Trial Balance as at 31 May 2021 Dr. Cr. $ 2$ Purchases 145,870 Returns in 2,350 Returns out 2,175 Sales 374,860 Accounts payables 72,960 Accounts receivables 84,720 Bank 54,780 Capital Carriage in Discounts allowed 110,005 6,540 2,580 Discounts received 3,210 Drawings Rent 45,210 39,540 Insurance 10,270 Furniture and fittings 165,800 Motor Vehicles 254,600 Allowance for depreciation - Furniture and fittings Allowance for depreciation Motor Vehicles Provision for doubtful debts 74,520 125,900 940 Opening Inventory Loan 35,480 110,400 Telephone Water rates 14,870 12,360 874,970 874,970 The following items should be taken into consideration: i) Closing Inventory at 31 May 2021 was $41,050 ii) An amount of $1,950 was prepaid for insurance. This has not yet been accounted for. iii) A water expense accrual of $850 has not yet been accounted for. iv) Depreciation for the year should be applied at the following rates: Furniture and fittings Reducing Balance Straight Line 15% Motor…
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.