5.View PoliciesCurrent Attempt in ProgressGary Petronick decided to start an accounting practice after graduation from university. The following is a list of events thatoccurred concerning Gary's practice.1.Gary invested $ 640 of his own cash in a new bank account at BMO under the name Petronick Accounting Services.Gary borrowed $ 5,120 from his grandmother so that he could buy some office furniture for his new office.3.Gary deposited the $ 5,120 in the business bank account.After shopping around, Gary found an office to lease and signed a lease agreement. The lease calls for a payment of4.$ 1,280 rent per month.Paid the landlord the first month's rent.6.Purchased office furniture for $ 4,224 on account.Moved into the office and obtained the first assignment from a client to prepare year-end financial statements for $7.2,560.8.Performed the work on the assignment and sent an invoice to the customer for $ 2,560.Paid half of the amount of the purchase of office furniture.Purchased office supplies on account for $ 384,11.Paid $ 64 cash for Internet services. %24%24%2410.Purchased office supplies on account for $ 384.11.Paid $ 64 cash for Internet services.12.Received cash of $ 1,536 from a customer for a job to be performed next month.13.Gary withdrew cash from the business of $ 192 for personal expensesFor each of the following transactions, indicate the effects on the business' assets, liabilities, and owner's equity. (If a transactioncauses a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amountentered for the particular Asset, Liability or Equity item that was reduced.)TransactionNumberAssetsLiabilitiesCapitalDraw2$1.2.3.7.

Accounting equation of the business says that total assets should always be equal to total…

Answered: %24 %24 %24 10. Purchased office…

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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Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $29,000 from personal funds. b. Purchased office supplies on account, $2,940. c. Paid creditor on account, $1,860. d. Earned sales commissions, receiving cash, $29,990. e. Paid rent on office and equipment for the month, $5,880. f. Withdrew cash for personal use, $9,000. g. Paid automobile expenses (indluding rental charge) for the month, $2,820, and miscellaneous expenses. S1,350. h. Paid office salaries, $3,540. i. Determined that the cost of supplies on hand was $990; therefore, the cost of supplies used was $1,950. 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 neg Assets - Liabilities + Owner's Equity Accounts Pat Glenn,…
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PA5. LO 8.5 Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies S200, Maintenance Expense S140, Miscellaneous Expense S65. Cash on Hand $93. Check #106. J. Increased Petty Cash by S100, check #107.
2.
On January 1st, 20X1, TK transfers the business liability insurance for the year 20X1 in the amount of EUR 240 from his private bank account. Which of the following statements regarding business transactions in 20X1 is/are correct? O No booking is required. O Profit decreases by 240 EUR. O Equity remains unchanged. O There is a private withdrawal.
16. Subject: - Accounting
A service provider had the following income during the month: Fees, paid in cash and checks Fees, paid in notes Advances by clients for future services Reimbursement for out-of-pocket expenses Reimbursement for client expenses 80,000 150,000 20,000 40,000 20.000 330.000 P the yer ba Total P. Combnre tpe 000 sad Compute the amount subject to business tax. P 350,000 b. P 250,000 с. Р 160,000 d. P 140,000 a. boheg
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 +…
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 $34,000 from personal funds. Purchased office supplies on account, $3,470. Paid creditor on account, $2,190. Earned sales commissions, receiving cash, $35,390. Paid rent on office and equipment for the month, $6,940. Withdrew cash for personal use, $11,000. Paid automobile expenses (including rental charge) for the month, $3,330, and miscellaneous expenses, $1,590. Paid office salaries, $4,180. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. 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 +…

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