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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a. Received $16,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,000 cash. c. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,500 cash for consulting services to be performed in February. e. Bought and received $1,550 of supplies on account. f. Received utility bill for January for $1,960, due February 15. g. Consulted for customers in January for fees totaling $19,600, due in February. h. Received $14,300 cash for consulting services rendered in December. i. Paid $775 toward supplies purchased in (e). E3-19 (Algo) Creating an Unadjusted Trial Balance [LO 3-4) Required: Prepare an unadjusted trial balance for Tongo, Incorporated for the month ended January 31. Account Name TONGO, INCORPORATED Unadjusted Trial Balance Debit Credit +
Assume John Sullivan completed the following additional transactions during February. (e) Received cash from a client for professional services, $1,500. (f) Paid office rent for February, $600. (g) Paid February phone bill, $64. (h) Withdrew cash for personal use, $1,000. (i) Performed services for clients on account, $750. (j) Paid wages to part-time employee, $1,200. (k) Received cash for services performed on account in transaction (i), $400. (Enter the change in Cash on the first line and the change in other account on the second line.) Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital – Drawing + Revenues – Expenses). Use the minus sign to indicate a decrease or reduction in the account. After transaction (k), report the totals for each element. If an amount box does not require an entry, leave it blank. Owner's Equity Assets = Liabilities + Capital - Drawing + Revenues…
Davos Company performed services on account for $160,000 in Year 1. Davos collected $120,000 cash from accounts receivable during Year 1, and the remaining $40,000 was collected in cash during Year 2. Required a. e. & f. Record the Year 1 transactions in T-accounts and close the Year 1 Service Revenue account to the Retained Earnings account. Record the Year 2 cash collection in the appropriate T-accounts.
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form the Journal entry of the given transaction: date/s transaction debit credit Sep-02 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 3 Paid monthly office rent of P4,000. 4 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 10 Borrowed P50,000 from the bank, signing a note payable 15 Performed service for patients on account, P3,600 22 Received cash from patients billed on September 3, P2,000 25 Received and paid a utility bill, P200 26 Paid monthly salary to nurses, P3,000 30 Paid interest expense of P200
i am doing chart of accounting general journal, question is 4/30 Reimbursed one of the employees for $25 gas used to run business errands. 4/30 Received $150 from a walk-in client for the preparation of their tax return. 4/30 Billed Mack Moving Company $3,800 for preparing their company tax return. 4/30 Received the company telephone bill for April $64, but will not pay it until May. 4/30 The owner withdrew $800 cash from the business so she could pay her personal rent. and not sure with puting categories into general journal as debit and credit side
answer the picture below,, chart of accounts notes payable taxes and license expense transportation expense salaries and wages expense utilities expense miscellaneous expense
Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note f remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on the account. The Cost of Goods Sold was $300,000.
DATE TRANSACTIONS October 1 Shonna Pumphrey invested $90,000 cash in the business October 2 Paid October office rent of $6,000; issued Check 1001. October 5 Purchased desks and other office furniture for $22,800 from Hudson's Furniture; received Invoice 4067 payable in 60 days. October 6 Issued Check 1002 for $8,200 to purchase art equipment. October 7 Purchased supplies for $3,340; paid with Check 1003. October 10 Issued Check 1004 for $1,250 for office cleaning service. October 12 Performed services for $8,400 in cash and $2,200 on credit. (Use a compound entry.) October 15 Returned damaged supplies for a cash refund of $750. October 18 Purchased a computer for $4,490 from Tolliver's Office Supply, Invoice 8017; issued Check 1005 for a $1,490 down payment, with the balance payable in 30 days. (Use one compound entry.) October 20 Issued Check 1006 for $12,800 to Hudson's Furniture as payment on account for Invoice 4067. October 26 Performed services for $9,600 on credit. October 27…
Post the transactions to t- account ( post entries in the order of information presented in the question cash, account receivable, equipment, account payable, common stock, service revenue, sales and wages expenses)
REQUIREMENT: JOURNAL ENTRIES

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