Required ARecord each transaction in the appropriate columns. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negativiASSETSAccountsMerchandise+ Receivable + Inventory + Equipment =Transactiona.b.C.d.e.f.Required B Required C1 Required C2g.h.i.j.k.I.Cash8,2005,0005,9003,200P.r.ev1 of 10M Enp=LIABILITIESSTOCKHOLDERS' EQUITYNotesPaid-inAccountsRetainedPayable + Payable + Capital + Earnings + RevenuewwwEftONext >+ExpensesFeb 2511:38 1 The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow.a. The firm was organized and the stockholders invested cash of $8,200.b. The firm borrowed $5,000 from the bank; a short-term note was signed.c. Display cases and other store equipment costing $1,750 were purchased for cash. The original list price of the equipment was$1,970, but a discount was received because the seller was having a sale.d. A store location was rented, and $1,350 was paid for the first month's rent.e. Inventory of $15,800 was purchased; $9,900 cash was paid to the suppliers, and the balance will be paid within 60 days.f. During the first week of operations, merchandise that had cost $4,500 was sold for $5,900 cash.g. A newspaper ad costing $130 was arranged for; it ran during the second week of the store's operations. The ad will be paid for inthe next month.h. Additional inventory costing $4,300 was purchased; cash of $1,200 was paid, and the balance is due in 30 days.i. In the last three weeks of the first month, sales totaled $13,500, of which $9,800 was sold on account. The cost of the goods soldtotaled $9,000.j. Employee wages for the month totaled $1,900; these will be paid during the first week of the next month.k. The firm collected a total of $3,200 from the sales on account recorded in transaction i.1. The firm paid a total of $4,200 of the amount owed to suppliers from transaction e.Required:a. Record each transaction in the appropriate columns. Indicate the financial statement effect.b. Calculate the total assets, liabilities, and stockholders' equity at the end of the month and calculate the amount of net income for themonthP.r.ex1 of 10noNext >Feb 25

Name: Required ARecord each transaction in the appropriate columns. Indicat
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Description: Required ARecord each transaction in the appropriate columns. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negativiASSETSAccountsMerchandise+ Receivable + Inventory + Equipment =Transactiona.b.C.d.e.f.Req

The accounting equation represents that assets equal to sum of liabilities and equity. The…

Business

Accounting

Required B Required C1 Required C2 Record each transaction in the appropriate columns. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negativi STOCKHOLDERS' EQUITY Required A Transaction a. b. C. d. e. f. g. h. i. i. Cash 8,200 5,000 5,900 ASSETS Accounts Merchandise + Receivable + Inventory + Equipment = LIABILITIES Notes Accounts Paid-in Retained Payable + Payable + Capital + Earnings + Revenue Expenses

Required B Required C1 Required C2 Record each transaction in the appropriate columns. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negativi STOCKHOLDERS' EQUITY Required A Transaction a. b. C. d. e. f. g. h. i. i. Cash 8,200 5,000 5,900 ASSETS Accounts Merchandise + Receivable + Inventory + Equipment = LIABILITIES Notes Accounts Paid-in Retained Payable + Payable + Capital + Earnings + Revenue Expenses

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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Accounting Equation Determine the missing amount for each of the following: Assets Liabilities Owner's Equity a. $187,970 $587,400 b. $93,980 $29,370 +. C. $45,230 $6,460 ||
Rubin Enterprises had the following sales-related transactions on a recent day: a. Billed customer $28,600 on account for services already provided. b. Collected $5,715 in cash for services to be provided in the future. c. The customer complained about aspects of the services provided in Transaction a. To maintain a good relationship with this customer, Rubin granted an allowance of $1,500 off the list price. The customer had not yet paid for the services. d. Rubin provided the services for the customer in Transaction b. Additionally, Rubin granted an allowance of $480 because the services were provided after the promised date. Because the customer had already paid, Rubin paid the $480 allowance in cash. Required: Prepare the necessary journal entry (or entries) for each of these transactions.
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