! Required Information [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $6,250 cash and $26,875 of photography equipment in the company. August 2 The company paid $4,000 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $1,188 cash. August 20 The company received $2,450 cash from taking photos for customers. August 31 The company paid $870 cash for August utilities. Open a ledger account for Cash in balance column format Post general journal entries that impact cash from above transactions to the ledger account for cash Date 101: Cash Debit Credit Balance

! Required Information [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $6,250 cash and $26,875 of photography equipment in the company. August 2 The company paid $4,000 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $1,188 cash. August 20 The company received $2,450 cash from taking photos for customers. August 31 The company paid $870 cash for August utilities. Open a ledger account for Cash in balance column format Post general journal entries that impact cash from above transactions to the ledger account for cash Date 101: Cash Debit Credit Balance

Name: !Required Information[The following information applies to the questi
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: !Required Information[The following information applies to the questions displayed below.]Following are the transactions of a new company called Pose-for-Pics.August 1 M. Harris, the owner, invested $6,250 cash and $26,875 of photography equipment i

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Dave Shurek started Hindsight Electric in February 2020. Hindsight completed the following transactions during February of the current year: Feb. 1 Began a Hindsight Electric company by investing $7,000 in cash and computer equipment having a $5,000 fair value. Feb. 2 Purchased electrical tools for $1,100 on account. Feb. 4 Completed hot tub electrical work for $1,900 on account. Feb. 8 Completed electrical panel upgrade for $500 cash. Feb. 10 Paid for the items purchased on credit on February 2. Feb. 14 Paid $1,600 for the annual rent. Feb. 18 Received $900 for the work completed on February 4. Feb. 27 D. Shurek withdrew $200 cash from the practice to pay personal expenses. Feb. 28 Paid the February utility bills, $100. Prepare general journal entries to record the transactions. Include a brief description for each entry.
On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91, 316 cash. The new company, Sheffield Sales and Service, has the following transactions during January. 1. Pays $12,000 in advance for 3 months' rent of office, showroom, and repair space. 2. Purchases 42 personal computers at a cost of $ 1,664 each, 8 graphics computers at a cost of $2, 664 each, and 27 printers at a cost of $464 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $13,916 in salaries and wages during January, of which $4, 316 was still payable at the end of January. 4. Sells 32 personal computers at $2,714 each, 6 graphics computers for $3,764 each, and 17 printers for $664 each; $76,316 is received in cash in January, and $44, 404 is sold on a deferred payment basis. 5. Other operating expenses of $9, 716 are incurred and paid for during January; $3,316 of incurred expenses are payable at January 31. (a) Using…
The following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31, 2022. Apr. 1 Paid $3,600 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $2,800 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $1,250 remained on hand. Nov. 1 A customer borrowed $6,000 and signed a note requiring the customer to pay principal and 8% interest on April 30, 2022. Required:1. Record each transaction in general journal form.2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item.
Aracel Engineering completed the following transactions in the month of June. Jenna Aracel, the owner, invested $170,000 cash, office equipment with a value of $8,500, and $62,000 of drafting equipment to launch the company. The company purchased land worth $53,000 for an office by paying $8,800 cash and signing a long-term note payable for $44,200. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. The company paid $2,200 cash for the premium on an 18-month insurance policy. The company completed and delivered a set of plans for a client and collected $9,700 cash. The company purchased $35,000 of additional drafting equipment by paying $10,300 cash and signing a long-term note payable for $24,700. The company completed $16,500 of engineering services for a client. This amount is to be received in 30 days. The company purchased $1,050 of additional office equipment on credit. The company completed engineering services for $28,000 on…
Need some assistance logging these scenarios in a journal entry. April 2: The firm signed an agreement with a contractor to install shelves costing $18,000. The work will begin on April 4. Purchased a delivery truck by paying $1,000 and taking out a 5 year 12% loan for $24,000. Mark used the company's funds to purchase additional equipment costing $22,000 and furniture and fixtures costing $38,000. It was necessary to pay a computer consultant $4000 to install, configure, and test the equipment prior to its use. April 3: The company borrowed $100,000 from Mark by signing a five-year promissory note at 12% (ignore the interest for now) The company purchased a business health license from the county at a cost of $2,400. The license expires one year from now. April 8: Work on the leasehold improvements was finished and the contractor was paid $18,000. April 15: Sales for the first half of the month totaled $42,000, of which $18,000 was for cash and the remainder on account. The…
Following are the transactions of Green Energy Company. May 1 The company provided $2,000 of sustainability consulting services on credit to a customer. May 3 The company purchased $300 of energy-efficient supplies on credit. May 9 The company collected $500 cash as partial payment of the May 1 consulting revenue. May 20 The company paid $300 cash toward the payable for energy-efficient supplies. May 31 The company paid $100 cash for May’s renewable energy Analyze each transaction of the Green Energy Company by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense. Date Assets = Liabilities + Equity May 1 = + May 3 = + May 9 = + May 9 = + May 20 =…
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company. b. The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a longterm note payable for $42,700. c. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b. d. The company paid $3,000 cash for the premium on an 18-month insurance policy. e. The company completed and delivered a set of plans for a client and collected $6,200 cash. f. The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500. g. The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days. h. The company purchased $1,150 of additional office equipment on credit. i. The company completed engineering…
Aracel Engineering completed the following transactions in the month of June. Jenna Aracel, the owner, invested $170,000 cash, office equipment with a value of $8,500, and $62,000 of drafting equipment to launch the company. The company purchased land worth $53,000 for an office by paying $8,800 cash and signing a long-term note payable for $44,200. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. The company paid $2,200 cash for the premium on an 18-month insurance policy. The company completed and delivered a set of plans for a client and collected $9,700 cash. The company purchased $35,000 of additional drafting equipment by paying $10,300 cash and signing a long-term note payable for $24,700. The company completed $16,500 of engineering services for a client. This amount is to be received in 30 days. The company purchased $1,050 of additional office equipment on credit. The company completed engineering services for $28,000 on…
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Wages of $9,000 are earned by workers but not paid as of December 31. Depreciation on the company’s equipment for the year is $10,720. The Supplies account had a $400 debit balance at the beginning of the year. During the year, $5,607 of supplies are purchased. A physical count of supplies at December 31 shows $611 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31. The company…
[The following information applies to the questions displayed below.]RunHeavy Corporation (RHC) is a corporation that manages a local band. It had the following activities during its first month. RHC was formed with an investment of $11,900 cash, paid in by the leader of the band on January 3 in exchange for common stock. On January 4, RHC purchased music equipment by paying $2,300 cash and signing an $9,600 promissory note payable in three years. On January 5, RHC booked the band for six concert events, at a price of $2,800 each, but no cash was collected yet. Of the six events, four were completed between January 10 and 20. On January 22, cash was collected for three of the four events. The other two bookings were for February concerts, but on January 24, RHC collected half of the $2,800 fee for one of them. On January 27, RHC paid $3,440 cash for the band’s travel-related costs. On January 28, RHC paid its band members a total of $2,490 cash for salaries and wages for the first…
On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…
! Required information [The following information applies to the questions displayed below.] Steve's Outdoor Company purchased a new delivery van on January 1 for $56,000 plus $4,800 in sales tax. The company paid $13,800 cash on the van (including the sales tax), signing an 8 percent note for the $47,000 balance due in nine months (on September 30). On January 2, the company paid cash of $900 to have the company name and logo painted on the van. On September 30, the company paid the balance due on the van plus the interest. On December 31 (the end of the accounting period), Steve's Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $5,600. 5. What would be the net book value of the van at the end of Year 2? (Amounts to be deducted should be indicated by a minus sign.) Net book value of van at end of Year 2 Net book value at end of year 2 0