Required information[The following information applies to the questions displayed below.]The following are transactions for the Sky Blue Corporation:a. Collected $3,150 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1.b. Paid $1,800 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount.c. Used a machine purchased on October 1 for $51,000. The company estimates annual depreciation of $5,100.++Required:For each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required athe end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)Transactiona.b.C.AssetsII11။11Liabilities+Stockholders' Equity Required information [The following information applies to the questions displayed below.] The following are transactions for the Sky Blue Corporation: a. Collected $3,150 rent for the period October 1 to December 31, which was credited toDeferred Revenue on October 1. b. Paid $1,800 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $51,000. The company estimates annualdepreciation of $5,100. Required: For each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at he end of the month on October 31. (Enter any decreases to Assets,Liabilities, or Stockholders' Equity with a minus sign.)

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Description: Required information[The following information applies to the questions displayed below.]The following are transactions for the Sky Blue Corporation:a. Collected $3,150 rent for the period October 1 to December 31, which was credited to Deferred Rev

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Required information [The following information applies to the questions displayed below.] The following are transactions for the Sky Blue Corporation: a. Collected $3,150 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $1,800 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $51,000. The company estimates annual depreciation of $5,100. equired: r each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at e end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) ransaction a. b. C. Assets Liabilities Stockholders' Equity

Required information [The following information applies to the questions displayed below.] The following are transactions for the Sky Blue Corporation: a. Collected $3,150 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $1,800 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $51,000. The company estimates annual depreciation of $5,100. equired: r each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at e end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) ransaction a. b. C. Assets Liabilities Stockholders' Equity

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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Required information [The following information applies to the questions displayed below] The following are transactions for the Sky Blue Corporation: a. Collected $2,850 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $1,560 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $49,800. The company estimates annual depreciation of $4,980. quired: reach of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) ansaction b. C. Assets Liabilities Stockholders' Equity
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Following are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day. March 25 The company sold merchandise with a $2,500 cost for $3,100 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies.…
! Required information [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $28,000. On the date of delivery, January 2, the company paid $7,000 on the machine, with the balance on credit at 9 percent interest due in six months. On January 3, it paid $1,500 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,700. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,400. Required: 1. Indicate the effects of each transaction on the accounting equation. Note: Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the…