Required information [The following information applies to the questions displayed below.] The transactions of Belle Company appear below. 1. D. Belle created a new business and invested $5,600 cash, $6,000 of equipment, and $11,100 in web servers in exchange for common stock. 2. The company paid $4,600 cash in advance for prepaid insurance coverage. 3. The company purchased $800 of supplies on credit. 4. The company paid $600 cash for selling expenses. 5. The company received $5,200 cash for services provided. 6. The company paid $800 cash toward accounts payable. 7. The company paid $3,300 cash for equipment. e above information to prepare general journal entries for Belle Company's 1 through 7 transactions. View transaction list

Required information [The following information applies to the questions displayed below.] The transactions of Belle Company appear below. 1. D. Belle created a new business and invested $5,600 cash, $6,000 of equipment, and $11,100 in web servers in exchange for common stock. 2. The company paid $4,600 cash in advance for prepaid insurance coverage. 3. The company purchased $800 of supplies on credit. 4. The company paid $600 cash for selling expenses. 5. The company received $5,200 cash for services provided. 6. The company paid $800 cash toward accounts payable. 7. The company paid $3,300 cash for equipment. e above information to prepare general journal entries for Belle Company's 1 through 7 transactions. View transaction list

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 Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below) The transactions of Spade Company appear below, a. Kacy Spade, owner, Invested $16,000 cash in the company in exchange for common stock b. The company purchased supplies for $464 cash, c. The company purchased $8,848 of equipment on credit d. The company received $1,888 cash for services provided to a customer. e. The company paid $8.848 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,392 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,425 cash as partial payment for the account receivable created in transaction f L. The compony paid a $1,200 cashydividend to the owner (sole shareholder). Exercise 2-13 (Algo) Recording effects of transactions in T-accounts LO A1 Required: 1. Prepare general journal entries to record the…
A company was recently formed with $ 50,000 cash contributed to the company by stock-holders. The company then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account. The company also purchased $ 50,000 of equipment by paying $ 20,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet? $ 110,000 $ 90,000 $ 100,000 $120,000
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets in exchange for its common stock to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Office equipment 18,310 Salaries expense 7,350 Land 45,990 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common stock 84,310 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0.
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Required information [The following information applies to the questions displayed below.] Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $34,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000 (ignore interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of t e. Stockholder Jonah Lee paid $290,000 cash for a house for his personal use. 4. Prepare a classified balance sheet for Laser Delivery Services at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. LASER DELIVERY SERVICES, INCORPORATED S Balance Sheet trucks. 10 0 0 0
A company has posted the following transaction: Debit Equipment 7000; Credit Accounts Payable 2000; Credit Cash 4000; and Credit Bank 1000. Which of the following best describes the actual transaction? Select one: a. The company purchased equipment for 7000, paying 4000 in cash, 1000 in cheque, and the remaining on credit. b. The company sold equipment worth 7000, receiving 4000 in cash and 2000 still owed. c. The company purchased equipment for 7000, paying 4000 in cash and the remaining 2000 is to be paid later. ↓ d. The company purchased equipment for 7000 entirely on credit.
Use below information to prepare general journal entries for Belle Co's 1 through 7 transactions. 1. D. Belle created a new business and invested $5,900 cash, $6,900 of equipment, and $12,900 in web servers 2. The company paid $6,000 cash in advance for prepaid insurance coverage. 3. The company purchased $800 of supplies on account. 4. The company paid $600 cash for selling expenses. 5. The company received $6,000 cash for services provided. 6. The company paid $800 cash toward accounts payable. 7. The company paid $4,000 cash for equipment. View transaction list Journal entry worksheet A В C D E F G > Record the cash received from customer for services provided. Note: Enter debits before credits. Transaction General Journal Debit Credit 5.
Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Net income $ 11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense ERNST CONSULTING Income Statement Using the above information prepare a December income statement for the business. 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 For Month Ended December 31 $ 2,000 14,000 0 3,550 7,000 760 580
es Pinkerton & Sons is a new start up that plans to offer cryptocurrency financial advice. The company experienced the following events during its first year of operations: Required: Classify each event as an asset source, use, or exchange transaction or as not applicable. 1. Acquired $400,000 from the issuance of common stock to finance initial operations. 2. Purchased an office building for $350,000 to serve as the headquarters for the company. 3. Provided financial planning services to clients for $25,000 cash. 4. Paid employees $15,000 in salary expense for services provided to clients. Event 1. 2. 3. 4. Classification
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II. Computational. Look for the balances of the different accounts using the following transactions: A) Invested P50,000 in the business. B) Bought supplies on account amounting to P9,850. C) Received 7,500 cash from clients on account. D) Billed a client for the service rendered P6,000. E) Hired an assistant at a salary of P7,000 per month. Look for the ending of cash. Look for the ending balanceofcash.
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