Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable. Owner investments $ 6,650 Cash withdrawals by owner 18,650 Consulting revenue 4,640 46,000 Rent expense Salaries expense 19,560 Telephone expense 9,890 Miscellaneous expenses 85,460 $ 3,490 18,650 4,920 8,500 890 700

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable. Owner investments $ 6,650 Cash withdrawals by owner 18,650 Consulting revenue 4,640 46,000 Rent expense Salaries expense 19,560 Telephone expense 9,890 Miscellaneous expenses 85,460 $ 3,490 18,650 4,920 8,500 890 700

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Description: o.mheducation.com/ext/map/index.html?_con-con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnecgnment iRequired informationUse the following information for the Exercises below. (Algo)[The following information applies to the questions disp

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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Here are selected transactions of Mason Consulting Service. Post the transactions into the appropriate Ledger accounts DATE TRANSACTIONS 20X1 Sept. 1 Zack Mason invested $41,000 in cash to start the firm. 4 Purchased office equipment for $4,600 on credit from Den, Inc.; received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $12,600 in full payment. 20 Purchased supplies for $330; paid immediately with Check 1002. 23 Returned damaged supplies for a cash refund of $75. 30 Issued Check 1003 for $2,750 to Den, Inc., as payment on account for Invoice 9823. 30 Withdrew $1,100 in cash for personal expenses. 30 Issued Check 100ø4 for $750 to pay the rent for October. 30 Performed services for $3,200 in cash. 30 Paid $340 for monthly telephone bill, Check 1005.
Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…
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This problem is based on the transactions for the Kind Matters Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. December 1 On December 1, Jim Kennedy forms a consulting business, named Kind Matters. Kind Matters receives $42,000 cash from Jim Kennedy as an owner contribution. December 2 Kind Matters pays $3,100 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Kind Matters pays $38,000 cash for equipment. December 4 Kind Matters purchases $8,050 of supplies on credit from a supplier, CalTech Supply. December 5 Kind Matters provides consulting services and immediately collects $4,800 cash. December 6 Kind Matters pays $1,600 cash for December rent. December 7 Kind Matters pays $1,300 cash for employee salary. December 8 Kind Matters provides…
[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 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 $ 12,040 13,720 2,990 17,710 45,940 8,230 83,660 ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 $ Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. 0 0 $ 1,760 13,720 0 3,210 6,690 870 680
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 $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 560 Office equipment Accounts payable Owner investments Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $ Add: Investments by owner 82,650 Add: Net income 3,660 86,310 Less: Withdrawals by owner 460 J. Ernst, Capital, December 31 $ 85,850
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,580 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable. Owner investments J. Ernst, Capital, December 11 Add: Net income Less: Not loss $9,390 Cash withdrawals by owner Consulting revenue 16,020 3,830 Rent expense 45,980 Salaries expense 18,550 Telephone expense 9,060 Miscellaneous expenses 84,580 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity $ S 0 2,600 2,600 $ 2,650 16,020 4,190 2.600 7,570 830 650
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 6,650 Cash withdrawals by owner $ 3,490 Accounts receivable 18,650 Consulting revenue 18,650 Office supplies 4,640 Rent expense 4,920 Land 46,000 Salaries expense 8,500 Office equipment 19,560 Telephone expense 890 Accounts payable 9,890 Miscellaneous expenses 700 Owner investments 85,460 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 13,520 13,520 Accounts receivable Office supplies Land Consulting revenue Rent expense 2,850 3,110 45,940 Salaries expense 17,530 Telephone expense Office equipment Accounts payable 6,490 850 660 8,110 Miscellaneous expenses Owner investments 83,540 Using the above information prepare an October statement of owner's equity for Ernst Consulting. ERNST CONSULTING Statement of Owner's Equity 0
Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed services for $26,000 cash. 2. Purchased $4,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,040 of supplies on hand. Required: Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting per c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Income statement Event Req B2 Balance sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. Note: Not all cells require input. Enter any decreases to account balances with a minus sign. Req B3 Statement of cash flows Cash…
nces [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable. Owner Investments Assets $ 8,450 Cash withdrawals by owner Consulting revenue 16,950 4,080 Rent expense 46,020 Salaries expense 18,860 Telephone expense 9,280 Miscellaneous expenses 84,920 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. Liabilities Equity Revenues $ 2,930 16,950 4,420 7,900 860 680 ERNST CONSULTING Income Statement
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 $85,360 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 $ 7,010 Accounts receivable Office supplies 18,350 4,480 Office equipment 19,360 Land 46,040 Accounts payable 9,740 Common stock 85,360 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,390 18,350 4,820 8,370 910 720 Also assume the following: a. The owner's initial investment consists of $39,320 cash and $46,040 in land in exchange for its common stock. b. The company's $19,360 equipment purchase is paid in cash. c. Cash paid to employees is $3,110. The accounts payable balance of $9,740 consists of the $4,480 office supplies purchase and $5,260 in employee salaries yet to be paid. d. The…