SavedRequired information[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets tolaunch the business. On December 31, the company's records show the following items and amounts.$ 10,200 Cash withdrawals by ownerCashAccounts receivable15,200Consulting revenueOffice supplies3,550Rent expenseLand45,990Office equipment18,310Accounts payable8,740Salaries expenseTelephone expenseMiscellaneous expensesOwner investments84,310$ 2,34015,2003,9107,350790610Use the above information to prepare a December 31 balance sheet for Ernst Consulting.ACGrawHillERNST CONSULTINGBalance SheetDecember 31$0G-SYNC$0S0B< Prev3 of 4Next >

Net Income Calculation:Consulting Revenue: $15,200Less: Expenses: Rent Expense: $3,910 Salaries…

Answered: Saved Required information [The…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

See similar textbooks

Similar questions

Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
Need Answer of this Question please get answr
Questions: The following is a summary of Jane’s bank account for the year ended 31 December 2021: $ $ Balance 1.January .2002 4,100 Payments to creditors for goods 67,360 Receipts from debtors 91,190 Rent 3,950 Balance 31Dec.2002 6,300 Insurance 1,470 Sundry expenses 610 Drawings 28,200 101,590 101,590 All of the…
How to enter that transaction into a cash receipts journal and also into a cash payments journal
Please help me with all answers thanku
1. Record the following events in Journal Entry form. a. In preparing the bank reconciliation for Pleasant Company, an employee found that the bank statement reported a bank service charge of $60. Record the event in Journal Entry form Account Name Debit Credit b. Barbour Company recognized $87,000 of depreciation expense on machinery. Account Name Debit Credit c. The Tandy Company purchased a Pick-up truck on June 4, 2020, for $33,500. Tandy Company did not pay cash but signed a promissory note as payment. Account Name Debit Credit
On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apr. 3 b. On April 11, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00, and $9.75 the ending cash balance. Journalize the replenishment of the fund. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. Apr. 11 c. On April 12, Snappy Sales decides to increase petty cash to $175. Journalize this transaction. Apr. 12
Subject : Accounting
I need answer of this question solution general accounting
Where do I fill the information in? Where does what go? I'm not sure when to fill in information in the Assets, Owner's Equity or Liabilities column. I would like you to show me how to fill in the table correctly.
a.

SEE MORE QUESTIONS

Recommended textbooks for you

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SEE MORE TEXTBOOKS