Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows.Jan. 2Invested $10,000 cash in business.3Purchased used car for $3,000 cash for use in business.Purchased supplies on account for $600.11Billed customers $2,400 for services performed.16Paid $350 cash for advertising.20Received $900 cash from customers billed on January 11.23Paid creditor $300 cash on balance owed.28Withdrew $1,000 cash for personal use by owner.For each transaction, indicate the following. January 2 transaction is given as an example.(a)The basic type of account debited and credited.(Ь)The specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.).(c)Whether the specific account is increased or decreased.(d)The normal balance of the specific account. (d)(c)Normal(a)Basic TypeEffectBalanceIncreaseDebitOwner's Equity>>>>>>>>>>>>>>>>>>>>

The process by which financial transactions of the business are recorded and communicated with the…

Answered: Selected transactions for M. Acosta, an…

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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Kendell Cooper Optical Dispensary completed the following transactions during the latter part of March: Mar. 15 Purchased office supplies on account, $3,600 Mar. 28 Paid $1,100 on account. Read the requirements. Mar. 15: Purchased office supplies on account, $3,600. Date Accounts and Explanation Mar. 15 Mar. 28: Paid $1,100 on account. Date Mar. 28 Bal. 18,000 Accounts and Explanation Office Supplies Debit Debit Credit Credit Requirements 1. Journalize the transactions of Kendell Cooper Optical Dispensary. Include an explanation with each journal entry. 2. The following T-accounts have been opened for you: Cash (Beginning Balance of $18,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account. Print Requirement 2. The following T-accounts have been opened for you: Cash (Beginning Balance of $18,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts,…
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Saif is a licensed CPA (Accounting and Auditing Firm). During the first month of operations of his business, the following events and transactions occurred. May 1 Saif invested $20,000 cash in her business. 2 Hired a secretary at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on account from Green Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed a customer $3,200 for services performed. 12 Received $3,500 advance on a management consulting engagement. 17 Received cash of $1,200 for services performed for White Company 31 Paid the secretary $2,000 salary for the month. 31 Paid 60% of balance due Green Supply Company. Required: Journalize the above transactions. Post to the ledger accounts. Prepare a trial balance on May 31, 2020.
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Winnie Villanueva is a painting contractor. During the month of April, she completed the following transactions: April 2 Invested in the business painting equipment valued at P12, 300 and placed P71,000 in a business checking account. 3 Acquired a service vehicle costing P80, 000. Paid P50, 000 cash and signed a note for the balance. 4 Purchase painting supplies on account for P3, 200. 5 Completed a painting job and billed the customer P4, 800. 7 Received P1, 500 cash for painting an apartment room. 10 Purchased painting supplies for P1, 600 CASH. 11 Received a P4, 800 check from customer billed on April 5. 12 Paid P4, 000 for an insurance policy for a one-year coverage. 13 Billed a customer P6, 200 for painting job. 14 Paid the assistant P1, 500 for twenty-five hours’ work. 15 Paid P400 for a tune-up of the service vehicle. 18 Paid for the painting supplies purchased on April 4.…
Below are the transactions for Ute Sewing Shop for March, the first month of operations.March 1 Issue common stock in exchange for cash of $3,000.March 3 Purchase sewing equipment by signing a note with the local bank, $2,700.March 5 Pay rent of $600 for March.March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $800. Martha is not required to pay for the alterations until the work is complete.March 12 Purchase sewing supplies for $130 on account. This material will be used to provide services to customers.March 15 Ute delivers altered dresses to Martha and receives $800.March 19 Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $700 from Bob and promises the suits to be completed by March 25.March 25 Ute delivers 10 altered business suits to Bob.March 30 Pay utilities of $95 for the current period.March 31 Pay dividends of $150 to…
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Sheridan is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 Invested $19,000 cash in her business. 1 Hired a secretary-receptionist at a salary of $600 per week payable monthly. 2 Paid office rent for the month $1,200. 3 Purchased dental supplies on account from Dazzle Company $4,900. 10 Performed dental services and billed insurance companies $4,700. 11 Received $1,200 cash advance from Leah Mataruka for an implant. 20 Received $2,700 cash for services performed from Michael Santos. 30 Paid secretary-receptionist for the month $2,800. 30 Paid $3,140 to Dazzle for accounts payable due. Post to the ledger account.
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