September 1 - Marcus Martin invested $40,000 in cash to start the firm. September 4 - Purchased office equipment for $4,350 on credit from Zappo, Incorporated; received Invoice 8925, payable in 30 days. September 16 - Purchased an automobile that will be used to visit clients; issued Check 1001 for $28,000 in full payment. September 20 - Purchased supplies for $550; paid immediately with Check 1002. September 23 - Returned damaged supplies for a cash refund of $105. September 30- Issued Check 1003 for $2,100 to Zappo, Incorporated, as payment on account for Invoice 8925. September 30-Withdrew $3,000 in cash for personal expenses. September 30- Issued Check 1004 for $4,500 to pay the rent for October. September 30- Performed services for $11,325 in cash. September 30 - Paid $480 for monthly telephone bill, Check 1005. Totals Should agree with Balance Sheet Total Assets $ 40,000 4,350 (2,100) (3,000) 11,325 (480) 50,095 Balance Sheet Total Liabilities 4,350 (2,100) 2,250 + Total Equity 40,000 (3,000) 11,325 (480) 47,845

September 1 - Marcus Martin invested $40,000 in cash to start the firm. September 4 - Purchased office equipment for $4,350 on credit from Zappo, Incorporated; received Invoice 8925, payable in 30 days. September 16 - Purchased an automobile that will be used to visit clients; issued Check 1001 for $28,000 in full payment. September 20 - Purchased supplies for $550; paid immediately with Check 1002. September 23 - Returned damaged supplies for a cash refund of $105. September 30- Issued Check 1003 for $2,100 to Zappo, Incorporated, as payment on account for Invoice 8925. September 30-Withdrew $3,000 in cash for personal expenses. September 30- Issued Check 1004 for $4,500 to pay the rent for October. September 30- Performed services for $11,325 in cash. September 30 - Paid $480 for monthly telephone bill, Check 1005. Totals Should agree with Balance Sheet Total Assets $ 40,000 4,350 (2,100) (3,000) 11,325 (480) 50,095 Balance Sheet Total Liabilities 4,350 (2,100) 2,250 + Total Equity 40,000 (3,000) 11,325 (480) 47,845

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

a. The curling league gave Peter's a deposit of $2,600 for the upcoming fall season. b. Peter's received $2,500 from customers on account who purchased merchandise in September. c. Peter's paid $1,900 for the September electricity bill and received the October bill for $2,200, which will be paid in November. d. Peter's sold curling equipment inventory for $7,000; received $3,000 in cash and the rest on account; the cost of sales is $4,200. e. Peter's collected $13,000 from customers for games played in October. f. Peter's paid $1,400 to plumbers for repairing a broken pipe in the washrooms. g. Peter's paid $4,700 to employees for work in October. h. Peter's purchased and paid $1,800 in insurance for coverage from October 1 to December 31. Required: For each of the transactions above, complete the tabulation, indicating the amount of each transaction. (Remember that A = L + SE, R- E = NE, and NE affects SE through retained earnings.) The first transaction is provided as an example.…
dont give answer in image format
Prepare the following journal entry; all transactions listed occurred in January: The company purchased a delivery van for deliveries. The purchase price was $21,500. A down payment of $5,000 cash was paid by check, and the company signed a promissory note for the remaining amount owed.
s
Mr. lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 01 Mr. Lopez withdrew PHP 150,000.00 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 02 Bought grocery supplies on account PHP 10,700.00. 04 Acquired a service vehicle costing PHP 76,000.00. A payment of PHP 25,000.00 Cash was made and a note payable was given for the PHP 51,000.00 remainder payable for 6 equal monthly installments. 06 Purchased merchandise from Puregold PHP 49,500.00, terms 5/10, 3/20. 07 Paid PHP 1,600.00 delivery charge for January 04 transactions. 08 Paid for three months of advertising and recorded Prepaid Advertising in the amount of PHP 6,000.00 11 Sold merchandise on account PHP 42,000.00 with 40% mark-up from the inventory cost of PHP 30,000.00, term 2/10, n/30. 12 Paid PHP 1,200.00 freight for January 11 transactions. 14…
Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note f remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on the account. The Cost of Goods Sold was $300,000.
DATE TRANSACTIONS October 1 Shonna Pumphrey invested $90,000 cash in the business October 2 Paid October office rent of $6,000; issued Check 1001. October 5 Purchased desks and other office furniture for $22,800 from Hudson's Furniture; received Invoice 4067 payable in 60 days. October 6 Issued Check 1002 for $8,200 to purchase art equipment. October 7 Purchased supplies for $3,340; paid with Check 1003. October 10 Issued Check 1004 for $1,250 for office cleaning service. October 12 Performed services for $8,400 in cash and $2,200 on credit. (Use a compound entry.) October 15 Returned damaged supplies for a cash refund of $750. October 18 Purchased a computer for $4,490 from Tolliver's Office Supply, Invoice 8017; issued Check 1005 for a $1,490 down payment, with the balance payable in 30 days. (Use one compound entry.) October 20 Issued Check 1006 for $12,800 to Hudson's Furniture as payment on account for Invoice 4067. October 26 Performed services for $9,600 on credit. October 27…
Record the following transactions for the month of June 20X1 in the cash receipts journal. Total, prove, and rule the cash receipts journal as of June 30. June 4 Collected $1,150 from Tom Whitney, a credit customer on account. 9 Received a cash refund of $105 for damaged supplies. 10 Laurie Bradley, the owner, invested an additional $14,500 cash in the business. 21 Received a check from Scott White to pay his $2,300 promissory note plus interest of $127. 26 Received $2,000 for cash sales of plus sales tax of $122. There was a cash overage of $19. Date June 4, 20X1 June 9, 20X1 June 10, 20X1 June 21, 20X1 June 26, 20X1 June 30, 20X1 Description Tom Whitney Cash refund Investment Collect note Scott White Cash sales Totals CASH RECEIPTS JOURNAL Accounts Receivable Credit 1,150 14,500 2,300 Sales Tax Payable Credit $ 17,950 $ 105 122 227 Sales Credit Other Accounts Credit $ 1,859 Account Title Laurie Bradley, Capital Supplies Laurie Bradley, Capital Notes receivable Interest income 1,859…
Journal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of equipment from a supplier on account. June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable. Paid $500 cash plus interest to the supplier, extending the note for 30 days July 1 from July 1. 31 Paid the note in full. Issued a $3,500, 60-day, 7% note to a supplier for purchase of Aug. 10 merchandise. Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- May 1 2 3 3 Jun. 1 4 6. 7 Jul. 1 8 8. 9 10 10 11 11 12 Jul. 31 12 13 13 14 14 15 15 16 Aug. 10 16 17 17 18 18
REQUIREMENT: JOURNAL ENTRIES
Dec. 2 Paid $1,060 cash to Northview Mall for Security First’ share of mall advertising costs. Dec. 3 Paid $520 cash for minor repairs to the company’s computer. Dec. 4 Received $6,900 cash from Brady Engineering Co. for the receivable from November. Dec. 10 Paid cash to Zahara Hughes for six days of work at the rate of $160 per day. Dec. 14 Notified by Brady Engineering Co. that Security First’ bid of $7,100 on a proposed project has been accepted. Brady paid a $1,550 cash advance to Security First. Dec. 15 Purchased $2,250 of computer supplies on credit from Arnold Office Products. Dec. 16 Sent a reminder to Jackson Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Masters Corporation and received $7,900 cash. Dec. 22-26 Took the week off for the holidays. Dec. 28 Received $4,400 cash from Jackson Co. on its receivable. Dec. 29 Reimbursed K. Hughes for business automobile mileage…
A dentist opens a dental practice by depositing $10,000 into a bank account in the business name The dental business borrows $100,000 from the bank The dentist pays for malpractice insurance for the month, $2,000 Purchases for cash dental equipment, including X-ray machine, chair, etc. $60,000 The dentist pays for a billboard to advertise his services for one month, $500 The dentist performs dental services for the first half of the month and receives $8,000 for services January 1 January 2 January 3 January 4 January 20 January 21 rendered January 29 January 31 Pays the dental hygienist $2500 Bills patients for services rendered that have not been paid $5,000 Date Account Debit Credit 1/1/16 Cash 10000 Сapital 10000 Chart of Accounts: 1/2/16 Cash Accounts Receivable 1/3/16 Equipment Notes Payable 1/4/06 Сapital Fees Earned 1/20/16 Insurance Expense Advertising Expense 1/21/16 Salaries Expense 1/29/16 1/31/16 1. What is the net income for January? 2. How much do patients owe the…