Seventh Investments, Inc., began by issuing common stock for cash of $190,000. The company immediatelypurchased computer equipment on account for $46,000.1.2.The following T-accounts of Seventh Investments, Inc. have been opened for you: Cash, Computer Equipment,Accounts Payable, and Common Stock. Record the first two transactions of the business directly inthe T-accounts without using a journal.Show that total debits equal total credits.D1. The following T-accounts of Seventh Investments, Inc. have been opened for you: Cash, Computer Equipment,Accounts Payable, and Common Stock. Record the first two transactions of the business directly in the T-accountswithout using a journal.CashComputer EquipmentAccounts PayableCommon Stock

The objective of the question is to record the first two transactions of Seventh Investments, Inc.…

Answered: Seventh Investments, Inc., began by…

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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Problem 3-8 Determining the Effects of Transactions on the Accounting Equation (textbook p. 73) Owner's Equity Assets Liabilities Abe Schultz, Capital + $10,000 Cash in Accounts Office Grooming Accounts Receivable Equipment Equipment = Payable Trans. Bank 1 | + $10,000 Balance 2 Balance 3 Balance Balance 5 Balance Balance 7 Balance Analyze:
Required: Prepare the journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a. Note: Enter debits before credits. 3 The firm was organized and the stockholders invested cash of $8,800. Record entry 4 5 6 7 General Journal 8 Clear entry Assessment Tool iFrame Debit 14 Credit View general journal
CREATE A GENERAL JOURNAL. FOLLOW THE FORMAT. Date Account titles Dr Cr Oct-01 Cash Common Shares Oct-01 Equipment Bank Loan Payable Oct-02 Rent Expense Cash Oct-05 Prepaid Insurance Cash Oct-09 Supplies Accounts Payable Oct-13 Accounts Receivable Service Revenue Oct-19 Cash Unearned Revenue Oct-22 Accounts Payable Cash Oct-23 Salaries Expense Cash Oct-26 Dividends Cash Oct-30 Cash Accounts Receivable…
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Need journal entry and Ledger, in proper format ( please answer in text form without image)
21. EMB Consulting Services had the following transactions for the month of November. Journalize the transactions and include an explanation with each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) View the transactions. Nov. 1: The business received $10,000 cash and issued common stock. Accounts and Explanation Date Nov. 1 Issued common stock. Paid advertising expense. Paid cash on account. Paid dividends. Performed services and received cash. Performed services on account. Purchased supplies on account. Received cash on account. Debit Credit Transactions Nov. 1 Nov. 15 Nov. 18 Nov. 20 Nov. 28 The business received $10,000 cash and issued common stock. Purchased supplies on account, $400. Paid advertising bill, $150. Received $1,000 from customers for services rendered. Cash dividends of $500 were paid to stockholders. Print Done X
During the year, the Flight Company experienced the following accounting transactions: 1. Issued common stock in the amount of $150,0002. Paid a $30,000 cash dividend3. Borrowed $25,000 from a bank4. Made a principal payment of $3,500 on an outstanding bank loan5. Made an interest payment of $1,200 on an outstanding bank loan Using the accounting equation, record each of the transactions in columnar format using the following template:Use negative signs with answers, when appropriate.
^ Crane, Inc. had the following transactions during the first month of business as a proprietorship. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Mar.1Invested $23,000 cash.3Purchased $8,800 of equipment for the business with cash.6Purchased supplies on account for $600 (Debit asset account).15Paid March rent of $2,800.28Performed engineering services for clients, for which $1,500 was collected in cash and $7,000 was billed to the clients. List of Accounts Assistance Used Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Administrative Expenses Admissions Revenue Advertising Expense Allowance for Doubtful Accounts Bad Debt Expense Buildings Cash Common Stock Cost of Goods Sold…
Your assistant has gone to lunch before completing his task, which was to calculate the P/E ratio for Bollymonster Toys Inc. All he has left you is the following financial information. What is Bollymonster's P/E? (Round to one decimal place.) Bollymonster Toys Inc.Selected Financial Information Debt $2000 Cash $200 #Shares Outstanding 200 Stock Price $13.00 EV-to-EBITDA 7 Depreciation Expense $70 Interest Expense $110 Income Taxes $100
3 Mc Graw Hill Required: The following are the transactions of Spotlighter, Incorporated, for the month of January. For each transaction, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $4,240 from a local bank on a note due in six months. b. Received $4,930 cash from investors and issued common stock to them. c. Purchased $1,300 in equipment, paying $350 cash and promising the rest on a note due in one year. d. Paid $450 cash for supplies. e. Bought and received $850 of supplies on account. a. Cash b Cash c Equipment C. Cash d. Cash d Supplies e. Supplies Assets 4,240 Notes Payable (short-term) 4,930 = 1,300 Notes Payable (short-term) 350 = 450= 1,300 = 850 Accounts Payable Liabilities 4,240 + +Common Stock 950+ + + + 850+ Stockholders' Equity Check my work 4,930

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