Required informationExercise 13-10A (Algo) Recording supplies and identifying their effect on financial statements LO 13-1, 13-3, 13-4[The following information applies to the questions displayed below.]Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chaseprovided $19,000 of services on account, and (2) he purchased $7,900 of supplies on account. There were $1,050 ofsupplies on hand as of December 31, Year 1.Exercise 13-10A (Algo) Part a, b, and eRequireda. b. & e. Record the two transactions in the T-accounts. Record the required year-end adjusting entry to reflect the use of supplies andthe required closing entries. Post the entries in the T-accounts and prepare a post-closing trial balance.Note: Select "a1, a2, or b" for the transactions in the order they take place. Select "cl" for closing entries. If no entry is required fora transaction/event, select "No journal entry required" in the first account field.DebitBeginning BalanceEnding BalanceAccounts ReceivableCreditDebitBeginning BalanceEnding BalanceSuppliesCredit

Event 1Accounts Receivable $19,000Service Revenue $19,000To record service provided on accountEvent…

Answered: Sye Chase started and operated a small…

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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June, Ming Chen (the owner) completed these transactions. a. Owner invested $63,000 cash in the company along with equipment that had a $11,000 market value in exchange for it common stock. b. The company paid $1,200 cash for rent of office space for the month. c. The company purchased $11,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2,700 cash earned. e. The company completed work for a client and sent a bill for $7,400 to be received within 30 days. f. The company purchased additional equipment for $5,100 cash. g. The company paid an assistant $3,100 cash as wages for the month. h. The company collected $5,300 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $11,000 cash to settle the liability created in transaction c. j. The company paid $1,300 cash in dividends to the owner (sole shareholder). Required: Enter the impact of each…
Accounting During the year, Sam went from Cedar City, Utah to Kona, Hawaii to participate in required business meetings. Preceding five days of business meetings from Monday to Friday, he spent four days vacationing at the beach. Excluding the vacation costs (surfing, fishing, luau, etc.) his expenses for the trip are: Round-trip Airfare (first class, baby) $5,000 Lodging for all 9 days ($350 per day) 3,150 Restaurant Meals for all 9 days ($120 per day) 1,080 Business entertainment expenses 2,000 How much are the deductible expenses for temporary business travel away from home? O $5,128 O 57.128 O 57,350 O $9.350 O None of the above.
Please follow the same sample which I attached
Fred Tang is a property investor. He owns an apartment at Harbord, and a house at Glebe which have been leased to tenants for several years. He also owns land in Shellharbour. Fred received the following amounts in respect of the Harbord and Glebe properties: Receipts Rent Income (net of agent's commission $5,200) $ 64,250 Rent received from the rental bond board, which represented unpaid rent from April 2015 1,640 Water usage component of water rates paid recouped from tenant 1,040 Settlement from a tenant that was held to have breached the terms of the lease. The settlement included $10,400 which was in respect of a garage that had to be completely rebuilt. The balance was unpaid rent 13,400 Deductions Water & Council Rates 3,200 Cleaning of properties after tenants vacated 740 Landscaping at Glebe property 5,000 Building insurance 380 Repairs and Maintenance 4,400 Decline in Value…
I. DYESEBILBIL has just begun the operation of a cleaning and pressing business named" WATERY LAUNDRY SHOP. During June of the current year she completed the following transactions: 1. Bilbil. Invested P 100,000 cleaning equipment and P 250, 500 cash to start the business 8. Purchased Furniture and Fixtures, P 55,000, terms: 90% down payment. 15. Paid its previous account amounting to P 10,000 17. Purchased cleaning supplies P 3,800 from PANDA BUK STUR on account 20. Delivered cleaned clothes to customers, P 72, 900 terms: payable within 15 days. 21 Purchased Laundry Equipment, P 31,900 in cash 22 Paid the account due to PANDA BUK STUR 23 Paid Utilities, P 4, 200 24. Paid the Salaries of the workers, P 6, 300 Prepare the Journal Entries of the above transactions. Current Assets (101 to 103) Cash 101 102 Accounts Receivable 103 102.1 Allowance for Bad Debts Cleaning Supplies Current Liabilities (301 to 302) 301 Accounts Payable 302 Loans Payable Equity (501 to 503) Bilbil, Capital 501…
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 abusiness checking account.3 Acquired a service vehicle costing P80, 000. Paid P50, 000 cash and signed a note for thebalance.4 Purchased 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 the customer billed on April 5.12 Paid P4, 000 for an insurance policy for a one-year coverage.13 Billed customer P6, 200 for a 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 4.20 Purchased a new ladder for P6, 000 and painting supplies for P2, 900, on account.22 Received a telephone bill…
In September of year 1, Jason agreed to a contract in which he agreed to redo the floors in an office building and be paid $15,000 for the job. The owner of the office building gave Jason the first $5,000 payment toward the contract on the day the contract was signed. Jason started and completed the work in November of year 1. Upon completion of the project, Jason's bookkeeper mailed an invoice to the building owner for the balance owed, with a due date of February 15th of year 2. Jason received payment in full from the building owner in January of year 2. Jason uses the accrual basis method of accounting for both financial and tax reporting purposes. Which amounts should Jason report as income from this job when filing taxes in year 1 and year 2?
[The following information applies to the questions displayed below.] While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Year 1 Assets Purchase Date Basis Computers (5-year) October 30, Year 1 $ 16,400 Office equipment (7-year) October 30, Year 1 10,000 Furniture (7-year) October 30, Year 1 5,800 Start-up costs October 30, Year 1 19,520 In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, started by fellow information systems students preparing to graduate. The customer list cost $12,520, and the sale was completed on April 30. During their summer break, Dallin and Michael passed on internship opportunities in an attempt to really grow their business into something they could do full time after graduation.…
Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June: 6/1 Quark invests 24,000 into the business. 6/3 Purchased 2,100 of equipment on account. 6/4 Paid 400 premium for a two-year insurance policy. 6/6 Purchased office supplies for cash, 220. 6/9 Purchased a new computer for 6,000. Paid 30% cash agreed to pay the remainder in 30 days. 6/10 Billed student Rashid Ali 30 for tutorial services that were performed. 6/14 Paid for the equipment purchased on June 3rd. 6/15 the owner suggested to purchased new building for his company by 10,000 6/25 Received $35 cash from student Mohammed Nasir for tutorial services performed. 6/30 Student billed on June 10 pays the amount due to Quark. 6/30 Quark withdraws 200 for personal use. Required: Prepare the _journal entries to transactions. record these
am.111.
Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporateda company that sells de - motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations.a. Received $40,000 cash from the investors who organized Down, Incorporatedb. Borrowed $19,000 cash and signed a note due in two years.c. Ordered equipment costing $22,000.d. Purchased $10,000 in equipment, paying $3,000 in cash and signing a six-month note for the balance.e. Received the equipment ordered in (c), pald for half of it, and put the rest on account. Pleaae tell me the cash and equipment
ces [The following information applies to the questions displayed below.] Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $16,600 of services on account, and (2) he purchased $4,400 of supplies on account. There were $750 of supplies on hand as of December 31, Year 1. Required a. b. & e. Record the two transactions in the T-accounts. Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. Post the entries in the T-accounts and prepare a post-closing trial balance. (Select "a1, a2, or b" for the transactions in the order they take place. Select "cl" for closing entries. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Beg. Bal End. Bal Beg. Bal. End. Bal Beg Bal Accounts Receivable Accounts Payable Service Revenue Beg. Bal. End Bal Beg Bal End. Bal Beg Bal Supplies Retained Earnings…

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