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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Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. Paid $390 cash per truck for the cost of their annual tune-ups. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. Completed an addition to a building for $438,750 cash. Classify the above transactions as either a revenue expenditure or a capital expenditure. Prepare the journal entries to record the four transactions from part 1.
11. Smith paid the following costs on July 7th in connection with a building. All amounts were paid in cash. New elevator system $200,000 Painting of lobby $20,000 Required: Record the appropriate journal entry(ies).
[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.…
On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…
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Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the following property that related to his professional practice, Patton Eye Clinic: Cash, $2,995Professional Equipment, $63,000Office Equipment, $8,450 On the same date, he owed the following business creditors: Munez Supply Company, $3,816Martin Equipment Sales, $3,728 Compute the following amounts in the accounting equation. Assets $= Liabilities $ + Owner's Equity $
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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Solomon Company started year 1 with $270,000 in its cash and common stock accounts. During year 1, Solomon paid $202,500 cash for employee compensation and $62,100 cash for materials. Required Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to make 1,500 chairs. Further, assume that Solomon sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statement

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