Tamarisk, Inc. was started on May 1. A summary of May transactions is presented as follows. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Stockholders invested $11,000 cash in the business in exchange for common stock Purchased equipment for $4,000 cash. Paid $400 cash for May office rent. Paid $500 cash for supplies. Incurred $350 of advertising costs in the Beacon News on account. Received $4,200 in cash from customers for repair service. Declared and paid a $1,400 cash dividend. Paid part-time employee salaries $1,000. Paid utility bills $140. Performed repair services worth $880 on account. Collected cash of $130 for services billed in transaction (10).

Tamarisk, Inc. was started on May 1. A summary of May transactions is presented as follows. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Stockholders invested $11,000 cash in the business in exchange for common stock Purchased equipment for $4,000 cash. Paid $400 cash for May office rent. Paid $500 cash for supplies. Incurred $350 of advertising costs in the Beacon News on account. Received $4,200 in cash from customers for repair service. Declared and paid a $1,400 cash dividend. Paid part-time employee salaries $1,000. Paid utility bills $140. Performed repair services worth $880 on account. Collected cash of $130 for services billed in transaction (10).

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

On April 1, Holly Dahl established Holiday Travel Agency Ltd. The following transactions were completed during the month. 1. Shareholders invested €12,000 cash in the business in exchange for ordinary shares. 2. Paid €400 cash for April offi ce rent. 3. Purchased offi ce equipment for €5,500 cash. 4. Incurred €300 of advertising costs in a local newspaper, on account. 5. Paid €600 cash for offi ce supplies. 6. Performed services worth €8,500: €2,000 cash is received from customers, and the balance of €6,500 is billed to customers on account. 7. Declared and paid a €200 cash dividend. 8. Paid the local newspaper amount due in transaction (4). 9. Paid employees’ salaries €2,200. 10. Received €5,700 in cash from customers billed previously in transaction (6). Analyze transactions and compute net income. A) prepare a tabular analysis of the transactions B)calculate the net income or net loss C)prepare the income statement of the company
35. Best Graphics has the following accounts in its general ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; and Salaries Expense. Prepare general journal entries to record the following transactions: May 1 Shareholders invested $110,000 cash in exchange for stock. 2 Paid May rent, $5,300. 4 Purchased office equipment for $9,000, paying $3,000 cash, with the balance due on account in 60 days. 5 Purchased supplies on account, $2,300. 12 Billed clients for services, $5,800. 18 Collected $3,800 on account from clients. 19 Paid $1,500 on account to suppliers. 26 Paid $9,000 cash dividends. 31 Paid salaries for May, $3,200.
Give me write answers and I give you good reviews
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation: 1. Started business when it acquired $83,000 cash from the issue of common stock. 2. Purchased merchandise with a list price of $67,000 on account, terms 3/10, n/30. 3. Paid off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $54,400. Credit terms were 2/20, n/30. The merchandise had cost Expert Computers $32,600. 5. Collected cash from the account receivable within the discount period. 6. Paid $9,900 cash for operating expenses. 7. Paid the balance due on accounts payable. The payment was not made within the discount period. Required a. Record the events in a horizontal statements model below. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the account is not affected by the event,…
Please help me
Current Attempt in Progress Sheridan Computer Corporation had the following opening account balances at the end of April: Cash $5,500; Accounts Receivable $8,000; Accounts Payable $2,500: Common Shares $5,000; and Retained Earnings $6,000. It entered into the following transactions during the month of May: 1. Purchased equipment on account for $8,200. Paid $1,800 for rent for the month of May. Provided computer services for $4,300 on account. Paid Ontario Hydro $300 cash for utilities used in May. Borrowed $19,500 from the bank. Paid supplier for equipment purchased in transaction 1. Purchased a one-year accident insurance policy for $500 cash. Received $2,800 cash in partial payment of the account owed in transaction 3. Declared and paid $500 of dividends to shareholders. Paid income tax of $250 for the month. 2. 3. 4. 5. 6. 7. 8. 9. 10. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is…
Lawson Consulting had the following accounts and amounts on December 31. The Retained Earnings account balance at December 1 was $0 and the owner invested $15,560 cash in the company on December 1. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable. Equipment Accounts payable Common stock $ 8,000 5,100 7,100 Rent expense 3,540 Wages expense. 15,560 The company began operations on December 1. Use the above information to prepare a December 31 trial balance. Totals LAWSON CONSULTING Trial Balance December 31 Debit Dividends Services revenue $ Credit 0 $ 0 $ 2,100 13,800 2,600 8,000
The following transactions occurred during March. The first month of operations for Quality Galleries incorporated Capital Stock was issued in exchange fot $351,000 cash Purchased $1,62.000 of equipment by making a $51,000 cash down payment and signing a note payable tor the balance. made$30,500 cash payment on the note payable from the purchase of equipment sold a piece of equipment for cash of $9,000. The equipment was sold at cost . so there is no gain or loss on the sale. What is the balance in the Note Payable account at the end of March? Options a.$80,500 b.$111,000 c.$141,500 d.$30,500
Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $4,300 Salaries expense 1,650 Accounts payable 2,300 Retained earnings 4,250 Utilities expense 1,000 Supplies 12,700 Service revenue 8,200 Common stock 4,900 Required: Use only the appropriate accounts to prepare an income statement.
Krespy Corp. has a cash balance of $7,500 before the following transactions occur:- received customer payments of $965 supplies purchased on account $435 services worth $850 performed, 25% is paid in cash the rest will be billed corporation pays $275 for an ad in the newspaper bill is received for electricity used $235. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
Preparation of journal entriesThe following information is provided for the first month of operations for Legal Services Inc.:A. The business was started by selling $100,000 worth of common stock.B. Six months’ rent was paid in advance, $4,500.C. Provided services in the amount of $1,000. The customer will pay at a later date.D. An office worker was hired. The worker will be paid $275 per week.E. Received $500 in payment from the customer in “C”.F. Purchased $250 worth of supplies on credit.G. Received the electricity bill. We will pay the $110 in thirty days.H. Paid the worker hired in “D” for one week’s work.I. Received $100 from a customer for services we will provide next week.J. Dividends in the amount of $1,500 were distributed.Prepare the necessary journal entries to record these transactions. If an entry is not required for anyof these transactions, state this and explain why
A business has the following transactions:A. The business is started by receiving cash from an investor in exchange for common stock $10,000.B. Rent of $1,250 is paid for the first month.C. Office supplies are purchased for $375.D. Services worth $3,450 are performed. Cash is received for half.E. Customers pay $1,250 for services to be performed next month.F. $6,000 is paid for a one year insurance policy.G. We receive 25% of the money owed by customers in “D”.H. A customer has placed an order for $475 of services to be done this coming week.How much total revenue does the company have?