Teri West operates her own catering service. Summary financial data for July are pre-sented in equation form as follows. Each line designated by a number indicates the effectof a transaction on the equation. Each increase and decrease in owner's equity, excepttransaction (5), affects net income= LiabilitiesOwner's EquityAssetsAccountsTeri WestTeri West,FeesSupplies Land = PayableDrawing Earned - ExpensesCashCapitalBal40,0003,00082,0007,500117,50071,8001+71,8002-15,000+15,000-47,500-47,5003.4.1,100+1,100-5,0005.-5,0006-4,000-4,0007.-1,500-1,500Bal.-5,00040,3002,60097,0004,600117,50071,800 -49,000Describe each transactionа.b. What is the amount of the net increase in cash during the month?c. What is the amount of the net increase in owner's equity during the month?d. What is the amount of the net income for the month?e. How much of the net income for the month was retained in the business?

“Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Answered: Teri West operates her own catering…

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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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,580 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable. Owner investments J. Ernst, Capital, December 11 Add: Net income Less: Not loss $9,390 Cash withdrawals by owner Consulting revenue 16,020 3,830 Rent expense 45,980 Salaries expense 18,550 Telephone expense 9,060 Miscellaneous expenses 84,580 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity $ S 0 2,600 2,600 $ 2,650 16,020 4,190 2.600 7,570 830 650
Statement Of Owner's Equity Jay Pembroke started a business in April. Prepare a Statement of Owner's Equity using the following balances for April transactions. Cash $13,466 Accounts Receivable 2,028 Office Supplies 4,718 Prepaid Insurance 1,236 Accounts Payable 281 Jay Pembroke, Capital 18,760 Jay Pembroke, Drawing 131 Service Fees 3,336 Rent Expense 798 You will need to calculate the net income for April. Statement of Owner's Equity Statement Of Owner's Equity Jay Pembroke started a business in April. Prepare a Statement of Owner's Equity for April transactions. If an amount is zero, enter "0". Jay Pembroke Statement of Owner's Equity For Month Ended April 30, 20xx Jay Pembroke, capital, April 1, 20xx $fill in the blank 6a98780e504003a_2 Investment during April fill in the blank 6a98780e504003a_4 Total investment $fill in the blank 6a98780e504003a_5 Net income for April $fill in the blank 6a98780e504003a_7…
Post the transactions to t- account ( post entries in the order of information presented in the question cash, account receivable, equipment, account payable, common stock, service revenue, sales and wages expenses)
Prepare journal entered for the attached transactions
Prepare a) Income Statement for the year ended 31 December 2022 b) Statement of Owner's equity for the year ended 31 December 2022 c) Balance sheet as at December 31, 2022
Entries into The simplest form of an account.T Accounts and A summary listing of the titles and balances of accounts in the ledger.Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank An accounting form that is used to record the increases and decreases in each financial statement item.account to an account to be used for the business, $60,400. Paid October rent for office and workroom, $6,000. Purchased used automobile for $39,000, paying $9,100 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $12,100. Paid cash for supplies, $2,900. Paid cash for annual insurance policies, $4,000. Received cash from client for plans delivered, $15,100. Paid cash for miscellaneous expenses, $1,630. Paid cash to creditors on account, $3,500. Paid $480 on note payable. Received invoice…
Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $25,000 from personal funds. Purchased office supplies on account, $2,540. Paid creditor on account, $1,610. Earned sales commissions, receiving cash, $25,920. Paid rent on office and equipment for the month, $5,080. Withdrew cash for personal use, $8,000. Paid automobile expenses (including rental charge) for the month, $2,440, and miscellaneous expenses, $1,170. Paid office salaries, $3,060. Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,680. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…
On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $53,000. 2 Paid rent on office and equipment for the month, $7,950. 3 Purchased supplies on account, $4,240. 4 Paid creditor on account, $2,320. 5 Earned fees, receiving cash, $24,180. 6 Paid automobile expenses (including rental charge) for month, $2,490, and miscellaneous expenses, $560. 7 Paid office salaries, $6,630. 8 Determined that the cost of supplies used was $1,860. 9 Withdrew cash for personal use, $2,600. Required: Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will…
Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $34,000 from personal funds. Purchased office supplies on account, $3,470. Paid creditor on account, $2,190. Earned sales commissions, receiving cash, $35,390. Paid rent on office and equipment for the month, $6,940. Withdrew cash for personal use, $11,000. Paid automobile expenses (including rental charge) for the month, $3,330, and miscellaneous expenses, $1,590. Paid office salaries, $4,180. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $29,000. 2 Paid rent on office and equipment for the month, $2,350. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $800. 5 Earned fees, receiving cash, $14,640. 6 Paid automobile expenses (including rental charge) for month, $1,520, and miscellaneous expenses, $890. 7 Paid office salaries, $2,000. 8 Determined that the cost of supplies used was $1,100. 9 Withdrew cash for personal use, $2,600. Required: 1. Journalize entries for transactions Jan. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account…
Copy of Using the following data, prepare an income statement for Mark's Car Wash for the month ended Jan 31, 2023. (You may not need all the information provided.) Cash Land Revenue Accounts Receivable Utilities expense Wages and salaries expense Advertising expense Owner's withdrawal For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) $20,000 50,000 4,000 6,000 950 2,000 600 1,500

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