The Accounting Cycle Karleen's Catering Service provides catered meals to individuals and businesses. Karleen's purchases its food ready to serve from Mel's Restaurant. In order to prepare a realistic trial balance, the events described below are aggregations of many individual events during 2019. Common stock was issued for $22,000. During the year, Karleen's paid office rent of $13,500. Utilities expenses incurred and paid were $5,320. Wages of $58,800 were earned by employees and paid during the year. During the year, Karleen's provided catering services: On credit $128,200 For cash 18,650 Karleen's paid $59,110 for supplies purchased and used during the year. Karleen's paid dividends in the amount of $3,500. Karleen's collected accounts receivable in the amount of $109,400. Required: 1. Analyze the events for their effect on the accounting equation. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero. Assets = Liabilities + Equity a. fill in the blank 740f1204dfa5fc4_1 fill in the blank 740f1204dfa5fc4_2 fill in the blank 740f1204dfa5fc4_3 b. fill in the blank 740f1204dfa5fc4_4 fill in the blank 740f1204dfa5fc4_5 fill in the blank 740f1204dfa5fc4_6 c. fill in the blank 740f1204dfa5fc4_7 fill in the blank 740f1204dfa5fc4_8 fill in the blank 740f1204dfa5fc4_9 d. fill in the blank 740f1204dfa5fc4_10 fill in the blank 740f1204dfa5fc4_11 fill in the blank 740f1204dfa5fc4_12 e. fill in the blank 740f1204dfa5fc4_13 fill in the blank 740f1204dfa5fc4_14 fill in the blank 740f1204dfa5fc4_15 f. fill in the blank 740f1204dfa5fc4_16 fill in the blank 740f1204dfa5fc4_17 fill in the blank 740f1204dfa5fc4_18 g. fill in the blank 740f1204dfa5fc4_19 fill in the blank 740f1204dfa5fc4_20 fill in the blank 740f1204dfa5fc4_21 h. fill in the blank 740f1204dfa5fc4_22

The Accounting Cycle Karleen's Catering Service provides catered meals to individuals and businesses. Karleen's purchases its food ready to serve from Mel's Restaurant. In order to prepare a realistic trial balance, the events described below are aggregations of many individual events during 2019. Common stock was issued for $22,000. During the year, Karleen's paid office rent of $13,500. Utilities expenses incurred and paid were $5,320. Wages of $58,800 were earned by employees and paid during the year. During the year, Karleen's provided catering services: On credit $128,200 For cash 18,650 Karleen's paid $59,110 for supplies purchased and used during the year. Karleen's paid dividends in the amount of $3,500. Karleen's collected accounts receivable in the amount of $109,400. Required: 1. Analyze the events for their effect on the accounting equation. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero. Assets = Liabilities + Equity a. fill in the blank 740f1204dfa5fc4_1 fill in the blank 740f1204dfa5fc4_2 fill in the blank 740f1204dfa5fc4_3 b. fill in the blank 740f1204dfa5fc4_4 fill in the blank 740f1204dfa5fc4_5 fill in the blank 740f1204dfa5fc4_6 c. fill in the blank 740f1204dfa5fc4_7 fill in the blank 740f1204dfa5fc4_8 fill in the blank 740f1204dfa5fc4_9 d. fill in the blank 740f1204dfa5fc4_10 fill in the blank 740f1204dfa5fc4_11 fill in the blank 740f1204dfa5fc4_12 e. fill in the blank 740f1204dfa5fc4_13 fill in the blank 740f1204dfa5fc4_14 fill in the blank 740f1204dfa5fc4_15 f. fill in the blank 740f1204dfa5fc4_16 fill in the blank 740f1204dfa5fc4_17 fill in the blank 740f1204dfa5fc4_18 g. fill in the blank 740f1204dfa5fc4_19 fill in the blank 740f1204dfa5fc4_20 fill in the blank 740f1204dfa5fc4_21 h. fill in the blank 740f1204dfa5fc4_22

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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Question

The Accounting Cycle

Karleen's Catering Service provides catered meals to individuals and businesses. Karleen's purchases its food ready to serve from Mel's Restaurant. In order to prepare a realistic trial balance, the events described below are aggregations of many individual events during 2019.

Common stock was issued for $22,000.
During the year, Karleen's paid office rent of $13,500.
Utilities expenses incurred and paid were $5,320.
Wages of $58,800 were earned by employees and paid during the year.
During the year, Karleen's provided catering services:

On credit $128,200

For cash 18,650
Karleen's paid $59,110 for supplies purchased and used during the year.
Karleen's paid dividends in the amount of $3,500.
Karleen's collected accounts receivable in the amount of $109,400.

Required:

1. Analyze the events for their effect on the accounting equation. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero.

	Assets	=	Liabilities	+	Equity
a.	fill in the blank 740f1204dfa5fc4_1		fill in the blank 740f1204dfa5fc4_2		fill in the blank 740f1204dfa5fc4_3
b.	fill in the blank 740f1204dfa5fc4_4		fill in the blank 740f1204dfa5fc4_5		fill in the blank 740f1204dfa5fc4_6
c.	fill in the blank 740f1204dfa5fc4_7		fill in the blank 740f1204dfa5fc4_8		fill in the blank 740f1204dfa5fc4_9
d.	fill in the blank 740f1204dfa5fc4_10		fill in the blank 740f1204dfa5fc4_11		fill in the blank 740f1204dfa5fc4_12
e.	fill in the blank 740f1204dfa5fc4_13		fill in the blank 740f1204dfa5fc4_14		fill in the blank 740f1204dfa5fc4_15
f.	fill in the blank 740f1204dfa5fc4_16		fill in the blank 740f1204dfa5fc4_17		fill in the blank 740f1204dfa5fc4_18
g.	fill in the blank 740f1204dfa5fc4_19		fill in the blank 740f1204dfa5fc4_20		fill in the blank 740f1204dfa5fc4_21
h.	fill in the blank 740f1204dfa5fc4_22		fill in the blank 740f1204dfa5fc4_23		fill in the blank 740f1204dfa5fc4_24

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