[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 Accounts receivable 13,520 Consulting revenue 13,520 2,850 Rent expense 3,110 Office supplies Land 45,940 Salaries expense 17,530 Telephone expense Office equipment Accounts payable 6,490 850 660 8,110 Miscellaneous expenses Owner investments 83,540 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 Accounts receivable 13,520 Consulting revenue 13,520 2,850 Rent expense 3,110 Office supplies Land 45,940 Salaries expense 17,530 Telephone expense Office equipment Accounts payable 6,490 850 660 8,110 Miscellaneous expenses Owner investments 83,540 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

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Description: [The following information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launchthe business. On October 31, the company's records show the fol

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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Record The Following Transactions North and several others invested $650,000 cash in the business in exchange for 10,000 shares of capital stock. On May 27, A $400 invoice was received for several radio advertisements aired in May. The entire amount is due on June 5. Received a $100 payment on the $300 account receivable Declared a $2,000 dividend payable on July 15. Provided surveying services to client for $2,830. The entire amount was collected on this date Identify the Accruals (Unpaid expenses, Prepaid Expenses, uncollected revenue, unearned revenue) On November 1, Able Corporation purchased a six-month insurance policy expense from The Baylor Agency for $3,000. Salaries earned but not received by Milford’s employees from January 1 through January 31, 2012, totaled $180,000. Consulting services valued at $2,850 were provided during December to clients who had made payment in advance.
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.
Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note f remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on the account. The Cost of Goods Sold was $300,000.
Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: Terry Mason invested $32,750 in Succulent Express in exchange for common stock. Paid $4,200 on February 1 for an insurance premium on a one-year policy. Purchased supplies on account, $1,560. Received fees of $48,270 during February. Paid expenses as follows: wages, $22,200; rent, $3,700; utilities, $1,850; and miscellaneous, $2,035. Paid dividends of $8,850. There was $858 of supplies on hand as of February 28. Assume that adjusting entries for usage of supplies and expiration of prepaid insurance were recorded on February 28, 20Y4. Based on the information above, determine the net cash flow from operating activities as of February 28, 20Y4.
Barbara Jones opened Barb’s Book Business on February 1. You have been hired to maintain the company’s financial records. The following transactions occurred in February, the first month of operations. a. Received shareholders’ cash contributions on February 1 totaling $19,000 to form the corporation; issued 1,000 shares of common stock. b. Paid $3,060 cash on February 2 for three months’ rent for office space. TIP: For convenience, simply record the full amount of the payment as an asset (Prepaid Rent). At the end of the month, this account will be adjusted to its proper balance. c. Purchased and received supplies on February 3 for $695 cash. d. Signed a promissory note on February 4, payable in two years; deposited $12,900 in the company’s bank account. e. On February 5, paid cash to buy equipment for $5,000 and land for $7,900. f. Placed an advertisement in the local paper on February 6 for $500 cash. g. Recorded sales on February 7 totaling $2,150; $1,250 was in…
This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $31,020 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $42,960. 3 Buys office furniture for $4,110, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,340 (not paid by Roads at this time). 10 Receives cash of $215 as commission for acting as rental agent renting an apartment. 27 Pays $730 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,580 in salary for October. Prepare the debit–credit analysis for each transaction
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Kaylee James, a connoisseur of fine chocolate, opened Kaylee's Sweets in Collegetown on February 1. The shop specializes in a selection of gourmet chocolate candies and a line of gourmet ice cream. You have been hired as manager. Your duties include maintaining the store's financial records. The following transactions occurred in February, the first month of operations. Received four shareholders' contributions totaling $28,400 cash to form the corporation; issued 500 shares of $0.10 par value common stock. Paid three months' rent for the store at $1,830 per month (recorded as prepaid expenses). Purchased and received candy inventory for $6,400 on account, due in 60 days. Purchased supplies for $1,330 cash. Negotiated and signed a two-year $13,000 loan at the bank, receiving cash at the time. Used the money from (e) to purchase a computer for $2,700 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store. Placed a grand opening…
The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $16,000. b. The firm borrowed $10,000 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $3,500 were purchased for cash. The original list price of the equipment was $3,800, but a discount was received because the seller was having a sale. d. A store location was rented, and $2,800 was paid for the first month's rent. e. Inventory of $30,000 was purchased; $18,000 cash was paid to the suppliers, and the balance will be paid within 30 days. f. During the first week of operations, merchandise that had cost $8,000 was sold for $13,000 cash. g. A newspaper ad costing $200 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $8,400 was purchased; cash of $2,400 was paid, and the…
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Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable $82,000 Buildings 610,000 Cash 101,000 Common Stock 280,000 Equipment 170,000 Land 499,000 Notes Payable (long-term) 4,000 Retained Earnings Supplies 1,021,000 7,000 During the month of July, the company had the following activities: 1. Issued 4,000 shares of common stock for $400,000 cash. 2. Borrowed $115,000 cash from a local bank, payable in four years. 3. Bought a building for $188,000; paid $77,000 in cash and signed a three-year note for the balance. 4. Paid cash for equipment that cost $101,000. 5. Purchased supplies for $101,000 on account. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account ba a minus sign.) a. b. C. d. e. Cash Assets Liabilities Accounts Supplies Buildings Equipment Payable Notes Payable (long-term) Stockholders Equity Common Stock 53…