[The following information applies to the questions displayed below.] The transactions of Belle Company's appear below. 1. D. Belle created a new business and invested $6,000 cash, $8,000 of equipment, and $12,200 in web servers. 2. The company paid $4,900 cash in advance for prepaid insurance coverage. 3. The company purchased $800 of supplies on credit. 4. The company paid $800 cash for selling expenses. 5. The company received $5,400 cash for services provided. 6. The company paid $800 cash toward accounts payable. 7. The company paid $3,500 cash for equipment. Fill in each of the following T-accounts for Belle Company's seven transactions listed here. The T-accounts represent Belle C general ledger. Code each entry with transaction number 1 through 7 (in order) for reference. Ending balance Cash Dronaid Insurance Ending balance Supplies Equipment

[The following information applies to the questions displayed below.] The transactions of Belle Company's appear below. 1. D. Belle created a new business and invested $6,000 cash, $8,000 of equipment, and $12,200 in web servers. 2. The company paid $4,900 cash in advance for prepaid insurance coverage. 3. The company purchased $800 of supplies on credit. 4. The company paid $800 cash for selling expenses. 5. The company received $5,400 cash for services provided. 6. The company paid $800 cash toward accounts payable. 7. The company paid $3,500 cash for equipment. Fill in each of the following T-accounts for Belle Company's seven transactions listed here. The T-accounts represent Belle C general ledger. Code each entry with transaction number 1 through 7 (in order) for reference. Ending balance Cash Dronaid Insurance Ending balance Supplies Equipment

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 January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91, 316 cash. The new company, Sheffield Sales and Service, has the following transactions during January. 1. Pays $12,000 in advance for 3 months' rent of office, showroom, and repair space. 2. Purchases 42 personal computers at a cost of $ 1,664 each, 8 graphics computers at a cost of $2, 664 each, and 27 printers at a cost of $464 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $13,916 in salaries and wages during January, of which $4, 316 was still payable at the end of January. 4. Sells 32 personal computers at $2,714 each, 6 graphics computers for $3,764 each, and 17 printers for $664 each; $76,316 is received in cash in January, and $44, 404 is sold on a deferred payment basis. 5. Other operating expenses of $9, 716 are incurred and paid for during January; $3,316 of incurred expenses are payable at January 31. (a) Using…
2. Transfer the journal entry into the general ledger and related subsidiary ledger 3. Prepare a Trial Balance on 31 Jan 2021
Splish Brothers Inc. had the following transactions. 1. Borrowed $6,385 from the bank by signing a note. Paid $3,192 cash for a computer. Purchased $575 of supplies on account. 2. 3. (a) Indicate what accounts are increased and decreased by each transaction. 1. 2. Your answer is partially correct. 3. Debit Analysis Increase the Asset Increase the Asset Increase the Asset Cash Computer Supplies Account Names Credit Analysis Increase the Liability Decrease the Asset Increase the Liability Notes Payable Cash Accounts Payable Account Names
On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development. October 1 Santana Rey invested $46, 000 cash, a $25,000 computer system, and $ 8,000 of office equipment in the company. October 3 The company purchased $1,410 of computer supplies on credit. October 6 The company billed Easy Leasing $5, 500 for services performed in installing a new web server. October 8 The company paid $1,410 cash for the computer supplies purchased on credit on October 3. October 10 The company hired a part-time assistant. October 12 The company billed Easy Leasing another $1,800 for services performed. October 15 The company received $5,500 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $710 cash to repair its computer equipment. October 20 The company paid $1,723 cash for advertisements published on…
A company has posted the following transaction: Debit Equipment 7000; Credit Accounts Payable 2000; Credit Cash 4000; and Credit Bank 1000. Which of the following best describes the actual transaction? Select one: a. The company purchased equipment for 7000, paying 4000 in cash, 1000 in cheque, and the remaining on credit. b. The company sold equipment worth 7000, receiving 4000 in cash and 2000 still owed. c. The company purchased equipment for 7000, paying 4000 in cash and the remaining 2000 is to be paid later. ↓ d. The company purchased equipment for 7000 entirely on credit.
need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…
On January 1, 2022, Lloyd and Joan Valdez organized Tech Associates as a corporation; each contributed $75,000 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 31, 2022. financial items for the year were determined: On that date, the following Cash on hand and in the bank $73,350 Amounts due from customers for the sales of merchandise $39,000 Office equipment $72,000 Amounts owed to suppliers for merchandise inventory $12,000 One-year note payable to a local bank $3,000 Retained Earnings at Dec 31, 2022 $19230 No dividends were declared or paid to shareholders during the year. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income – Dividends = Ending Retained Earnings] to solve for net income.)
Required information [The following information applies to the questions displayed below.] The transactions of Belle Company appear below. 1. D. Belle created a new business and invested $5,600 cash, $6,000 of equipment, and $11,100 in web servers in exchange for common stock. 2. The company paid $4,600 cash in advance for prepaid insurance coverage. 3. The company purchased $800 of supplies on credit. 4. The company paid $600 cash for selling expenses. 5. The company received $5,200 cash for services provided. 6. The company paid $800 cash toward accounts payable. 7. The company paid $3,300 cash for equipment. Use above information to prepare general journal entries for Belle Company's 1 through 7 transactions. View transaction list Journal entry worksheet A C D F G > Record the owner investment.
On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and custom program development. October 1 S. Rey invested $55,000 cash, a $27,000 computer system, and $10,000 of office equipment in the company in exchange for its common stock. October 3 The company purchased $1,330 of computer supplies on credit. October 6 The company billed Easy Leasing $5,600 for services performed in installing a new web server. October 8 The company paid $1,330 cash for the computer supplies purchased on credit on October 3. October 10 The company hired a part-time assistant. billed Easy Leasing another $2,100 for services performed. October 12 The company October 15 The company received $5,600 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $730 cash to repair its computer equipment. October 20 The company paid $1,673 cash for…
Illustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: 1. ProvidedP100,000 cash as initial investment. 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash. 4. Acquired inventory on account for P60,000. (Use perpetual inventory system) 5. Sold goods on cash basis for P200,000. The cost of sales is P20,000. 6. Sold goods on account for P300,000. The cost of sales is P30,000. 7. Paid supplies expense for P20,000 cash. 8. Paid rent expense of P180,000. 9. Paid utilities expense of P40,000. 10. Collected P240,000 accounts receivable. 11. Paid P30,000 accounts payable. 12. Made total drawings of P25,000.
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Cintu is a large marketer and distributor of food service products serving restaurants, hotels, schools, hospitals, and other institutions. The following transactions are typical of those that occurred in a recent year, but the amounts are simplified. a. Borrowed $101,000 from a bank, signing a short-term note payable. b. Provided $106,300 in service to customers, with $100,100 on account and the rest received in cash. c. Purchased equipment for $146,000 in cash. d. Incurred and paid employee wages of $2,450. e. Received $430 on account from a customer. f. Incurred and paid $4,850 cash for travel costs during the year. g. Paid $9,100 cash on accounts payable. h. Incurred $24,300 in utility expenses during the year, of which $18,800 was paid in cash and the rest owed on account. Required: 1. For each of the above transactions, prepare accrual basis journal entries. 2. Calculate the company's preliminary net income.