The following sever B.Y. Min invested $24,500 cash in the business in exchange for common stock. b. Paid $9,210 cash for monthly rent expense for May. c. Paid $4,300 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $840 cash. e. Purchased $13,900 of office equipment on credit (with accounts payable). f. Received $40,000 cash for services provided in May. g. The company paid a $4,356 cash dividend. 2. Prepare a Cash T-account for the above transactions, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g. Beginning Balance a Ending Balance Cash 0 24,500 40,000 64,500 9,210 b. 4,300 c. 840 d. 13,900 e. TEBE 4,356 g. 18,760 FEB 4 < Prev 9 of 10 MacBook Air Next > tv N

The following sever B.Y. Min invested $24,500 cash in the business in exchange for common stock. b. Paid $9,210 cash for monthly rent expense for May. c. Paid $4,300 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $840 cash. e. Purchased $13,900 of office equipment on credit (with accounts payable). f. Received $40,000 cash for services provided in May. g. The company paid a $4,356 cash dividend. 2. Prepare a Cash T-account for the above transactions, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g. Beginning Balance a Ending Balance Cash 0 24,500 40,000 64,500 9,210 b. 4,300 c. 840 d. 13,900 e. TEBE 4,356 g. 18,760 FEB 4 < Prev 9 of 10 MacBook Air Next > tv N

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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The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed $4,790 from a local bank on a note due in six months. Received $5,480 cash from investors and issued common stock to them. Purchased $2,700 in equipment, paying $1,050 cash and promising the rest on a note due in one year. Paid $1,150 cash for supplies. Bought and received $1,550 of supplies on account. Prepare journal entries for each transaction.
During its first year of operations, a company entered into the following transactions: • Borrowed $5,150 from the bank by signing a promissory note. • Issued stock to owners for $11,500. • Purchased $1,150 of supplies on account. Paid $550 to suppliers as payment on account for the supplies purchased. What is the amount of total assets at the end of the year? Multiple Choice O O $17,250 $17,800 $5,750 $16,650
c. Pass the transactions to balance Accounting Equation for the month of January 2021: January 1: Star Co started a business with $70000 cash in hand and $50000 cash at bank. January 3: Purchased furniture $15000 and building $25000 and paid cash. January 4: Purchased office supplies and raw material for $5000 and $10000 respectively on account. January 5: Star co. issued additional capital of $25000 by depositing in bank account. January 11: Purchased equipment by issuing 30 days notes payable for S10000, January 12: Sold raw material of $5500 equal to the original cost on account. January 15: Received cash of $4500 in settlement of account receivables. January 20: Paid utility expenses for $5000 in cash.
prepare journal entries and T-account
The following seven transactions produced the account balances shown above. a. Y. Min invested $21,500 cash in the business in exchange for common stock. b. Paid $8,620 cash for monthly rent expense for May. c. Paid $4,400 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $980 cash. e. Purchased $13,600 of office equipment on credit (with accounts payable). f. Received $42,000 cash for services provided in May. g. The company paid a $3,748 cash dividend. 2. Prepare a Cash T-account for the above transactions, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g. Beginning Balance a. f. Ending Balance Cash 0 21,500 42,000 63,500 8,620 b. 4,400 C. 980 d. 3,748 g.
with this entries July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. i have to Prepare adjusting entries using the following information in…
The following events occurred for Favata Company: a. Received $14,000 cash from owners and issued stock to them. b. Borrowed $11,000 cash from a bank and signed a note due later this year. c. Bought and received $1,200 of equipment on account. d. Purchased land for $20,000; paid $1,800 in cash and signed a long-term note for $18,200. e. Purchased $7,000 of equipment; paid $1,800 in cash and charged the rest on account. Required: For each of the above events, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Transaction a 2 Received $14,000 cash from owners and issued stock to them. Record the transaction. Note: Enter debits before credits. 3 4 Record entry 5 General Journal Clear entry Debit Credit View general journal
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.)
ASSETS Current assets: Cash MANGO INC.. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue. Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities. Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity Assume that the following transactions fin $ 14,024 11,377 17,681 2,134 24,141 69,357 131,732 20,873 12,676 $234,638 $ 30,563 18,679 8,599 6,385 64,226 29,344 28,196 121,766 1 25,212 87,659 112,872 $234,638
Create journal entries for each of the following transactions The company issues capital stock for $90,000. The company borrows $40,000 from the bank. The company pays its rent for one year in advance, $18,000. The company buys inventory for $30,000 on account. The company sells inventory costing $20,000 for $40,000 on account. The company pays its employees $1,000 for services rendered. The company buys inventory for $50,000 cash. The company sells inventory costing $40,000 for $80,000 cash. The company collects $20,000 from customers on account. The company pays $25,000 on account. One month of rent has expired. Dividends of $2,000 are paid.
B. Mr. Abdullah formed Al-Noor Enterprises on February 2021. During the month, the following financial transactions occurred: Review and find the mistake of the following transactions which is recorded in general journal and rewrite them. 2021, February 10 Paid the month's rent OR 700 16 Withdrew OR 10,000 for personal use. 23 Collected OR 9,000 from Bahwan Company. 28 Sold goods for cash - OMR 15,000 Al-Noor Enterprises for January Date Particulars Ref. Debit Credit 2020 Feb. 11 Rent Expense 700 Cash 700 16 Abdullah, Withdrawal 10,000 Expense 10,000 10,000 Cash Accounts Payable 23 10,000 30 Sales 15,000 Cash 15,000
Tanwir commenced his business on 1 October 20X9, with capital in the bank of $20,000. During his first month of trading, his transactions were as follows. 1 October Purchase inventories for $3,500 on credit from A Jones 3 October Paid $1,200 rental of premises, by cheque 5 October Paid $5,000 for office equipment, by cheque 10 October Sold goods costing $1,000 for $1,750, on credit to P Duncan 15 October Returned inventories costing $500 to A Jones 18 October Purchased inventories for $2,400 on credit from A Jones 25 October Paid A Jones for the net purchases of 1 October, by cheque 28 October P Duncan paid $500 on account, by cheque The balance on the account of A Jones at 31 October 20X9 was $ ........................................