The following transactions were completed by the company.a. The owner (Alex Carr) invested $16,600 cash in the company.b. The company purchased supplies for $900 cash.c. The owner (Alex Carr) invested $10,800 of equipment in the company.d. The company purchased $280 of additional supplies on credit.e. The company purchased land for $9,800 cash.Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with aminus sign.)AssetsLiabilitiesEquity%3D+A. Carr,A. Carr,CapitalAccountsCashSupplies+ Equipment +LandRevenueExpenses++Payable+Withdrawalsа.++++b.++++Bal.++++%3DС.++++Bal.++++%3Dd.+++%3DBal.+++++%3Dе.+++%3D++Bal.++++%3DIIIL| ||+

1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…

Answered: The following transactions were…

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 several transactions for Halpin Advertising Company.a. Purchased $1,000 of supplies.b. Sold $5,000 of advertising services, on account, to customers.c. Used $250 of supplies.d. Collected $3,000 from customers in payment of their accounts.e. Purchased equipment for $10,000 cash.f. Recorded $500 depreciation on the equipment for the current period.Required:Identify the effect, if any, that each of the above transactions would have on net income undercash-basis accounting and accrual-basis accounting.
The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $7,100 cash. b. The company completed commission work for a client and sent a bill for $5,600 to be received within 30 days. c. The company paid an assistant $2,200 cash as wages for the period. d. The company collected $2,800 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $1,020 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities Transactions Number Accounts Accounts Owner, Cash Receivable Payable Capital a. %3D b. %3D Balance after a and b + C. + %3D Balance afterc %3D d. %3D Balance after d + %3D е. + %3D Balance after e $ $ $ $ + %3D + +
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
On October 17, Nickle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nickle paid $300,000 down in cash and signed a note payable for the balance. Required: Provide the journal entry for this transaction. Refer to the Chart of Accounts for exact wording of account titles. Provide the journal entry for the purchased building and land with cash down payment on October 17. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4
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
Required information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock. b. The company purchased supplies for $573 cash. c. The company purchased $10,922 of equipment on credit. d. The company received $2,331 cash for services provided to a customer. e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,187 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder). Required: 1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common…
Make a t chart(balancing) Asset, Liabilty, and equity
The following transactions were completed by the company: a. The owner invested $17,600 cash in the company. b. The company purchased supplies for $1,150 cash. c. The owner invested $11,300 of equipment in the company in exchange for more common stock. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10,300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. a. b. Balance after a and b C. Transactions Number Balance after c d. Balance after d e. Balance after e Cash 0 0 + 0 + + + + + + 0 + + Assets Supplies 0 0 + Equipment + 0 + + + 0 + + + + + + 0 0 + 0 + + + + 0 + + + Land 0 0 = II 0 11 11 11 0 = 11 || 11 || Liabilities + Accounts Payable 0 + + 0 + + + 0 + + 0 + + + Common Stock 0 0 0 0 I - - 1 I 1 Equity Dividends 0 + 0 + + + + 0 + + + + 0 + Revenue 0 0 0 0 - T - I I F Expenses 0 0 0 0
The following transactions occurred in Nanon Company:a. Nanon, the owner, invested P25,000,000 and obtained P100,000,000 loan from a bank.b. The company purchased a manufacturing plant for business amounting to P152,000,000 for cash.c. It also purchased goods for sale on cash amounting to P250,000.d. There were sales of goods on credit amounting to P550,000.e. The company purchased goods for sale on credit amounting to P450,000.f. The company returned goods to the supplier amounting to P50,000 which was evidence by a credit memo from the supplier.g. Various accruals were recorded at the end of the period amounting to P30,000. From the above transactions, what is the total amount to be recorded in the Cash Receipts Journal? P150,250,000P150,000,000P150,300,000P125,000,000
Simpson Auto Body Repair purchased $19,460 of Machinery. The company paid $3,959 in cash at the time of the purchase and the remainder was purchased on account to be paid in four monthly installments. a. How will the purchase affect the accounting equation? liabilities by $ v total assets by a net amount of $ and b. How will the payment of the first monthly installment affect the accounting equation (ignore interest)? v liabilities by $ v assets by $ and
The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3, is as follows: {displayed in picture} An examination of the income statement and the accounting records revealed the following additional information applicable to 20Y4: Net income, $524,580. Depreciation expense reported on the income statement: buildings, $51,660; machinery and equipment, $22,680. Patent amortization reported on the income statement, $5,040. A building was constructed for $579,600. A mortgage note for $224,000 was issued for cash. 30,000 shares of common stock were issued at $13 in exchange for the bonds payable. Cash dividends declared, $131,040. Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities.
In Year 1, Lee Inc. billed its customers $56,200 for services performed. The company collected $41,800 of the amount billed. Lee incurred $37,700 of other operating expenses on account. Lee paid $24,100 of the accounts payable. Lee acquired $39,000 cash from the issue of common stock. The company invested $14,000 cash in the purchase of land. (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement?b. What amount of cash flow from revenue will be reported on the statement of cash flows?c. What is the net income for the period?d. What is the net cash flow from operating activities for the period?f. What is the amount of net cash flow from investing activities?g. What is the amount of net cash flow from financing activities?h. What…

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