This information relates to Novak Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $33,600 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,480. Buys office furniture for $3,780, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $12,290 (not paid by Roads at this time). Receives cash of $145 as commission for acting as rental agent renting an apartment. Pays $670 on account for the office furniture purchased on October 3. Pays the administrative assistant $3,040 in salary for October. Prepare the debit-credit analysis for each transaction. (If there is no transaction, then select 'No Effect' for the account.)

This information relates to Novak Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $33,600 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,480. Buys office furniture for $3,780, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $12,290 (not paid by Roads at this time). Receives cash of $145 as commission for acting as rental agent renting an apartment. Pays $670 on account for the office furniture purchased on October 3. Pays the administrative assistant $3,040 in salary for October. Prepare the debit-credit analysis for each transaction. (If there is no transaction, then select 'No Effect' for the account.)

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.
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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.
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.
Post the transactions to t- account ( post entries in the order of information presented in the question cash, account receivable, equipment, account payable, common stock, service revenue, sales and wages expenses)
Business transactions: On March. 1. Mr. A introduced $50,000 capital in cash into the business. 2. A sum of $30,000 loan borrowed from the Bank at 6% for 5 years. 3. Rent paid of $6,000. 4. Insurance paid $2,400 in advance for two years. 5. Equipment purchased of $10,000 in cash (useful for 5 years). 6. Furniture purchased worth $3,500 in cash (useful for 5 years). 7. Vehicle purchased for business on credit for $5,000 (useful for 5 years). 8. Supplies purchased on account for $1,500. 9. Goods purchased on account for $15,000. 10. Salaries and wages paid for $7,000. 11. Electricity bill paid for $750. 12. Telephone bill paid for $150. 13. Goods to supplier of $100 due to defects. 14. Depreciation expense on equipment for $2,000 15. Depreciation expense on vehicle for $1000. 16. Depreciation expense on furniture for $700 17. Interest expense paid on bank loan for $1,800. 18. Goods sold for $40,250. 19. Mr. A used goods for personal use worth $200. 20. Payment of $14,900 made to supplier…
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
Am. 1114.
Dec. Description 6 Smith invested $150 000 in the business, which in turn issued its share capital to her. 9 The business paid cash for land costing $64 000. Smith plans to build an office building on the land. 12 The business purchased medical supplies for $2 400 on account. 15-31 Dr. Caren Smith, P.C., officially opened for business. 15-31 During the rest of the month, Smith treated patients and earned service revenue of $9 800, receiving cash for half the revenue earned. 31 The business paid cash expenses: employee salaries, $3 600; office rent, $900; utilities, $400. 31 The business sold medical supplies to another physician for cost of $1 000 and received cash. 31 The business borrowed $34 000, signing a note payable to the bank. 31 The business paid $1 300 on account.