Transactions Cross Country Delivery Service is owned and operated by Pedro Gonzalez. The following selected transactions were completed by Cross Country Delivery Service during May: Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $25,050; Owner's Equity (Pedro Gonzalez, Capital) increases by $25,050. Element Item Direction 1. Received cash from owner as additional Asset Cash Increases investment, $25,050. Owner's Equity Pedro Gonzalez, Capital Increases 2. Paid advertising expense, $6,750. 3. Purchased supplies on account, $2,920. 4. Billed customers for delivery services on account, $20,460. 5. Received cash from customers on account, $11,410.

Transactions Cross Country Delivery Service is owned and operated by Pedro Gonzalez. The following selected transactions were completed by Cross Country Delivery Service during May: Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $25,050; Owner's Equity (Pedro Gonzalez, Capital) increases by $25,050. Element Item Direction 1. Received cash from owner as additional Asset Cash Increases investment, $25,050. Owner's Equity Pedro Gonzalez, Capital Increases 2. Paid advertising expense, $6,750. 3. Purchased supplies on account, $2,920. 4. Billed customers for delivery services on account, $20,460. 5. Received cash from customers on account, $11,410.

Name: TransactionsCross Country Delivery Service is owned and operated by P
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: TransactionsCross Country Delivery Service is owned and operated by Pedro Gonzalez. The following selected transactions were completed by Cross Country Delivery Service duringMay:Indicate the effect of each transaction on the accounting equation ele

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The account balances and income statement of Willard Towing Service at June 30, 2018, follow: (Click the icon to view the account balances.) (Click the icon to view the June income statement.) Read the requirements. i Data Table Requirement 1. Prepare the statement of owner's equity for Willard Towing Service for the month ending June 30, 2018. Assur Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. Willard Towing Service 23,950 Service Revenue 2$ 14,000 Equipment Statement of Owner's Equity Office Supplies 1,300 Accounts Receivable 7,000 Month Ended June 30, 2018 Notes Payable 6,000 Accounts Payable 6,000 Willard, Capital, June 1, 2018 3,500 Rent Expense 550 Willard, Capital, June 1, 2018 3,500 Owner contribution Cash 1,500 Salaries Expense 2,200 14000 Net income for the month Willard, Withdrawals 4,500 (4,500) Print Done Owner withdrawal 13000 Willard, Capital, June 30, 2018 %24
Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery Service during May:1. Received cash from owner as additional investment, $18,000.2. Paid advertising expense, $4,850.3. Purchased supplies on account, $2,100.4. Billed customers for delivery services on account, $14,700.5. Received cash from customers on account, $8,200.Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner’s Equity, Drawing, Revenue, and Expense). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to(1) follows:(1) Asset (Cash) increases by $18,000; Owner’s Equity (Katie Wyer, Capital) increases by $18,000.
For each transaction below, calculate the amount of revenue to be recognized in the current period using accrual-basis accounting: a. Performed $28,000 of services during the month and received full cash payment from customers at the time of service. Revenue to be recognized :28 b. Performed $7,000 of services during the month and billed customers. Customers are expected to pay next month. Revenue to be recognized c. Received $12,000 cash from customers for services to be provided next month. Revenue to be recognized
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)
A Required information [The following information applies to the questions displayed below.] Required: 1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Receivable; Supplies; Equipment, Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Expense 2. Post entries to T-accounts and the ending balances will be calculated. @ The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $11,500 cash in the company in exchange for common stock. b. The company purchased supplies for $334 cash. c. The company purchased $6,360 of equipment on credit. d. The company received $1,357 cash for services provided to a customer. e. The company paid $6,360 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,438 for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,02Tash as partial payment for the…
Select whether each of the following would appear on the income statement, statement of owner's equity, or balance sheet. If an item may appear on more than one statement, choose the option that indicates all possible statements. The first item is provided as an example. Item Classification 0. Example: The total liabilities of the business at the end of the year. Balance Sheet a. The amount of the owner's Capital balance at the end of the year. b. The amount of depreciation expense on equipment during the year. c. The amount of the company's net income for the year. d. The book value of the equipment. e. Total insurance expired during the year. f. Total accounts receivable at the end of the year. g. Total withdrawals by the owner. h. The cost of utilities used during the year. i. The amount of the owner's Capital balance at the beginning of the year.
Walston Company provides consulting services. Here are the account totals for the month ended September 30, 2019. CASH $35,000 NOTES PAYABLE $20,000 16,000 5,000 ACCOUNTS RECEIVABLE CAPITAL, SEPTEMBER 1 40,000 SUPPLIES SERVICE REVENUE 120,000 EQUIPMENT 40,000 TOTAL EXPENSES 110,000 ACCOUNTS PAYABLE 28,000 OWNER DRAWINGS 2,000 Using the data above, create an income statement, owner's equity statement and balance sheet. On the balance sheet, the assets must equal liabilities + owner's equity. Walston Company Income Statement For Month Ended 9/30/19 Walston Company Walston Company Balance Sheet 9/30/19 Owner's Equity Statement For Month Ended 9/30/19 CAPITAL, 9/1/19 + NET INCOME FOR SEPTEMBER SUBTOTAL CASH ACCOUNTS RECEIVABLE SUPPLIES EQUIPMENT TOTAL ASSETS SERVICE REVENUE 10 ACCOUNTS PAYABLE TOTAL EXPENSES NET INCOME 10 NOTES PAYABLE 10 TOTAL LIABILITIES DRAWINGS 10 WALSTON CAPITAL lo CAPITAL, 9/30/19 TOTAL LIAB & OE 10
Smith Legal Services opened their business in 2019. Record the following transactions in the space provided below Performed $43,000 in services on account Incurred operating expenses of $34,000 on account Paid cash for salaries of $4,500 Collected $39,000 of the accounts receivable Paid cash of $28,000 on accounts payable
For each of the following independent transactions, indicate whether there was an Increase, a Decrease, or No Impact for each financial statement element. Transaction Assets Liabilities Owners' Equity Issued shares to stockholders Owe salaries to employees Received telephone bill to be paid next month Purchased 6-month fire insurance policy Performed services and billed customer PLEASE NOTE: You are to use the following words - "Increase", "Decrease", or "No Impact" - when you fill in the blanks (Capitalize and omit the quotation marks).