Transactions madė by Marigold Corp., a law firm, for the month of March are shown below.The company performed $21,000 of services for customers, on credit.The company received $21,000 in cash from customers who had been billed for services (in transaction 1).1.2.3.The company received a bill for $3,600 of advertising, but will not pay it until a later date.4.The company paid a dividend of $7,000 in cash to stockholders.Prepare a tabular analysis which shows the effects of these transactions on the accounting equation. (If an amount reduces the account balance then enter witha negative sign preceding the number e.g. -15,000 or parenthesis (15,000).)AssetsLiabilitiesStockholders' EquityRetained EarningsCashAccounts Receivable= Accounts Payable + Common Stock +RevenuesExpensesDividends(1) $%24$1%24(2)2$2$(3)2$%2424$2$$2$(4)$LINK TO TEXT

Accounting Equation is statement showing effects of financial transaction on basic equation on…

Transactions made by Marigold Corp., a law firm, for the month of March are shown below. The company performed $21,000 of services for customers, on credit. The company received $21,000 in cash from customers who had been billed for services (in transaction 1). 1. 2. The company received a bill for $3,600 of advertising, but will not pay it until a later date. The company paid a dividend of $7,000 in cash to stockholders. 3. 4. Prepare a tabular analysis which shows the effects of these transactions on the accounting equation. (If an amount reduces the account balance th a negative sign preceding the number e.g. -15,000 or parenthesis (15,000).) Assets Liabilities Stockholders' Equity Retained Earnings Cash + Accounts Receivable Accounts Payable + Common Stock + Revenues Expenses Dividends (1) %24 24 $1 %24 (2) $. 24 $4 (3) $ %24 24 (4) s 2$

Transactions made by Marigold Corp., a law firm, for the month of March are shown below. The company performed $21,000 of services for customers, on credit. The company received $21,000 in cash from customers who had been billed for services (in transaction 1). 1. 2. The company received a bill for $3,600 of advertising, but will not pay it until a later date. The company paid a dividend of $7,000 in cash to stockholders. 3. 4. Prepare a tabular analysis which shows the effects of these transactions on the accounting equation. (If an amount reduces the account balance th a negative sign preceding the number e.g. -15,000 or parenthesis (15,000).) Assets Liabilities Stockholders' Equity Retained Earnings Cash + Accounts Receivable Accounts Payable + Common Stock + Revenues Expenses Dividends (1) %24 24 $1 %24 (2) $. 24 $4 (3) $ %24 24 (4) s 2$

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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Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,353,500 of merchandise on credit (that had cost $979,500), terms n/30. b. Wrote off $18,100 of uncollectible accounts receivable. c. Received $671,300 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 3.00% of accounts receivable would be uncollectible. Year 2 e. Sold $1,556,800 of merchandise (that had cost $1,295,500) on credit, terms n/30. f. Wrote off $26,000 of uncollectible accounts receivable. g. Received $1,394,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 3.00% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized…
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Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 Sold $1,354,200 of merchandise on credit (that had cost $977,000), terms n/30. Wrote off $20,100 of uncollectible accounts receivable. Received $670,600 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible. Year 2 Sold $1,569,600 of merchandise (that had cost $1,341,800) on credit, terms n/30. Wrote off $32,600 of uncollectible accounts receivable. Received $1,225,700 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible. Required:Prepare journal entries to record Liang’s Year 1 and Year 2 summarized transactions and its year-end…
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Accounts receivable in the amount of $658,000 were assigned to the Fast Finance Company by Sunland, Inc., as security for a loan of $564,000. The finance company assessed a 4% finance charge on the face amount of the loan, and the note bears interest at 8% per year.During the first month, Sunland collected $366,600 on assigned accounts. This amount was remitted to the finance company along with one month's interest on the note.Make all the entries for Sunland Inc. associated with the transfer of the accounts receivable, the loan, and the remittance to the finance company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit (To record the transfer of the accounts receivable.) (To record the loan amount…
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