AutoSaveOffHDocument3 - WordP Search (Alt+Q)Sign inFileHomeInsertDrawDesignLayoutReferencesMailingsReviewViewHelpGrammarlyPicture FormatP CommentsA ShareA Color vO Picture BorderO PositionA Send Backward - AvA 0 2.78"E Artistic EffectsPicture Effects -En: Wrap Text vA Selection PaneCorrectionsCrop A 4.77"RemoveAltBackgroundEA Transparency ♥图。E Picture Layout vTextO Bring Forward- E AlignAdjustPicture StylesN AccessibilityArrangeSizeUse the following information for exercise 15 to 18 LO P2[The following information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $83,010 in assets to launchthe business. On October 31, the company's records show the following items and amounts.$14,890 Cash withdravals by owner12,820 Consulting revenue2,290 Rent expense45,960 Salaries expense16,900 Telephone expense7,670 Hiscellaneous expense83,010$ 93012,8202,5305,780CashAccounts receivableOffice suppliesLandoffice equipnentAccounts payableOwner investments790610Exercise 1-17 Preparing a balance sheet LO P2Using the above information prepare an October 31 balance sheet for Ernst Consulting.ERNST CONSULTINGBalance SheetAlt Tevt Tabl* Accessibility: InvestigatePage 1 of 1O wordsText Predictions: OnO Focus110%9:39 PMP Type here to searchGW48°FO G 4)714)3/21/2022

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Business

Accounting

Use the following information for exercise 15 to 18 LO P2 (The following information apples to the questions displayed below) On October 1. Ebony Emst organized Enst Consuting: on October 3, the owner contributed $83.01O in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts recelvable office spplles Land office eipnent Accounts payable Ouner investnents $14,80 Cash wdthdraals by ouner 12,120 Consulting revenue 2,2 Rent epense 45, e Salarles epense 26, Telephone expense 7,4 Miscellaneous expensg 930 12,120 2,50 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

Use the following information for exercise 15 to 18 LO P2 (The following information apples to the questions displayed below) On October 1. Ebony Emst organized Enst Consuting: on October 3, the owner contributed $83.01O in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts recelvable office spplles Land office eipnent Accounts payable Ouner investnents $14,80 Cash wdthdraals by ouner 12,120 Consulting revenue 2,2 Rent epense 45, e Salarles epense 26, Telephone expense 7,4 Miscellaneous expensg 930 12,120 2,50 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

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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Fill in each of the following T-accounts for Belle Co.’s seven transactions listed here. The T-accounts represent Belle Co.’s general ledger. Code each entry with transaction number 1 through 7 (in order) for reference. 1. D. Belle created a new business and invested $6,000 cash, $7,600 of equipment, and $12,000 in web servers. 2. The company paid $4,800 cash in advance for prepaid insurance coverage. 3. The company purchased $900 of supplies on account. 4. The company paid $800 cash for selling expenses. 5. The company received $4,500 cash for services provided. 6. The company paid $900 cash toward accounts payable. 7. The company paid $3,400 cash for equipment.
EXERCISE 8-4. Journal Entries 1: Gain on realization of non-cash assets. The following statement of financial position was prepared on the day the laundry business of Fe, Editha, and Marivic commenced winding up its affairs and operations: FEM Super Laundry FEM Super Laundry Statement of Financial Position February 28, 2019 Cash P150,000 Liabilities P 76,000 Non-cash Assets 350,000 Editha, Loan 5,000 Marivic, Loan 12,000 Fe, Capital 105,000 Editha, Capital 115,000 Marivic, Capital 187,000 Total Liabilities & Total Assets P500,000 P500,000 Partners' Equity Prepare the journal entries to record liquidation of the partnership under each of the following independent situations: 1. The non-cash assets were sold for P401,000. They agreed that profits and losses would be shared equally. 2. The non-cash assets were sold for P401,000. Fe, Editha, and Marivic agreed that profits and losses would be shared in the ratio of 1:3:4, respectively.
In this table please provide journalizing
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable. Office supplies Land Office equipment Accounts payable Owner investments Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 $ 6,650 18, 650 4,640 46,000 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense 19, 560 Telephone expense 9,890 Miscellaneous expenses 85,460 Also assume the following: a. The owner's initial investment consists of $39,460 cash and $46,000 in land. b. The company's $19,560 equipment purchase is paid in cash. c. Cash paid to employees is $3,250. The accounts payable balance of $9,890 consists of the $4,640 office supplies purchase and $5,250 in…
Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 Cash wit 12,410 Consulti 1,770 Rent exp 46,080 Salaries 16,450 Telephon 6,060 Miscella 82,650 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement
Pounds away services co offers persona -weight reduction consulting
Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash with $ 15,200 12,410 Consultin 1,770 Rent expe 46,080 16,450 Telephone 6,060 Miscellan 82,650 Cash Accounts receivable Office supplies Land Salaries Office equipment Accounts payable Owner investments Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $ $
Question 2: The following amounts summarize the financial position of H&R Young Corp. on May 31. ASSETS Cash A/R 3096 5832 = LIABILITIES + OWNER'S EQUITY Supplies A/P 43380 9720 Capital 42588 According to the following transactions prepare a cash flow statement. Transaction: a) Performed service and send $4000 bill to the customer b) Withdrew $2000 for personal use c) Received $2000 of A/R issued in transaction (a) d) Purchased equipment $1,300 and paid $300 in cash and the remaining on account e) Paid $1500 of electricity bill Paid $500 on account that issued in the transaction (d) from personal account
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Fill in each of following T-accounts for Belle Co.'s seven transactions listed here. The T-accounts represent Belle Co.'s general ledger. Code each entry with transaction number 1 through 7 (in order) for reference. 1. D. Belle created a new business and invested $5,200 cash, $6,800 of equipment, and $13,000 in web servers. 2. The company paid $5,000 cash in advance for prepaid insurance coverage. 3. The company purchased $800 of supplies on account. 4. The company paid $900 cash for selling expenses. 5. The company received $4,500 cash for services provided. 6. The company paid $800 cash toward accounts payable. 7. The company paid $2,500 cash for equipment. Cash Equipment 6,800 1. 5,000 2. 900 4. 1. 7. 5. 2,500 800 6. 2,500 7. End. bal. End. bal. 9,300 3. End. bal. End. bal. 5,200 4,500 500 D.Belle, Capital Supplies 800 800
Here are selected transactions of Mason Consulting Service. Post the transactions into the appropriate Ledger accounts DATE TRANSACTIONS 20X1 Sept. 1 Zack Mason invested $41,000 in cash to start the firm. 4 Purchased office equipment for $4,600 on credit from Den, Inc.; received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $12,600 in full payment. 20 Purchased supplies for $330; paid immediately with Check 1002. 23 Returned damaged supplies for a cash refund of $75. 30 Issued Check 1003 for $2,750 to Den, Inc., as payment on account for Invoice 9823. 30 Withdrew $1,100 in cash for personal expenses. 30 Issued Check 100ø4 for $750 to pay the rent for October. 30 Performed services for $3,200 in cash. 30 Paid $340 for monthly telephone bill, Check 1005.
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