Working with transactions For each of the transactions below, 1. Analyze using accounting equation 2. Record the transaction in journal entry form 3. Post the entry using T-accounts. The following accounts are in the Chart of Accounts: Cash, Accounts Receivable, Office Supplies, Trucks, Equipment, Accounts Payable, Unearned Landscaping Revenue, Common Stock, Dividends, Landscaping Revenue, Wages Expense and Landscaping Expense. a.1. a. On May 15, Vazquez opens a landscaping company called Vasquez Lawns by investing $7,000 in cash along with equipment having a $3,000 value in exchange for common stock. a.2. Assets Date a.3. = Liabilities Description Equity Debit 1 Credit

Working with transactions For each of the transactions below, 1. Analyze using accounting equation 2. Record the transaction in journal entry form 3. Post the entry using T-accounts. The following accounts are in the Chart of Accounts: Cash, Accounts Receivable, Office Supplies, Trucks, Equipment, Accounts Payable, Unearned Landscaping Revenue, Common Stock, Dividends, Landscaping Revenue, Wages Expense and Landscaping Expense. a.1. a. On May 15, Vazquez opens a landscaping company called Vasquez Lawns by investing $7,000 in cash along with equipment having a $3,000 value in exchange for common stock. a.2. Assets Date a.3. = Liabilities Description Equity Debit 1 Credit

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

A book keeper recorded the purchase of office supplies on accounts as follows: Dr. Supplies expense 34000 Cr. Accounts receivable 34000 How much are total assets over or under stated? show workings
Using the attached general journal entries: Post the transactions to the general ledger and balance off each account Extract a trial balance on August 31st. Prepare an Income Statement for the month ended August 31st, the owner’s equity statement and a Balance Sheet as at that date
Show example of this activity
The General Ledger Question: What is the Account Number found in the General Ledger, (Ex. No.101, 301)? Why does each account such as Cash or Owner's capital have their own account number? This account number is then added to the general journal, in the Ref column. Please Explain.
Prepare a journal entry for the purchase of office equipment on February 19 for $14,800 paying $3,600 cash and the remainder on account. Refer to the chart of accounts for the exact wording of the account titles.
REQUIRED: a. Prepare all the double entry(T-Account) for the above transactions.b. Balance off the accounts and bring down the balances.c. Prepare a Trial Balance as at 31st March.d. Prepare Income Statement for the year ended 31st March.e. Prepare the Statement of Financial Position as at 31st March.
Journalize the May Transactions and post these journals to their respective ledger accounts. Note some of these accounts have balances at the end of April
Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Cash Land Building Nov. 1 144,000 Nov. 8 Nov. 8 40,320 14,400 1,680 84,000 Nov. 8 70,320 Nov. 25 Nov. 30 Office Equipment 3,840 Vehicles Notes Payable Nov. 15 Nov. 21 576 Nov. 30 11, 280 Nov. 25 14,400 Nov. 8 114, 000 9,600 Nov. 30 Accounts Payable Capital Stock Nov. 21 576 Nov. 15 3,840 Nov. 1 144,e00 Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Prepare journal entries to record the following transactions for the month of November. If an amount box does not require an entry, leave it blank. A. On first day of the month, issued common stock for cash, $24,000. B. On third day of month, purchased equipment for cash, $12,000. C. On tenth day of month, received cash for accounting services, $14,250. D. On fifteenth day of month, paid miscellaneous expenses, $3,700. E. On last day of month, paid employee salaries, $8,300. Nov. 1 Νov. 3 Nov. 10 Nov. 15 Nov. 30
Analyze each transaction and match it with the correct journal entry as stated. Be sure to look at each transaction carefully to ensure you make the correct choice. Purchase on account some office equipment Paid for utilities expense Paid the bank back the money previously borrowed on a note Paid the telephone bill received Made a partial payment to a creditor on account Took cash out of the business to pay for a personal bill Record revenues earned, but not collected yet Record internet expenses incurred, but not paid yet Received cash for the return of some equipment that was defective Received Payment from customer on an accounts receivable Made payment to an accounts payable Paid salary for office administrator Dr. Office Equipment; Cr. Acc Dr. Utilities Expense; Cr. Casl Dr. Accounts Payable; Cr. Cas Dr. Telephone Expense; Cr. C✓ Dr. Cash; Cr. Account Receivi Dr. Accounts Payable; Cr. Ca: ✓ Dr. Internet Expense; Cr. Acc Dr. Internet Expense; Cr. Acc Dr. Cash; Cr. Account Receiv:…
Prepare journal entries to record the following transactions. a. Purchased $380 of supplies on credit. b. Completed $580 of work for a client on credit. c. Paid $380 cash towards the amount owed from transaction a. d. Completed work for a client and immediately received $880 cash. e. Collected $580 cash for the work previously performed in transaction b. f. Received $1,080 cash in advance from a client for services to be performed next period View transaction list Journal entry worksheet < 1 2 3 4 5 6 Purchased $380 of supplies on credit. Note: Enter debits before credits. Date a. General Journal Debit Credit
Entries into The simplest form of an account.T Accounts and A summary listing of the titles and balances of accounts in the ledger.Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank An accounting form that is used to record the increases and decreases in each financial statement item.account to an account to be used for the business, $60,400. Paid October rent for office and workroom, $6,000. Purchased used automobile for $39,000, paying $9,100 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $12,100. Paid cash for supplies, $2,900. Paid cash for annual insurance policies, $4,000. Received cash from client for plans delivered, $15,100. Paid cash for miscellaneous expenses, $1,630. Paid cash to creditors on account, $3,500. Paid $480 on note payable. Received invoice…