Horngren's Financial & Managerial Accounting Plus Mylab Accounting With Pearson Etext -- Access Card Package (5th Edition) (miller-nobles Et Al., The Horngren Accounting Series)
5th Edition
ISBN: 9780134077345
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 1, Problem 1.26E
Using the
Indicate the effects of the following business transactions on the accounting equation of Vivian’s Online Video store. Transaction (a) is answered as a guide.
- a. Received cash of $10,000 from issuance of common stock.
Answer: Increase asset (Cash); Increase equity (Common Stock)
- b. Earned video rental revenue on account, $2,800.
- c. Purchased office furniture on account, $300.
- d. Received cash on account, $400.
- e. Paid cash on account, $100.
- f. Rented videos and received cash of $200.
- g. Paid monthly office rent of $1,000.
- h. Paid $100 cash to purchase office supplies.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
nu
bartleby
search
message
Q&A
Sign in
Business
Accounting
Q&A Library
Directions: Analyze the transaction of Tiny Bubbles Co, put an emojey smileyif it is part in the preparation of Statement of Comprehensive Income and NA if it is not part in the preparation of Statement of Comprehensive Income. Tiny Bubbles, a parlor owner, asks to you to prepare her Statement of Comprehensive Income for the month of August with the following transactions. 1. Her company has cash deposited in a bank account amounting to P50, 000 as her initial capital 2. She bought parlor furniture set amounting to P75, 000 by paying 20% down and the balance in 12 monthly installments 3. Supplies expense for the month is P20,000 4. She paid two months rent amounting to P24, 000 5. Her total income for the month of August is 120,000 cash 6. She paid one staff for P5, 000 a month 7. The business paid P4, 500 for the light, water, and Internet connection 8. She has trade receivables amounting to P25, 000 for…
Decide which journal to use in each of the given transactions
Processing accounting transactions. I have to analyze, record in general journal and post the entry using t accounts. Here is the problem.
a. on may 15, DeShawn opens a landscaping company called elegant lawns by investing $7,000 in cash along with equipmewnt having a $3,000 value in exchange for common stock.
b. on may 21, elegant lawns purchases office supplies on credit for $500.
c. on may 25, elegant lawns receives $4,000 cash for performing landscaping services.
d. on may 30, elegant lawns recieves $1,000 cash advance of providing landscaping services to a customer.
I attached 3 pictures of my work and it seems to be right but I am missing something. It says my answer is not complete. What am I missing? Please help. Thank you.
Chapter 1 Solutions
Horngren's Financial & Managerial Accounting Plus Mylab Accounting With Pearson Etext -- Access Card Package (5th Edition) (miller-nobles Et Al., The Horngren Accounting Series)
Ch. 1 - Prob. 1QCCh. 1 - Prob. 2QCCh. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the a. financial...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - Prob. 13RQCh. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for return on assets...Ch. 1 - Identifying users of accounting information For...Ch. 1 - Prob. 1.2SECh. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Using the accounting equation Kenmore Handyman...Ch. 1 - Using the accounting equation Joshs Overhead Doors...Ch. 1 - Identifying accounts Consider the following...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - Prob. 1.12SECh. 1 - Use the following injo17nation to answer Short...Ch. 1 - Prob. 1.14SECh. 1 - Prob. 1.15SECh. 1 - Calculating Return on Assets (ROA) Refined Water...Ch. 1 - Prob. 1.17ECh. 1 - Prob. 1.18ECh. 1 - Prob. 1.19ECh. 1 - Using the accounting equation Compute the missing...Ch. 1 - Using the accounting equation Green City Builders...Ch. 1 - Prob. 1.22ECh. 1 - Using the accounting equation During 2016,...Ch. 1 - Using the accounting equation The records of...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. 1.28ECh. 1 - Using the accounting equation to analyze business...Ch. 1 - Preparing the financial statements Estella Osage...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Preparing the statement of cash flows For each...Ch. 1 - Preparing the statement of cash flows Bean Town...Ch. 1 - Calculating return on assets (ROA) Alec Appliance...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Preparing financial statements Presented here are...Ch. 1 - Preparing financial statements Click a Pix...Ch. 1 - Preparing financial statements The bookkeeper of...Ch. 1 - Prob. 1.45APCh. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. 1.47BPCh. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. 1.49BPCh. 1 - Prob. 1.50BPCh. 1 - Preparing financial statements The bookkeeper of...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Lets examine a case using Gregs Tunes and Sals...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1CTFCCh. 1 - This and similar cases in later chapters focus on...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Review accounting terms by completing the following crossword puzzle. Across: Down: 5. Copy data from the journal to the ledger 7. Book of accounts 1. Amount collectible from a customer 2. Statement of financial position 3. An economic resource 4. Record of transactions 8. List of accounts with their balances 10. Revenue-net income 11. Records an increase in a liability 12. Left side of an account 6. "bottom line" of an income statement 9. Another word for liability 2B A 1R 4 J 6N N O AO A B |니 10 E X PENSE T 18 9 M E 12 AS SE T B 11arrow_forwardReview the following transactions. (Click the icon to view the transactions.) Requirement 1. Record the transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. Determine the ending balance in each account. (Select the "Bal" label on the normal balance side of the account and enter the ending balances.) Cash Common Stock More info Luke Newton opened a law firm by investing $22,000 cash and office furniture with a fair value of $8,700. Organized as a professional corporation, the а. business issued common stock to Newton. Paid monthly rent of $1,000 Purchased office supplies on account, $1,500. b. с. Accounts Receivable Dividends d. Paid employees' salaries of $2,700. Paid $550 of the accounts payable created in transaction c. Performed legal service on account, $11,100. Declared and paid dividends of $2,300. е. f. g. Office Supplies Service Revenue Print Donearrow_forwardPost the transactions to the t account.arrow_forward
- K Indicate the effects of the following business transactions on the accounting equation of Vivian's Online Video store. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Office Furniture, Accounts Payable; Vivian, Capital; Vivian, Withdrawals; Rental Revenue; and Rent Expense. Transaction (a) is answered as a guide. (Click the icon to view the transactions.) a. Received cash of $10,000 from owner and gave capital. Increase asset (Cash) b. Earned video rental revenue on account, $2,800. a. b. More info a. Received cash of $10,000 from owner and gave capital. b. Earned video rental revenue on account, $2,800. or Ask my instructor c. Purchased office furniture on account, $300. d. Received cash on account, $400. e. Paid cash on account, $100. f. Rented videos and received cash of $200. g. Paid monthly office rent of $1,000. h. Paid $100 cash to purchase office supplies. Print ; O Increase equity Done - X (Vivian, Capital) Clear all Check answerarrow_forwardWindsor, Inc. had the following transactions. 1. Borrowed $ 6,184 from the bank by signing a note. 2. Paid $ 3,092 cash for a computer. 3. Purchased $ 557 of supplies on account. (a) Indicate what accounts are increased and decreased by each transaction. Debit Analysis Account Names Credit Analysis Account Names 1. select an effect on a basic account type enter a debit account title to record the first transaction select an effect on a basic account type enter a credit account title to record the first transaction 2. select an effect on a basic account type enter a debit account title to record the second transaction select an effect on a basic account type enter a credit account title to record the second transaction 3. select an effect on a basic account type enter a debit account title to record the third transaction select an effect on a basic…arrow_forwardrequired: please answer this question by choosing the right options.arrow_forward
- Match each of the transactions below with the most appropriate journal for recording that transaction. Sold merchandise to customers on account. Sold merchandise to customers for cash. Received a check from a customer as payment on account. Recorded depreciation expense on equipment. The owner withdrew cash from the business for personal expenses. [Choose ] ✓ [Choose ] O General Journal Sales Journal Cash Receipts Journal Cash Payments Journal [Choose]arrow_forwardWhich of the following journal entries would be recorded if a business renders service and receives cash of OR400 from the customer? Select one: O a. Cash 400 Service revenue 400 O b. Service revenue 400 Cash 400 O c. Service revenue 400 Accounts payable 400 O d. Service revenue 400 Accounts receivable 400arrow_forwardPina Colada Corp. had the following transactions. 1. Borrowed $5,065 from the bank by signing a note. 2. Paid $2,533 cash for a computer. 3. Purchased $456 of supplies on account. (a) Indicate what accounts are increased and decreased by each transaction. Debit Analysis Account Names Credit Analysis Account Names 1. select an effect on a basic account type enter a debit account title to record the first transaction select an effect on a basic account type enter a credit account title to record the first transaction 2. select an effect on a basic account type enter a debit account title to record the second transaction select an effect on a basic account type…arrow_forward
- Match the correct journal book for each of the transactions. Activity 1. A. Cash Receipts Journal B. Cash Disbursement Journal C. Purchase Journal D. Sales Journal E. General Journal _1. Owner's cash investment _2. On account Sales 3. Payment of electric bill _4.Purchase of office supplies on account _5. Sold old office equipment on account _6. Sold inventory on account _7. Received but did not pay phone bill _8. Received proceeds of borrowed money from the bank _9. Returned goods from cash sales 10. Down payment made on purchase of merchandise. _11. A customer who bought merchandise on account returned the some defective items he receive. _12. The company issued check in payment of the merchandise purchased. _13. Received a check payment from a customer. _14. The company returned damaged goods purchased in cash from its supplier. 15. Owner invested her personal car in the business. 21arrow_forwardAs an accountant, your new client Michael Sue's he's assistance in setting up his books for his business. To do this successfully, you start by showing him how you perform a transaction analysis based on the accounting equation assets equals liabilities plus owners equity. You explain to Michael how to show increases and decreases in assets liabilities and owners equity accounts using that analysis template. To help Michael understand the transaction analysis you reconcile each side of the equation by balancing out each column at the end of the transaction. complete by using the accounts cash, accounts receivable, supplies, equipment, accounts payable, notes payable, Suze capital, Suze drawing, service revenue, rent expense, salary expense, utilities expense, and advertising expense. Please record the transactions listed in the image.arrow_forwardHello, I need help pleasearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
- Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubCornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY