CENGAGENOW 6 TERMS ACCESS CARD 27TH ED.
27th Edition
ISBN: 9781337689687
Author: WARREN
Publisher: CENGAGE L
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Chapter 1, Problem 1.4APR
1.
To determine
Assets = Liabilities + Shareholders Equity
Business transaction: Business transaction is a record of any economic activity, resulting in the change in the value of the assets, the liabilities, and the Shareholder’s equities, of a business. Business transaction is also referred to as financial transaction.
To Indicate: The effect of each given transaction of Company HMR on the accounting equation.
b)
To determine
To Prepare: The financial statements for Company HMR for the month ended July 31, 2019.
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Transactions; Financial Statements
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:
a. Opened a business bank account with a deposit of $29,000 from personal funds.
b. Purchased office supplies on account, $2,940.
c. Paid creditor on account, $1,860.
d. Earned sales commissions, receiving cash, $29,990.
e. Paid rent on office and equipment for the month, $5,880.
f. Withdrew cash for personal use, $9,000.
g. Paid automobile expenses (indluding rental charge) for the month, $2,820, and miscellaneous expenses. S1,350.
h. Paid office salaries, $3,540.
i. Determined that the cost of supplies on hand was $990; therefore, the cost of supplies used was $1,950.
Required:
1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank, If required, enter negative values as neg
Assets
- Liabilities +
Owner's Equity
Accounts
Pat Glenn,…
Transactions; Financial Statements
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:
Opened a business bank account with a deposit of $25,000 from personal funds.
Purchased office supplies on account, $2,540.
Paid creditor on account, $1,610.
Earned sales commissions, receiving cash, $25,920.
Paid rent on office and equipment for the month, $5,080.
Withdrew cash for personal use, $8,000.
Paid automobile expenses (including rental charge) for the month, $2,440, and miscellaneous expenses, $1,170.
Paid office salaries, $3,060.
Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,680.
Required:
1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers.
Assets
=
Liabilities +
Owner's Equity
Cash
+…
Transactions; Financial Statements
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:
a. Opened a business bank account with a deposit of $33,000 from personal funds.
b. Purchased office supplies on account, $3,310.
c. Paid creditor on account, $2,090.
d. Earned sales commissions, receiving cash, $33,790.
e. Paid rent on office and equipment for the month, $6,620.
f. Withdrew cash for personal use, $10,000.
g. Paid automobile expenses (including rental charge) for the month, $3,180, and miscellaneous expenses, $1,520.
h. Paid office salaries, $3,990.
i. Determined that the cost of supplies on hand was $1,120; therefore, the cost of supplies used was $2,190.
Required:
1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers.
Assets
= Liabilities +
Owner's Equity…
Chapter 1 Solutions
CENGAGENOW 6 TERMS ACCESS CARD 27TH ED.
Ch. 1 - Name some users of accounting information.Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Josh Reilly is the owner of Dispatch Delivery...Ch. 1 - On July 12, Reliable Repair Service extended an...Ch. 1 - Prob. 6DQCh. 1 - Describe the difference between an account...Ch. 1 - A business had revenues of 679,000 and operating...Ch. 1 - A business had revenues of 640,000 and operating...Ch. 1 - The financial statements are interrelated. (a)...
Ch. 1 - Prob. 1.1APECh. 1 - Prob. 1.1BPECh. 1 - Accounting equation Terry Fleming is the owner and...Ch. 1 - Accounting equation Fritz Evans is the owner and...Ch. 1 - Transactions Bridgeport Delivery Service is owned...Ch. 1 - Transactions Interstate Delivery Service is owned...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Statement of owner's equity Using the income...Ch. 1 - Statement of owner's equity Using the income...Ch. 1 - Balance sheet Using the following data for...Ch. 1 - Balance sheet Using the following data for...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Ratio of liabilities to owner's equity The...Ch. 1 - Ratio of liabilities to owner's equity The...Ch. 1 - Types of businesses The following is a list of...Ch. 1 - Prob. 1.2EXCh. 1 - Prob. 1.3EXCh. 1 - Prob. 1.4EXCh. 1 - Prob. 1.5EXCh. 1 - Accounting equation Determine the missing amount...Ch. 1 - Accounting equation Annie Rasmussen is the Owner...Ch. 1 - Asset, liability, and owner's equity items...Ch. 1 - Effect of transactions on accounting equation...Ch. 1 - Effect of transactions on accounting equation a.A...Ch. 1 - Effect of transactions on owner's equity Indicate...Ch. 1 - Transactions The following selected transactions...Ch. 1 - Nature of transactions Teri West operates her own...Ch. 1 - Net income and owner's withdrawals The income...Ch. 1 - Net income and owner's equity for four businesses...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Statement of owner's equity Financial information...Ch. 1 - Income statement Dairy Services was organized on...Ch. 1 - Missing amounts from balance sheet and income...Ch. 1 - Balance sheets, net income Financial information...Ch. 1 - Financial statements Each of the following items...Ch. 1 - Statement of cash flows Indicate whether each of...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Financial statements We-Sell Realty, organized...Ch. 1 - Ratio of liabilities to stockholders' equity The...Ch. 1 - Prob. 1.27EXCh. 1 - Transactions On June 1 of the current year, Chad...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Seth Feye established...Ch. 1 - Prob. 1.4APRCh. 1 - Transactions; financial statements D'Lite Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Transactions Amy Austin established an insurance...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Jose Loder established Bronco...Ch. 1 - Transactions; financial statements On April 1,...Ch. 1 - Transactions; financial statements Bev's Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Prob. 1COPCh. 1 - Prob. 1.1CPCh. 1 - Prob. 1.2CPCh. 1 - Prob. 1.4CPCh. 1 - Net income On January 1, 2018, Dr. Marcie Cousins...Ch. 1 - Prob. 1.6CP
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