College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 6, Problem 1CE
Joe Fisher operates Fisher Consulting. A partial work sheet for August 20-- is provided below. Fisher made no additional investments during the month. Prepare an income statement, statement of owner’s equity, and
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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems.
Required: Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days.
Prepare Journal Entries. Please answer in good form.
For the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 20Y9, Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis. Arborvite Consulting entered into the following transactions during July:
Jul.
1
The following assets were received from Samantha Hogan: cash, $25,700; accounts receivable, $30,200; supplies, $5,100; and office equipment, $12,100. There were no liabilities received.
1
Paid three months’ rent on a lease rental contract, $8,100.
2
Paid the premiums on property and casualty insurance policies, $6,100.
3
Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $10,800.
5
Purchased additional office equipment on account from Office Necessities Co., $6,900.
6
Received cash from clients on account, $17,300.
10
Paid cash for a newspaper advertisement,…
Chapter 6 Solutions
College Accounting, Chapters 1-27
Ch. 6 - Expenses are listed on the income statement as...Ch. 6 - Additional investments of capital during the month...Ch. 6 - Prob. 3TFCh. 6 - Prob. 4TFCh. 6 - Temporary accounts are closed at the end of each...Ch. 6 - Multiple choice Which of these types of accounts...Ch. 6 - Which of these accounts is considered a temporary...Ch. 6 - Which of these is the first step in the closing...Ch. 6 - The ________ is prepared after closing entries are...Ch. 6 - Steps that begin with analyzing source documents...
Ch. 6 - Joe Fisher operates Fisher Consulting. A partial...Ch. 6 - Prob. 2CECh. 6 - Prob. 3CECh. 6 - Identify the source of the information needed to...Ch. 6 - Describe two approaches to listing the expenses in...Ch. 6 - Prob. 3RQCh. 6 - If additional investments were made during the...Ch. 6 - Identify the sources of the information needed to...Ch. 6 - What is a permanent account? On which financial...Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - List the 10 steps in the accounting cycle.Ch. 6 - Prob. 1SEACh. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS Page 206 shows a work sheet...Ch. 6 - PROBLEM 6-7A CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - INCOME STATEMENT From the partial work sheet for...Ch. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS A work sheet for Juanitas...Ch. 6 - PROBLEM 6-7B CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - MASTERY PROBLEM Elizabeth Soltis owns and operates...Ch. 6 - CHALLENGE PROBLEM This problem challenges you to...
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- Here are facts for the Hudson Roofing Company for December. Assuming no investments or withdrawals, what is the ending balance in the owners capital account?arrow_forwardFor the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 20Y9, Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis. Arborvite Consulting entered into the following transactions during July: Jul. 1 The following assets were received from Samantha Hogan: cash, $25,700; accounts receivable, $30,200; supplies, $5,100; and office equipment, $12,100. There were no liabilities received. 1 Paid three months’ rent on a lease rental contract, $8,100. 2 Paid the premiums on property and casualty insurance policies, $6,100. 3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $10,800. 5 Purchased additional office equipment on account from Office Necessities Co., $6,900. 6 Received cash from clients on account, $17,300. 10 Paid cash for a newspaper advertisement,…arrow_forwardFor the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 20Y2, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis. Diamond entered into the following transactions during July: Jul. 1 The following assets were received from Steffy Lopez in exchange for common stock: cash, $14,000; accounts receivable, $20,800; supplies, $3,100; and office equipment, $7,000. There were no liabilities received. 1 Paid two months’ rent on a lease rental contract, $6,000. 2 Paid the premiums on property and casualty insurance policies, $4,620. 4 Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,000. 5 Purchased additional office equipment on account from Office Station Co., $6,500. 6 Received cash from clients on account, $15,000. 10 Paid cash for a newspaper advertisement,…arrow_forward
- For the past several years, John Upton has operated a part-time consulting business from his home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions in July: INSTRUCTIONS; Journalize each transaction in a two column journal utilizing the following chart of accounts. Insurance expired during July is $510 Supplies on hand on July 31 are $3,900 Depreciation of Office Equipment for July is $540 Accrued receptionist salary on July 31 is $190 Rent expired during July is $2,700 Unearned fees on July 31 are $4,100arrow_forwardM. Bonzales has the following transactions during August of the current year. Aug. 1 Opens an office as a financial advisor, investing $7,800 in cash. 4 Pays insurance in advance for 6 months, $1,500 cash. 16 Receives $4,300 from clients for services performed. 27 Pays secretary $2,000 salary. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit > > >arrow_forwardThe transactions completed by PS Music during June 2019 weredescribed at the end of Chapter. The following transactions werecompleted during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music bydepositing $5,000 in PS Music's checking account. Instead of continuing to share office space with a local real estateagency, Peyton decided to rent office space near a local music store. Paidrent for July, $1,750. 1. Paid a premium of $2,700 for a comprehensive insurance policycovering liability, theft, and fire. The policy covers a one-year period. 2. Received $1,000 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radiostation, KXMD, to provide guest spots for the next three months. Thecontract requires PS Music to provide a guest disc jockey for 80 hoursper month for a monthly fee of $3,600. Any additional hours beyond 80will be billed to KXMD at $40 per hour. In accordance with…arrow_forward
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