Elaine's Inflatables earns service revenue by providing party planning services and inflatable playscapes. Elaine's Inflatables is organized as a sole proprietorship and owned by Elaine Gibson. During the past month, Elaine's Inflatables has the following transactions: A (Click the icon to view the transactions.) Indicate the effects of the business transactions on the accounting equation for Elaine's Inflatables. Transaction (a) is answered as a guide. Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Gibson, Capital; Gibson, Withdrawals; Service Revenue, Wages Expense, Rent Expense, and Utilities Expense. a. Gibson contributed $10,000 to the business in exchange for capital. (Transaction (a) is answered as a guide.) a. Increase asset (Cash) Increase equity (Gibson, Capital) b. Purchased equipment for $5,000 on account. b.
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- Elaines inflatables earn service revenue by providing party, planning services and inflatable place scapes. Elaines inflatables is organized as a sole perpetrator ship, and owned by Elaine Gibson. During the past month, Elaines inflatables has the following transactions. Indicate the effects of the business transactions on the accounting equation 3 lanes inflatables. Use the following accounts, cash, accounts, receivable, supplies, equipment, accounts, payable, Gibson capital ,Gibson withdrawals, service, revenue, wages, expense, rent expense, and utilities expense.This problem is based on the transactions for the Take Wings Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Dec. 1 On December 1, John Fox forms a consulting business, named Take Wings. Take Wings receives $62,000 cash from John Fox as an owner contribution. Dec. 2 Take Wings pays $4,100 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Take Wings pays $46,000 cash for equipment. Dec. 4 Take Wings purchases $9,550 of supplies on credit from a supplier, CalTech Supply. Dec. 5 Take Wings provides consulting services and immediately collects $5,800 cash. Dec. 6 Take Wings pays $2,600 cash for December rent. Dec. 7 Take Wings pays $1,100 cash for employee salary. Dec. 8 Take Wings provides consulting services of $3,700…Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents informaccounting processes. She also needs some help reconciling NGS’s bank account.Required:1. For each source document shown below, prepare the appropriate journal entry or indicate thatno journal entry is required.a. Purchase order dated October 13 for massage chairs costing $765 and oil suppliescosting $240.
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- In November, Year 2, your accounting firm placed a one-time website advertisement with Today's CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company's Citibank Visa credit card. Below is the transaction you completed for this purchase. If you run the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today's CPA? Why? Teacher Feedback: was the expense form completed properly?In November Year 2 your accounting firm placed a one-time website advertisement with Today’s CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company’s Citibank Visa credit card. Below is the transaction you completed for this purchase. If you ran the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today’s CPA? Why?Joanne is part of the accounts payable team at a local furniture store, responsible for recording invoices received by the business and payments made by the business. The furniture store receives an invoice for internet usage for the amount of $450. The invoice states that payment is due in 30 days, therefore Joanne records the transaction accordingly and sets a calendar reminder to pay on the due date. Based on this information, the journal entry in the furniture store's accounting system would include:
- Using the accounting equation to analyze transactions Elaine’s Inflatables earns service revenue by providing party planning services and inflatable playscapes. Elaine’s Inflatables is organized as a corporation. During the past month, Elaine’s Inflatables had the following transactions: a. Received contributions of $10,000 in exchange for common stock. b. Purchased equipment for $5,000 on account. c. Paid $400 for office supplies. d. Earned and received $2,500 cash for service revenue. e. . Paid $400 for wages to employees. f. Cash dividends of $1,000 were paid to stockholders. g. Earned $1,000 for services provided. Customer has not yet paid. h. Paid $1,000 for rent. i. Received a bill for $250 for the monthly utilities. The bill has not yet been paid. Indicate the effects of the business transactions on the accounting equation for Elaine’s Inflatable. Transaction (a) is answered as a guide. a. Increase asset(Cash); Increase equity (Common Stock)Swift Company is a merchandising business organized in 2020. It is located in J. Hernandez Avenue, Naga City, with telephone number 1989-1213, and website tswiftmerchandising.com You were asked by the owner, Ms. T. Swift, to create a simple computerized accounting system for her business which they will use for records keeping, preparation of financial statements, and as substantiation for regulatory requirements. The December 31, 2021 post-closing trial balance for the Swift Company follows: Swift Company Post-Closing Trial Balance December 31, 2021 110 Cash ₱ 240,000 120 Accounts Receivable 210,000 130 Merchandise Inventory 730,000 140 Prepaid Rent 90,000 150 Office Supplies 160,000 160 Office Equipment 1,000,000 165 Accumulated Depreciation ₱…Before you begin this assignment, review the Tying It All Together feature in the chapter. Part of Fry’s Electronics, Inc.'s experience involves providing technical support to its customers. This includes in-home installations of electronics and also computer support at their retail store locations. Requirements Suppose Fry’s Electronics, Inc. provides $10,500 of computer support at the Dallas-Fort Worth store during the month of November. How would Fry's Electronics record this transaction? Assume all customers paid in cash. What financial statement(s) would this transaction affect? Assume Fry’s Electronics, Inc.’s Modesto, California, location received $24,000 for an annual contract to provide computer support to the local city government. How would Fry’s Electronics record this transaction? What financial statement(s) would this transaction affect? What is the difference in how revenue is recorded in requirements 1 and 2? Clearly state when revenue is recorded in each requirement.