(2) ACE Corp., a US public company, has the following transactions: A. The company is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one-year insurance policy. G. We receive 25% of the money owed by customers in "D" H.A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?
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- Below are the transaction for Sintokish Enterprise as October 2020: Oct 1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business. Oct 3 Borrowed RM80,000 from the bank by signing a notes payable. Oct 15 Purchased a van by paying cash for RM75,000. Oct 17 Paid January rent of RM1,500 for the office space by credit. Oct 22 Performed services for customers and received cash immediately for RM20,000. Oct 23 Purchased RM600 in supplies on account. Oct 25 Performed services for customers and will collect next month of RM123,000 Oct 26 Withdrew of cash RM700 and equipment RM300. Oct 28 Paid RM1000 to the bank for notes payable. Oct 30 Paid half of amount for Oct 23 transaction. REQUIRED: Prepare the relevant journal entries to record the above transactions. Omit the explanations.A. A corporation is started with an investment of $53,000 in exchange for stock. B. Equipment worth $4,800 is ordered. C. Office supplies worth $850 are purchased on account. D. A part-time worker is hired. The employee will work 15- 20 hours per week starting next Monday at a rate of $18 per hour. E. The equipment is received along with the invoice. Payment is due in three equal monthly installments, with the first payment due in sixty days. Journalize for Harper and Co. each of these transactions. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. А. В. С. D. Е. II II II I B.[The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. 1 Sanyu Sony transferred $65,300 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. 2 The company paid $1,800 cash for the December rent. 3 The company purchased $14,200 of electrical equipment by paying $6,000 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased supplies by paying $1,000 cash. 6 The company completed electrical work and immediately collected $1,800 cash for these services. 8 The company purchased $2,820 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5,500. 18 The company purchased $450 of supplies on credit. 20 The company paid $2,820 cash for the office equipment purchased on December 8. 24 The company billed a client $900 for electrical work completed; the balance is…
- Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company had the following transactions. 1. Issue 10,000 shares of common stock in exchange for $32,000 in cash. 2. Purchase land for $19,000. A note payable is signed for the full amount. 3. Purchase storage container equipment for $8,000 cash. 4. Hire three employees for $2,000 per month. 5. Receive cash of $12,000 in rental fees for the current month. 6. Purchase office supplies for $2,000 on account. 7. Pay employees $6,000 for the first month’s salaries. Required: For each transaction, describe the dual effect on the accounting equation. For example, in the first transaction, (1) assets increase and (2) stockholders’ equity increases.The following information is available about the company. Provide a five-step way to record this information so that it can be used by managers: 1. Investment of the company's shareholders in the amount of 1000 monetary units to establish a company and deposit this amount in a current account in a bank. 2. Purchase of land for 1,500 currency units, half of which will be paid in cash and the rest next year. 3- Purchasing equipment in the amount of 140 monetary units in cash. 4. Buy 500 currency units (60% cash and 40% credit). 5. Receive a loan in the amount of 90 monetary units from the bank and deposit it in the current account.Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders’ equity, and prove the company’s accounts will still be in balance. An investor invests an additional $25,000 into a company receiving stock in exchange. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. An electric bill was received for $35. Payment is due in thirty days Part-time workers earned $750 and were paid. The electric bill in “C” is paid.
- The transactions relating to the formation of Blue Company Stores Incorporated, and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $7,400. b. The firm borrowed $5,900 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,600 were purchased for cash. The original list price of the equipment was $1,930, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,500 was paid for the first month's rent. e. Inventory of $14,700 was purchased; $8,500 cash was paid to the suppliers, and the balance will be paid within 60 days. f. During the first week of operations, merchandise that had cost $3,100 was sold for $5,100 cash. g. A newspaper ad costing $100 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $4,350 was purchased; cash of $1,100 was paid,…The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $8,200. b. The firm borrowed $5,000 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,750 were purchased for cash. The original list price of the equipment was $1,970, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,350 was paid for the first month's rent. e. Inventory of $15,800 was purchased; $9,900 cash was paid to the suppliers, and the balance will be paid within 60 days. f. During the first week of operations, merchandise that had cost $4,500 was sold for $5,900 cash. g. A newspaper ad costing $130 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $4,300 was purchased; cash of $1,200 was paid, and the…The transactions relating to the formation of Blue Company Stores Incorporated, and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $7,600. b. The firm borrowed $5,400 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,700 were purchased for cash. The original list price of the equipment was $1,900, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,400 was paid for the first month's rent. e. Inventory of $15,200 was purchased; $9,000 cash was paid to the suppliers, and the balance will be paid within 45 days. f. During the first week of operations, merchandise that had cost $3,300 was sold for $7,000 cash. g. A newspaper ad costing $150 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $4,100 was purchased; cash of $1,250 was paid,…
- The transactions relating to the formation of Blue Company Stores Incorporated, and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $7,400. b. The firm borrowed $5,900 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,600 were purchased for cash. The original list price of the equipment was $1,930, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,500 was paid for the first month's rent. e. Inventory of $14,700 was purchased; $8,500 cash was paid to the suppliers, and the balance will be paid within 60 days. f. During the first week of operations, merchandise that had cost $3,100 was sold for $5,100 cash. g. A newspaper ad costing $100 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $4,350 was purchased; cash of $1,100 was paid,…The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $16,000. b. The firm borrowed $10,000 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $3,500 were purchased for cash. The original list price of the equipment was $3,800, but a discount was received because the seller was having a sale. d. A store location was rented, and $2,800 was paid for the first month's rent. e. Inventory of $30,000 was purchased; $18,000 cash was paid to the suppliers, and the balance will be paid within 30 days. f. During the first week of operations, merchandise that had cost $8,000 was sold for $13,000 cash. Return t g. A newspaper ad costing $200 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $8,400 was purchased; cash of $2,400 was paid,…The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $16,000. b. The firm borrowed $10,000 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $3,500 were purchased for cash. The original list price of the equipment was $3,800, but a discount was received because the seller was having a sale. d. A store location was rented, and $2,800 was paid for the first month's rent. e. Inventory of $30,000 was purchased; $18,000 cash was paid to the suppliers, and the balance will be paid within 30 days. f. During the first week of operations, merchandise that had cost $8,000 was sold for $13,000 cash. g. A newspaper ad costing $200 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $8,400 was purchased; cash of $2,400 was paid, and the…