Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected transactions were completed by Arrowhead Delivery Service during August: Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity, Drawing, Revenue, and Expense). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $25,000; Owner's Equity (Gates Deeter, Capital) increases by $25,000. ElementItemDirection1.  Received cash from owner as additional investment, $25,000.AssetCashIncreases Owner's EquityGates Deeter, CapitalIncreases2.  Paid creditors on account, $3,750.       3.  Billed customers for delivery services on account, $22,400.       4.  Received cash from customers on account, $11,300.       5.  Paid cash to owner for personal use, $6,000.

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Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to the expense has occurred. Assume the following transactions occurred in January: Required: For each of the transactions, if an expense is to be recognized in January, indicate the amount. Activity a. Dugg paid its computer service technicians $105,500 in salary for work done in January. Answer from Dugg's standpoint. b. At the beginning of January, Turner Construction Company paid $10,800 in rent for February-April. c. McGraw-Hill Education-publisher of this textbook-used $7,450 worth of electricity and natural gas in January, which it has not paid or recorded. d. Pooler Company received and paid in January a $4,200 invoice from a consulting firm for services received in January. e. The campus bookstore received consulting services at a cost of $5,150. The terms indicate that payment is due within 30 days of the consultation. f. Schergevitch Incorporated had its delivery van…

Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed services for $26,000 cash. 2. Purchased $4,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,040 of supplies on hand. Required: Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting per c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Income statement Event Req B2 Balance sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. Note: Not all cells require input. Enter any decreases to account balances with a minus sign. Req B3 Statement of cash flows Cash…

Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to the expense has occurred. Required: Assume the following transactions occurred in January. For each of the transactions, if an expense is to be recognized in January, indicate the amount. a b. At the beginning of January, Turnboldt Construction Company pays $4,650 in rent for February to April C d. e Transaction Gateway pays its computer service technicians $91,000 in salary for work done in January. Answer from Gateway's standpoint f Assume that McGraw-Hill Education-publisher of this textbook-uses $1,050 worth of electricity and natural gas in January for which it has not yet been billed. Pooler Company receives and pays in January a $1,550 invoice from a consulting firm for services received in January The campus bookstore receives consulting services at a cost of $5,100. The terms indicate that payment is due within thirty days of the consultation. Schergevitch…

For the month of September 2021, BW Travel and Tours had the following transaction.  sep1- Brayson invested $15,000 cash and equipment valued at $12,500 into the business.  Whats the account title and ecp

[The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $23,980. LAWSON CONSULTING Balance Sheet As of December 31 Assets: Liabilities Cash 2$ 14,000 Accounts payable $ 4,620 Accounts receivable 6,300 1. Lawson, Capital 23,980 8,300 Total equity Equipment $ 23,980 2$ 28,600 $…

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Transactions Cross Country Delivery Service is owned and operated by Pedro Gonzalez. The following selected transactions were completed by Cross Country Delivery Service during May: Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $25,050; Owner's Equity (Pedro Gonzalez, Capital) increases by $25,050. Element Item Direction 1. Received cash from owner as additional Asset Cash Increases investment, $25,050. Owner's Equity Pedro Gonzalez, Capital Increases 2. Paid advertising expense, $6,750. 3. Purchased supplies on account, $2,920. 4. Billed customers for delivery services on account, $20,460. 5. Received cash from customers on account, $11,410.

The supplies account had a balance of $1,443 at the beginning of the year and was debited during the year for $3,065, representing the total of supplies purchased during the year. If $2,666 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is a.$2,666 b.$1,842 c.$5,731 d.$4,508