Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions.     External Transaction Accounts       Debit  Credit   1. Owners invest $7,000 in the company and receive common stock. Common Stock 7,000       Cash   7,000       2. Receive cash of $2,400 for services provided in the current period. Cash 2,400       Service Revenue   2,400               3. Purchase office supplies on account, $140. Supplies 140         Cash   140       4. Pay $440 for next month's rent. Rent Expense 440         Cash   440               5. Purchase office equipment with cash of $1,400. Cash 1,400         Equipment   1,400     1. Assess whether the proposed entries are correct or incorrect.  1.   2.   3.   4.   5.

The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,390 from a local bank on a note due in six months. b. Received $5,080 cash from investors and issued common stock to them. c. Purchased $1,900 in equipment, paying $650 cash and promising the rest on a note due in one year. d. Paid $750 cash for supplies. e. Bought and received $1,150 of supplies on account. Required: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginni Debit Beginning Balance Ending Balance Debit F Cash Equipment Credit Credit Debit Beginning Balance Ending Balance Debit Supplies Accounts Payable

Use the following information for Exercises 13-14 below. (Algo) Skip to question   [The following information applies to the questions displayed below.]The transactions of Spade Company appear below. K. Spade, owner, invested $13,500 cash in the company in exchange for common stock. The company purchased supplies for $392 cash. The company purchased $7,466 of equipment on credit. The company received $1,593 cash for services provided to a customer. The company paid $7,466 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $2,862 for services provided. The company paid $535 cash for the monthly rent. The company collected $1,202 cash as partial payment for the account receivable created in transaction f. The company paid a $1,100 cash dividend to the owner (sole shareholder).

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…

Post the transactions to t- account ( post entries in the order of information presented in the question cash, account receivable, equipment, account payable, common stock, service revenue, sales and wages expenses)

Krespy Corp. has a cash balance of $7,500 before the following transactions occur:- received customer payments of $965 supplies purchased on account $435 services worth $850 performed, 25% is paid in cash the rest will be billed corporation pays $275 for an ad in the newspaper bill is received for electricity used $235. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?

Brian Sipe began operations of his business, Sipe Sons Incorporated, on January 1, Year One. During the year, the company performed services on credit of $192,000. Of that amount, $115,750 was collected in cash during the year. Brian estimates, of the remaining amount due, $5,100 may not be collected. Prepare the entries for the events during year one What is the balance in the accounts receivable account? What is the amount of receivables reported on the balance sheet? Why would Brian have a separate allowance account and not reduce the receivable balance for the amount estimated to e uncollectible? What type of account is Allowance for Doubtful Accounts

Submit correct and complete solutions. give propriate Explanation. Provide step-by-step detailed explanations.

JOURNAL ENTRIES, LEDGERS, AND TRIAL BALANCE After opening their computer sales and service store, the Millers completed the following four transactions: 1. They invested $100,000 in cash in the business. 2. They purchased on credit $10,000 worth of goods from several suppliers. 3. They sold on a cash basis $13,000 worth of products and services. 4. They paid $3,000 for salaries. Use the above information to prepare the following: 1. Journal entries 2. Ledgers 3. Trial balance