Below are the balance sheet items of Arius Cleaning Services for the month ended January 2021. Balance sheet item RM Assets 17,000 Liabilities ? Owner's Equity 14,800 During the month, the company's accountant recorded the following transactions: 1. Company purchased office equipment for cash amounting RM750. 2. The amount owing amounting RM200 was paid using cheque to trade payable, Mr Alle. 3. Mr Lee, the owner of the business invested a further RM2,000 cash in the business. 4. An additional motor vehicle was purchased on credit from Volvo Motors for RM4,000. Required: Summarised the above effects on the accounting equation based on the provided format. Assets = Liabilities + Owner's Equity Example: Beginning 10,000 2,000 8,000 Received RM350 cash from trade receivable +350 - 350 10,000 2,000 8,000

Below are the balance sheet items of Arius Cleaning Services for the month ended January 2021. Balance sheet item RM Assets 17,000 Liabilities ? Owner's Equity 14,800 During the month, the company's accountant recorded the following transactions: 1. Company purchased office equipment for cash amounting RM750. 2. The amount owing amounting RM200 was paid using cheque to trade payable, Mr Alle. 3. Mr Lee, the owner of the business invested a further RM2,000 cash in the business. 4. An additional motor vehicle was purchased on credit from Volvo Motors for RM4,000. Required: Summarised the above effects on the accounting equation based on the provided format. Assets = Liabilities + Owner's Equity Example: Beginning 10,000 2,000 8,000 Received RM350 cash from trade receivable +350 - 350 10,000 2,000 8,000

Name: Below are the balance sheet items of Arius Cleaning Services for the
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Description: Below are the balance sheet items of Arius Cleaning Services for the month endedJanuary 2021.Balance sheet itemRMAssets17,000Liabilities?Owner's Equity14,800During the month, the company's accountant recorded the following transactions:1. Company pu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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New On April 1, Year 1, Exotic Motor Cars Incorporated declared a $136,000 cash dividend to be paid on April 30 to shareholders of record on April 15. Required: Record the events occurring on April 1, April 15, and April 30 in a horizontal statements model. In the Statement of Cash Flows column. indicate whether the item is an operating activity (OA), investing activity (IA). or financing activity (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Date April 1 April 15 April 30 Assets 0✓ = 0 = |= Balance Sheet Liabilities 136,000 + 0✔ + (136,000)✓ + Common Stock + 0 + 0+ 0 + Retained Earnings 00 00 Answer is not complete. Revenue 03- 00 03 Income Statement Expenses 0 0 0 = = = Net Income 00 00 0 Statement of Cash Flows 0- 00 (136,000) FA ✔
Account of a debtor must be written off as irrecoverable..what is a document of this transaction?
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $225,000, terms n/30. 31 Issued a 30-day, 8% note for $225,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $600,000 from Triple Creek Bank, issuing a 45-day, 6% note. Jul. 1 Purchased tools by issuing a $50,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 7% note for $600,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $280,000, paying $80,000 cash and issuing a series of ten 9% notes for…
On the basis of the following data related to assets due within one year for simmons Co. prepared partial balance sheet in good from at december 31, show total current asset Cash 96,000 Notes receivable 50,000 Accounts receivable 275,000 Allowance for Doubtfull Account 40,000 Interest Receivable 1,000
On December 31, 20X1, the company reported a debit balance of $200,000 in accounts receivable and a credit balance of $5,000 in the allowance for expected credit losses. December 31 is the company’s reporting date. During 20X2, the company had the following transactions: a. The company made a credit sale of $300,000. b. The company collected accounts receivable for 350,000. c. The company wrote off the uncollectible accounts for $12,000. d. The company collected the receivable of $4,000 that had been written off previously. Required Note: Show calculation: (1) Prepare journal entries to record the above four transactions. (2) Assume that 2% of the company’s accounts receivable cannot be collected, prepare the adjusting journal entry at the end of 20X2.
On June 30, Year 3, Franklin Company's total current assets were $500,500 and its total current liabilities were $275,500. On July 1, Year 3, Franklin issued a short-term note to a bank for $39,400 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) a. Working capital b. Current ratio Before the transaction After the transaction
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $175,000, terms n/30. 31 Issued a 30-day, 6% note for $175,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 5% note. Jul. 1 Purchased tools by issuing a $45,000, 60-day note to Poulin Co., which discounted the note at the rate of 7%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6% note for $400,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $260,000, paying $40,000 cash and issuing a series of ten 9% notes for…
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The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: apr13 Wrote off account of Dean Sheppard, $8,450 may15 Received $500 as partial payment on the $7,100 account of Dan Pyle. Wrote off the remaining balance as uncollectible july27 Received $8,450 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. dec31 Wrote off the following accounts as uncollectible (record as one journal entry): 31. If necessary, record the year-end adjusting entry for uncollectible accounts.a. Journalize the transactions under the direct write-off method.b. Journalize the transactions under the allowance method. Shipway Company usesthe percent of credit sales method of estimating uncollectible accounts expense.Based on past history and industry averages, ¾% of credit sales are expected to beuncollectible. Shipway Company recorded $3,778,000 of…
On January 1, 2025, the ledger of Wildhorse Co. contained these liability accounts. Accounts Payable $44,700 Sales Taxes Payable 8,800 Unearned Service Revenue 21,200 During January, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $5,512, which includes 6% sales taxes. 12 14 20 20 Performed services for customers who had made advance payments of $13,000. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2024, $8,800. Sold 720 units of a new product on credit at $49 per unit, plus 5% sales tax. During January, the company's employees earned wages of $58,000. Withholdings related to these wages were $4,437 for FICA, $4,200 for federal income tax, and $1,614 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during…