only 5d photo thanks! George Littechiid started a new kitchen and batn design business called Littlechiid Enterprises. Tne following activities occurredduring Its first month of operations, March 2020:a. Littlechild Invested $160,000 cash and office equipment valued at $20,000 In the business.b. Purchased a small bullding for $600,000 to be used as an office. Pald $100,000 in cash and signed a note payable promising topay the balance over several years.c. Purchased $3,000 of office supplies for cash.d. Purchased $72000 of office equipment on credit.e. Littlechlid made reservations at a hotel hosting a kitchen and bath design conference In August 2020. He will send a $1,000deposit on July 1, 2020.f. Completed a project on credit and billed the client $5,200 for the work.g. Pald a local online newspaper $3,500 for an announcement that the office had opened.h. Completed a project for a cllent and collected $4,000 cash.I. Made a $4,000 payment on the equlpment purchased in (d).J. Received $2,500 from the clent described in (f).k. Pald $7.000 cash for the office secretary's wages.I. Littlechild withdrew $3,600 cash from the company bank account to pay personal living expenses.Requlred:182. Complete the following table. Use additions and subtractions to show the transactions' effects on the elements of the equation.For each change in equity, select whether the change was caused by an Investment, a revenue, an expense, or a withdrawal.Determine the final total for each Item and verify that the equation Is In balance. (Enter all amounts as positive values. If thetransection/event does not affect equity or do not require a Journal entry, select "No Affect on Equlty" In the 'Explanation of equltytransaction' field.)AssetsLiabilitiesEquityAccountsReceivableOfficeSuppliesLittlechild,СapitalExplanation ofEquity TransactionOfficeAccountsNotesCashBuildingEquipmentPayablePayable(a) 3-c. Prepare a balance sheet.Littlechild EnterprisesBalance SheetMarch 31, 2020AssetsLiabilitiesCashAccounts payableAccounts receivableNotes payableOffice suppliesTotal liabilitiesOffice equipmentEquityBuildingGeorge Littlechild, capitalTotal assets0 Total liabilities and equity

The Basic Equation in the accounting is Total Assets = Liabilities + Equities. Every transaction…

equired: 82. Complete the following table. Use additions and subtractions to show the transactions' effects on the elements of the equation. or each change in equity, select whether the change was caused by an Investment, a revenue, an expense, or a withdrawal. etermine the final total for each item and verify that the equation is in balance. (Enter all amounts as positive values. If the ransaction/event does not affect equity or do not require a Journal entry, select "No Affect on Equlty" In the 'Explanetion of equity rensection' field.) Assets Liabilities Equity

equired: 82. Complete the following table. Use additions and subtractions to show the transactions' effects on the elements of the equation. or each change in equity, select whether the change was caused by an Investment, a revenue, an expense, or a withdrawal. etermine the final total for each item and verify that the equation is in balance. (Enter all amounts as positive values. If the ransaction/event does not affect equity or do not require a Journal entry, select "No Affect on Equlty" In the 'Explanetion of equity rensection' field.) Assets Liabilities Equity

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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George Littlechild started a new kitchen and bath design business called Littlechild Enterprises. The following activities occurred during its first month of operations, March 2020: a. Littlechild invested $160,000 cash and office equipment valued at $20,000 in the business. b. Purchased a small building for $600,000 to be used as an office. Paid $100,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $3,000 of office supplies for cash. d. Purchased $72,000 of office equipment on credit. e. Littlechild made reservations at a hotel hosting a kitchen and bath design conference in August 2020. He will send a $1,000 deposit on July 1, 2020. f. Completed a project on credit and billed the client $5,200 for the work. g. Paid a local online newspaper $3,500 for an announcement that the office had opened. h. Completed a project for a client and collected $4,000 cash. i. Made a $4,000 payment on the equipment purchased in (d). j. Received $2,500…
On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,000 cash. The new company, Arkansas Sales and Service, has the following transactions during January. 1. Pays $6,000 in advance for 3 months’ rent of office, showroom, and repair space. 2. Purchases 40 personal computers at a cost of $1,500 each, 6 graphics computers at a cost of $2,500 each, and 25 printers at a cost of $300 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $12,600 in salaries and wages during January, of which $3,000 was still payable at the end of January. 4. Sells 30 personal computers at $2,550 each, 4 graphics computers for $3,600 each, and 15 printers for $500 each; $75,000 is received in cash in January, and $23,400 is sold on a deferred payment basis. 5. Other operating expenses of $8,400 are incurred and paid for during January; $2,000 of incurred expenses are payable at January 31.…
Mr. Y opens an apartment-locator business near a Green University campus. The corporation will be named Campus Apartment Locators, Inc. During the first month of operations, July 2022, the business completes the following transactions: a. Mr. Y invests 350,000. The business receives 350,000 cash and issues common stock to Mr. Y. b. Purchases 3500 of office supplies on account. c. Pays cash of 30,000 to acquire a lot next to the campus. Mr. Y intends to use the land as a future building site for the business office. d. Locates apartments for clients and receives cash of 10,900. e. Pays 1000 on the account payable he created in transaction b. f. Pays 20,000 of personal funds for a vacation. g. Pays cash expenses for office rent, 4000, and utilities, 1000. h. Returns office supplies of 2500 from transaction b. i. Declares and pays a cash dividend of 10,200. Requirements: 1. Analyze the preceding transactions in terms of their effects on the accounting equation of Campus Apartment…
George Littlechild started a new kitchen and bath design business called Littlechild Enterprises. The following activities occurred during its first month of operations, March 2020: a. Littlechild invested $160,000 cash and office equipment valued at $20,000 in the business. b. Purchased a small building for $600,000 to be used as an office. Paid $100,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $3,000 of office supplies for cash. d. Purchased $72,000 of office equipment on credit. e. Littlechild made reservations at a hotel hosting a kitchen and bath design conference in August 2020. He will send a $1,000 deposit on July 1, 2020. f. Completed a project on credit and billed the client $5,200 for the work. g. Paid a local online newspaper $3,500 for an announcement that the office had opened. h. Completed a project for a client and collected $4,000 cash. i. Made a $4,000 payment on the equipment purchased in (d). j. Received $2,500…
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Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2020, its first month of operations: July 1 The owner, Manny Gill, invested $5,300 cash. 10 Purchased $2,800 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $10,000 cash from the client. 14 Paid for expenses; $3,800. 15 Completed security services for a graduation event and sent the client a bill for $1,650. 31 The owner withdrew $280 cash for personal use. Required: Record the journal entries for the month of July. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances. Prepare a trial balance using the balances in your general ledger accounts. Prepare an income statement, statement of changes in equity, and…
On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91, 316 cash. The new company, Sheffield Sales and Service, has the following transactions during January. 1. Pays $12,000 in advance for 3 months' rent of office, showroom, and repair space. 2. Purchases 42 personal computers at a cost of $ 1,664 each, 8 graphics computers at a cost of $2, 664 each, and 27 printers at a cost of $464 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $13,916 in salaries and wages during January, of which $4, 316 was still payable at the end of January. 4. Sells 32 personal computers at $2,714 each, 6 graphics computers for $3,764 each, and 17 printers for $664 each; $76,316 is received in cash in January, and $44, 404 is sold on a deferred payment basis. 5. Other operating expenses of $9, 716 are incurred and paid for during January; $3,316 of incurred expenses are payable at January 31. (a) Using…
T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…
Julius Ceasar organized Eternal Images, a photography and portrait studio, on Oct. 1, 2020. The studio completed the following transactions during the month: Oct. 1 Deposited P350,000 in a bank account in the name of the business Oct. 3 Paid two month's rent in advance, P30,000 Oct. 5 Acquired photography equipment valued at P129,000. Oct.12 Purchased photography supplies on credit, P21,000. Oct.13 Received cash for previously unbilled portraits, P11,400. Oct.17 Billed customers for portraits, P22,500. Oct.19 Paid fifty percent of the supplies purchased on Oct. 12, P10,500. Oct.25 Paid electricity bill for Oct., P3,600 Oct.26 Paid the telephone bill for Oct., P2,100. Oct.28 Received payments from the customers billed on Oct. 17, P7500. Oct.29 Paid salaries to personnel, P12,000. Oct.30 Received an advance payment from a customer, P1,500. Oct.31 Withdrew P16,000 from the business for a personal…
After several months of planning, Joane Cardinal started a haircutting business called “The Cutlery”. The following business activities occurred during it’s first month (June 2020) : On June 1st, Joane deposited $16,500 cash into a bank account of the organization On June 1st, purchased on credit tables & chairs (for the business) at TheBay store. Value $7,000 Rent office : $500 per month; paid cash Provided services to customers (on credit). Value $6,000 Purchased supplies, cash ($4,000). Paid 40% of the debt to “The Bay” store Provided services to customers. Value $3,400. 20% of the customers paid cash, 80% on credit. At the end of the month, Joane withdrew $400 cash for her personal use. Required  Prepare journal entries and T accounts  Produce Trial balance and Financial statements (3 usual statements)
After several months of planning, Joane Cardinal started a haircutting business called “The Cutlery”. The following business activities occurred during it’s first month (June 2020) : On June 1st, Joane deposited $16,500 cash into a bank account of the organization On June 1st, purchased on credit tables & chairs (for the business) at TheBay store. Value $7,000 Rent office : $500 per month; paid cash Provided services to customers (on credit). Value $6,000 Purchased supplies, cash ($4,000). Paid 40% of the debt to “The Bay” store Provided services to customers. Value $3,400. 20% of the customers paid cash, 80% on credit. At the end of the month, Joane withdrew $400 cash for her personal use. Required prepare the closing entries