Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner, invested $10,750 cash and $46,225 of photography equipment in the company. 2 The company paid $3,300 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,043 cash. 20 The company received $3,450 cash in photography fees earned. 31 The company paid $881 cash for August utilities. Aug. Prepare general journal entries for the above transactions.
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- For the month of July, Blackfly Ltd. experienced/recorded the following transactions: received a $6000 cash payment for work performed & billed the previous month. replanted an area of northern Alberta forest for which it sent out an invoice totaling $35000. . At the beginning of the month, the company had $2000 of trees in inventory ready for planting. During the month the company purchased $7000 tress for planting ⚫ at the end of the month it was left with trees still suitable for planting that originally cost $2500. monthly expenses were: $1500 for office rent; $3500 in misc. expenses; Amortization on the truck and office equipment was calculated to be $1500 The income tax rate is 10%. Net Income for the month of July was $12305 $5850 $17900 none of the listed answers are correct $5959 $19800During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $24,000. On the date of delivery. January 2, the company paid $8,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3, it paid $800 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,200. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,800. 3. Compute the depreciation expense to be reported for Year 1. Depreciation expenseDuring Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $24,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 12 percent interest due in six months. On January 3, it paid $1,400 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,600. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,300. E8-4 Part 1 Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets".) Date January 1 No effect January 2 Equipment Cash January…
- 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…After operating for several months, artist Paul Marciano completed the following transactions during the latter part of June: June 15: Borrowed $25,000 from the bank, signing a note payable. June 22: Painted a portrait for a client on account totaling $9,000. June 28: Received $5,000 cash on account from clients. June 29: Received a utility bill of $ 600, which will be paid during July. June 30: Paid monthly salary of $2,500 to gallery assistant. Journalize the transactions of Paul Marciano, Artist. Include an explanation with each journal entry.Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400. A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.
- 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…During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $25,000. On the date of delivery, January 2, the company paid $7,000 on the machine, with the balance on credit at 10 percent interest due in six months. On January 3, it paid $1,300 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,400. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,800. E8-4 Part 2 2. Compute the acquisition cost of the machine.During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $29,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3, it paid $1,400 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,700. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,900. Required: 1. Indicate the effects of each transaction on the accounting equation. Note: Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets". Date January 1 January 1 January 2 January 2 January 3 January 3…
- 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 2023, its first month of operations: July 1 The owner, Manny Gill, invested $4,600 cash. 10 Purchased $2,100 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $12,000 cash from the client. 14 Paid for expenses; $3,100. 15 Completed security services for a graduation event and sent the client a bill for $1,300. 31 The owner withdrew $210 cash for personal use. Required: 2. Record the journal entries for the month of July, View transaction list Journal entry worksheet 1 2 3 Record the Investment by owner. 5 6 4>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 2023, its first month of operations: July 1 The owner, Manny Gill, invested $5,700 cash. 10 Purchased $3,200 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $11,000 cash from the client. 14 Paid for expenses; $4,200. 15 Completed security services for a graduation event and sent the client a bill for $1,850. 31 The owner withdrew $320 cash for personal use. Required: 2. Record the journal entries for the month of July.Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year. 2. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year. 3. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.Required: For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year.