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Accounting
f. Cash (5,300) = Accounts Payable (5,300

f. Cash (5,300) = Accounts Payable (5,300

FINANCIAL ACCOUNTING
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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How do I fill in correctly the accounting equations of parts

A

B 

G 

 

The image presents a financial table divided into three main columns: Assets, Liabilities, and Stockholders' Equity. Here's a detailed transcription and explanation for each section for an educational context: ### Assets This column lists financial resources owned by a company. Each entry is adjusted by specific amounts, either increasing or decreasing the total assets. - **c. Cash:** Decreased by (14,300) - **d. Supplies:** Increased by 5,300 - **e. Cash:** Increased by 150,000 - **f. Cash:** Decreased by (5,300) - **h. Cash:** Increased by 380,000 - **i. Cash:** Increased by 6,260 ### Liabilities This column represents the company's obligations or amounts owed to creditors. - **d. Accounts Payable:** Increased by 5,300 - **f. Accounts Payable:** Decreased by (5,300) ### Stockholders' Equity This column includes the company's residual interest in the assets after liabilities are deducted. It consists of different types of revenues and expenses. - **c. Advertising Expense:** 14,300 - **e. Service Revenue:** 150,000 - **h. Salaries and Wages Expense:** 380,000 - **i. Utilities Expense:** 6,260 ### Explanation The table appears to document several transactions affecting the assets, liabilities, and equity of a business. Entries show a balanced approach to accounting, where each transaction impacts multiple accounts to maintain the accounting equation: \[ \text{Assets} = \text{Liabilities} + \text{Stockholders' Equity} \] This presentation of data could be part of a learning module aimed at teaching students the basics of accounting transactions and their impacts on different financial statement elements.
Transcribed Image Text:The image presents a financial table divided into three main columns: Assets, Liabilities, and Stockholders' Equity. Here's a detailed transcription and explanation for each section for an educational context: ### Assets This column lists financial resources owned by a company. Each entry is adjusted by specific amounts, either increasing or decreasing the total assets. - **c. Cash:** Decreased by (14,300) - **d. Supplies:** Increased by 5,300 - **e. Cash:** Increased by 150,000 - **f. Cash:** Decreased by (5,300) - **h. Cash:** Increased by 380,000 - **i. Cash:** Increased by 6,260 ### Liabilities This column represents the company's obligations or amounts owed to creditors. - **d. Accounts Payable:** Increased by 5,300 - **f. Accounts Payable:** Decreased by (5,300) ### Stockholders' Equity This column includes the company's residual interest in the assets after liabilities are deducted. It consists of different types of revenues and expenses. - **c. Advertising Expense:** 14,300 - **e. Service Revenue:** 150,000 - **h. Salaries and Wages Expense:** 380,000 - **i. Utilities Expense:** 6,260 ### Explanation The table appears to document several transactions affecting the assets, liabilities, and equity of a business. Entries show a balanced approach to accounting, where each transaction impacts multiple accounts to maintain the accounting equation: \[ \text{Assets} = \text{Liabilities} + \text{Stockholders' Equity} \] This presentation of data could be part of a learning module aimed at teaching students the basics of accounting transactions and their impacts on different financial statement elements.
### Financial Transactions Overview Below is a list of financial transactions for a company, illustrating various business activities and their impact on financial records: a. **Cash Receipts from Subscriptions** - On January 1st, the company received $57,750 in cash from customers for subscriptions that were earned and charged to accounts in 2020. b. **Purchase of Computer Servers** - On January 2nd, the company purchased 10 new computer servers for a total cost of $41,500. They paid $11,500 in cash and signed a three-year note for the remaining balance. c. **Advertisement Expenses** - The company spent $14,300 on January 3rd for an Internet advertisement. d. **Purchase of Supplies on Account** - On January 4th, $5,300 worth of supplies were purchased and received. Payment for these supplies is to be made at a later date. e. **Cash Receipts for Services** - On January 5th, $150,000 was received in cash from customers for services rendered during the month of January. f. **Payment for Supplies** - On January 6th, the company paid $5,300 for supplies that were purchased on January 4th. g. **Subscription Sales** - On January 7th, the company sold 19,900 subscriptions at a price of $13 each for services provided in January. Half of the total amount was collected in cash, and the remaining amount was sold on account. h. **Wages Payment** - The company paid $380,000 in wages to employees on January 30th for work performed during the month of January. i. **Utility Bill** - On January 31st, an electric and gas utility bill amounting to $6,260 was received for services used in January. This bill is scheduled to be paid in February. These transactions reflect typical operational and financial activities within a business, providing insight into revenue generation, expense management, asset acquisition, and financial obligations.
Transcribed Image Text:### Financial Transactions Overview Below is a list of financial transactions for a company, illustrating various business activities and their impact on financial records: a. **Cash Receipts from Subscriptions** - On January 1st, the company received $57,750 in cash from customers for subscriptions that were earned and charged to accounts in 2020. b. **Purchase of Computer Servers** - On January 2nd, the company purchased 10 new computer servers for a total cost of $41,500. They paid $11,500 in cash and signed a three-year note for the remaining balance. c. **Advertisement Expenses** - The company spent $14,300 on January 3rd for an Internet advertisement. d. **Purchase of Supplies on Account** - On January 4th, $5,300 worth of supplies were purchased and received. Payment for these supplies is to be made at a later date. e. **Cash Receipts for Services** - On January 5th, $150,000 was received in cash from customers for services rendered during the month of January. f. **Payment for Supplies** - On January 6th, the company paid $5,300 for supplies that were purchased on January 4th. g. **Subscription Sales** - On January 7th, the company sold 19,900 subscriptions at a price of $13 each for services provided in January. Half of the total amount was collected in cash, and the remaining amount was sold on account. h. **Wages Payment** - The company paid $380,000 in wages to employees on January 30th for work performed during the month of January. i. **Utility Bill** - On January 31st, an electric and gas utility bill amounting to $6,260 was received for services used in January. This bill is scheduled to be paid in February. These transactions reflect typical operational and financial activities within a business, providing insight into revenue generation, expense management, asset acquisition, and financial obligations.
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