On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July. A. Opened a business bank account with a deposit of $20,000 from personal funds. B. Paid rent on office and equipment for the month, $3,200. C. Paid automobile expenses (including rental charge) for the month, $1,450, and miscellaneous expenses, $700. D. Purchased office supplies on account, $1,350. E. Earned sales commissions, receiving cash, $20,600. F. Paid creditor on account, $750. G. Paid office salaries, $2,600. H. Withdrew cash for personal use, $4,000. I. Determined that the cost of supplies on hand was $500; therefore, the cost of supplies used was $850.     Required: 1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings in the exhibit below. In each transaction row (rows indicated by a letter), you must indicate the math sign (+ or -) in columns affected by the transaction. You will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be cleared if entered. Assets = Liabilities + Owner’s Equity                             Pat Pat                 Accounts Glenn, Glenn, Sales Salaries Rent Auto Supplies Miscellaneous Cash + Supplies = Payable + Capital - Drawing + Commissions - Expense - Expense - Expense - Expense - Expense   2. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31. Refer to the list of Accounts on the accounting equation grid and the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss has been incurred, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the statements.

Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $8,500 from their personal account to the business account.B. Paid rent $850 with check #101.C. Initiated a petty cash fund $550 with check #102.D. Received $800 cash for services rendered.E. Purchased office supplies for $180 with check #103.F. Purchased computer equipment $9,500, paid $1,600 with check #104, and will pay the remainder in 30 days.G. Received $1,200 cash for services rendered.H. Paid wages $560, check #105.I. Petty cash reimbursement: office supplies $200, Maintenance Expense $160, Miscellaneous Expense $65. Cash on Hand $65. Check #106.J. Increased Petty Cash by $100, check #107. Inner Resources Company received the following bank statement. Bank Statement Beginning balance $0   Deposits   Checks     A. $8,500   101 $850   G. 1,200   102 550         103 180         106 485         Bank service charges 100…

The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $3.990 from a local bank on a note due in six months. b. Received $4,680 cash from investors and issued common stock to them. C. Purchased $1,100 in equipment, paying $250 cash and promising the rest on a note due in one year. d. Paid $350 cash for supplies. e. Bought and received $750 of supplies on account. Required: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero.

Rose opened an Office Cleaning Service company on January 1, 2020.  During 2020 she had the following transactions.(1)        She started the business with investing $30,000 of her own money (business was organized as corporation)(2)        She borrowed $45,000 from bank by issuing a 5-year note.(3)        She purchased $15,000 of furniture and equipment in cash.(4)        She purchased a truck for business use at $20,000 in cash.(5)        During the year, provided $70,000 services to customers of which $66,000 was collected, the rest was not yet collected as of Dec. 31st.(6)        During the year, she incurred $55,000 of salaries, rent, utilities, and insurance expenses of which $3000 was still not paid as of Dec. 31st.(7)        During the year, she paid $3000 interest on the note to the Bank(8)        During the year, she took $8,000 as dividend.(9)        During the year, purchased $2000 of supplies in cash. $500 of the supplies was left as of Dec. 31st.(10)      During the year,…

Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. A. The owners invested $12,000 from their personal account to the business account.B. Paid rent $700 with check #101.C. Initiated a petty cash fund $500 with check #102.D. Received $1,000 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,100, paid $1,350 with check #104, and will pay the remainder in 30 days.G. Received $800 cash for services rendered.H. Paid wages $800, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $75, miscellaneous expense $55. Cash on hand $18. Check #106.J. Increased petty cash by $30, check #107. Prepare the journal entries. If an amount box does not require an entry, leave it blank. A.   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6 B.   fill in the blank 8 fill in the blank 9…

Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April                                                                                       May   2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash.     3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry     4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…

The following transactions occurred during a recent year: a. Paid wages of $1,000 for the current period (example). b. Borrowed $5,000 cash from local bank using a short-term note. c. Purchased $2,000 of equipment on credit. d. Earned $400 of sales revenue; collected cash. e. Received $800 of utilities services, on credit. f. Earned $1,700 of service revenue, on credit. g. Paid $300 cash on account to a supplier. h. Incurred $70 of travel expenses; paid cash. i. Earned $400 of service revenue; collected half in cash, with balance on credit. j. Collected $100 cash from customers on account. k. Incurred $300 of advertising costs; paid half in cash, with balance on credit. Required: 1. For each of the transactions, complete the following table, indicating the account, amount, and direc and for decrease) of each transaction under the accrual basis. Include revenues and expenses as equity, as shown for the first transaction, which is provided as an example. 2. Determine the company's…

Domingo Company started its business on May 1, 2019. The following transactions occurred during the month of May and the following entries were recorded. A. The owners invested $1,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,200, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $800, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $75, miscellaneous expense $55. Cash on hand $18. Check #106. J. Increased petty cash by $30, check #107. A. Cash 1,000 Domingo, Capital 1,000 В. Rent Expense 500 Cash 500 C. С. Petty Cash 500 Cash 500 D. Cash 1,000 Services Income 1,000 Е. Office Supplies 158 Cash 158 F. Computer Equipment…

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Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): Borrowed $21,304 from banks due in two years. Purchased additional investments for $21,500 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448. Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,045 for $19,045 cash. Declared $11,163 in dividends to be paid at the beginning of the next fiscal year. QUESTION: Compute Mango's current ratio for the year ending on September 29, 2018. (Round your answer to 2 decimal places.) Current Ratio: