Selected transactions for Front Room, an interior decorator corporation, in its first month of business, are as follows. 1.   Issued stock to investors for $16,600 in cash. 2.   Purchased used car for $10,700 cash for use in business. 3.   Purchased supplies on account for $200. 4.   Billed customers $4,860 for services performed. 5.   Paid $290 cash for advertising start of the business. 6.   Received $1,570 cash from customers billed in transaction (4). 7.   Paid creditor $410 cash on account. 8.   Paid dividends of $350 cash to stockholders Expense, Service Revenue, etc.); whether the specific account is increased or decreased; and the normal balance of the specific account.     Account Debited   Account Credited No.   Basic Type   Specific Account   Effect   Normal Balance   Basic Type   Specific Account   Effect   Normal Balance 1.   Asset   Cash   Increase   Debit   Stockholders’ Equity   Common Stock   Increase   Credit                                   2.   choose a basic type  Stockholders’ EquityLiabilityAsset   choose a specific account  Accounts PayableService RevenueCashEquipmentSuppliesAccounts ReceivableAdvertising ExpenseDividends   select between increase and decrease  IncreaseDecrease   select between debit and credit  CreditDebit   choose a basic type  AssetStockholders’ EquityLiability   choose a specific account  Accounts ReceivableCashService RevenueSuppliesAdvertising ExpenseAccounts PayableDividendsEquipment    select between increase and decrease  IncreaseDecrease   select between debit and credit  DebitCredit                                   3.   choose a basic type  Stockholders’ EquityAssetLiability   choose a specific account  Accounts ReceivableAdvertising ExpenseAccounts PayableCashDividendsSuppliesService RevenueEquipment   select between increase and decrease  IncreaseDecrease   select between debit and credit  CreditDebit   choose a basic type  AssetStockholders’ EquityLiability   choose a specific account  DividendsAccounts PayableAdvertising ExpenseSuppliesEquipment CashService RevenueAccounts Receivable   select between increase and decrease  IncreaseDecrease   select between debit and credit  DebitCredit                                   4.   choose a basic type  Stockholders’ EquityLiabilityAsset   choose a specific account  DividendsAccounts ReceivableEquipmentAdvertising ExpenseSuppliesAccounts PayableService RevenueCash   select between increase and decrease  DecreaseIncrease   select between debit and credit  CreditDebit   choose a basic type  LiabilityAssetStockholders’ Equity   choose a specific account  Equipment Accounts PayableSuppliesDividendsCashService RevenueAdvertising ExpenseAccounts Receivable   select between increase and decrease  IncreaseDecrease   select between debit and credit  CreditDebit                                   5.   choose a basic type  LiabilityAssetStockholders’ Equity   choose a specific account  Accounts ReceivableAccounts PayableDividendsService RevenueAdvertising ExpenseSuppliesEquipmentCash   select between increase and decrease  DecreaseIncrease   select between debit and credit  DebitCredit   choose a basic type  Stockholders’ EquityLiabilityAsset   choose a specific account  Service RevenueDividendsEquipment Accounts PayableCashAccounts ReceivableAdvertising ExpenseSupplies   select between increase and decrease  DecreaseIncrease   select between debit and credit  DebitCredit                                   6.   choose a basic type  Stockholders’ EquityLiabilityAsset   choose a specific account  Accounts PayableService RevenueCashAdvertising ExpenseEquipmentSuppliesAccounts ReceivableDividends   select between increase and decrease  DecreaseIncrease   select between debit and credit  CreditDebit   choose a basic type  Stockholders’ EquityLiabilityAsset   choose a specific account  Advertising ExpenseEquipment Accounts ReceivableService RevenueDividendsAccounts PayableSuppliesCash   select between increase and decrease  DecreaseIncrease   select between debit and credit  DebitCredit                                   7.   choose a basic type  LiabilityStockholders’ EquityAsset   choose a specific account  Advertising ExpenseAccounts PayableDividendsService RevenueSuppliesAccounts ReceivableCashEquipment   select between increase and decrease  IncreaseDecrease   select between debit and credit  CreditDebit   choose a basic type  Stockholders’ EquityLiabilityAsset   choose a specific account  DividendsEquipment SuppliesCashService RevenueAccounts ReceivableAccounts PayableAdvertising Expense   select between increase and decrease  DecreaseIncrease   select between debit and credit  CreditDebit                                   8.   choose a basic type  LiabilityStockholders’ EquityAsset   choose a specific account  SuppliesCashEquipmentAccounts PayableAccounts ReceivableDividendsAdvertising ExpenseService Revenue   select between increase and decrease  IncreaseDecrease   select between debit and credit  DebitCredit

Selected transactions for Front Room, an interior decorator corporation, in its first month of business, are as follows. Issued stock to investors for $15,800 in cash. Purchased used car for $10,300 cash for use in business. Purchased supplies on account for $320. Billed customers $5,430 for services performed. Paid $200 cash for advertising start of the business. Received $1,870 cash from customers billed in transaction (4). Paid creditor $190 cash on account. Paid dividends of $300 cash to stockholders. 1. 2. 3. 4. 5. 6. 7. 8. (a) For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders' equity); the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); whether the specific account is increased or decreased; and the normal balance of the specific account. Account Debited Account Credited No. Basic Type Basic Type Specific Account Effect Normal Balance Specific Account Effect Normal Balance Stockholders'…

the company have  cash of $12,351, Accounts Receivable of $18,431, Accounts Payable of$4,124, and G. Crane, Capital of $26,658. During the month of March, the following transactions occurred.1.Purchased equipment for $24,234 from Digital Equipment. Paid $5,634 cash and signed a note payable for the balance.2.Received $12,469 from customers for contracts billed in February.3.Paid $3,138 for March rent of office space.4.Paid $2,315 of the amounts owing to suppliers at the beginning of March.5.Provided software services to Kwon Construction Company for $7,147 cash.6.Paid BC Hydro $ 1,064 for energy used in March.7.G. Crane withdrew $4,853 cash from the business.B.Paid Digital Equipment $1.953 on account of the note payable issued for the equipment purchased in transaction 1. Of this,$93 was for interest expense.9 Hired an erployee to start working in April.10. Incurred advertising expense on account for March, $1,705.Prepare a tabular analysis of the above transactions. The first row…

Mr. Juan Lopez opened a mini grocery store with business ame lopez Freta Mart. Operations began on Apr 1, 20xX, and the following transactions were completed during the month: 1. The business was registered as single proprietorship with the Department of Trade and Industry, Juan Lope invested P39,000. 2 Bought computer equipment for P10,000 cash. 2 Bought merchandise on account from LOWTOWN Supply Co. P15,900, Term, 2/10, n/30. 3. Bought office supplies on cash basis for P700 4. Sold merchandize on account P15,200 FOB Destination, terms 2/10, n/30. 5. Paid P200 freight on April 4 sale. 6. Received credit memo LOWTOWN Supply Co. for merchandise return P300. 11 Paid LOWTOWN. 13.Collected from April 4 customers. 14 Bought merchandise on cash basis for P14,400. 15Salaries paid P1,500. 16.Borrowed money from RCBC Bank, signed a promissory note for p12,000. 17. Received refund from a supplier on cash purchase of April 14, P500 18. Bought merchandize from MESDA, P14,200 FOB Shipping,…

Handy Dandy Repair Shop had the following transactions during the first month of business as a proprietorship. Aug.   2   Invested $11,440 cash and $2,350 of equipment in the business. 7   Purchased supplies on account for $490. (Debit asset account.) 12   Performed services for clients, for which $1,380 was collected in cash and $640 was billed to the clients. 15   Paid August rent $555. 19   Counted supplies and determined that only $245 of the supplies purchased on August 7 are still on hand. Journalize the transactions.

Barbara Jones opened Barb’s Book Business on February 1. You have been hired to maintain the company’s financial records. The following transactions occurred in February, the first month of operations.    a. Received shareholders’ cash contributions on February 1 totaling $19,000 to form the corporation; issued 1,000 shares of common stock. b. Paid $3,060 cash on February 2 for three months’ rent for office space.  TIP: For convenience, simply record the full amount of the payment as an asset (Prepaid Rent). At the end of the month, this account will be adjusted to its proper balance. c. Purchased and received supplies on February 3 for $695 cash. d. Signed a promissory note on February 4, payable in two years; deposited $12,900 in the company’s bank account. e. On February 5, paid cash to buy equipment for $5,000 and land for $7,900. f. Placed an advertisement in the local paper on February 6 for $500 cash. g. Recorded sales on February 7 totaling $2,150; $1,250 was in…

Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records of Marx:           Accounts receivable, January 1 $ 106,000   Accounts receivable, December 31   75,000       The cash received from customers was:   Multiple Choice   $545,000.   $651,000.   $589,000.   $620,000.

Bluestreak Painting Company incurs the following transactions for September. 1. September 3 Paint houses in the current month for $16,500 on account. 2. September 8 Purchase painting equipment for $17,500 cash. 3. September 12 Purchase office supplies on account for $2,800. 4. September 15 Pay employee salaries of $3,500 for the current month. 5. September 19 Purchase advertising to appear in the current month for $1,200 cash. 6. September 22 Pay office rent of $4,700 for the current month. 7. September 26 Receive $11,500 from customers in (1) above. 8. September 30 Receive cash of $5,300 in advance from a customer who plans to have his house painted in the following. month. Required: 1. Record each transaction. 2. Post each transaction to T-accounts and calculate the ending balance for each account. At the beginning of September, the company had the following account balances: Cash, $42,600; Accounts Receivable, $1,350; Supplies, $430; Equipment, $6,700; Accounts Payable, $1,100;…

Charlie's Crispy Chicken (CCC) operates a fast-food restaurant. When accounting for its first year of business, CCC created several accounts. Account Name Accounts Payable. Cash Common Stock Equipment Land Notes Payable (long-term) Description Balance $ Payment is due in 30 days. 2,200 3,450 Includes cash in register and in bank account 46,000 Stock issued in exchange for owners' contributions 56,000 Includes deep fryers, microwaves, dishwasher, etc. 26,900 Held for future site of new restaurant Required 1 Required 2 36,000 Payment is due in six years 4,600 Total earnings through September 30 550 Payment is due in 7 days 3,000 Includes serving trays, condiment dispensers, etc. Retained Earnings Salaries and Wages Payable Supplies Required: 1. Using the above descriptions, prepare a classified balance sheet at September 30. 2. Calculate CCC current ratio. Complete this question by entering your answers in the tabs below. Using the above descriptions, prepare a classified balance sheet…