[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 Accounts receivable 13,520 Consulting revenue 13,520 2,850 Rent expense 3,110 Office supplies Land 45,940 Salaries expense 17,530 Telephone expense Office equipment Accounts payable 6,490 850 660 8,110 Miscellaneous expenses Owner investments 83,540 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

Analyzing Transactions Using the Financial Statement Effects Template Following are selected transactions of Mogg Company. Record the effects of each using the financial statement effects template. 1. Shareholders contribute $15,000 cash to the business in exchange for common stock. 2. Employees earn $750 in wages that have not been paid at period-end. 3. Inventory of $4,500 is purchased on credit. 4. The inventory purchased in transaction 3 is sold for $6,750 on credit. 5. The company collected the $6,750 owed to it per transaction 4. 6. Equipment is purchased for $7,500 cash. 7. Depreciation of $1,500 is recorded on the equipment from transaction 6. 8. The Supplies account had a $3,800 balance at the beginning of this period; a physical count at period-end shows that $1,200 of supplies are still available. No supplies were purchased during this period. 9. The company paid $15,000 cash toward the principal on a note payable; also, $750 cash is paid to cover this note's interest…

Transactions; Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a business bank account with a deposit of $26,000 in exchange for common stock. Purchased supplies on account, $2,620. Paid creditor on account, $1,660. Earned sales commissions, receiving cash, $26,750. Paid rent on office and equipment for the month, $5,240. Paid dividends, $8,000. Paid automobile expenses for month, $2,510, and miscellaneous expenses, $1,200. Paid office salaries, $3,160. Determined that the cost of supplies on hand was $880; therefore, the cost of supplies used was $1,740. Required: Question Content Area 1.  Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers using a minus sign. 2.  Prepare an income statement for April.

35. Best Graphics has the following accounts in its general ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; and Salaries Expense. Prepare general journal entries to record the following transactions: May 1 Shareholders invested $110,000 cash in exchange for stock. 2 Paid May rent, $5,300. 4 Purchased office equipment for $9,000, paying $3,000 cash, with the balance due on account in 60 days. 5 Purchased supplies on account, $2,300. 12 Billed clients for services, $5,800. 18 Collected $3,800 on account from clients. 19 Paid $1,500 on account to suppliers. 26 Paid $9,000 cash dividends. 31 Paid salaries for May, $3,200.

Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: Terry Mason invested $32,750 in Succulent Express in exchange for common stock. Paid $4,200 on February 1 for an insurance premium on a one-year policy. Purchased supplies on account, $1,560. Received fees of $48,270 during February. Paid expenses as follows: wages, $22,200; rent, $3,700; utilities, $1,850; and miscellaneous, $2,035. Paid dividends of $8,850. There was $858 of supplies on hand as of February 28. Assume that adjusting entries for usage of supplies and expiration of prepaid insurance were recorded on February 28, 20Y4. Based on the information above, determine the net cash flow from operating activities as of February 28, 20Y4.

This information relates to McCall Real Estate Agency. Oct. 1   Stockholders invest $31,020 in exchange for common stock of the corporation. 2   Hires an administrative assistant at an annual salary of $42,960. 3   Buys office furniture for $4,110, on account. 6   Sells a house and lot for E. C. Roads; commissions due from Roads, $11,340 (not paid by Roads at this time). 10   Receives cash of $215 as commission for acting as rental agent renting an apartment. 27   Pays $730 on account for the office furniture purchased on October 3. 30   Pays the administrative assistant $3,580 in salary for October. Prepare the debit–credit analysis for each transaction

Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable $82,000 Buildings 610,000 Cash 101,000 Common Stock 280,000 Equipment 170,000 Land 499,000 Notes Payable (long-term) 4,000 Retained Earnings Supplies 1,021,000 7,000 During the month of July, the company had the following activities: 1. Issued 4,000 shares of common stock for $400,000 cash. 2. Borrowed $115,000 cash from a local bank, payable in four years. 3. Bought a building for $188,000; paid $77,000 in cash and signed a three-year note for the balance. 4. Paid cash for equipment that cost $101,000. 5. Purchased supplies for $101,000 on account. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account ba a minus sign.) a. b. C. d. e. Cash Assets Liabilities Accounts Supplies Buildings Equipment Payable Notes Payable (long-term) Stockholders Equity Common Stock 53…

In alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital Total Assets Liabilities $94,600 Prepare a balance sheet. (List Assets in order of liquidity.) Owner's Equity 72,400 45,700 23,500 ROBINSON COMPANY Balance Sheet For the Year Ended December 31, 2022 Assets Liabilities and Owner's Equity Total Liabilities and Owner's Equity $ $ $ 118,100 94,600 23,500 118,100