The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Cash (a) 187,000 (b) 43,000 (d) 27,000 (e) 670 (g) 2,700 (h) 10,700 (i) 4,700 Equipment (c) 77,000 Accounts Receivable ( f) 9,400 (g) 2,700 Accounts Payable (c) 77,000 Supplies (b) 43,000 Scott Hamilton, Capital (a) 187,000 Fees Income (d) 27,000 (f) 9,400 Telephone Expense (e) 670 Scott Hamilton, Drawing (i ) 4,700 Salaries Expense (h) 10,700 Required: Prepare a statement of owner's equity and a balance sheet for Residential Relocators as of December 31, 20X1.

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Cash (a) 187,000 (b) 43,000 (d) 27,000 (e) 670 (g) 2,700 (h) 10,700 (i) 4,700 Equipment (c) 77,000 Accounts Receivable ( f) 9,400 (g) 2,700 Accounts Payable (c) 77,000 Supplies (b) 43,000 Scott Hamilton, Capital (a) 187,000 Fees Income (d) 27,000 (f) 9,400 Telephone Expense (e) 670 Scott Hamilton, Drawing (i ) 4,700 Salaries Expense (h) 10,700 Required: Prepare a statement of owner's equity and a balance sheet for Residential Relocators as of December 31, 20X1.

Name: gujyhgjl, The following T accounts show transactions that were recorde
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: gujyhgjl, The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter(a), the entries for the second tran

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 1EA: For each of the following, indicate if the statement reflects an input component, output component,...

See similar textbooks

Similar questions

Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Journalize the entries for the following transactions. Refer to the Chart of Accounts for the exact wording of account titles. (Note: The company uses a clearinghouse to take care of all banks as well as non-bank credit cards used by its customers.) A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. B. Sold merchandise on account, $98,000. The cost of the goods sold was $58,800. C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. E. Received an invoice from National Clearing House Credit Co. for $13,450, representing a service fee paid for processing MasterCard, VISA, and American Express sales. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140…
Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. ) A. Sold merchandise for cash, $33,900. The cost of the goods sold was $18,306. B. Sold merchandise on account, $262,400. The cost of the merchandise sold was $141,696. C. Sold merchandise to customers who used MasterCard and VISA, $169,100. The cost of the merchandise sold was $91,314. D. Sold merchandise to customers who used American Express, $72,500. The cost of the merchandise sold was $39,150. E. Received an invoice from National Clearing House Credit Co. for $8,570, representing a service fee paid for processing MasterCard, VISA, and American Express sales.
Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. ) A. Sold merchandise for cash, $27,700. The cost of the goods sold was $14,681. B. Sold merchandise on account, $250,000. The cost of the merchandise sold was $132,500. C. Sold merchandise to customers who used MasterCard and VISA, $161,700. The cost of the merchandise sold was $85,701. D. Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $38,160. E. Received an invoice from National Clearing House Credit Co. for $8,610, representing a service fee paid for processing MasterCard, VISA, and American Express sales. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns…
Sales and notes receivable transactionsThe following were selected from among the transactions completed byCaldemeyer Co. during the current year. Caldemeyer Co. sells andinstalls home and business security systems. (attached) InstructionsJournalize the entries to record the transactions.
The debits and credits from three related transactions are presented in the following creditor's account taken from the accounts payable ledger: Apex Performance Co. 101 W. Stratford Ave. NAME ADDRESS Post. Credit Balance Date Item Ref. Debit 20Y7 June 6 P49 12,000 12,000 J12 14 150 11,850 CP23 16 11,850 Describe each transaction and identify the source of each posting.
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200. 5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express cards,…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $19,300, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $14,120. 3 Sold merchandise for $12,200 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $6,930. 4 Sold merchandise on account to Empire Co., $58,930, terms FOB shipping point, n/eom. The cost of merchandise sold was $32,340. 5 Sold merchandise for $30,400 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $20,610. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express cards,…
Two transactions were posted to the following creditor's account: NAME Windsurf, Inc.ADDRESS 343 Coastline Road Date Item Post Ref Debit Credit Balance Aug. 1 Balance 427 8 Invoice No. 333 CP89 427 0 15 Invoice No. 567 P18 1,177 1,177 Describe each transaction and the source of each posting. Aug. 8 Payment of $ ______to Windsurf, Inc. on account. Aug. 15 Purchased $ ______of supplies on account from Windsurf, Inc.
Complete the General Journal using the appropriate account names below: (note GST is 10%) Cash (101) Accounts Receivable (102) Inventory (103) Office Supplies (104) GST Paid (111) Prepaid Insurance (141) Prepaid Rent (142) Interest Receivable (143) Computer Equipment (151) Accum. Depreciation - Computer Equipment (152) Office Furniture (155) Accum. Depreciation - Office Furniture (156) Motor vehicle (158) Accum. Depreciation - Motor Vehicle (159) Accounts Payable (201) GST Collected (222) Interest Due (240) Unearned Revenue (241) Wages Payable (242) Utilities Payable (243) Consulting Fees Payable (244) Bank Loan (251) PAYG Withheld (261) Capital (301) Drawings (302) Sales Revenue (401) Service Revenue (402) Interest Revenue (403) Cost of Goods Sold (501) Computer Expense (601) Office Supplies Expense (602) Interest Expense (603) Consulting Expense (604) Insurance Expense (605) Rent Expense (606) Sales Commission Expense (607) Utilities Expense (608) Wage Expense (609) Advertising…