The Haper Center company presents a statement of initial situation with cash of $ 26,000, accounts receivable $ 4,500, acco
Q: Mark Jacobs established Jacobs Services in August by contributing $30,000 cash from his personal…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: On 1st January Pranav started Business by introducing $ 24,000 as cash, $ 7,000 as Equipment and $…
A:
Q: Cudahy Company had the following transactions: 1. The owner started the company by investing $10,000…
A: Cash: Having money in your bank account is considered a valuable asset. In a company's balance…
Q: On August 1, 2019, Rafael Masey established Planet Realty, which completed the following…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Jared Hawk established an insurance agency on July 1 of the current year and completed the following…
A: "Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts…
Q: The following transactions were carried out during the month of May by M. Palmer and Company, a firm…
A: Accrual accounting: Recognition of revenue and expenses irrespective of cash received or paid.
Q: Lawson Consulting, which began operations on December 1, had the following accounts and amounts on…
A: Statement of owner's equity indicates the investment balance of the owner. The ending balance of…
Q: [The following information applies to the questions displayed below.] Wang Company began operations…
A: Net income = Total revenue - Total expenses
Q: The following are the transactions of Spotlighter, Incorporated, for the month of January. Borrowed…
A: Journal entries are used by the business entity to record the financial transections in the books of…
Q: The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.dd
Q: Lawson Consulting, which began operations on December 1, had the following accounts and amounts on…
A: The balance sheet represents the financial position of the business with assets and liabilities on a…
Q: Lawson Consulting, which began operations on December 1, had the following accounts and amounts on…
A: The balance sheet is a part of financial statements prepared by the management at the end of the…
Q: Galle Inc. entered into the following transactions during January.a. January 1: Borrowed $50,000…
A: You enter transaction data in your company's records to create a journal entry.. Your journal…
Q: Record the following selected transactions for December in a two-column journal, identifying each…
A: Journal entries are accounting entries that record business transactions. In journal entries, each…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650…
A: The balance sheet is prepared at the end of an accounting period. It is part of financial…
Q: During September, the following transactions were completed: Sept. 1 Borrowed $10,000 from the bank…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Amy Austin established an insurance agency on March 1 of the current year and completed the…
A: Accounting Equation: The entire assets of an organization are equal to the sum of its liabilities…
Q: Mark Jacobs established Jacobs Services in August by contributing $30,000 cash from his personal…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following…
A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…
Q: Lawson Consulting, which began operations on December 1, had the following accounts and amounts on…
A: Total equity means closing owners capital and retained earnings if any
Q: On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following…
A: Journal entry is a record of financial transactions in the books of accounts of a business. Trial…
Q: The following are the transactions of Spotlighter, Incorporated, for the month of January. Borrowed…
A: The practice of measuring commercial transactions for first time in the books of accounts is known…
Q: Lawson Consulting, which began operations on December 1, had the following accounts and amounts on…
A: LAWSON CONSULTING Income Statement Amount Amount Revenue: Service Revenue $…
Q: On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions…
A: In this question, we have been given some transactions and the question of requirement has not been…
Q: On July 1, 20Y7, Pat Glenn established Half Moon Realty. Pat completed the following transactions…
A: The accounting equation states that assets equal to sum of liabilities and equity. The transactions…
Q: Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the…
A: The net income is calculated as difference between revenue and expenses of the current period.
Q: The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: T.J. Chan, an engineering consultant, decided to begin a business of his own. Chan has set up the…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: The following are the transactions of Sheldon, Inc., for the month of January. Borrowed $12000 from…
A: A balance sheet comprises: equity, liabilities and assets. Each transaction has an effect on any one…
Q: [The following information applies to the questions displayed below.] The following transactions…
A: Journal entries are prepared at the end of the accounting year and used for preparing subsidiary…
Q: The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed…
A: Each transaction has an impact on the ledger and its balance. That will impact the balances in the…
Q: A. Opened a business bank account with a deposit of $25,000 from personal funds.B. Purchased office…
A: Answer 1)
Q: On August 1, 2018, Brooke Kline established Western Realty. Brooke completed the following…
A: The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Any…
Q: Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: Prepare a journal entry for each transaction. Post the transaction to T-account.
A: Journal Entry: The Primary recording of the business transactions is called journal Entry. Trial…
Q: Les Stanley established an insurance agency on July 1, 20Y5, and completed the following…
A: Answer and calculations are given below
Q: Lawson Consulting, which began operations on December 1, had the following accounts and amounts on…
A: SOLUTION OWNERS EQUITY REFERS TO THE OWNERS INVESTMENT IN AN ASSET AFTER ALL LIABILITIES HAVE BEEN…
Q: On August 1, 2019, Rafael Masey established Planet Realty, which completed the following…
A: Since you have posted a question with multiple parts. we will be answering you first three subparts…
Q: On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following…
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…
Q: The following seven transactions produced the account balances shown above. a. Y. Min invested…
A: If you have a cash account with such a brokerage firm, all securities transactions must be paid in…
Q: Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the…
A: The income statement includes all the revenue and expenses. The resulting amount after deducting…
Q: Jared Hawk established an insurance agency on July 1 of the current year and completed the following…
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: Lawson Consulting, which began operations on December 1, had the following accounts and amounts on…
A: LAWSON CONSULTING Income Statement As of December 31 Revenues: Service Revenue $ 13,500…
Q: Following is the chart of accounts of Smith Financial Services: Assets 111 Cash 113 Accounts…
A: Comment - Multiple Questions Asked. 1) Journal
Q: Tanwir commenced his business on 1 October 20X9, with capital in the bank of $20,000. During his…
A:
Q: Les Stanley established an insurance agency on July 1, 20Y5, and completed the following…
A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…
The Haper Center company presents a statement of initial situation with cash of $ 26,000,
P. 18
During the month of March, the company carried out the following transactions:
He borrowed $ 45,000 from the bank and signed a promissory note in the name of the business.
He paid $ 40,000 in cash to purchase a piece of land.
He performed a service for a customer and received $ 5,000 in cash.
Bought supplies on credit, $ 300.
Performed a service for a client and obtained a credit income, $ 2,600
He paid $ 1,200 on a credit operation.
He paid the following out-of-pocket expenses: salary $ 3.00, rent $ 1,500, and interest $ 400.
He received $ 3,100 from a credit operation.
He received a $ 200 utility bill, to be paid the following week.
The owner withdrew $ 1,800
Is required:
Make the journal
Register the accounts in T accounts
Perform
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
- For each of the transactions in M2 - 9 (including the sample), write the journal entry using the format shown in this chapter (omit explanations). M2 - 9 (Sample) Borrowed $3,940 from a local bank on a note due in six months. Received $4, 630 cash from investors and issued common stock to them. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. Paid $300 cash for supplies. Bought and received $700 of supplies on account. LO 2 - 3Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400. A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.
- Pomona, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $30,000, 60 day, six percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received an $18,000, 120 day, seven percent note from B. Shore Company on account. Dec.16 Received a $14,400, 45 day, eight percent note from C. Judd on account. Dec.30 B. Shore Company failed to pay its note. Dec.31 Wrote off B. Shore’s account as uncollectible. Ponoma, Inc. uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $24,500. An analysis of aged receivables indicates that the desired balance of the allowance account should be $21,300. Dec.31 Made the appropriate adjusting entries for interest. RequiredRecord the…19 Dec. Borrowed $28,000 from the bank for personal use. The loan carried an interest rate of 6% a year and the first payment was due on 19 January. Williamson signed a note payable to the bank in the name of the business. How would this be journaled, put on an income statment, balance sheet, and cash flow statment for december 31st?The accounting records and bank statement of Jeff's Seashell Store provide the following information at the end of April. The closing 'Cash' account balance was $29000, and the bank statement shows a closing balance of $31000. On reviewing the bank statement it is found an account customer has deposited $2500 into the bank account for a March sale and the monthly insurance premium of $550 was automatically charged to the account. Interest of $1500 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $950 to a supplier has been recorded twice in the accounts. After the calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?A. 33,350 B. None of the other answers C. 31,450 D. 29,000 E. 35,350
- Malco Enterprises issued $10,000 of common stock when the company was started. In addition, Malco borrowed $36,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $72,500 of revenue on account in Year 1 and $85,200 of revenue on account in Year 2. Cash collections of accounts receivable were $61,300 in Year 1 and $71,500 in Year 2. Malco paid $39,000 of other operating expenses in Year 1 and $45,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date. What amount of interest expense would be reported on the Year 2 income statement? What amount of cash flows from operating activities would be reported on the Year 2 cash flow statement? What amount of assets would be reported on the December 31, Year 2, balance sheet?Malco Enterprises issued $10,000 of common stock when the company was started. In addition, Malco borrowed $36,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $72,500 of revenue on account in Year 1 and $85,200 of revenue on account in Year 2. Cash collections of accounts receivable were $61,300 in Year 1 and $71,500 in Year 2. Malco paid $39,000 of other operating expenses in Year 1 and $45,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date. What amount of total liabilities would be reported on the December 31, Year 1, balance sheet? What amount of retained earnings would be reported on the December 31, Year 1, balance sheet? What amount of cash flow from financing activities would be reported on the Year 1 statement of cash flows?Malco Enterprises issued $10,000 of common stock when the company was started. In addition, Malco borrowed $36,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $72,500 of revenue on account in Year 1 and $85,200 of revenue on account in Year 2. Cash collections of accounts receivable were $61,300 in Year 1 and $71,500 in Year 2. Malco paid $39,000 of other operating expenses in Year 1 and $45,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date. Organize the information in accounts under an accounting equation. What amount of net cash flow from operating activities would be reported on the Year 1 cash flow statement? What amount of interest expense would be reported on the Year 1 income statement?
- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.Malco Enterprises issued $12,00 of common stock when the company was started. In addition, Malco borrowed $38,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $74,700 of revenue on account in Year 1 and $87,200 of revenue on account in Year 2. Cash collections of accounts receivable were $63,300 in Year 1 and $73,500 in Year 2. Malco paid $40,800 of other operating expenses in Year 1 and $47,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date. Based on this information given above, record the events in the accounting equation then answer the following questions. Enter any decreases to account balances with a minus sign. a. what amount of interest expense would Malco report on the Year 1 income statement? b. what amount of net cash flow from operating activites would Malco report on the Year 1 statement of cash flows? c. what amount of…business had a balance at the bank of $2,500 at the start of the month. During the following month, it paid for materials invoiced at $1,000 less trade discount of 20% and cash discount of 10%. It received a cheque from a customer in respect of an invoice for $200, subject to cash discount of 5%. What was the balance at the bank at the end of the month?