Wildhorse Co. has the following transactions during August of the current year. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis. Aug. 1 Opens an office as a financial advisor, investing $4,300 in cash in exchange for common stock. 4 Pays insurance in advance for 6 months, $1,720 cash. 16 Receives $400 from clients for services performed. 27 Pays secretary $1,580 salary.   (a) Effect on Accounting Equation (b) Debit-Credit Analysis

Identify the 3 issues with this General Journal

Current Attempt in Progress Sheridan Computer Corporation had the following opening account balances at the end of April: Cash $5,500; Accounts Receivable $8,000; Accounts Payable $2,500: Common Shares $5,000; and Retained Earnings $6,000. It entered into the following transactions during the month of May: 1. Purchased equipment on account for $8,200. Paid $1,800 for rent for the month of May. Provided computer services for $4,300 on account. Paid Ontario Hydro $300 cash for utilities used in May. Borrowed $19,500 from the bank. Paid supplier for equipment purchased in transaction 1. Purchased a one-year accident insurance policy for $500 cash. Received $2,800 cash in partial payment of the account owed in transaction 3. Declared and paid $500 of dividends to shareholders. Paid income tax of $250 for the month. 2. 3. 4. 5. 6. 7. 8. 9. 10. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is…

Saved Help During the month, a company enters into the following transactions: 1. Borrows $3,200 of cash from the bank by signing a formal agreement to repay the loan in 2 years. 2. Buys $4,000 of new equipment on account. 3. Pays off $2,400 of accounts payable. 4. Pays off $1,200 of notes payable. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by entering your answers in the tabs below. Required A Required B Show the effect of these transactions on the basic accounting equation. (Enter any decreases to account balances with a minus sign.) Transaction Analysis Liabilities + Stockholders' Equity Assets + = 1. + 2. + = 3. + 4. > Required A Required B

For August 2021   a.  Issued common stock for $15,000           b.  Purchased supplies of $2,250 on credit           c.  Borrowed $8,000 from a bank (received in cash)           d.  Paid secretary's salary for August for $2,150           e.  Paid $1,000 dividend to stockholders           f.  Purchased $500 in supplies for cash                           1.  Prepare a trial balance statement from the above information.  Can you show formulas for cash and supplies totals in excel?

Transaction Analysis Galle Inc. entered into the following transactions during January. Borrowed $50,000 from First Street Bank by signing a note payable. Purchased $25,000 of equipment for cash. Paid $500 to landlord for rent for January. Performed services for customers on account, $10,000. Collected $3,000 from customers for services performed in Transaction d. Paid salaries of $2,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank or enter zero ("0"). Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item, enter "0" since the net effect on the item is zero.   Assets = Liabilities + Stockholders' Equity           ContributedCapital + RetainedEarnings

Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $25,000 from personal funds. Purchased office supplies on account, $2,540. Paid creditor on account, $1,610. Earned sales commissions, receiving cash, $25,920. Paid rent on office and equipment for the month, $5,080. Withdrew cash for personal use, $8,000. Paid automobile expenses (including rental charge) for the month, $2,440, and miscellaneous expenses, $1,170. Paid office salaries, $3,060. Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,680. Required: 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.   Assets = Liabilities + Owner's Equity     Cash +…

Comprehensive review of the entire accounting cycle, Chapters 1-5 0 (175 min) Check Figure Net Income $5,388.44 P5-2C. From the following transactions as well as additional data, please complete the entire accounting cycle for Mike's Plumbing of Prince Albert. (Use a chart of accounts similar to the one in Problem P5-1A on page 228.) 2022 May 1 To open the business, Mike Quinlan invested $10,000 cash and $7,400 worth of plumbing equipment. 1 Paid rent for four months in advance, $1,980. 3 Purchased office equipment on account from MacKenzie Co., $3,800. 7 Bought plumbing supplies, $1,645. 8 Collected $3,600 for plumbing services provided. 9 Mike paid his home utility bill with a company cheque, $122. Billed Western Construction Co. for plumbing fees earned but not to be received until later, $9,600. 10 14 21 28 Advertising bill was received from ABCD Radio Co. but is not to be paid until next month, $420. Received cheque from Western Construction Co. in partial payment of transaction…

Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $34,000 from personal funds. Purchased office supplies on account, $3,470. Paid creditor on account, $2,190. Earned sales commissions, receiving cash, $35,390. Paid rent on office and equipment for the month, $6,940. Withdrew cash for personal use, $11,000. Paid automobile expenses (including rental charge) for the month, $3,330, and miscellaneous expenses, $1,590. Paid office salaries, $4,180. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. Required: 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.   Assets = Liabilities + Owner's Equity     Cash +…