Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 2, Problem 13QS
Summary Introduction
Concept Introduction:
Accounting has a formula that represents assets that are equal to the liabilities plus owner’s equity. Each year owner’s equity is calculated by after reducing and adding the profit or loss of the year. Net Income or profit is calculated by reducing expenses from revenues.
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Following are the transactions of Green Energy Company.
May 1
The company provided $2,000 of sustainability consulting services on credit to a customer.
May 3
The company purchased $300 of energy-efficient supplies on credit.
May 9
The company collected $500 cash as partial payment of the May 1 consulting revenue.
May 20
The company paid $300 cash toward the payable for energy-efficient supplies.
May 31
The company paid $100 cash for May’s renewable energy
Analyze each transaction of the Green Energy Company by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense.
Date
Assets
=
Liabilities
+
Equity
May 1
=
+
May 3
=
+
May 9
=
+
May 9
=
+
May 20
=…
[The following information applies to the questions displayed below.]Following are the transactions of Green Energy Company.
May 1
The company provided $2,000 of sustainability consulting services on credit to a customer.
May 3
The company purchased $300 of energy-efficient supplies on credit.
May 9
The company collected $500 cash as partial payment of the May 1 consulting revenue.
May 20
The company paid $300 cash toward the payable for energy-efficient supplies.
May 31
The company paid $100 cash for May’s renewable energy utilities.
Analyze each transaction of the Green Energy Company by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense.
Consider each of the transaction below independently. All expenditures were made in cash
In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000.
Prepare all necessary journal entries to record each the transaction. Use this format:
Date
Account Titles
DR
CR
Chapter 2 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Should a transaction be recorded first in a...Ch. 2 - Prob. 7DQCh. 2 - Why does the recordkeeper prepare a trial balance?Ch. 2 - Prob. 9DQCh. 2 - Prob. 10DQ
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Review the Apple balance sheet in Appendix A....Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Identify the items from the following list that...Ch. 2 - Prob. 2QSCh. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - In a recent year’s financial statements, Home...Ch. 2 - Prob. 13QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Enter the number for the item that best completes...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prepare general journal entries for the following...Ch. 2 - Prob. 12ECh. 2 - Assume the following Taccounts reflect Belle Co.’s...Ch. 2 - Prob. 14ECh. 2 - A corporation had the following assets and...Ch. 2 - Prob. 16ECh. 2 - Use the information in Exercise 216 to prepare an...Ch. 2 - Prob. 18ECh. 2 - Compute the missing amount for each of the...Ch. 2 - Prob. 20ECh. 2 - You are told the column totals in a trial balance...Ch. 2 - a. Calculate the debt ratio and the return on...Ch. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Nuncio Consulting complete the following...Ch. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Using transactions from the following assignments,...Ch. 2 - Prob. 1FSACh. 2 - Prob. 2FSACh. 2 - Prob. 3FSACh. 2 - Assume that you are a cashier and your manager...Ch. 2 - Prob. 2BTNCh. 2 - Access EDGAR online (SEC.gov) and locate the 2016...Ch. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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- Required information [The following information applies to the questions displayed below.] Following are the transactions of Green Energy Company. The company provided $2,400 of May 1 sustainability consulting services on credit to a customer. The company purchased $500 of energy- efficient supplies on credit. The company collected $900 cash as May 3 May 9 partial payment of the May 1 consulting revenue. The company paid $500 cash toward the payable for energy-efficient supplies. The company paid $300 cash for May's renewable energy utilities. May 20 May 31 Prepare general journal entries for the above transactions. View transaction list The company provided $2,400 of sustainability consulting services on credit to a customer. 1 credit to 2 The company purchased $500 of energy-efficient supplies on credit. 3 The company collected $900 cash as partial payment of the May 1 consulting revenue. edit 4 The company paid $500 cash toward the payable for energy-efficient supplies. 5 The…arrow_forwardFollowing are the transactions of Green Energy Company. May 1 The company provided $2,300 of sustainability consulting services on credit to a customer. May 3 The company purchased $450 of energy-efficient supplies on credit. May 9 The company collected $800 cash as partial payment of the May 1 consulting revenue. May 20 The company paid $450 cash toward the payable for energy-efficient supplies. May 31 The company paid $250 cash for May's renewable energy utilities.arrow_forwardRequired information [The following information applies to the questions displayed below.] NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $95 per keg: deposits are recorded in the Keg Deposits account. d. Use the horizontal model, demonstrate accounting that would be appropriate for the cost of the kegs that are purchased and used by NightWoundsTime Brewing Company, including how to account for unreturned kegs? Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)arrow_forward
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