COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 3, Problem 2PB
To determine
Identify the transactions affecting the cash account.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Consider the following transactions for Julianne Corporation:
a. Issue common stock for $15,000.
b. Purchase equipment for $11,400 cash.
c. Pay employees' salaries of $3,800.
d. Provide services to customers for $6,800 cash.
1. Post the beginning Cash balance of $4,000 and then post the above transactions.
2. Calculate the ending balance of the Cash account.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Post these transactions to the Cash T-account. Assume the balance of Cash before these transac
Beginning Balance
Debit
Cash
Credit
The following information is available
about the company. Provide a five-step
way to record this information so that it
can be used by managers:
1. Investment of the company's
shareholders in the amount of 1000
monetary units to establish a company
and deposit this amount in a current
account in a bank.
2. Purchase of land for 1,500 currency
units, half of which will be paid in cash and
the rest next year.
3- Purchasing equipment in the amount
of 140 monetary units in cash.
4. Buy 500 currency units (60% cash
and 40% credit).
5. Receive a loan in the amount of 90
monetary units from the bank and deposit
it in the current account.
The following transactions were completed by the company.
a. The owner invested $17,200 cash in the company in exchange for its common stock.
b. The company purchased supplies for $1,050 cash.
c. The owner invested $11,100 of equipment in the company in exchange for more common stock.
d. The company purchased $310 of additional supplies on credit.
e. The company purchased land for $10,100 cash.
Required:
Enter the impact of each transaction on individual items of the accounting equation.
Note: Enter decreases to account balances with a minus sign.
Transactions Number
Balance after a and b
C
Balance after c
d
Balance after d
Balance after e
Cash
0.
0
0
.
.
.
.
.
0 .
Assets
Supplies
0
0
0
.
.
+
.
0.
Equipment.
4
0
0
0
0
•
.
*
.
.
.
Land
+
0
0
0
.
.
W
W
N
Liabilities
Accounts
Payable
0 +
0 .
0
•
+
+
0.
Common
Stock
0
0
0-
Equity
Dividends
0
0
0
0
•
.
.
.
.
Revenue
0
**
-
0-
Expenses
0
0
0
0
Chapter 3 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQCh. 3 - Prob. 1.4SRECh. 3 - Prob. 1.5SRECh. 3 - Prob. 1.6SRACh. 3 - Prob. 2.1SRQCh. 3 - Prob. 2.2SRQCh. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE
Ch. 3 - Prob. 2.5SRECh. 3 - Prob. 2.6SRACh. 3 - Prob. 1CSRCh. 3 - Prob. 2CSRCh. 3 - Prob. 3CSRCh. 3 - On which side of asset, liability, and owners...Ch. 3 - Prob. 5CSRCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Indicate whether each of the following types of...Ch. 3 - The terms debit and credit are often used in...Ch. 3 - Why is Prepaid Rent considered an asset account?Ch. 3 - Why is the modern system of accounting usually...Ch. 3 - Prob. 11DQCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Preparing a chart of accounts. The accounts that...Ch. 3 - Prob. 1PACh. 3 - Prob. 2PACh. 3 - Prob. 3PACh. 3 - Prob. 4PACh. 3 - The accountant for the firm owned by Randy Guttery...Ch. 3 - Prob. 1PBCh. 3 - Prob. 2PBCh. 3 - The following transactions took place at...Ch. 3 - Prob. 4PBCh. 3 - Prob. 5PBCh. 3 - Prob. 1CTPCh. 3 - Prob. 2CTPCh. 3 - In discussing a firms latest financial statements,...Ch. 3 - Prob. 2MFCh. 3 - Prob. 3MFCh. 3 - Prob. 4MFCh. 3 - Prob. 1EDCh. 3 - Prob. 1FSA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The transactions of Spade Company appear below. a. K. Spade, owner, invested $17,500 cash in the company." b. The company purchased supplies for $508 cash. c. The company purchased $9,678 of equipment on credit. d. The company received $2,065 cash for services provided to a customer. e. The company paid $9,678 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,710 for services provided. 9. The company paid $530 cash for the monthly rent. h. The company collected $1,558 cash as partial payment for the account receivable created in transaction f i. K. Spade withdrew $1,000 cash from the company for personal use. Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. Cash K. Spade, Capital Supplies K. Spade, Withdrawals Equipment Rent expense Services revenue Accounts receivable Totals Answer is not complete. SPADE COMPANY Trial Balance May 31 Debit IS 9,407 508 1,000 9,678…arrow_forwardEvangeline Jamili Landscaping Services has the following completed transactions. Prepare the journal entries for the March transactions. Use the following accounts: Cash; Accounts Receivale; Prepaid Insurance; Equipment; Accounts Payable; Jamili, Capital; Jamili, Withdrawals; Landscaping Revenues; Salaries Expense; Rent Expense; Gas and Oil Expense; Supplies Expense and Utilities Expense Jamili deposited P200,000 in a bank account in the name of the business. Jamili invested personal gardening equipment amounting to P10,000 in the business. Mar. 1 4. Bought a used trailer on account from Sala Sales, P8,500. Paid rent for the month, P6,000. Bought a used backhoe from Mobile Equipment, P62,000, paying P30,000 in cash and the balance on account. 7. 10 Bought insurance for one year, P9,000. Performed landscaping services on account for Tindoy Restaurant, P34,200. 13 14 Bought supplies on account from Office Décor, P2,400. Performed landscaping services on account for Urios University,…arrow_forwarda. K. Spade, owner, invested $100,750 cash in the company. b. The company purchased supplies for $1,250 cash. c. The company purchased $10,050 of equipment on credit. d. The company received $15,500 cash for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,700 for services provided. g. The company paid $1,225 cash for the monthly rent. h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f. i. K. Spade withdrew $10,000 cash from the company for personal use. Required: 1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Services Revenue; and Rent Expense. 2. Post entries to T-accounts and the ending balances will be calculated. Complete this question…arrow_forward
- Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash Equivalents, Accounts Receivable and Accounts Payable: 1st Sunny Barcelona started the business by depositing $50,000 received from the sale of capital stock in the company bank account. 22nd Purchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000. 25th Purchased tools and equipment on account, $13,800. 27th Sold some of the tools at a price equal to their cost, $1,800, collectible within 45 days. 2nd Received $600 in partial collection of the account receivable from the sale of tools. 7th Paid $6,800 in partial payment of an account payable. 11th Received $2,200 of sales revenue in cash. 2oth Purchased radio advertising from RAC105 to be aired in March. The cost was $470, payable within 30 days. 22nd Purchased office equipment for $15,000 cash. 26th Performed repair services and billed clients $2,000. The entire amount will…arrow_forwardThe transactions of Spade Company appear below. K. Spade, owner, invested $10,250 cash in the company. The company purchased supplies for $297 cash. The company purchased $5,668 of equipment on credit. The company received $1,210 cash for services provided to a customer. The company paid $5,668 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $2,173 for services provided. The company paid $530 cash for the monthly rent. The company collected $913 cash as partial payment for the account receivable created in transaction f. K. Spade withdrew $800 cash from the company for personal use. prepare the trial balancearrow_forwardA number of business transaction carried out by smalling manufacturing company are as follows Borrowed money from a bank Sold land for cash at a price equal to its cost Paid a liability Purchases a computer on credit The owner invested cash in the business Purchase office equipment on cash Collected an account receivable Indicate the effects of each these transaction on the total amount of the company’s assets, liabilities and owner’s equity. Organize your answer in tabular form using the following column heading and the code letter I for increase D for decrease and NE for no effect the answer for transaction a is provided as an example Transaction Assets = liabilities + owner’s equity I = Iarrow_forward
- King Company uses the following accounts from its chart of accounts: Cash (111), Accounts Receivable (112), Equipment (121), Accounts Payable (211), Jamie King, Capital (311), Jamie King, Withdrawals (312), Professional Fees (411), Utilities Expense (511), and Salaries Expense (512).Record the following transactions into transaction analysis charts.a. Jamie King invested in the business $1,000 cash and equipment worth $700 from his personal assets.b. Billed clients for services rendered, $12,000. c. Utilities bill due but unpaid, $150.d. Withdrew cash for personal use, $120.e. Paid salaries expense, $250.arrow_forwardThe transactions of Spade Company appear below. K. Spade, owner, invested $14,500 cash in the company. The company purchased supplies for $421 cash. The company purchased $8,019 of equipment on credit. The company received $1,711 cash for services provided to a customer. The company paid $8,019 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $3,074 for services provided. The company paid $530 cash for the monthly rent. The company collected $1,291 cash as partial payment for the account receivable created in transaction f. K. Spade withdrew $1,200 cash from the company for personal use Post entries to T-accounts and the ending balances will be calculated. please complete answer with complete work answer in textarrow_forwardDirections: Record the transactions directly into the T-accounts. The transactions are independent of one another. Use the following account titles: CashOwner’s WithdrawalsAccounts ReceivableProfessional FeesOffice EquipmentSalaries ExpenseOffice FurnitureRent ExpenseAccounts PayableUtility ExpenseOwner’s CapitalMiscellaneous Expense a. The owner deposited P280,000 in the name of his business.b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the account.c. He bought chairs and tables for the office for P12,300 cash.d. He purchased furniture from Orion Company for P2,750 in cash.e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.f. He billed his customers P12,940 for services on account.g. He paid P1,850 for the electric bill from BEBECO.h. He paid P3,500 for the membership fee.i. He received P17,650 in cash for services rendered.j. He paid P1,000 to partially settle accounts with Orion Company.k. He…arrow_forward
- Use the following information for Exercises 13-14 below. (Algo) Skip to question [The following information applies to the questions displayed below.]The transactions of Spade Company appear below. K. Spade, owner, invested $13,500 cash in the company in exchange for common stock. The company purchased supplies for $392 cash. The company purchased $7,466 of equipment on credit. The company received $1,593 cash for services provided to a customer. The company paid $7,466 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $2,862 for services provided. The company paid $535 cash for the monthly rent. The company collected $1,202 cash as partial payment for the account receivable created in transaction f. The company paid a $1,100 cash dividend to the owner (sole shareholder).arrow_forwardAssuming the entity bought 300,000 worth of supplies on account. The proper journal entry to this transaction is by debiting the Supplies account and crediting what account? a.) Accounts Receivable b.) Supplies Expense c.) Cash d.) Accounts Payablearrow_forwardRequired Information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below The transactions of Spade Company appear below. a. K. Spade, owner, invested $11,250 cash in the company in exchange for common stock. b. The company purchased supplies for $326 cash. c. The company purchased $6.221 of equipment on credit. d. The company received $1,328 cash for services provided to a customer. e. The company paid $6,221 cash to settle the payable for the equipment purchased in transaction c. t. The company billed a customer $2,385 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,002 cash as partial payment for the account receivable created in transaction 1. The company paid a $1,100 cash dividend to the owner (sole shareholder). Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. (Hint: Accounts must be…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License