College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 6, Problem 1CE
Joe Fisher operates Fisher Consulting. A partial work sheet for August 20-- is provided below. Fisher made no additional investments during the month. Prepare an income statement, statement of owner’s equity, and
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For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July:
Jul.
1
The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received.
1
Paid three months' rent on a lease rental contract, $6,000.
2
Paid the premiums on property and casualty insurance policies, $4,500.
4
Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000.
5
Purchased additional office equipment on account from Office Necessities Co., $5,100.
6
Received cash from clients on account, $12,750.
10
Paid cash for a newspaper advertisement, $500.
12
Paid Office Necessities Co. for…
For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July:
Jul.
1
The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received.
1
Paid three months’ rent on a lease rental contract, $6,000.
2
Paid the premiums on property and casualty insurance policies, $4,500.
4
Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000.
5
Purchased additional office equipment on account from Office Necessities Co., $5,100.
6
Received cash from clients on account, $12,750.
10
Paid cash for a newspaper advertisement, $500.
12…
For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July:
Jul.
1
The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received.
1
Paid three months’ rent on a lease rental contract, $6,000.
2
Paid the premiums on property and casualty insurance policies, $4,500.
4
Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000.
5
Purchased additional office equipment on account from Office Necessities Co., $5,100.
6
Received cash from clients on account, $12,750.
10
Paid cash for a newspaper advertisement, $500.
12…
Chapter 6 Solutions
College Accounting, Chapters 1-27
Ch. 6 - Expenses are listed on the income statement as...Ch. 6 - Additional investments of capital during the month...Ch. 6 - Prob. 3TFCh. 6 - Prob. 4TFCh. 6 - Temporary accounts are closed at the end of each...Ch. 6 - Multiple choice Which of these types of accounts...Ch. 6 - Which of these accounts is considered a temporary...Ch. 6 - Which of these is the first step in the closing...Ch. 6 - The ________ is prepared after closing entries are...Ch. 6 - Steps that begin with analyzing source documents...
Ch. 6 - Joe Fisher operates Fisher Consulting. A partial...Ch. 6 - Prob. 2CECh. 6 - Prob. 3CECh. 6 - Identify the source of the information needed to...Ch. 6 - Describe two approaches to listing the expenses in...Ch. 6 - Prob. 3RQCh. 6 - If additional investments were made during the...Ch. 6 - Identify the sources of the information needed to...Ch. 6 - What is a permanent account? On which financial...Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - List the 10 steps in the accounting cycle.Ch. 6 - Prob. 1SEACh. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS Page 206 shows a work sheet...Ch. 6 - PROBLEM 6-7A CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - INCOME STATEMENT From the partial work sheet for...Ch. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS A work sheet for Juanitas...Ch. 6 - PROBLEM 6-7B CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - MASTERY PROBLEM Elizabeth Soltis owns and operates...Ch. 6 - CHALLENGE PROBLEM This problem challenges you to...
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- For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: Jul. 1 The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received. 1 Paid three months’ rent on a lease rental contract, $6,000. 2 Paid the premiums on property and casualty insurance policies, $4,500. 4 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. 5 Purchased additional office equipment on account from Office Necessities Co., $5,100. 6 Received cash from clients on account, $12,750. 10 Paid cash for a newspaper advertisement, $500. 12…arrow_forwardFor the past several years, John Upton has operated a part-time consulting business from her home. As of July 1, 2019, John decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: Cash, $19,000; Accounts Receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received. 1. Paid three months rent on a lease rental contract, $6,000 2. Paid the premiums on property and casualty insurance policies, $4,500 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. 5. Purchased additional office equipment on account from Office Necessities Co., $5,100. 6. Received cash from clients on account, $12,750. 10. Paid cash for a newspaper advertisement, $500. 12. Paid office Necessities…arrow_forwardFor the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received. 1. Paid three months' rent on a lease rental contract, $6,000. 2. Paid the premiums on property and casualty insurance policies, $4,500. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. 5. Purchased additional office equipment on account from Office Necessities Co., $5,100. 6. Received cash from clients on account, $12,750. 10. Paid cash for a newspaper advertisement,…arrow_forward
- For the past several years, Jolene Upton has operated a part-time consulting businessfrom her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operatethe business, which was to be known as Gourmet Consulting, on a full-time basis.Gourmet Consulting entered into the following transactions during July:July 1. The following assets were received from Jolene Upton: cash, $19,000;accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900.There were no liabilities received.1. Paid three months’ rent on a lease rental contract, $6,000.2. Paid the premiums on property and casualty insurance policies, $4,500.4. Received cash from clients as an advance payment for services to be providedand recorded it as unearned fees, $8,000.5. Purchased additional office equipment on account from Office Necessities Co., $5,100.6. Received cash from clients on account, $12,750.10. Paid cash for a newspaper advertisement, $500.12. Paid Office Necessities Co. for part…arrow_forwardFor the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July:July 1. The following assets were received from Jolene Upton: cash, $19,000;accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900.There were no liabilities received.1. Paid three months’ rent on a lease rental contract, $6,000.2. Paid the premiums on property and casualty insurance policies, $4,500.4. Received cash from clients as an advance payment for services to be providedand recorded it as unearned fees, $8,000.5. Purchased additional office equipment on account from Office Necessities Co., $5,100.6. Received cash from clients on account, $12,750.10. Paid cash for a newspaper advertisement, $500.12. Paid Office Necessities Co. for…arrow_forwardTransactions for Joan Jett CPA for the month of October 2020 are presented below. Journalize each transaction in proper format. You may omit journal explanations. Oct 1 Joan invested $42,000 cash to start her business. Oct 2 Purchased land costing $28,000 for cash. Oct 3 Purchased equipment from Staples costing $18,000 for $4,000 cash and the remainder on credit. Oct 4 Purchased supplies on account from ABC Company for $800. Oct 7 Paid $1,200 for a one-year insurance policy. Oct 8 Billed $4,000 for accounting services provided to M. Mott. Oct 9 Received $3,500 cash for services performed. Oct 13 Received $4,000 for services previously performed for M. Mott. Oct 22 Paid wages to employees for $2,800. Oct 31 Additionally, Joan discovers a mathematical error made in 2016 resulting in the understatement of depreciation expense by $35,000.arrow_forward
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- For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to op- erate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received. Chapter 4 Completing the Accounting Cycle 219 Paid three months’ rent on a lease rental contract, $6,000. Paid the premiums on property and casualty insurance policies, $4,500. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. Purchased additional office equipment on account from Office Necessities Co., $5,100. Received cash from clients on account, $12,750. Paid cash for a newspaper advertisement,…arrow_forwardFor the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to op- erate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received. Chapter 4 Completing the Accounting Cycle 219 Paid three months’ rent on a lease rental contract, $6,000. Paid the premiums on property and casualty insurance policies, $4,500. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. Purchased additional office equipment on account from Office Necessities Co., $5,100. Received cash from clients on account, $12,750. Paid cash for a newspaper advertisement,…arrow_forwardPrepare a statement of owner’s equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional $60,000 in the business during the year and withdrew cash of $40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was $1,020,000. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.arrow_forward
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