a. Issued shares to investors for $67,000 cash. b. Billed customers $13,900 for services performed in January. c. Purchased car for $33,000 for use in the business; paid in cash. d. Purkhased $4,100 of supplies on account. e. Received $9,200 cash from customers billed in transaction (b). f. Used $2,350 in utilities, which will be paid in February. g. Paid employees $6,900 cash for work done in January. h. Paid $2,050 cash toward supplies purchased in transaction (d). Required: For each transaction, give (a) the name of the account being debited or credited, (b) the basic account type (A, L, SE, R, E). (d) whether the account is increased (+) or decreased (-) due to the transaction, and (d) whether the account normally holds a debit or credit balance. Transaction (a) has been given as an example. Debit Side of Journal Entry Account Type Account Name a Cash b. Accounts receivable Direction of Change Normal Balance Debit Debit Credit Side of Journal Entry Account Type Account Name Contributed capital Accounts receivable SE A Direction of Change No Bal Credit: Credit

a. Issued shares to investors for $67,000 cash. b. Billed customers $13,900 for services performed in January. c. Purchased car for $33,000 for use in the business; paid in cash. d. Purkhased $4,100 of supplies on account. e. Received $9,200 cash from customers billed in transaction (b). f. Used $2,350 in utilities, which will be paid in February. g. Paid employees $6,900 cash for work done in January. h. Paid $2,050 cash toward supplies purchased in transaction (d). Required: For each transaction, give (a) the name of the account being debited or credited, (b) the basic account type (A, L, SE, R, E). (d) whether the account is increased (+) or decreased (-) due to the transaction, and (d) whether the account normally holds a debit or credit balance. Transaction (a) has been given as an example. Debit Side of Journal Entry Account Type Account Name a Cash b. Accounts receivable Direction of Change Normal Balance Debit Debit Credit Side of Journal Entry Account Type Account Name Contributed capital Accounts receivable SE A Direction of Change No Bal Credit: Credit

Name: a. Issued shares to investors for $67,000 cash.b. Billed customers $1
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Description: a. Issued shares to investors for $67,000 cash.b. Billed customers $13,900 for services performed in January.c. Purchased car for $33,000 for use in the business; paid in cash.d. Purkhased $4,100 of supplies on account.e. Received $9,200 cash from c

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...

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Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
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Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.
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The following transactions occurred during a recent year: a. Paid wages of $1,450 for the current period (example). b. Borrowed $7,250 cash from local bank using a short-term note. c. Purchased $2,900 of equipment on credit. d. Earned $580 of sales revenue; collected cash. e. Received $1,160 of utilities services, on credit. f. Earned $2,450 of service revenue, on credit. g. Paid $435 cash on account to a supplier. h. Incurred $100 of travel expenses; paid cash. i. Earned $580 of service revenue; collected half in cash, with balance on credit. j. Collected $160 cash from customers on account. k. Incurred $420 of advertising costs; paid half in cash, with balance on credit. Required: 1. For each of the transactions, complete the following table, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first…
The following transactions occurred during a recent year: a. Paid wages of $1,000 for the current period (example). b. Borrowed $5,000 cash from local bank using a short-term note. c. Purchased $2,000 of equipment on credit. d. Earned $400 of sales revenue; collected cash. e. Received $800 of utilities services, on credit. f. Earned $1,700 of service revenue, on credit. g. Paid $300 cash on account to a supplier. h. Incurred $70 of travel expenses; paid cash. i. Earned $400 of service revenue; collected half in cash, with balance on credit. j. Collected $100 cash from customers on account. k. Incurred $300 of advertising costs; paid half in cash, with balance on credit. Required: 1. For each of the transactions, complete the following table, indicating the account, amount, and direc and for decrease) of each transaction under the accrual basis. Include revenues and expenses as equity, as shown for the first transaction, which is provided as an example. 2. Determine the company's…
Galle Inc. entered into the following transactions during January.a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable.b. January 4: Purchased $25,000 of equipment for cash.c. January 6: Paid $500 to landlord for rent for January.d. January 15: Performed services for customers on account, $10,000.e. January 25: Collected $3,000 from customers for services performed in Transaction d.f. January 30: Paid salaries of $2,500 for the current month.Required:Prepare journal entries for the transactions.
the effects on the accounting equation under the accrual basis. A sample is provided. a. (Sample) Received $9,900 cash for consulting services rendered in January. b. Issued common stock to investors for $18,000 cash. c. Purchased $21,400 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $8,500 cash for consulting services to be performed in February. e. Bought and received $1,200 of supplies on account. f. Received utility bill for January for $1,680, due February 15. g. Consulted for customers in January for fees totaling $18,400, due in February. h. Received $21,500 cash for consulting services rendered in December. i. Paid $600 toward supplies purchased in (e). Required: Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis. A sample provided. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.)