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- Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $37,400. A. May 12, collected balance due from customers on account, $16,000 B. June 10, purchased supplies for cash, $4,444
- 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?To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records of Marx: Accounts receivable, January 1 $ 106,000 Accounts receivable, December 31 75,000 The cash received from customers was: Multiple Choice 1. $545,000. 2. $651,000. 3. $589,000. 4. $620,000.
- Bert has extracted the following list of balances from his general ledger at 31 October 20X5: $ 258,542 9,649 Sales Opening inventory Purchases 142,958 34,835 63,960 31,746 Expenses Non-current assets (carrying amount) Receivables Payables 13,864 1,783 12,525 Cash at bank Capital What is the total of the debit balances in Bert's trial balance at 31 October 20X5?Directions: Enter the transactions below, using the Chart of Accounts. TRANSACTIONS: (July) July 17 Paid $3,000 cash for computer equipment, check 164 18 Cash sales for 50 hats, $500.00, cash register summary tape 18. 22 Sarah Smith withdrew $10,000.00 from the business, check 165. 23 Received $2,000 cash on account from Kinston Rec. Dept., receipt 23. 24 Received $300 cash on account from Caps Inc., receipt 24 25 Paid $4,000 for rent, check 27 Joe Smith deposited $5,000.00 of his own cash into his owner's equity account, receipt 27. 29 Paid $500 for an employee salary, check 167. Use the following chart of accounts below. (The picture)goumal Directions: Enter the transactions below, using the Chart of Accounts. TRANSACTIONS: (July) July 17 Paid $3,000 cash for computer equipment, check 164 18 Cash sales for 50 hats, $500.00, cash register summary tape 18. 22 Sarah Smith withdrew $10,000.00 from the business, check 165. 23 Received $2,000 cash on account from Kinston Rec. Dept., receipt 23. 24 Received $300 cash on account from Caps Inc., receipt 24 25 Paid $4,000 for rent, check 166. 27 Joe Smith deposited $5,000.00 of his own cash into his owner's equity account, receipt 27. 29 Paid $500 for an employee salary, check 167.
- following amounts: a. Total cash paid during December. Additional Data Account 1. Cash 2. Accounts Receivable 3. Notes Payable Balance Nov 30 $ 14,500 $ 29,000 13,000 Print jort nal data you need to analyz (Click the icon to view the additional data Additional Information. Dec 31 for the Month of December Done 7,250 Cash receipts, $96,000 27,000 Sales on account, $51,000 21,000 New borrowing, $33,000 X compute each amo or transaction descrTransactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows:May 1. Issued Check No. 57 to Bio Safe Supplies Inc. in payment of account, $345.3. Purchased cleaning supplies on account from Brite N’ Shine Products Inc., $200.8. Issued Check No. 58 to purchase equipment from Carson Equipment Sales, $2,860.12. Purchased cleaning supplies on account from Porter Products Inc., $360.15. Issued Check No. 59 to Bowman Electrical Service in payment of account, $145.18. Purchased supplies on account from Bio Safe Supplies Inc., $240.20. Purchased electrical repair services from Bowman Electrical Service on account, $110.26. Issued Check No. 60 to Brite N’ Shine Products Inc. in payment of May 3 invoice.31. Issued Check No. 61 in payment of salaries, $5,600.Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those illustrated in the text.…b. The following selected transactions relate to 2 days' cash collections for a firm that maintains a $100 change fund at all times: a. Actual cash in cash register, $5,633; cash receipts per cash register tally, $5,724. b. Actual cash in cash register, $5,866; cash receipts per cash register tally, $5,782. Journalize the sales and cash receipts for each of the 2 days. If an amount box does not require an entry, leave it blank. a. 000 Previous