Thiswill result to-A. 503. h. Sold catering services on account, 4,307 (Catering Income). 4. Required 1.

503. h. Sold catering services on account, 4,307. i. R reqirement 4, 5 & 6 only e.Paid salary to an employee, $900. The following transactions occur for Badger Biking Company during the, The following transactions occurred during the month of June 2011 for the, The following events occurred during the month of June at the Phipps. A: As per cash basis of accounting, we should record the transaction only when corresponding cash is, A: The shareholders' equity of owners gets affected by additional investment, withdrawals, dividend, A: Balance sheet is the financial statements of the organization prepared at the end of the year. The remaining 50% is paid in the following month. 2. b. No. Required 1. Nam lacinia pulvinar tortor nec facilisis. b. BusinessAccountingThe following transactions occur for Badger Biking Company during the month of June: a. 2.Which of the following account title that is differently classified from the otherlisted?A. Credit: Cash, P10,606.C. 1209.

Equity Equivalent units are defined as how much work has been done on a certain number of physica A: Activity-based costing is used to distribute the overhead. 3. 126 Transactions in parenthesis denote they are negative. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Unit costis the price incurred by a company to produce , store and sell one unit of a pa A: Solution Start your trial now! 3. 2,400 Paid creditors on account, 3,750. Instructions 1. Paid salaries and commissions for the month, 53,000. Donec aliquet.

Analyze each transaction and indicate the amount of increases and decreases in the accountingequation. 726 Prepare an income statement, a retained earnings statement, and a balance sheet. Dividends Payable 4.

A: Calculation of Opening Capital Balance: A: Accounts Receivables: The revenues or money that the firm will receive from its customers who have, A: An accounting equation refers to a mathematical representation of the transaction. Decrease A: Joint cost:It is the cost of producing two products or services together in a single process. Pay utilities of $4,100 for the current month. The following business transactions were completed by Elite Realty during April 20Y3: Apr. Prepaid taxes will be reversed within one year but can resu. 729 The account headings are presented below. A journalis a company's official book in which all business transaction are recorded in ch A: A treasurer is a person who manages and administers the financial assets and liabilities of a compan A: Tax is an amount that is charged by the government from the individual and organization on the incom A: Here the profit amount is given and we have to allocate this amount as per the terms provided here. Depreciation expenseC. Question: Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. 1 At December 31, $1,200 is still prepaid. Paid creditors on account, 6,450. net income is to be calculated which should be included in, A: AsperAccountingEquation,Assets=Liabilities+Stockholdersequity, A: Introduction: 9. Paid cash for a newspaper advertisement, 225. Amount paid = Total Invoice amount - Discount amount. Determine the balance in each account. A: Contribution margin ratio is % of contribution margin per unit to selling price The Effect Of Prepaid Taxes On Assets And Liabilities, Many businesses estimate tax liability and make payments throughout the year (often quarterly). No. 4. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). 209 In vouching, process started with accounting records and flow t A: Calculation of Net Income after deduction of Salary and Bonus Paid salaries and commissions for the month, 11,900. e. Bought insurance for the truck for the year, 2,400, Ck. Vehicles at cost c. Purchase bike equipment by signing a note with the bank for $35,000. (Decreases to account 30. 5. 2017. j. 1.11. Lepowsky Mikaela Mundt, DrawingSupplies SalesPrepaid Insurance Advertising Expense 2. A company's total equity is calculated by subtracting its liabilities from its assets. 2007-2023 Learnify Technologies Private Limited.

Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. 107. No. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Receive cash of $39,000 from customers in (a) above. Cash Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. $30,900 No. d. Pay utilities of $5,000 for the current month. Opened a business bank account with a deposit of 24,000 from personal funds. The following transactions occur for Badger Biking Company during the month of June: a. The following transactions occur for Badger Biking Company during the month of June: a. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Purchase bike equipment by signing a note with the bank for $35,000.c. 504 (Utilities Expense). 1208. n. Resser withdrew cash for personal use, 700, Ck. Deductible only to the extent paid and related to the current period Prepaid A: For the purpose of the average increase in the price of a commodity over a period of time, per year A: No. Paid Office Station Co. for part of the debt incurred on April 5, 640. It can also be referred as financial repor. (a) (b) Journalize the correcting entry. 2. 3,300 1002. h. Received and paid the bill for utilities, 340, Ck. A: The partnership comes into existence when two or more persons agree to do the business and further s A: a. No. points Billed customers for delivery services on account, 22,400. Recorded revenue earned and billed to clients during the month, 57,000. 732 Utilities. Write the account totals from the left side of the equals sign and add them. In addition to those accounts listed on the trial balance, the chart of accounts for Brown Consulting also contains the following accounts and account numbers: No. Sales on account are collected over a three-month period with 10% collected in the month of sale; 70% collected in the first month following the month of sale; and the remaining 20% collected in the second month following the month of sale. Record the closing entries on Page 8 of d1e journal. c. Purchase bike equipment by signing a note with the bank for $19,000, Receive cash of $33,000 from customers in (a) above. Purchase bike equipment by signing a note with the bank for $30,000. Privacy Policy, (Hide this section if you want to rate later). 29. c. Purchase bike equipment by signing a note with the bank for $32,000. a. Carter deposited 25,000 in a bank account in the name of the business.

Used Check No. Purchase bike equipment by signing a note with the bank for $35,000.d. 5. Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account.

b. b. No. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Assets Wrote Check No. 112 O D. Common Stock The merchandise inventory at March 31 is $93,800. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. No. 6. Sold services for $412.00 to J. Lepowsky, who agreed to pay for them within ten days. Provide services to customers on account for $50,000.

Enter the following transactions on Page 19 of the two-column journal: 27. 89 650 Copyright 2023 SolutionInn All Rights Reserved. Management is planning its cash needs for the second quarter. Monthly interest rate (i) = 6%/12 = 0. A: Break even point = Fixed costs /Contribution margin per unit Fixed costs are costs A: Amount need after 20 years (F) = $1000,000 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. To know more check the We store cookies data for a seamless user experience. It is also known as General Ledger. Pay utilities of $3,800 for the current month. c. Purchase bike equipment by signing a note with the bank for $34,000. Accounts Payable e. Equipment b. Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of 10,000. Prepare an income statement for April, a statement of owners equity for April, and a balance sheet as of April 30. Transaction Recording of a business transactions in a chronological order. No. Nam rrisus ante, dapibus a molesongue vel laoreet ac, dictum vitae odio. Recorded services provided on account for the period May 16-20,4,820. 2.

Does the question reference wrong data/reportor numbers?

Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, 400. If the two totals are not equal, check the addition and subtraction. 30. No. Foot the T accounts and show the balances. Stockholders' Equity (Retained Earnings) increases by $35,000. Posted d. Pay utilities of $4,900 for the current month. Paid insurance premiums, 6,000. 23. +

Net income = Total revenues - Total expenses, A: Introduction: Paid the office rent for the current month, 650, Ck. 15. d.Purchased additional repair equipment for cash, $600. 301 A: Solution: Liabilities See answers A journal entry is frequently used to record a transaction in an organization's, A: Journal entries are recorded in the journal book of account. Record the transactions and the balance after each transaction. Receive cash of $32.000 from customers in (a) above. 20182020. l. Sold services for cash for the remainder of the month, 4,200. m. Nguyen withdrew cash for personal use, 2,000, Ck. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Nos.

+ 101 B. Paid-In Capital The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $41,000. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Transactions completed during the month follow. Delivery charge

Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 325. 7. %3D 2. Cornerstone Exercise 2-26 Preparing a Trial Balance Listed below are the ledger accounts for Borges Inc. at December 31, 2019. Prepare an adjusted trial balance. The management u A: Solution: 3003. h. Received and paid the bill for utilities, 349, Ck. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. b. A: The calculation of the amount to be shown in financial statements is being done of Land and Building A: Tax Credit- If you still cannot find the error, re-analyze each transaction.

Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). 5. c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. Brief Exercise 2-4 (Algo) Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. 30. Analyze each transaction and indicate . 3 to Southern Supplies, $68.00.12. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $200,000. Number of purchase orders generated Received cash from clients on account, 9,520. Selling and administrative expenses: The following selected transactions were completed by Arrowhead Delivery Service during August: 1. 1003. i. No. Instructions 1. 3008. Recorded services provided on account for the remainder of May, 2,650.

d. Pay utilities of $3,600 for the current month. Brainstorm the ways in which GARP can impact on the management and success of a sports organisation by explaining it first and then identifying the ro Received cash from customers on account, 11,300. Stockholders' Equity Transaction Assets Liabilities (a) (b) increase (b) decrease (c) (d), College Accounting (Book Only): A Career Approach, Excel Applications for Accounting Principles. Were the solution steps not detailed enough?

A: Inventory refers to the stock that the company held for the resale purpose or is not sold by the com A: Formula: 3. Enter the following transactions on Page 19 of the two-column journal: 29. d) Cash account decreases, utility expenses increases, this means that stockholder's equity decreases. a. Rodriguez deposited 70,000 in a bank account in the name of the business. (F) Unearned fees on May 31 are 3,210. Instructions 1. 23. Paid rent on office for month, 6,500. 17. No. A tax strategy is a plan to reduce tax. Inventory purchases are paid for within 15 days.

2. 2015. c. Bought supplies on account, 225. d. Bought a truck for 18,000, paying 1,000 in cash and placing the remainder on account e. Bought Insurance for the truck for the yean 1,400, Ck. c. Purchase bike equipment by signing a note with the bank for $20,000. Debit: Cash. ncial year-end): 10. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. The journal entry on September 5 to be recorded by Sissy Store is:A. Debit: Cash. Justifi A: Tracing is the opposite of vouching. The current accounting period ends on Tuesday.

Paid advertising expense, 4,300. At the end of May, the following adjustment data were assembled. 504. j. Selling expense 85,000 104,000 66,000 45,000 Do you need an answer to a question different from the above? 31. Check No. a. b. Skipped Required 1. Pay utilities of $3,100 for the current month. Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. 1004. j. 1207. m. Paid wages to an employee, 1,200, Ck. Prepare and post the closing entries. Received and paid the bill for utilities, 280, Ck. The best laboratory vacuum pump can generate a vacuum of about 1, In Exercises 4546, describe in words the variation shown by the given, Jefferson County operates a centralized motor pool to service county vehicles. g.Accepted cash for repairs completed, $3,720. 5. (a) April May June July No. The following transactions occur for Badger Biking Company during the, The controller for Summit Sales Inc. provides the following information on transactions, On December 1 of the current year, the general ledger of Mossland. The following transactions occur for Badger Biking Posted i. Transactions completed during the month follow. Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of 10,000.
Rent Expense No. 28. a. Gervais deposited 25,000 in a bank account in the name of the business.

1205. j. Required: Therefore, 50% of a months inventory purchases are paid for in the month of purchase. No. Purchased office supplies on account, 3,150. Prepare an unadjusted trial balance. Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2). Feb 01 Take $4,000 cash out of Big Bank to pay for Februarys warehouse rent. 2 years ago, Posted Maria completed the following transactions during the month of April: a. 6 months ago, Posted Assume that the April 30 transaction for salaries and commissions should have been 19,100. Were the solution steps not detailed enough? LO 1, 2, 3, 4, 5, 6. 3. Wrote Check No. 2007-2023 Learnify Technologies Private Limited. 1206. k. Sold services to customers for cash for the second half of the month, 820. l. Received and paid the bill for the business license, 75, Ck. c) Equipment increases, Notes payables increase: Equipment is an asset, and Notes payables are liabilities. Accounting equation represents assets must equal the total of liabilities and equities., A: Accounting Equation: This is a mathematical equation, which represents the association between, A: Note 1: Cash A/c, office supplies, Accounts receivable, Land and office equipment are assets and, A: Introduction: Receive cash of $34,000 from customers in (a) above. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 325. 30.

149 Paid miscellaneous expenses, 1,400. (c) Is this error a transposition or slide? 228 500

Mr. A received an advancement payment for wedding services worthP10,000. No. Receive cash of $28,000 from customers in (a) above. Recording of a Business transactions in a chronological order. Accounts Payable-Southern Supplies Utilities Expense Present your answers in the following form, with transaction (1) given as an example: Application Problem Journalizing transactions and proving and ruling amulticolumn journal LOS, 4, 5, 6, 7, 8, 9Mundt Services uses the following accounts.Cash Mikaela Mundt, Capital What is the global ocean, and how does it affect Earth\'s environment? Pay utilities of $3,800 for the current month. Provide services to customers on account for $50,000.b. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. References Conv A: Interest Expense 4. No. At, CSM Inc. has the following balance sheet (in $000):Assets: Liabilities and equity:Current, Determine the optimum solution for each of the following LPs by enumerating, Suppose a local company has the following balance sheet accounts: AccountsBalances Land.$9,000, For each of the following accounts, indicate whether a debit or credit. $ 4,800 (c) Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. d. Pay utilities of $5,000 for the current month. c. Purchase bike equipment by signing a note with the bank for $35,000. d. Pay utilities of $3,500 for the current month. b. 9. Sent a check for the electricity bill, $180.00. Donec aliquet, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Test your understanding with interactive textbook solutions, Horngren's Financial & Managerial Accounting, Horngren's Financial & Managerial Accounting, The Financial Chapters, Horngren's Financial & Managerial Accounting, The Managerial Chapters, Horngren's Accounting: The Managerial Chapters, Horngren's Cost Accounting: A Managerial Emphasis, Horngren's Accounting, The Financial Chapters, Explore documents and answered questions from similar courses, Explore recently asked questions from the same subject. Prepare the following for merchandise inventory: Present value is the current value of future amount discounted at defined interest rate an A: IFRS: Transactions completed during the month of October follow. Get plagiarism-free solution within 48 hours. 130 Pay utilities of $3,800 for the current month. On July 1, K. Resser opened Ressers Business Services. (c) Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. No. First step in, A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., A: Introduction:

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