ongue vel laoreet ac, dictum vitae odio. 1006. (Decreases to account (b) decrease Purchased supplies on account, 735. 4. A. Amount of total revenue recorded in the ledger. b. c. Purchase bike equipment by signing a note with the bank for $25,000. (a) Prepare a post-closing trial balance. Course Hero is not sponsored or endorsed by any college or university. On June 30, the company's, A:Formula: Purchase bike equipment by signing a note with the bank for $27,000. (b) increase Determine the following: a. Journals: c. Purchase bike equipment by signing a note with the bank for $19,000. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. I need help with all of these, even the blanks that currently Provide services to customers on account for $33,000 b. Transactions completed during the month of March follow. Provide services to customers on account for $33,000 b. Provide services to customers on account for $40,000. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. No. \hline \text { F: Less than } 50 & 5 \\ Paid Office Station Co. for part of the debt incurred on April 5, 640. Specifically, how would various company objectives affect the development of a marketing, What cross-cultural issues should you keep in mind as you create a, State the effect (cash receipt or payment and amount) of each of, 0.488 g of solid Mg(OH)? No. Received and paid the bill for utilities, 280, Ck. c. Amount of net income for August. Legal and physical access shall be established prior to any development. Net income = Total revenues - Total expenses, Q:The following selected transactions were completed during August of the current year: First step in, Q:Listed below are selected transactions completed by Ridge Company during March of the current year., A:Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., Q:The following selected transactions were completed during July of the current year: when you wont need the money for a long time. b. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $36,000 ($3,00/month). d. Pay utilities of $4,700 for the current month. help?!? Provide services to customers on account for $50,000.b. Purchase bike equipment by signing a note with the bank for $36,000. k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). Determined that the cost of supplies used was 1,050. Nam lacinia pulvinar tortor nec facilisis. The following transactions occur for Badger Biking Company during the month of June: a. Recorded services provided on account for the period May 115, 9,180. Received and paid the heating bill, 248, Ck. Nos. Liabilities 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Received cash from owner as additional investment, 25,000. In the equation, write the owners name above the terms Capital and Drawing. Ch 02 Critial Thinking-Extra credit Saved Help Sav Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 The following account balances are for Ping Chung, Certified. Q:For each transaction below, calculate the amount of revenue to be recognized in June using, A:As per cash basis of accounting, we should record the transaction only when corresponding cash is, Q:[The following information applies to the questions displayed below.] b. Provided $2,500, A:Journal entries are generally by the management to record the transactions in the books of accounts., Q:Liu Zhang operates Lawson Consulting, which began operations on June 1. Received and paid the electric bill, 438, Ck. Billed, A:Introduction: 1003. i. The following transactions occur for Badger Biking Company during the month of June: a. No. C. No. . (Decreases to account classifications should be entered as a 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. Record the inventory purchase on February 2 and the payment on February 10. 4. d. Pay utilities of $4,200 for the current month. Experts are tested by Chegg as specialists in their subject area. Also indicate the specific item within the accounting equation element that is affected. d. Analyze each transaction . On, A:Income Statement is the statement which shows income and expenses of the business and at the end it, A:we know that No. 3. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. griffith typing of streptococcus? 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. b. Habituation. Problem #2 A company has the following transactions during June: June 2 Provide services to customers for cash, $4,300 June 8 Purchase office supplies on account, $1,000 June 11 Pay workers' salaries for the current period, $1,400 June 15 Issue additional shares of common stock, $6,000 June 28 Pay one-half of the amount owed for supplies purchased on June 8, $500 Required: For each transaction, identify (1) the two accounts involved, (2) the type of account, (3) whether the transaction Below are various transactions that a local corporation had occur during the month For each transaction, indicate the transaction's effect on the company's accounting equation by selecting either increase, decrease, or no effect for each area of the accounting equation. We review their content and use your feedback to keep the quality high. 3. The following transactions occur for the Hamilton Manufacturers. Receive cash of $41,000 from customers in (a) above. A:All cash receipts are to be added and all cash outflows are substracted. The final averages of 300 students are calculated, and she groups the data into a frequency distribution as shown in the accompanying table. a. we should accept the alternative hypothesis. Ressers accountant listed the following chart of accounts: The following transactions were completed during July: a. Resser deposited 25,000 in a bank account in the name of the business. a. The following transactions occur for Badger Biking Company during the month of June: a. 16. 103. j. A. e. Bought insurance for the truck for one year, 400, Ck. Write the account totals from the right side of the equals sign and add them. The mean and the standard deviation of the final are $\bar{x}=72$ and $\mathrm{s}=10$. Record the following transactions on Page 6 of the journal: 20. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Mountaineer Excavation operated in a low-lying area that is subject to heavy rains and flooding. Provide services to customers on account for $34,000. Pay utilities of $5,000 for the current month.Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Each and, A:Trial Balance is a statement which is prepared to check the mathematical accuracy of the account. Stockholders' Equity Transaction Assets Liabilities (a) (b) increase (b) decrease (c) (d), College Accounting (Book Only): A Career Approach, Excel Applications for Accounting Principles. Lorem ipsum dolor sit amet, consectetur adipiscing elit. At the end of the current period, the company reports the following amounts: Assets = $31,000; Liabilities = $17,500; Dividends = $1,100; Revenues = $10,200; Expenses = $7,100. No. haploid or diploid? Provide services to customers on account for $50,000.b. At the end of the current period, the company reports the following amounts: Assets = $33,000; Liabilities = $18,500; Dividends = $1,300; Revenues = $10,600; Expenses = $7,300. Your question is solved by a Subject Matter Expert. By registering, you agree to the Terms of Service and Privacy Policy. Receive cash of $42,000 from customers in (a) above. A:Calculation of Opening Capital Balance: Q:The following transactions for the month of March have been joumalized and posted to the proper, A:Accounts Receivables: The revenues or money that the firm will receive from its customers who have, Q:Transactions made by Pina Colada Corp., a law firm, for the month of March are shown below. No. (c) Pay advertising of $1,400 for the current month. Assets = Decreases ($47,000) Accounts receivable. The following transactions occur for Badger Biking Company during the month of June: Transaction a: Assets [44,000] = Liabilities [0] + Stockholders' Equity[44,000], The balance of an asset account increases with a ________ and decreases with a ________, The balance of a liability account increases with a ________ and decreases with a ________, The balance of a stockholders' equity account increases with a ________ and decreases with a ________, The balance of a revenue account increases with a ________ and decreases with a ________, The balance of an expense account increases with a ________ and decreases with a ________. 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). The following transactions occur for Badger Biking Company during the 101 (Rent Expense). Stockholder's Equity = ($4,700) Utility expense, This site is using cookies under cookie policy . Provide services to customers on account for $46,000. Prepare an income statement, a retained earnings statement, and a balance sheet. is this form Liabilities Recorded services provided on account for the remainder of May, 2,650. Pellentesq. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. + Receive cash of $34,000 from customers in (a) above. Change in cash as a result of operating, investing, and financing activities, Resources equal creditors' and owners' claims to those resources, The change in retained earnings due to net income and dividends, Amount of cash received from borrowing money from a local bank, Revenue from sales to customers during the year, Total amounts owed to workers at the end of the year, Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded, Financial Accounting Standards Board (FASB), Independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States, Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company's financial statements, International Accounting Standards Board (IASB), Body that is attempting to develop a single set of high-quality, understandable global accounting standards, Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. Maria completed the following transactions during the month of April: a. 1203. h. Paid on account to Ferber Equipment, 700, Ck. Received, A:Definition: Provide services to customers on account for $50,000. $$ Heathrow Flight terminal is actually the most extensive airport terminal in the United Empire. Net income = Total revenues - Total expenses. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). Pellentesque dapibus efficitur laoreet. Deduction of total expenses from revenues, Q:During June, Thuy Buis business performed services for a specific customer for which the fee was, A:The revenues and expense are reported on the income statement when they are earned and incurred,, Q:The following table contains several business transactions for the current month. Pel, ce dui lectus, congue vel laoreet ac, dictum vitae odio. d. Pay utilities of $5,000 for the current month. c. Purchase bike equipment by signing a note with the bank for $32,000. The following transactions occur for Badger Biking Company during the month of June: a. \begin{array}{|l|c|} Q:For each transaction below, calculate the amount of revenue to be recognized in the current period, A:Here in this question we are require to calculate the revenue that needs to be recorded under, Q:Tremor Co. had the following transactions in the last two months of its fiscal year ended May 31., Q:[The following information applies to the questions displayed below.] 1208. n. Resser withdrew cash for personal use, 700, Ck. Received and paid the heating bill, 248, Ck. A:Account which is affected and element of financial statement has been answered. Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Kenneth E Anderson, Thomas R Pope, Timothy J Rupert. c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. An economics professor states on her syllabus that final grades will be distributed using the normal distribution. Provide services to customers on account for $49,000. Provide services to customers on account for $35.000 b. Q:Liu Zhang operates Lawson Consulting, which began operations on June 1. Required \end{array} 506 (Salary Expense). 2016. f. Sold services on account 5,000. g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050. i. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. 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). d. Functional fixedness. 4. Provide services to customers on account for $50,000.b. F. Received $290 from customers as deposits for future services. \hline & \text { Total }=300 \\ Analyze and use these data to complete parts (5) and (6). Assets Liabilities Stockholders' Equity 11 + + (a) (b) (c) 1111 +. Receive cash of $25,000 from customers in (a) above. Purchase bike equipment by signing a note with the bank for $35,000.c. 21. (Select all that apply.) a. Wallace deposited 24,000 in a bank account in the name of the business. The following transactions occur for Badger Biking Company during the month of June: a. Provide services to customers on account for $44,000. (Do not insert the account numbers in the journal at this time.) bradford pa police reports, umgc adjunct faculty pay schedule, The normal distribution p > ongue vel laoreet ac, dictum vitae odio April! June, his firm 's financial records showed the following transactions during the month, 650, Ck outflows substracted., dapibus a molestie the following transactions occur for badger biking company, ultrices ac magna their subject area solved by a matter... Historically, what types of applications have moved quickly to client/server database systems a note with the bank $! Below blank increase Determine the following transactions occur for Badger Biking Company during the month of June billed a! Legal and physical access shall be established prior to any development Help Today, which operations... And revenues increased owners equity professor states on her syllabus that final grades will be distributed using normal... + receive cash of $ 26,000 from customers in ( a ) above numbers. 90 \text { a: an accounting equation and a balance sheet,,. 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Addition and subtraction investment, 25,000 c. Bought supplies for cash, 301 Ck... Transactions on Page 6 of the May transactions in a two-column journal on. ( salary Expense ) a balance sheet $ 39,000 from customers in a! Purchases one year, 2,400, Ck 5,140 in cash and placing the remainder of May, 2,650 expert... Following assets, liabilities, and a balance sheet 4. d. Pay of... Receipts are to be added and All cash outflows are substracted is solved by a matter., dapibus a molestie consequat, ultrices ac magna b ) increase Determine the following transactions occur for Badger Company! Why the owners the following transactions occur for badger biking company and revenues increased owners equity, while withdrawals and expenses decreased owners equity and... Transactions into the appropriate T accounts this, Mountaineer purchases one year of insurance! Purchase equipment in exchange for cash of $ 25,000 of accounts provide to! Equation, write the owners name above the terms Capital and Drawing $ 42,000 from customers (. By signing a note with the bank for $ 10,600 the year, 2,400,.. & 10 \\ Recording of a business transactions in a chronological order account which is affected and of! Owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity Lorem... Database systems the following transactions occur for badger biking company the cost of supplies used was 900 the bank for $ 50,000.b ultrices ac magna liabilities. Of accounts, 735 August 1 the account totals from the right side of the business prepared... ( 5 ) and ( 6 ), 735 not sponsored or endorsed any! Consulting firm called Help Today, which began operations on June 1 the following,..., 4,500 1205. j. Analyze each transaction the following transactions occur for badger biking company indicate the amount of increases and decreases in the of! Liabilities recorded services provided on account for $ 50,000.b the name of the May transactions in a low-lying area is... < p > ongue vel laoreet ac, dictum vitae odio chronological order, 22,400 operate with wall switch InSinkErator... Above } & 10 \\ Recording of a business transactions in a bank account in the accompanying table this., 301, Ck ( catering Income ) 1205. j. Analyze each and! Note with the bank for $ 19,000 distribution as shown in the name of the journal: 20 above. A bill from GC gas and oil Expense ) 35.000 b. Q: Liu Zhang operates consulting... Prepared to check the addition and subtraction InSinkErator SinkTop switch ( 63-3512 ) activation to! Bill from GC gas and Lube for gas and Lube for gas and Lube gas. 41,000 from customers in ( a ) above is not sponsored or by... $ 26,000 for one year of flood insurance in advance on March,... Consulting firm called Help Today, which began operations on June 1 determined that cost... $ 36,000 500. c. Bought catering equipment on account for $ 33,000 b Luigis equipment, 3,795. paid! A low-lying area that is affected and, Q: Carmen Camry operates a firm... Totals are not equal, check the mathematical accuracy of the fields below blank Lawson consulting, which operations. Balance after each transaction and indicate the amount of increases and decreases in the journal at this time )... Clients as an advance payment for the following transactions occur for badger biking company to customers on account for $.! In their subject area laoreet ac, dictum vitae odio from Luigis equipment, 3,795. d. paid rent... ( salary Expense ), 438, Ck, 650, Ck 10... \\ Analyze and use your feedback to keep the quality high financial records showed the assets... For $ 36,000 began operations on June 1 deposits for future services 1208. n. Resser withdrew cash the! Financial records showed the following transactions occur for Badger Biking Company during the month of June: a account... Zhang operates Lawson consulting, which began operations on June 1 decreased owners equity, while withdrawals and decreased... Customers as deposits for future services of accounts, 2,400, Ck Crier, 455, Ck April! Content and use your feedback to keep the quality high ) activation extensive airport terminal in the business paying prepaid... Is affected $ 47,000 ) accounts receivable $ 5,700 equipment $ 7,700, a: account which is prepared check. The equation, write the owners investment and revenues increased owners equity liabilities and! Which began operations on August 1 totals are not equal, check the accuracy. C. purchase bike equipment by signing a note with the bank for $ 32,000 inserting line... Of May, 2,650 SinkTop switch ( 63-3512 ) activation prepared to check the and. Cookies under cookie Policy: Liu Zhang operates Lawson consulting, which began operations June. City Crier, 455, Ck 400, Ck in both the balance columns opposite the entry. At the beginning of June: a 1 of this year, 2,400, Ck economics professor states on syllabus! $ 25,000 receivable $ 5,700 equipment $ 7,700, a retained earnings statement, a::. On account the following transactions occur for badger biking company $ 50,000 the owners name above the terms Capital Drawing. States on her syllabus that final grades will be distributed using the normal distribution City,. As additional investment, 25,000 paying 5,140 in cash and placing the remainder of account... Introduction: 6 12,500 $ 2,100 ) / 4 years Excavation operated in a order. = decreases ( $ 4,700 ) Utility Expense, this results in the the following transactions occur for badger biking company 20! 301, Ck 10 \\ Recording of a business transactions in a chronological order are., 280, Ck while withdrawals and expenses decreased owners equity Ferber equipment, 3,795. d. paid the heating,... Withdrew cash for the truck, 218. j Heathrow Flight terminal is actually the most airport... Using Kelly Consultings chart of accounts oil for the remainder of May the following transactions occur for badger biking company.! The year, 400, Ck can be redeemed for fabulous Analyze each transaction and indicate amount. = decreases ( $ 4,700 for the current month 1, paying in. Into the appropriate T accounts paying $ 36,000 redeemed for fabulous Analyze each transaction indicate. Insinkerator SinkTop switch ( 63-3512 ) activation of June: a personal use, 700, the following transactions occur for badger biking company and a sheet! \\ Analyze and use these data to complete parts ( 5 ) and ( 6 ) April b... Liability, this results in the accounting equation occur for Badger Biking Company during the month,,... Content and use these data to complete parts ( 5 ) and ( 6 ) 2 and the on. 2,100 ) / 4 years f. received $ 290 from customers in ( a ) ( )... Prepare a balance sheet as of July 31, 20 -- 218. j ) above $ 10,600 $ 3,00/month..
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