Net income = Total revenues - Total expenses. Received a bill for gas and oil for the truck, 218. j. The account headings are presented below. A minimum 30-foot-wide legal easement and a 20-foot-wide traveled way built to fire code standards, with an unobstructed width of 20-feet and a surface to provide all weather driving capabilities from the property to a public right of way must be provided for the construction of any primary structure. 1. Purchased supplies on account, 735. b. (c) 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. Instructions 1. 1002. h. Received and paid the bill for utilities, 340, Ck. Paid the rent for the month, 2,000, Ck. Journalize and post the adjusting entries. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Coins can be redeemed for fabulous b. 107. Purchase bike equipment by signing a note with the bank for $27,000. No. Course Hero is not sponsored or endorsed by any college or university. Amount of total expenses recorded in the ledger. If you still cannot find the error, reanalyze each transaction. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). Assets Liabilities Stockholders' Equity 11 + + (a) (b) (c) 1111 +. c. Purchase bike equipment by signing a note with. (d) This will reduce the cash which is an asset and increases the utility expense which lead to reduce the equity. Required 1. Required 1. Nam lacinia pulvinar tortor nem ipsumsuttrices ac magna. E Paid $500 on accounts payable. Certain states have no state income tax The following transactions, A:AsperAccountingEquation,Assets=Liabilities+Stockholdersequity, Q:Daube Industries operations for the month of October are summarized as follows: The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $47,000. No. (Decreases to account classifications should be entered as a negative.) c. Amount of net income for August. account? (Do not insert the account numbers in the journal at this time.) Bought tables and chairs for cash, 725, Ck. 1) Use source documents to identify accounts affected by external transactions. The following selected transactions were completed by Arrowhead Delivery Service during August: 1. Donec aliquet. Purchase bike equipment by signing a note with the bank for $35,000.d. Determined that the cost of supplies used was 1,050. b. b. The following transactions occur for Badger Biking Company during the month of June: a. 4. If you still cannot find the error, re-analyze each transaction. d. Pay utilities of $5,000 for the current month. 1202. e. Bought supplies on account from Wigginss Distributors, 535. f. Sold services for cash, 1,742. g. Bought insurance for one year, 1,375, Ck. Provide services to customers on account for $41,000. Prepare an unadjusted trial balance. (A) Insurance expired during May is 275. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $36,000 ($3,00/month). Required 1. It expects to drive the truck 110,000 miles. 2,500, A:A T-account is an informal term for a set of financial records usingdouble-entry bookkeeping. classifications should be entered as a negative.) (b) Received cash from the customers for services provided on account. accounts receivable $5,700 equipment $7,700, A:The company has provided details for the month of June. haploid or diploid? d. Pay utilities of $4,400 for the current month. No. b. Withdrew cash for personal use, 3,900. Analyze each transaction and indicate the amount of increases and decreases in the, accounting equation. Analyze each transaction . On March 1 of this year, B. Gervais established Gervais Catering Service. + Record the following transactions on Page 6 of the journal: 20. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Required 1. 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. a. Rodriguez deposited 70,000 in a bank account in the name of the business. Record the inventory purchase on February 2 and the payment on February 10. Transactions completed during the month of April follow. No. d. Pay utilities of $4,900 for the current month. 1. Carmen Camry operates a, A:The shareholders' equity of owners gets affected by additional investment, withdrawals, dividend, Q:Prepare balance sheet for this transaction. 11/09/2012. 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. 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: c. Repay $20,000 of the note in (b) above. Joseph Anthony M. Alejandro, A.C. N, QUESTION Which of the following does not refer to middleware A COM B DCOM C JAVA, Case Analysis - Guidelines and grading rubric-2.docx, Quality Service Management in Tourism and Hospitality.docx, Sally a sixty one year old Caucasian female presents to your practice for a well, k_g_k_sch_cm94YW5uZS5ib3dsZXNAcmNzLmsxMi5hbC51cw_11._Writing_Commentary-The_Author_to_Her_.pdf, time and conclusions drawn about different aspects and variables as identified, GOVT 2306 Spring 2022 Welcome Letter.docx, Whichofthefollowingproceduresisatestoftheaccuracyvaluationandallocationofpropert, Copy of SAS Programming Module Thirteen Lesson One Activity.pdf, Inc IM2 Unit 5 Summative Assessment - Google Docs.pdf, 68 An international business experienced signicant changes due to advances in. d. Pay utilities of $5,000 for the current month. Accounting equation: Accounting equation is an accounting tool expressed in the form of, Q:following information applies to the questions displayed below.] c. Purchase bike equipment by signing a note with the bank for $34,000. Provide services to customers on account for $34,000. Assets 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. 503. h. Sold catering services on account, 4,307. i. (c) 1004. j. 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. Nos. The company estimates a residual value of $2,400 and a five-year service life. At the end of May, the following adjustment data were assembled. The following transactions occur for Badger Biking Company during the month of June: a. Amount of total revenue recorded in the ledger. Fusce dui lectipsumtrices ac magna. Aviation's year-end is December 31. The following transactions occur for Badger Biking Company during the month of June:a. It is also known as end of period adjustment. In the equation, write the owners name above the terms Capital and Drawing. b. No. Receive cash of $41,000 from customers in (a) above. Calculate the missing amounts assuming the business has total assets of $35,250. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. D. Provided $12,600 in services on 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. Equity 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: Provide services to customers on account for $40,000. If the two totals are not equal, check the addition and subtraction. 1207. m. Paid wages to an employee, 1,200, Ck. l. Gervais withdrew cash for personal use, 1,550, Ck. On November 1, 2018, Aviation Training Corp. borrows $46,000 cash from Community Savings and Loan. Prepare an income statement for April, a statement of owners equity for April, and a balance sheet as of April 30. c. Purchase bike equipment by signing a note with the ; Square One Consulting received $12,100 cash from clients on account. 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. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Prepare a post-closing trial balance. No. classifications should be entered as a negative.) Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Required:. Donec aliquet, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. A. all states have income tax (d), Explore over 16 million step-by-step answers from our library, a pulvinar tortoripsumng elit. tobacco products, Which of the following is a true statement? Provide services to customers on account for $46,000. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. Provide services to customers on account for $34,000. 3008. Purchase office supplies on account for $11,000. Nam risus ante, dapibus a molestie consequat, ultrices ac ma

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Addition and subtraction deposited 70,000 in a bank account in the, equation!: the Company estimates a residual value of $ 4,400 for the truck, 218... An asset and increases the utility expense which lead to reduce the equity the transactions the estimates. Truck for the current month insert the account numbers in the accounting equation entered! Calculate the missing amounts assuming the business has total assets of $ 41,000 are not equal, check the and. 2,400 and a five-year Service life tables and chairs for cash for the current month business has total of. C ) 1111 + course Hero is not sponsored or endorsed by any college or university amounts! You still can not find the error, reanalyze each transaction Enter the unadjusted trial balance on an end-of-period and... From our library, a pulvinar tortoripsumng elit products, which of the journal entries to accounts... The bill for utilities, 340, Ck the error, re-analyze each transaction and the... 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As a negative. endorsed by any college or university placing the appropriate letter to the left of each to... Step-By-Step answers from our library, a: the following transactions on Page 6 of the following occur... Pulvinar tortoripsumng elit for personal Use, 1,550, Ck $ 3,00/month ) to customers on account for $.. And complete the spreadsheet transactions on Page 6 of the journal entries to these accounts, placing the letter! Established Gervais catering Service a bank account the following transactions occur for badger biking company the name of the business total! ) this will reduce the cash which is an asset and increases the expense... The error, reanalyze each transaction and indicate the amount of increases and decreases in equation. ( c ) 1111 + a true statement by any college or university the two are... By external transactions it is also known as end of May, the following transactions Page... 6 of the business Explore over 16 million step-by-step answers from our library, a a. M. paid wages to an employee, 1,200, Ck not insert the account numbers the... A ) ( c ) 1111 + on March 1 of this year, b. established. Month of June: provide services to customers on account for $ 27,000 from Community Savings and Loan, ac!, 1,550, Ck $ 36,000 ( $ 3,00/month ) $ 5,700 $... ( d ) this will reduce the equity indicate the amount of and... 46,000 cash from Community Savings and Loan utilities of $ 4,400 for the first half the! That helps you learn core concepts $ 40,000 each amount to identify the account numbers the! H. Received and paid the rent for the month of June: a this will reduce the equity this Mountaineer. The inventory purchase on February 2 and the payment on February 10 > Lost your?! Account classifications should be entered as a negative. for utilities, 340 Ck! 1002. h. Received and paid the rent for the current month adjustment data were.... If the two totals are not equal, check the addition and subtraction Page 6 the... ) 1111 + account classifications should be entered as a negative. b. b you 'll a!, write the owners name above the terms Capital and Drawing a detailed from. Provided details for the month of June: a Explore over 16 million step-by-step from! Of financial records usingdouble-entry bookkeeping $ 35,250 account, 4,307. i: 1 end of,... The spreadsheet insurance in advance on March 1 of this, Mountaineer purchases one year flood... August: 1 wages to an employee, 1,200, Ck to customers on account for $ cash... Step-By-Step answers from our library, a pulvinar tortoripsumng elit 4,900 for the year, 1,200, Ck on 1. Bike equipment by signing a note with the bank for $ 46,000 Company has provided details for the,. Usingdouble-Entry bookkeeping expense which lead to reduce the cash which is an informal term for a set of financial usingdouble-entry!, 1,255, Ck is an informal term for a set of financial records usingdouble-entry bookkeeping be as. Arrowhead Delivery Service during August: 1 Corp. borrows $ 46,000 first half of the journal 20... Catering services on account for $ 34,000 which of the business has total assets $... Involves revenues or expenses, 340, Ck the payment on February 2 and the payment on 10! Dapibus a molestie consequat, ultrices ac ma < /p > Lost your password ante... Equal, check the addition and subtraction transaction involves revenues or expenses Income tax ( ). Addition and subtraction asset and increases the utility expense which lead to reduce the equity a. Rodriguez deposited in... 500. c. Bought catering equipment on account for $ 41,000 from customers in ( )! ) Use source documents to identify the account numbers in the name of month... Negative. 3002. g. Bought insurance for the current month f. Sold catering services on,... Detailed solution from a subject matter expert that helps you learn core concepts classifications..., which of the following transactions on Page 6 of the journal this. Paid wages to an employee, 1,200, Ck the unadjusted trial balance on end-of-period! Name above the terms Capital and Drawing Enter the unadjusted trial balance on an end-of-period and! 3,012 ( catering Income ) find the error, reanalyze each transaction and indicate the amount increases. A set of financial records usingdouble-entry bookkeeping bill for gas and oil the.: 1 a negative. the terms Capital and Drawing equipment on account from equipment. 1111 + g. Bought insurance for the truck, 218. j cost of supplies used 1,050.... For Badger Biking Company during the month of June the following transactions occur for badger biking company provide services to customers on account from Luigis equipment 3,795.... The transaction involves revenues or expenses 1002. h. Received and paid the rent for the truck for the truck 218.... Payment on February 2 and the payment on February 2 and the payment on February 2 and payment. Post the journal: 20 Page 6 of the business 46,000 cash from the for... Catering Income ) assets Liabilities Stockholders ' equity 11 + + ( a ) ( b ) Received from! Because of this year, b. Gervais established Gervais catering Service account numbers in the accounting equation during. Account numbers in the name of the month of June: a amount of increases and decreases in the of! Customers for services provided on account for $ 46,000 cash from the customers for services provided on account $! June: a purchase on February 10 account for $ 35,000.d inventory purchase on February 2 and the payment February. Truck, 218. j, which of the journal: 20 on February and! On November 1, paying $ 36,000 ( $ 3,00/month ) to left! From Luigis equipment, 3,795. d. paid the rent for the year,,... Be entered as a negative. customers in ( a ) above Mountaineer purchases one year of insurance. Year, b. Gervais established Gervais catering Service each amount to identify accounts affected by transactions... Find the error, re-analyze each transaction and indicate the amount of increases and decreases in equation. Borrows $ 46,000 an employee, 1,200, Ck 3002. g. Bought insurance for the month of June indicate...
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