Paid creditors on account, 3,750. In October, A. Nguyen established an apartment rental service. You are required to, A:Introduction: Instructions 1. 3004. i. Please enter your email address. Provide services to customers on account for $47,000. Transactions completed during the month follow. Certain states have no state income tax It recorded in a tabular format which, Q:The following transactions occurred during July: August, the entity, A:Trail balance is the statement that carries the balances of all the accounts prepared in the books, Q:The following transactions occur for the Panther Detective Agency during the month of July:, A:General Journal is a type of bookkeeping journal that enables the recording of various, Q:[The following information applies to the questions In March, T. Carter established Carter Delivery Service. Repay $10,000 of the note in (b) above.d. Transactions completed during the month of April follow. D. Provided $12,600 in services on account. 1., A:An accounting equation refers to a mathematical representation of the transaction. g. Bought supplies for cash, 185, Ck. 503. h. Sold catering services on account, 4,307 (Catering Income). a. Wallace deposited 24,000 in a bank account in the name of the business. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. \end{array} c. Repay $15,000 of the note in (b) above. d. Pay utilities of $4,900 for the current month. 3. Paid cash for a newspaper advertisement, 225. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). Togo's Sandwiches acquired equipment on October 1, 2018, for $12,500. I need help with all of these, even the blanks that currently have numbers in them The following transactions occur for Badger Biking Company during the month of June a. Provide services to customers on account for $50,000.b. c. Purchase bike equipment by signing a note with the bank for $34,000. 2. c. Purchase bike equipment by signing a note with the bank for $18,000 d. Pay utilities of $3,300 for the current month. a. Determine the account balances, after all posting is complete. Study with Quizlet and memorize flashcards containing terms like The following transactions occur for Badger Biking Company during the month of June: a. b. For each transaction indicate by how much each category in the accounting equation increases or decreases. How much did Marchs transactions increase or decrease Amy Austins capital? 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.] Explore and choose foreign countries and markets.   The following transactions occur for Badger Biking Company during the month of June: a. Acquisition. Prepare an unadjusted trial balance. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Net pay, Which product is an athlete more likely to endorse? Describe the dual particle-wave nature, including the wavelength d. Pay utilities of $4,600 for the current month., Eagle Corp . c. Purchase bike equipment by signing a note with the bank for $26,000. Opened a business bank account with a deposit of 50,000 from personal funds. The following transactions, A:AsperAccountingEquation,Assets=Liabilities+Stockholdersequity, Q:Daube Industries operations for the month of October are summarized as follows: Note: If the transaction were to cause an increase and decrease to the same area of the accounting equation, 'no effect should be chosen as the overall effect to that area. Arthur Industries entered into the following transactions during the month of June. Wolfpack Construction has the following account balances at the end of the year. By registering, you agree to the Terms of Service and Privacy Policy. Required 1. d. Pay utilities of $4,400 for the current month. View The_following_transactions_occur_for_Badger_Biking_Company_during_the_month_of_June from ACCT 2301 at North Lake College. Find step-by-step Accounting solutions and your answer to the following textbook question: The following transactions occur for Badger Biking Company during the month of June: a. Receive cash of $42,000 from customers in (a) above. No. 31. 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. The company records this transaction with a: Debit to Cash Debit to Retained Earnings Credit to Accounts Payable Credit to Service Revenue Callahan, Carter Wilson is a painting contractor who specializes in painting commercial buildings. Write the letter of each entry to identify the transaction. Instructions 1. d. Pay utilities of $4,400 for the current month. The account headings are presented below. Paid the rent for the month, 1,200, Ck. 4. Paid $4,380 for salaries and wages for the month of June. 2003-2023 Chegg Inc. All rights reserved. Nam lacinia pulvinar tortor nec facilisis. Amount of total expenses recorded in the ledger. 1., A:Journal entries are recorded in the journal book of account. Search Textbook questions, tutors and Books, Change your search query and then try again. 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). 2. Analyze each transaction and indicate . 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. Each and every business transactions are to be recorded in Journals., Q:The following selected transactions were completed during July of the current year Organize them. Purchase bike equipment by signing a note with the bank for $36,000. Write the account totals from the right side of the equals sign and add them. e. Bought insurance for the truck for one year, 400, Ck. Receive cash of $42,000 from customers in (a) above. Record the transactions and the balance after each transaction. This increases the cash which is a asset and reduces the accounts receivable with the same amount. Provide services to customers on account for $34,000. account? Coins can be redeemed for fabulous c. Generalization. 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. Pay utilities of $4,700 for the current month. Provide services to customers on account for $50,000. Pellentesque dapibus effipsumsum ipsumfficitur laoreet. Recording of a Business transactions in a chronological order. Provide services to customers on account for $41,000. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's. 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. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. What is the conspicuous form for bryophytes? Required 1. Receive cash of $39,000 from customers in (a) above. September 12 Purchase office supplies on account for $3,100. Course Hero is not sponsored or endorsed by any college or university. On, A:Note 1: Cash A/c, office supplies, Accounts receivable, Land and office equipment are assets and, Q:The following transactions relates to Edwards Co for the month of January 2013. c. Repay $29,000 of the note in (b) above. Record the adjusting entries on Page 7 of the journal. Amount of total revenue recorded in the ledger. It can also be referred as financial repor. haploid or diploid? 1205. j. b. c. Purchase bike equipment by signing a note with the bank for $27,000. 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. Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. B. Recorded services provided on account for the period May 16-20,4,820. Expert Help. April 3 Journals: The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $47,000. a. Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Kenneth E Anderson, Thomas R Pope, Timothy J Rupert. displayed below.] Risk management most nearly involves _____. 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. b. Which of the following is not true about the Allowance for what in common? \hline \text { B: } 80 \text { up to } 90 & 45 \\ 27. Checks outstanding banks balance and company balance, NSF Checks banks balance and company balance, Deposit recorded twice by company banks balance and company balance, Interest Earned banks balance and company balance, deposit outstanding banks balance and company balance, Bank Service Fees banks balance and company balance, Calculate the amount of cash to report to the balance sheet, Right ti return unsatisfactory or damaged merchandise. c. Repay $20,000 of the note in (b) above. 1) Use source documents to identify accounts affected by external transactions. b. C. Pay $5,200 in salaries to employees for work performed during the month. 501. e. Bought insurance for the truck for one year, 400, Ck. Lorem ipsum dolor sit amet, consectetur adipiscing elit. If you are actually on a service travel, Heathrow Airport terminal Transactions companies permit you to publication lorries for the very same. 101 (Rent Expense). b. 1200. c. Paid the rent for the current month, 1,750, Ck. (b) increase On March 1 of this year, B. Gervais established Gervais Catering Service. Received $1,020 cash for services provided to a, A:Revenue means the income earned or generated by a business by carrying out the business activity. 2. (B) Supplies on hand on May 31 are 715. + Log in Join. 21. D. Depending on where you live, you may pay no taxes at all. c. Purchase bike equipment by signing a note with the bank for $34,000. Each and, Q:Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. If the two totals are not equal, check the addition and subtraction. b. Cash c. Repay $20,000 of the note. b. Purchase bike equipment by signing a note with the bank for $35,000.c. griffith typing of streptococcus? Instructions 1. 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. The cl1art of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 17. Nam lacinia pulvinar tortor nec facilisis. The following transactions occur for the Hamilton Manufacturers. No. c. Purchase bike equipment by signing a note with the bank for . Provide, A:Accounting Equation: This is a mathematical equation, which represents the association between, Q:Carmen Camry operates a consulting firm called Help Today, which began operations on October 1. September 3 Paint houses in the current month for $18,000 on account. 31. 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.] Receive cash of $38,000 from customers in (a) above. 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. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The Effect Of Prepaid Taxes On Assets And Liabilities, Many businesses estimate tax liability and make payments throughout the year (often quarterly). Fusce dui lectm ipsumsuifacilisis. 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. Interest is payable at maturity. Prepare a June statement of, Q:On December 1, Oren Marketing Company received $4,500 from a customer for a 2-month marketing plan, A:Adjusting entries are the journal entries passed at the end of the accounting period to give effect, A:In this numerical has covered the concept of journal Entry, Ledger accounts , Trial Balance, Q:Diamond, Inc. had the following transactions duringJune:Performed services for $6,000on, Q:Which of the following joumal entries would be recorded if a business makes a cash payment to a, A:Introduction: 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Required information [The following information applies to the questions displayed below.) Required 1. 31. Lawson Consulting, which began, A:Total expenses = Rent expense + Wages expense No. (b) Determine the increase or decrease in retained earnings for August. The following transactions occur for the Hamilton Manufacturers. 1002. h. Received and paid the bill for utilities, 340, Ck. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Q:Analyze the following transactions and prepare a list of accounts that are affected. Journals: c. Purchase bike equipment by signing a note with the bank for $34,000. 1207. m. Paid wages to an employee, 1,200, Ck. d. Pay utilities of $5,000 for the current month. a. we should accept the alternative hypothesis. On, A:Income Statement is the statement which shows income and expenses of the business and at the end it, A:we know that Prepare a balance sheet as of July 31, 20--. Purchase bike equipment by signing a note with the bank for $27,000. Repay $10,000 of the note in (b) above.d. No. Accounts land: 8700, A company bills customers for services provided. Determine the following: a. . 31. Billed customers for delivery services on account, 22,400. On March 1 of this year, B. Gervais established Gervais Catering Service. Pay utilities of $4,900 for the current month. A. Assets = Liabilities + Stockholders' Equity Transaction (a) (b) increase (b) decrease (c) (d), Solution: Transaction Assets Liabilities + Stockholders' Equity $ 46,000 + b) Increase b) decrease $ $ $ $ $ 46,000 = 38,000 -38,000 = 31,000 = -4,600 = $ 31,000+ $ -4,600. The following transactions occur for Badger Biking Company during the month of June: a. Receive cash of $33,000 from customers in (a) above. Provide services to customers on account for $50,000. If the two totals are not equal, check the addition and subtraction. classifications should be entered as a negative.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Received and paid the bill for utilities, 150, Ck. Don Pedros Accounting Firm has the following account, A:Balance sheet is the financial statements of the organization prepared at the end of the year. Deferred Revenue is credited. Provide services to customers on account for $35.000 b. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Purchase bike equipment by signing a note with the bank for $22,000. \hline & \text { Total }=300 \\ 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). No. help?!? Pay utilities of $4,000 for the current month. On January 1, 2018, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. e. Bought insurance for the truck for the year, 2,400, Ck. gifts. No. If you still cannot find the error, re-analyze each transaction. The following transactions occur for Badger Biking Company during the month of June: a. (Select all that apply.) No. Depreciation Expense 2018: ($12,500 $2,100)/ 4 years. The account headings are presented below. b. Pay utilities of $5,000 for the current month.Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. 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. 1203. h. Paid on account to Ferber Equipment, 700, Ck. 501 (Rent Expense). j. Lorem ipsum dolor sit amet, consectetur adipiscing elit.Morbi adipiscing gravdio, sit amet suscipit risus ultrices eu.Fusce viverra neque at purus laoreet consequa.Vivamus vulputate posuere nisl quis consequat. On November 1, 2018, Aviation Training Corp. borrows $46,000 cash from Community Savings and Loan. September 8 Purchase painting equipment for $19,000 cash. 1. Opened a business bank account with a deposit of 24,000 from personal funds. (D) Accrued receptionist salary on May 31 is 325. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Bought tables and chairs for cash, 725, Ck. Prepare an income statement for July 31, 20--. 4. Journal entry explanations may be omitted. Transactions completed during the month follow. Receive cash of S41,000 from customers in (a) above Purchase bike equipment by signing a note with the bank for 534,000. 13. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. 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. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 28. 3. Accounting. Provided $2,500, A:Introduction: Provide services to customers on account for $44,000 b. Received and paid the electric bill, 438, Ck. Transactions completed during the month of October follow. (a) Do not leave any of the fields below blank. Pellentesque dapibus efficitur laoreet. *Response times may vary by subject and question complexity. The following transactions occur for Badger Biking Company during the month of June a. (a) Provide services to customers on account for $4,800. Purchase bike equipment by signing a note with the bank for $32,000. Purchased supplies on account, 735. 5. Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owners Equity, Drawing, Revenue, and Expense). 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. No. Enter the email address you signed up with and we'll email you a reset link. c. Purchase bike equipment by signing a note with the bank for $19,000, Nam lacinia pulvinar tortor nec facilisis. 4. No. Purchase bike equipment by signing a note with the bank for $35,000.c. , 127. d. Pay utilities of $4,600 for the current month. A journal entry is frequently used to record a transaction in an organization's, Q:Transactions made by Whispering Winds Corp., a law firm, for the month of March are as follows. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck.
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