Accounting Equation d. -On November 15, 2010, Ripped agreed to give twelve seminars on proper lifting techniques and was paid $24,000 in advance. Tommy Glovanni personally conducted the lessons once a week, and by December 31 had given seven seminars. Assets Liabilities Equity Unearned Revenue -14,000 Services Revenue +14,000 Show me how to do this step: $14,000 moves from Unearned Revenue to Services Revenue in order to show exactly what part of the work was completed during the last accounting period.
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- T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…CHALLENGE PROBLEM This problem challenges you to apply your cumulative accountingknowledge to move a step beyond the material in the chapter.Provided below is a partial work sheet for Ardery Advising. REQUIRED During January, Ardery made an additional investment of $1,200.Prepare an income statement, statement of owners equity, and balancesheet for Ardery Advising.
- DO IT IN EXCEL AND SHOW FORMULAS DO IT IN EXCEL AND SHOW FORMULAS Jorge Del Llano, a start-up merchant, needs $360,000.00 liquid to invest in inventory and pay certain start-up expenses for his business. The Bank has investigated him and considers him eligible for credit. The Bank authorizes an unsecured credit facility, subject to the provision of a line of credit appropriate to your needs, charging 18% interest for a term of 60 days. The origination fee is 1.25%. For what amount was the loan signed for Del Llano to receive the $360,000 free of charge?C. In June, Nikea Inc. received the $10,000 payment from XYZ Which of Nikea's accounts are affected by this transaction and what is its effect on the accounting equation? Type your response here: D. What is the effect on XYZ's accounting equation in June when it remitted the $10,000? Type your response here: Evaluation Your teacher will use this rubric to evaluate the completeness of your work as well as the clanty of thinking you exhibit Total Points: 100 Basics of Fundamental Accounting Task points: (100] The owner invests more money in the business (10]The ledger of Casper Consulting at January 31, 20X5 includes the following selectedaccounts:Prepaid insuranceSuppliesBuildingLandNotes payableUnearned service revenueDebit$3,6001,800100.00060,000Credit$90,0008,000Casper's accountant is inexperienced, and he would like your help in preparing thecompany's January 31, 20X5 financial statements. He has provided you with the following information:1. A one-year insurance policy costing $3,600 was purchased on January 1, 20X5. Atthat time the full amount was debited to prepaid insurance.2. A physical inventory count on January 31,20X5 revealed $800 in supplies were still.remaining.3. Land and building were purchased on January 1, 20X5 at a cost of $160,000. Thebuilding has an expected useful life of 20 years. The purchase was financed by paying$70,000 in cash and the balance on a 2-year, 8% note payable. Interest for the monthof January was $600 and was paid on February 1, 20X5.4. Unearned service revenue related to a client retainer paid on…
- Question Carlene Johnson is the Accountant in the Finance Department at Fairway Trading Limited who manages the company Accounts Receivables. She was given the following information by the Finance Manager which was extracted from the debtor's ledger as at December 31, 2022. Category of Total value of Customers Sales To Customer $ Keith Green Karen White June Hinds John Wayne 180,0000 240,000 390,000 380,000 Paul Gayle 346,000 Date of Sales December 16, 30 days 2021 December 10, 60 days 2021 November 15, 2022 30 days June 26, 2022 30 days 30 days August 25, 2022 Terms Percentage provision to be created Date of Last Payment on A/C January 15, 2022 February 14, 2022 December 20, 2022 October 24, 2022 September 24, 2022 Total Amount Paid to Date on Account S 90,500 180,000 170,000 295,000 235,000 The Accountant decided that she would age the debt outstanding in the following category and the percentage to be provided for bad debt in the amount stated beside each category accordingly. Aging…A manager at Thocc, a business retailing and servicing custom keyboards, needs help with interpreting some of the accounting transactions that took place during the month of January 2022. The manager has provided you with a list of those transactions below. Required: Underneath each transaction in the space provided, write a brief narration describing the economic event that corresponds to that transaction. Date Account titles (Details) Dr ($) Cr ($) 2/1/2022 Cash 3,000 Accounts Receivable 2,500 GST Collected 500 Service Revenue 5,000 Answer here: 15/1/2022 Inventory 10,000 GST Paid 1,000 Accounts Payable 5,500 Cash 5,500 Answer here: 30/1/2022 Accounts Payable 15,000 Bank Loan 15,000 Answer here: 31/1/2022 Rent Expense 2,000 Prepaid…My text book is Hospitality Industry Financial Accounting (4th edition). I am in chapter 12 -- CURRENT LIABILITIES AND PAYROLL now. There is a question asks me to "create the journal entries needed for Lakeside for November 1, 20x1; December 31,20x1; and February 1, 20x2." The scenario is the following: Lakeside Restaurant, Inc., borrowed $40,000 from Empire Savings on November 1, 20x1. The note was written for $40,000 at 12 percent interest for ninety days and was due on February 1, 20x2.
- Required information [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $7,500 cash and $32,250 of photography equipment in the company. August 2 The company paid $2,400 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $1,425 cash. August 20 The company received $3,050 cash from taking photos for customers. August 31 The company paid $868 cash for August utilities. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. Use the following partial chart of accounts: Cash; Supplies; Prepaid Insurance; Equipment; M. Harris, Capital; Services Revenue; and Utilities Expense. Date August 1 August 1 August 2 August 2 August 5 August 5 August 20 August 31 Assets 11 + Liabilities + + +Question: How would I record these in MYOB account right v19. can you please provide step by step instructions. Thanks It is now 7 January 2024 You find a note on your desk from Alonso instructing you to record a list of transactions that occurred during the first week of January as follows: Transactions from early January 2024 2 3 Obtained a loan of $16,000 from Uncle Sebastian (a family relative of Alonso Cohen) at a simple interest rate of 12% per year, Cheque No. 188, ID #CR000001. The principal and interest on the loan are payable in six months time. Issued Cheque No. 4005 for $9,328 to Big Telco in payment of Purchase #326 (Supplier Inv#253). 3 Received Cheque No. 249 from Hypertronics for the full amount outstanding on their account, ID #CR000002. 3 Issued Cheque No. 4006 for $1,980 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 4 5 Purchased 7 units Tony ZIO MLP projectors from Pear Technology at $1,342 each (includes 10% GST), Purchase…1. Prepare Income Statement and Balance Sheet dated 31" July 2022 by using the following accounts. The values are stated monthly basis. Please make sure you properly follow the classification shown in the class.. Amount in CAD Account Salary Car Utility Expense Account Cash Car Insurance Rent 3000 450 1600 700 300 Car Loan 4500 Entertainment Expense 100 Phone Credit Card Debt Phone Bill (Same 30 Every Month) Investment in Bond 200 Net Worth 3380 Amount in CAD 5000 9000 50 Transportation Expense 200 Child Benefit 300 Wifi Bill 50 Borrowed from friends 200 for 6 months Tuition Income Vacation to Mexico Study Loan 300 600 2000