Recording transactions in theexpanded accounting equation3 (15 min)ASSETSE1-4A. Record the following transactions in the expanded accounting equation. Therunning balance may be omitted for simplicity:Cash + Accounts + Computer =Receivable EquipmentLIABILITIES +AccountsPayable+ B. Bell,CapitalOWNER'S EQUITYB. Bell,Withdrawals+Revenue - ExpensesA. B. Bell invested $60,000 in Bell's Computer Company.B. Bought computer equipment on account, $7,000.C. Paid personal telephone bill from company bank account, $200.D. Received cash for services rendered, $14,000.E. Billed customers for services rendered for the month, $30,000.F. Paid current rent expense, $4,000.G. Paid supplies expense, $1,500.

Name: Recording transactions in theexpanded accounting equation3 (15 min)AS
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Recording transactions in theexpanded accounting equation3 (15 min)ASSETSE1-4A. Record the following transactions in the expanded accounting equation. Therunning balance may be omitted for simplicity:Cash + Accounts + Computer =Receivable EquipmentL

The journal is the first step of accounting process and it is based on the accounting equation. The…

Business

Accounting

Recording transactions in the expanded accounting equation (15 min) ASSETS E1-4A. Record the following transactions in the expanded accounting equation. The running balance may be omitted for simplicity: Cash + Accounts + Computer Receivable Equipment = = LIABILITIES + Accounts + B. Bell, - Payable B. Bell, Capital Withdrawals OWNER'S EQUITY +Revenue - Expenses A. B. Bell invested $60,000 in Bell's Computer Company. B. Bought computer equipment on account, $7,000. C. Paid personal telephone bill from company bank account, $200. D. Received cash for services rendered, $14,000. $1.500 E. Billed customers for services rendered for the month, $30,000. F. Paid current rent expense, $4,000. G. Paid supplies

Recording transactions in the expanded accounting equation (15 min) ASSETS E1-4A. Record the following transactions in the expanded accounting equation. The running balance may be omitted for simplicity: Cash + Accounts + Computer Receivable Equipment = = LIABILITIES + Accounts + B. Bell, - Payable B. Bell, Capital Withdrawals OWNER'S EQUITY +Revenue - Expenses A. B. Bell invested $60,000 in Bell's Computer Company. B. Bought computer equipment on account, $7,000. C. Paid personal telephone bill from company bank account, $200. D. Received cash for services rendered, $14,000. $1.500 E. Billed customers for services rendered for the month, $30,000. F. Paid current rent expense, $4,000. G. Paid supplies

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 3CE

See similar textbooks

Similar questions

Gulf Cement, Inc. reports the following assets and liabilities, Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholders' Equity (Capital Stock)). Cash...Asset.. OMR 37,000 Assets e Yi abilities + Equity- Accounts Payable....liabi libies OMR 15,000 30 800 Supplies....A seps. OMR 1, 800 Loan Payable. ibiliies OMR 9,000 Inventory....AScts. OMR 12,000
The following table shows the effects of transactions through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each transaction with its probable description. = aw 11 2. 3. Accounts Cash GE Receivable + $ 25,000 + $0 -4,500 + -1,150 +2,650 $ 22,000 Transaction 4. Assets + 2,650 2,650 $ 0 + Supplies + $ 3,600 + $ 26,500 + 4,500 1,150 $ 4,750 Description $ 31,000 - Liabilities Accounts Payable $0 ENTIMTIMINTIE + Revenues $0 2,650 $ 2,650
Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $65,300 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. 2 The company paid $1,800 cash for the December rent. 3 The company purchased $14,200 of electrical equipment by paying $6,000 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased supplies by paying $1,000 cash. 6 The company completed electrical work and immediately collected $1,800 cash for these services. 8 The company purchased $2,820 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5,500. 18 The company purchased $450 of supplies on credit. 20 The company paid $2,820 cash for the office equipment purchased on December 8. 24 The company billed a client $900 for electrical work completed; the balance is due in 30 days. 28 The company received $5,500 cash for the work…
Question: Determine the missing amount from each of the expanded accounting equation below: Assets Liabilities Capital (Beg. Bal) Owner's Equity Drawings Profit/Loss 97,600 85,400 48,800 ? (24,400) Explain Please.
Q1. Complete the following into meaningful transactions . Solve them in basic accounting equation. Find the effect on Asset / Liabilities and Owner Equity and give the net result of the transactions. starts a business called enterprise on 1st January, 2021 and invests --as his /her capital. ------enterprise purchases machinery ---- paid 35% in cash and b) worth RO. remaining on credit. e) The enterprise purchased goods worth RO.---- -. Paid RO.----- cash and balance on credit. d) The business made a sale of RO. ----- (cost being RO -----) on credit basis. e) The business took loan of RO. from Bank Muscat. ) The owner withdrew RO.-- -----from the business for his/ her personal use. Q2. Select any ONE organization of your choice and name atleast 7 common assets that business would need and specify some common liabilities, expenses the business would incur and name the sources of revenue. Journalise any 6 transactions of your choice with imaginary names / transactions / omr Q3.
Use the following transactions of Kit Enterprise to complete the accounting equation as shown in the table. Show totals in the end. (10 marks)Assets = Liabilities + EquityBank£Receivables£Furniture£Equipment£= Creditors£+ Capital, drawings, income, and expenses.£4,000 6,000 2,000 8,000 = 10,000 + 10,000= += += += += +July 2 The owner invests a further £6000 cash in the business.6 The owner further contributes additional equipment for £20,000 to the business.8 New furniture worth £1,000 is purchased on credit.14 A check for £2,500 is paid to a creditor.17 Cash sale of inventory, £400022 Cheque for £3,000 is received from a debtor.27 Cash sale of inventory, £6,00031 Made payments towards the following expenses P Salaries 1000Electricity 200 Sundry expenses 700
Prepare a horizontal analysis of both the balance sheet and income statement. Complete this question by entering your answers in the tabs below. Analysis Analysis Bal Sheet Inc Stmt Prepare a horizontal analysis of the balance sheet. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories ALLENDALE COMPANY Horizontal Analysis of Balance Sheets Year 4 Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other Total noncurrent liabilities Total liabilities Stockholders' equity Preferred stock (par value $10, 4% cumulative, nonparticipating; 8,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized;…
Directions: Record the transactions directly into the T-accounts. The transactions are independent of one another. Use the following account titles: CashOwner’s WithdrawalsAccounts ReceivableProfessional FeesOffice EquipmentSalaries ExpenseOffice FurnitureRent ExpenseAccounts PayableUtility ExpenseOwner’s CapitalMiscellaneous Expense a. The owner deposited P280,000 in the name of his business.b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the account.c. He bought chairs and tables for the office for P12,300 cash.d. He purchased furniture from Orion Company for P2,750 in cash.e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.f. He billed his customers P12,940 for services on account.g. He paid P1,850 for the electric bill from BEBECO.h. He paid P3,500 for the membership fee.i. He received P17,650 in cash for services rendered.j. He paid P1,000 to partially settle accounts with Orion Company.k. He…
The following table shows the effects of transactions through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each transaction with its probable description. 1. 2. 3. 4. 5. Cash $ 28,000 4,700 0 0 1,070 2,250 $ 24,480 Transaction 1. 2₁ 3. 4. + Assets Accounts Receivable $ 0 0 0 2,250 0 2,250 $0 + Supplies + $ 3,700 + + 0 1,070 0 0 0 $ 4,770 Description Land $ 22,500 4,700 0 0 0 0 $ 27,200 Liabilities Accounts Payable + $0 0 + 1,070 0 1,070 0 $0 Mulan, Capital Equity CHE $ 54,200 0 0 D 0 $ 54,200 Revenues $0 0 0 2,250 0 0 $ 2,250
Q1. Complete the following into meaningful transactions . Solve them in basic accounting equation. Find the effect on Asset / Liabilities and Owner Equity and give the net result of the transactions. а) starts a business called enterprise on 1st January, 2021 and invests ----as his /her capital. ----enterprise purchases machinery paid 35% in cash and b) worth RO. remaining on credit. c) The enterprise purchased goods worth RO.---- -. Paid RO.----- cash and balance on credit. d) The business made a sale of RO. (cost being RO ----) on credit basis. e) The business took loan of RO. from Bank Muscat . f) The owner withdrew RO.----- ----from the business for his/ her personal use.
Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total cq- A1 P1 uity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating ac- tivities, cash flows from investing activities, and cash flows from financing activities. 2 3 4 5 6 7 8 9 10 Transaction Owner invests $800 cash in business in exchange for stock Purchases $100 of supplies on credit Buys equipment for $400 cash Provides services for $900 cash Pays $400 cash for rent…
The following table shows the effects of transactions through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each transaction with its probable description. 1. 2. 3. 4. 5. 1 Cash $ 28,000 + 4,700 3. 4. 5. Transaction 1. 0 0 1,070 2,250 $ 24,480 A Assets Accounts Receivable $ 0 0 0 2,250 0 2,250 $ 0 715 Supplies $ 3,700 0 1,070 0 0 $ 4,770 Description +++ Land $ 22,500 4,700 0 0 0 0 $ 27,200 Liabilities + + Accounts Payable + $0 0 1,070 0 1,070 0 $ 0 Equity Mulan, Capital $ 54,200 + 10 0 0 0 0 $ 54,200 Revenues 0 0 2,250 0 0 $ 2,250