C. In June, Nikea Inc. received the $10,000 payment from XYZ Which of Nikea's accountsare 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:EvaluationYour teacher will use this rubric to evaluate the completeness of your work as well as theclanty of thinking you exhibitTotal Points: 100Basics of Fundamental AccountingTask points: (100]The owner invests more money in the business(10]

Given transaction is: Nikea Inc. received the $10,000 payment from XYZ. Cash (Assets) - Increase XYZ…

Answered: C. In June, Nikea Inc. received the…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter1: The Demand For And Supply Of Financial Accounting Information

Section: Chapter Questions

Problem 12C

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In November, Year 2, your accounting firm placed a one-time website advertisement with Today's CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company's Citibank Visa credit card. Below is the transaction you completed for this purchase. If you run the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today's CPA? Why? Teacher Feedback: was the expense form completed properly?
What Would You Do? You are responsible for preparing all of the journal entries for Regional Financial Services. You have correctly prepared the following entry for financial services provided on December 15: Your boss has asked you to change the date from December 15 to January 15 so that the business’s profit, and thus taxes, would be lower. Are you allowed to do this? What is your response to your boss? How should you handle this situation?
Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?
1. Prepare the required Ledger Accounts as per the case given below. Requirement: The students are required to post the journal entries to the general ledger accounts below covering the period from March 1 to 31, 2021 these journal entries were taken from the accounting books of AL Almas Shope owned and managed by Ms. Nabila. • All Ledger accounts must be dosed. The account total and balance are required to be determined after completing all postings for all Ledger accounts • The students must use the general ledgers accounts mentioned in this assessment paper and use the correct template. • You are not required to fill-up the reference columns in the general ledgers. March. Particulars Ref. Debit Credit Date 2021 1 Cash 200,000 Capital 200,000 To record owner's capital invested in Business 2 Furniture 7,000 Cash 7,000 To record purchase of Fumiture by cash from Danube Furniture Land 15,000 Accounts Payable 15,000 To record purchase of Land on credit from Mr. Said 6. Cash 2,000 Loans…
Identify the letter for the principle or assumption from A through F in the blank space next to each numberedsituation that it best explains or justifies.A. General accounting principleB. Measurement (cost) principleC. Business entity assumptionD. Revenue recognition principleE. Expense recognition (matching) principleF. Going-concern assumption In December of this year, Chavez Landscaping received a customer’s order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year.
Identify the various users of accounting information and state how this information can benefit them. Your response should be no more than one page or no more than 200 words. It must reflect evidence of research. 2. Post your reflection in the student tutor exchange forum and critically respond to the posting of one of your peers.
Having completed your Introduction to Financial Accounting module with high marks, your lecturer referred you to an Accounting firm who needed assistance with several accounting tasks for some clients: Problem 1 Journals, Bank Reconciliation & Adjusting Entries Wellfield Corporation's Accountant is on maternity leave for the period of 3-months (May- July). The office clerk was performing her duties however given his lack of Accounting knowledge the Director contacted you to bring their accounting records up to par. You discovered the following: The following transactions were not recorded: May 2 May 5 Took out $35,000 notes payable from the bank. Purchased $2,800 worth of supplies on credit. This will last for several months. May 7 May 8 Collected $ 9,900 from clients for services to be performed. Purchased equipment for $21,000, paying $11,000 cash and the balance on account. May 15 May 17 June 2 Billed clients for services provided, $14,000. Paid $700 in cash for the current month's…
In November Year 2 your accounting firm placed a one-time website advertisement with Today’s CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company’s Citibank Visa credit card. Below is the transaction you completed for this purchase. If you ran the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today’s CPA? Why?
After completing your first degree in accounting you have been employed by XYZ Company as an account officer. The Management of the company has tasked you to implement a computerized accounting system.RequiredIn a paragraph each, address the following questions:a) Discuss five benefits associated with the implementation of the computerizedaccounting system within the company.b) Giventhattherearesomanyaccountingpackagesonthemarket,whatshouldyoube looking for when selecting a computerized accounting package for the company?Explain any five factors to considerc) Assuming you procure a Sales Ledger package, what kind of reports should weexpect? List five types of reports expected to be generated.d) Explainthedifferencebetweenastand-alonepackageandanintegratedpackage?Explain two advantaged and two disadvantages of an integrated packagee) Before a new accounting package can be deployed, it needs to be configured. What does it mean to configure an accounting package? Explain the processes…
You have recently been hired by Bougie Academy as an accounting assistant. Bougie Academy is a private educational institution. During your first month as an employee of Bougie, the school’s accountant was fired. The owner of the school has asked for your help in preparing the next set of financial accounts to 31 October 2021. You eagerly begin to assist with the preparation of the next set of financial accounts to 31 October 2021. Firstly, you locate the account balances related to 30 September 2021:- Cash at bank $267,000; Furniture and fittings $24,000; Equipment $60,000; Capital $351,900; Accounts receivable – T. Steward - $6,900; Accounts payable - R. Maskell- $6,000. Secondly you identify the transactions that occurred during October 2021. 1. On Oct 1 2021, The owner withdrew $7,000 from the business bank account for personal reasons. 2. On Oct 1 2021, Bougie Academy paid $6,000 towards the amount owed to R. Maskell. 3. On Oct 1 2021 Bougie Academy paid business…
You have recently been hired by Bougie Academy as an accounting assistant. Bougie Academy is a private educational institution. During your first month as an employee of Bougie, the school’s accountant was fired. The owner of the school has asked for your help in preparing the next set of financial accounts to 31 October 2021. You eagerly begin to assist with the preparation of the next set of financial accounts to 31 October 2021. Firstly, you locate the account balances related to 30 September 2021:- Cash at bank $267,000; Furniture and fittings $24,000; Equipment $60,000; Capital $351,900; Accounts receivable – T. Steward - $6,900; Accounts payable - R. Maskell- $6,000. Secondly you identify the transactions that occurred during October 2021. 1. On Oct 1 2021, The owner withdrew $7,000 from the business bank account for personal reasons. 2. On Oct 1 2021, Bougie Academy paid $6,000 towards the amount owed to R. Maskell. 3. On Oct 1 2021 Bougie Academy paid business…
You have recently been hired by Bougie Academy as an accounting assistant. Bougie Academy is a private educational institution. During your first month as an employee of Bougie, the school’s accountant was fired. The owner of the school has asked for your help in preparing the next set of financial accounts to 31 October 2021. You eagerly begin to assist with the preparation of the next set of financial accounts to 31 October 2021. Firstly, you locate the account balances related to 30 September 2021: - Cash at bank $267,000; Furniture and fittings $24,000; Equipment $60,000; Capital $351,900; Accounts receivable – T. Steward - $6,900; Accounts payable - R. Maskell- $6,000. Secondly you identify the transactions that occurred during October 2021. On Oct 1 2021, the owner withdrew $7,000 from the business bank account for personal reasons. On Oct 1 2021, Bougie Academy paid $6,000 towards the amount owed to R. Maskell. On Oct 1 2021Bougie Academy paid business insurance for the next 12…

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