Given the following transactions for Dumfries Company during the month of October2021. 1. Shareholders invested $200,000 cash in exchange for ordinary shares. 2. Performed services for $30,000 on account. 3. Purchased supplies for $4,000 on account. 4. Paid salaries of $7,800. 5. Received $20,000 cash advance from a customer for services to be performed in November2021. 6. Paid $1,000 cash on account for supplies purchased in transaction 3. Required: Journalize the above business transactions in general journa form.
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- At the beginning of October, Ingram Company's assets totaled $288.300 and abilities totaled $72,300. During October the following summarized transactions occurred. Additional shares of stock were sold for $24,3000 cash A building costing $114,600 was purchased using $12.300 cash and by signing $102,300 long term note payable. Short-term investments costing $11,100 were purchased using cash $12.300 was paid to an employee as a loan, the employee signed a sox-month note in exchange for the loan. How much are Ingram's total assets at the end of October? Multiple Choice $299,400 $414.900 $300,600 $402,600Turner Company started its business by issuing $14,000 of common stock on January 1, Year 1. The company performed $42,000 of services for customers on account in Year 1. It collected $34,100 of this amount in Year 1, recorded expenses on account of $31,100, paid $25,000 of the payables owed, and paid a $900 dividend to the stockholders. What is the Cash on Hand at the end of Year 1?York Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of…
- Ace Co. issued 1,000 shares of its $10 par value common stock for $15 per share in cash. How should this transaction be reported in Ace's statement of cash flows for the year of issuance? A. $15,000 cash inflow from financing activities. B. $10,000 cash inflow from financing activities and $5,000 adjustment to arrive at cash flows from operating activities. C. $15,000 cash flow from investing activities. D. $10,000 cash flow from investing activities and $5,000 adjustment to arrive at cash flows from operating activitiesThe following selected transactions occur during the first year of operations. Determine how each should be reported in the statement of cash flows.1. Issued one million shares of common stock at $20 per share.2. Paid $75,000 to suppliers for inventory.3. Paid a dividend of $1 per share to common stockholders. 4. Loaned $50,000 to an employee and accepted a note receivable.Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $53,000 cash from the issue of common stock. Performed services on account for $75,000. Paid a $5,300 cash dividend to the stockholders. Collected $59,000 of the accounts receivable. Paid $53,000 cash for other operating expenses. Performed services for $18,000 cash. Recognized $2,300 of accrued utilities expense at the end of the year. a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank. b. Based on your response to Requirement a, determine the amount of net income reported on the Year 1 income statement. d. Based on your response to Requirement c, determine the amount of cash flow from operating…
- Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $51,000 cash from the issue of common stock. Performed services on account for $79,000. Paid a $5,100 cash dividend to the stockholders. Collected $57,000 of the accounts receivable. Paid $51,000 cash for other operating expenses. Performed services for $12,000 cash. Recognized $2,100 of accrued utilities expense at the end of the year. Required a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank. b. Based on your response to Requirement a, determine the amount of net income reported on the Year 1 income statement. d. Based on your response to Requirement c, determine the amount of cash flow…On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred Revenue, $6,300; Common Stock $63,000; and Retained Earnings, $38,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $33,000. 2. May 20 Provide services to customers for cash, $48,000, and on account, $43,000. 3. August 31 Pay salaries to employees for work in 2021, $36,000. 4. October 1 Purchase rental space for one year, $25,000. 5. November 17 Purchase supplies on account, $35,000. 6. December 30 Pay dividends, $3,300. The following information is available on December 31, 2021: Employees are owed an additional $5,300 in salaries. Three months of the rental space has expired. Supplies of $6,300 remain on hand. All of the services associated with the beginning deferred revenue have been performed. part 1.please do the journal entry…The data below are from the records of Almanor, Inc. on December 31, 2021: Accounts payable net of supplier’s accounts with debit balances P 680,000 Cash balance in ABC Bank 1,240,000 Cash overdraft with XYZ Bank 80,000 Customers’ accounts with credit balances 25,000 Supplier’s accounts with debit balances 65,000 Dividends in arrears on preference shares 400,000 Employees’ income tax payable 100,000 Estimated warranty payable 50,000 Estimated premium claims outstanding 90,000 Income tax payable 320,000 Notes payable issued in 2020 maturing in 20 quarterly installments beginning April 1, 2021 8,000,000 Salaries payable 140,000 Deferred tax liability 80,000 9. The amount to be shown as total current liabilities on Almanor’s statement of financial position at December 31, 2021 is:
- Determine the financial liabilities to be disclosed in the notes of ABC company as of year-end. Compute the Total Financial Liabilities. Accounts Payable 2,000 Utilities Payable 7,000 Accrued interest income 6,000 Advances from customers 1,000 Unearned rent 9,000 Warranty Obligations 5,000 Income taxes payable 2,000 Preference shares issued 10,000 Constructive obligation 11,000 Obligation to deliver a variable number of own shares worth a fixed amount of cash 10,00 SSS contribution payable 6,000 Cash dividends payable 4,000 Property dividends payable 7,000 Share dividends payable 3,000 Lease liability 35,000 Discount on bonds payable (15,000) Security deposit 2,000 Redeemable preferences shares issued 14,000 Unearned interest on receivable 3,000On January 1, 2021, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000; Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $37,000. 2. May 20 Provide services to customers for cash, $52,000, and on account, $47,000. 3. August 31 Pay salaries to employees for work in 2021, $40,000. 4. October 1 Purchase rental space for one year, $29,000. 5. November 17 Purchase supplies on account, $39,000. 6. December 30 Pay dividends, $3,700. The following information is available on December 31, 2021: Employees are owed an additional $5,700 in salaries. Three months of the rental space has expired. Supplies of $6,700 remain on hand. All of the services associated with the beginning deferred revenue have been performed. Record the adjusting entry for supplies…On January 1, 2021, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000; Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $37,000. 2. May 20 Provide services to customers for cash, $52,000, and on account, $47,000. 3. August 31 Pay salaries to employees for work in 2021, $40,000. 4. October 1 Purchase rental space for one year, $29,000. 5. November 17 Purchase supplies on account, $39,000. 6. December 30 Pay dividends, $3,700. The following information is available on December 31, 2021: Employees are owed an additional $5,700 in salaries. Three months of the rental space has expired. Supplies of $6,700 remain on hand. All of the services associated with the beginning deferred revenue have been performed. 3. Prepare an adjusted trial…