FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Textbook Question
Chapter 1, Problem 1SP
On October 1. 2019, Santana Rev launched a computer services company. Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development.
Required
Create a table like the one in Exhibit 1.9 using the following headings for columns: Cash;
Oct. 1 S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company.
3 The company purchased $1,430 of computer supplies on credit from Harris Office Products.
6 The company billed Easy Leasing $4,800 for services performed in installing a new web server.
8 The company paid $1,420 cash for the computer supplies purchased from Harris Office Products on October 3.
10 The company hired Lyn Addie as a part-time assistant for $125 per day, as needed.
12 The company billed Easy Leasing another $1,400 for services performed.
15 The company received $4,800 cash from Easy Leasing as partial payment toward its account.
17 The company paid $805 cash to repair computer equipment damaged when moving it.
20 The company paid $1,728 cash for advertisements published in the local newspaper.
22 The company received $1,400 cash from Easy Leasing toward its account.
28 The company billed IFM Company $5,208 for services performed.
31 The company paid $875 cash for Lyn Addie's wages for seven days of work this month.
31 S. Rey withdrew $3,600 cash from the company for personal use.
Check Ending balances: Cash. $42,772; Revenues, 111,408: Expenses, $3,408
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Students have asked these similar questions
You can find below a list of accounts and their amounts for
DigitalCom Co. The accounts are presented in alphabetical order.
Prepare a trial balance for December 31, 2019 and keep the
numbers on a side paper (you might need them for answering other
questions also). Then answer the question below based on your
results.
Question: What is the amount of Total Assets in the prepared Trial
Balance?
Accounts Payable
Accounts Receivable
Advertising expense
Building
Capital stock
Cash
5,000
3,000
400
18,000
14,100
6,500
1,600
26,000
15,000
31,000
Dividends
Land
Notes Payable
Revenue
Retained Earnings
Supplies
Utilities expense
Wage expense
Wages Payable
700
900
13,250
3,050
Lavender Company started its business on April 1, 2019. Using the following accounts, prepare the journal entries below in the General Journal.
PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions.
Cash
Petty Cash
Accounts Receivable
Office Supplies
Computer Equipment
Accounts Payable
Unearned Services Income
Services Income
Lavender, Capital
Dividends
Maintenance Expense
Miscellaneous Expense
Rent Expense
Wages Expense
Cash Short and Over
The following are the transactions that happened during the month of April.
PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
The owner invested $7,500 from their personal account to the business account
DR
CR
Paid rent $600 with check #101.
DR
CR
Initiated a petty cash fund $250 check #102.
DR
CR…
Use T-accounts to record all business transactions:
The accounts and transactions of Conner McAllister, Counselor and Attorney at Law, follow.
Instructions
Analyze the transactions a - c (typed here) and d - s (in the image). Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Indentify each entry in the T accounts by writing the letter of the transaction next to the entry.
Assets
Cash
Accounts Receivable
Office Furniture
Office Equipment
Automobile
Liabilities
Accounts Payable
Owner's Equity
Conner McAllister, Capital
Conner McAllister, Drawing
Revenue
Fees Income
Expenses
Automobile Expense
Rent Expense
Utilities Expense
Salaries Expense
Telephone Expense
a. Conner McAllister invested $140,000 in cash to start the business.
b. Paid $7,800 for the current month's rent
c. Bought a used automobile for the firm for $38,500 in cash
d. - s. in the image
All of the transactions (typed a. - c. and…
Chapter 1 Solutions
FUND.ACCT.PRIN.
Ch. 1 - Prob. 1QSCh. 1 - Prob. 2QSCh. 1 - Prob. 3QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - This icon highlights assignments that enhance...Ch. 1 - Prob. 8QSCh. 1 - Prob. 9QSCh. 1 - Prob. 10QS
Ch. 1 - Prob. 11QSCh. 1 - Identifying items with financial statements P2...Ch. 1 - P2
Classify each of the following items as...Ch. 1 - P2
Classify each of the following items as assets...Ch. 1 - Preparing an income statement P2...Ch. 1 - Prob. 16QSCh. 1 - Prob. 17QSCh. 1 - Prob. 18QSCh. 1 - Prob. 19QSCh. 1 - Prob. 20QSCh. 1 - Prob. 21QSCh. 1 - Prob. 1ECh. 1 - Exercise 1-2 Identifying accounting users and uses...Ch. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Prob. 9ECh. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Prob. 14ECh. 1 - Prob. 15ECh. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Prob. 23ECh. 1 - Prob. 24ECh. 1 - Prob. 25ECh. 1 - Prob. 1PSACh. 1 - Prob. 2PSACh. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - Prob. 5PSACh. 1 - Prob. 6PSACh. 1 - Prob. 7PSACh. 1 - Prob. 8PSACh. 1 - Prob. 9PSACh. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 1PSBCh. 1 - Prob. 2PSBCh. 1 - Prob. 3PSBCh. 1 - Prob. 4PSBCh. 1 - Prob. 5PSBCh. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Prob. 8PSBCh. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - On October 1. 2019, Santana Rev launched a...Ch. 1 - Prob. 1AACh. 1 - Prob. 2AACh. 1 - Prob. 3AACh. 1 - Prob. 1DQCh. 1 - Technology is increasingly used to process...Ch. 1 - Prob. 3DQCh. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three type of services typically offered...Ch. 1 - Prob. 8DQCh. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - A business reports its own office stationary on...Ch. 1 - Why is the revenue recognition principle needed?...Ch. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - What events or transactions change equity?Ch. 1 - Prob. 19DQCh. 1 - What do accountants mean by the term revenue?Ch. 1 - 21. Define net income and explain its...Ch. 1 - Identify the four basics financial statements of a...Ch. 1 - Prob. 23DQCh. 1 - 24. Give two examples of expenses a business might...Ch. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Prob. 28DQCh. 1 - Prob. 1BTNCh. 1 - Prob. 2BTNCh. 1 - Visit the EDGAR database at SEC.gov. Access the...Ch. 1 - Prob. 4BTN
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