Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner, invested $9,000 cash and $38,700 of photography equipment in the company. 2 The company paid $2,900 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,710 cash. 20 The company received $3,050 cash in photography fees earned. 31 The company paid $869 cash for August utilities. Aug. Prepare general journal entries for the above transactions.
Q: Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the…
A: Answer:-
Q: Duerr Engineering completed the following transactions in the month of June. Using the following…
A: Impact on Equity - There are some items that has Impact on Equity like Income, Expense and…
Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: Only transactions related to revenues and expenses has to be considered to calculate net income.
Q: Sllowing are the transactions of a new company called Pose-for-Pics. g. 1 Madison Harris, the owner,…
A: A journal entry is used to record day-to-day business transactions by debiting and crediting…
Q: Sanyu Sony started a new business and completed these transactions during December.Dec. 1 Sanyu Sony…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation,…
Q: Ramon opened the Quarantine Gym in August. The Following transactions occurred during the first…
A: Every transaction has 2 effects in the double-entry method- Debit, and credit.
Q: At the beginning of April, Haron Kadir launched a custom computer solutions company called…
A: Journalizing refers to recording/Classifying the business transactions initially in the books of…
Q: Ramon opened the Quarantine Gym in August. The Following transactions occurred during the first…
A: In an accounting system, posting of journal entries are the first step of recording business…
Q: The following information applies to the questions displayed below.]Following are the transactions…
A: Accounting Equation : Assets = Liabilities + Shareholder Equity it means the Assets is equal to…
Q: On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Prepare general journal entries for the following transactions of Valdez Services.
A: Journal entry: It can be defined as the recording of financial events and transactions that have…
Q: 1 Madison Harris, the owner, invested $9,250 cash and $39,775 of photography equipment in the…
A: Given that, To prepare journal entries there are some transactions of a new company called…
Q: a. Edward Wilson invested $8,000 cash in his new landscaping business. b. The business paid the…
A: Introduction: Journal entries: Recording of business transactions in a chronological order. First…
Q: The following accounts and transactions are for Vincent Sutton, Landscape Consultant. Transactions:…
A: Utilities Expenses are the expenses which are incurred during a particular time period for using the…
Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: Accounting equation can be defined as the equational form to represent the balance sheet. It records…
Q: On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by…
A: Formula: Net income = Total Revenues - Total expenses
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: The company named Pose-for-Pics have the some transaction. here we have to journalize the…
Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the…
A: The transactions are given for the month of August.
Q: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the…
A: Accounting equation: The foundation of double entry system is known as accounting equation.…
Q: On April 1, 2017, Juan Perez created a new travel agency, Perez Travel. The following transactions…
A: Transactions are recorded 1st in the journal entries. In the form of debit and credit entries.…
Q: Prepare general journal entries to record the transactions above for Spade Company by using the…
A:
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: Required journal entries are given below:
Q: On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by…
A: Total service revenue = Service revenue + services were performed and billed but not collected =…
Q: ita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: Journal entries refers to recording of business transactions into the books of the business or…
Q: For each adjustment, indicate the income statement and balance sheet account affected, and the…
A: The Adjustments entries are very much important for any company as it helps in showing the correct…
Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris,…
A: Journalize the transactions chronologically as per the rules of debit and credit.
Q: Sanyu Sony started a new business and completed these transactions during December.Dec. 1 Sanyu Sony…
A: Cash flow statement: A cash flow statement is a financial statement that summarizes the amount of…
Q: On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following…
A: As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the answer…
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: A ledger is a book containing accounts in which the classified and summarized information from the…
Q: Following are the transactions of Sustain Company. June 1 T. James, owner, invested $16,000 cash in…
A: The practice of capturing commercial transactions for the first time in the account books is known…
Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the…
A: A trial balance is a bookkeeping spreadsheet that aggregates all ledger balances into equal debit…
Q: On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions…
A: Introduction:- A journal entry is the act of recording or keeping track of any financial or…
Q: XYZ Company began operations on April 1 and completed these transactions during the month: April. 1…
A: Journal: Journal entry is used to the record the business transactions of an enterprises.
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: Ledgers: It is the main book or principal book of account. It is recording and totaling economic…
Q: Neva Nadal started a new business, Nadal Computing, and completed the following transactions during…
A: According to an accounting equation, assets = Liabilities + owner's equity
Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: Introduction: An organization's assets are the assets it has to manage. That property can come from…
Q: Following are the transactions of Sustain Company. June 1 T. James, owner, invested $21,000 cash in…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the…
A: Solution: Journal entries follows double entry book keeping system which ensures that every…
Q: Following are the transactions of Sustain Company. June 1 T. James, owner, invested $11,500 cash in…
A: Journal entries recording is the initial step in accounting cycle process, under which atleast one…
Q: During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1…
A: Journal Entries
Q: L. Martin
A: solutions;
Q: 1. Hal Smith opened Smith's Repairs on March 1 of the current year. During March, the following…
A: 1. Hal Smith opened Smith's repairs on 01.03. March transactions are as follows : 1. Invested cash…
Q: Here's the chart for statement of cash flow
A: Step 1:Prepare income statement.
Q: a. Edward Wilson invested $8,000 cash in his new landscaping business. b. The business paid the…
A: Introduction: Ledger: Second step in the process of financial accounting is Ledger. After recording…
Q: Required information [The following information applies to the questions displayed below.] Following…
A: Journal is the book of primary entry. All the transactions are recorded initially in the…
Q: At the beginning of April, Haron Kadir launched a custom computer solutions company called…
A: Trial balance is the record of all the balances of all the ledgers accounts with the final debit and…
Q: Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co.…
A: Financial Statement: Financial statement is a combination of four statements that are prepared by…
Q: ollowing are the transactions of Sustain Company. June 1 T. James, owner, invested $15,500 cash…
A: Business Transaction : It is the exchange of goods and service between two persons. Every business…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Consider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CRFor the month of July, Blackfly Ltd. experienced/recorded the following transactions: received a $6000 cash payment for work performed & billed the previous month. replanted an area of northern Alberta forest for which it sent out an invoice totaling $35000. . At the beginning of the month, the company had $2000 of trees in inventory ready for planting. During the month the company purchased $7000 tress for planting ⚫ at the end of the month it was left with trees still suitable for planting that originally cost $2500. monthly expenses were: $1500 for office rent; $3500 in misc. expenses; Amortization on the truck and office equipment was calculated to be $1500 The income tax rate is 10%. Net Income for the month of July was $12305 $5850 $17900 none of the listed answers are correct $5959 $19800Solomon Company started year 1 with $270,000 in its cash and common stock accounts. During year 1, Solomon paid $202,500 cash for employee compensation and $62,100 cash for materials. Required Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to make 1,500 chairs. Further, assume that Solomon sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statement
- Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400. A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.Need some assistance logging these scenarios in a journal entry. April 2: The firm signed an agreement with a contractor to install shelves costing $18,000. The work will begin on April 4. Purchased a delivery truck by paying $1,000 and taking out a 5 year 12% loan for $24,000. Mark used the company's funds to purchase additional equipment costing $22,000 and furniture and fixtures costing $38,000. It was necessary to pay a computer consultant $4000 to install, configure, and test the equipment prior to its use. April 3: The company borrowed $100,000 from Mark by signing a five-year promissory note at 12% (ignore the interest for now) The company purchased a business health license from the county at a cost of $2,400. The license expires one year from now. April 8: Work on the leasehold improvements was finished and the contractor was paid $18,000. April 15: Sales for the first half of the month totaled $42,000, of which $18,000 was for cash and the remainder on account. The…Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2020, its first month of operations: July 1 The owner, Manny Gill, invested $5,300 cash. 10 Purchased $2,800 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $10,000 cash from the client. 14 Paid for expenses; $3,800. 15 Completed security services for a graduation event and sent the client a bill for $1,650. 31 The owner withdrew $280 cash for personal use. Required: Record the journal entries for the month of July. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances. Prepare a trial balance using the balances in your general ledger accounts. Prepare an income statement, statement of changes in equity, and…
- During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $24,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 12 percent interest due in six months. On January 3, it paid $1,400 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,600. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,300. E8-4 Part 1 Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets".) Date January 1 No effect January 2 Equipment Cash January…Following are the transactions of Sustain Company. June 1 T. James, owner, invested $16,000 cash in Sustain Company. June 2 The company purchased $9,000 of furniture made from reclaimed wood on credit. June 3 The company paid $1,600 cash for a 12- month prepaid insurance policy on the reclaimed furniture. June 4 The company billed a customer $8,000 for sustainability services provided. June 12 The company paid $9,000 cash toward the payable from the June 2 furniture purchase. June 20 The company collected $8,000 cash for services billed on June 4. June 21 T. James invested an additional $15,000 cash in Sustain Company. June 30 The company received $10,000 cash in advance of providing sustainability services to a customer. Prepare general journal entries for the above transactions.During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $25,000. On the date of delivery, January 2, the company paid $7,000 on the machine, with the balance on credit at 10 percent interest due in six months. On January 3, it paid $1,300 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,400. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,800. E8-4 Part 2 2. Compute the acquisition cost of the machine.
- During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $29,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3, it paid $1,400 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,700. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,900. Required: 1. Indicate the effects of each transaction on the accounting equation. Note: Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets". Date January 1 January 1 January 2 January 2 January 3 January 3…Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2023, its first month of operations: July 1 The owner, Manny Gill, invested $4,600 cash. 10 Purchased $2,100 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $12,000 cash from the client. 14 Paid for expenses; $3,100. 15 Completed security services for a graduation event and sent the client a bill for $1,300. 31 The owner withdrew $210 cash for personal use. Required: 2. Record the journal entries for the month of July, View transaction list Journal entry worksheet 1 2 3 Record the Investment by owner. 5 6 4>Foto-Fast Copy Shop provides a variety of photocopying and printing services. On June 5, the owner invested in some computer-aided photography equipment that enables customers to reproduce a picture or illustration, input it digitally into the computer, enter text into the computer, and then print out a four-color professional quality brochure. Prior to the purchase of this equipment, Foto-Fast Copy Shop’s overhead averaged $37,500 per year. After the installation of the new equipment, the total overhead increased to $90,000 per year. Foto-Fast Copy Shop has always costed jobs on the basis of actual materials and labor plus overhead assigned using apredetermined overhead rate based on direct labor hours. Budgeted direct labor hours for theyear are 7,500, and the wage rate is $8 per hour.Required:1. What was the predetermined overhead rate prior to the purchase of the new equipment?2. What was the predetermined overhead rate after the new equipment was purchased?3. Suppose Rick Anselm…