Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave it blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (ie. Asset, Liability), enter "0" since the net effect on the item is zero. b. C. d. e. t. 9- Assets . Liabilities + Stockholders' Equity Contributed Capital Retained Earnings
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- Among the transactions of Salem, Inc., were the following. Made payments on accounts payable to merchandise suppliers. Paid the principal amount of a note payable to First State Bank. Paid interest charges relating to a note payable to First State Bank. Issued bonds payable for cash; management plans to use this cash in the near future to expand manufacturing and warehouse capabilities. Paid salaries to employees in the finance department. Collected an account receivable from a customer. Transferred cash from the general bank account into a money market fund. Used the cash received in d, to purchase land and a building suitable for a manufacturing facility. Made a year-end adjusting entry to recognize depreciation expense. At year-end, purchased for cash an insurance policy covering the next 12 months. Paid the quarterly dividend on preferred stock. Paid the semiannual interest on bonds payable. Received a quarterly dividend from an investment in the preferred…OXia Company completes a local bank's loan application and applies for a six-month loan. 1. To evaluate whether Xia qualifies for the loan, the local bank will use the A) balance sheet to evaluate Xia Company's liquidity. B) balance sheet to evaluate Xia Company's return on assets. C) income statement to evaluate Xia Company's profitability. Dstatement of cash flows to evaluate Xia Company's solvency.The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $6,900 cash. b. The company completed commission work for a client and sent a bill for $5,400 to be received within 30 days. c. The company paid an assistant $2,100 cash as wages for the period. d. The company collected $2,700 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $980 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Transactions Number a. b. Balance after a and b C. Balance after c d. Balance after d e. Balance after e Cash $ Assets $ 6,900 + 6,900 + 6,900 + + + + + 6,900 + 980 + 7,880 + Accounts Receivable $ 5,400 $ 5,400 = 5,400 5,400 = Liabilities + Accounts Payable 5,400 = = = = = = = = = $ 0 0 0 0 + + + + + + + + + + Owner, Capital $ 0 0 0…
- The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $7,100 cash. b. The company completed commission work for a client and sent a bill for $5,600 to be received within 30 days. c. The company paid an assistant $2,200 cash as wages for the period. d. The company collected $2,800 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $1,020 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities Transactions Number Accounts Accounts Owner, Cash Receivable Payable Capital a. %3D b. %3D Balance after a and b + C. + %3D Balance afterc %3D d. %3D Balance after d + %3D е. + %3D Balance after e $ $ $ $ + %3D + +Goal Systems, a business consulting firm, engaged in the following transactions:a. Issued common stock for $75,000 cash.b. Borrowed $35,000 from a bank.c. Purchased equipment for $12,000 cash.d. Prepaid rent on office space for 6 months in the amount of $7,800.e. Performed consulting services in exchange for $6,300 cash.f. Performed consulting services on credit in the amount of $18,750.g. Incurred and paid wage expense of $9,500.h. Collected $10,200 of the receivable arising from Transaction f.i. Purchased supplies for $1,800 on credit.j. Used $1,200 of the supplies purchased in Transaction i.k. Paid for all of the supplies purchased in Transaction i.Required:For each transaction described above, indicate the effects on assets, liabilities, and stockholders’equity using the format below.Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
- The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $7,000 cash. b. The company completed commission work for a client and sent a bill for $5,500 to be received within 30 days. c. The company paid an assistant $2,150 cash as wages for the period. d. The company collected $2,750 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $1,000 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Transactions Number b Balance after a and b Balance after c d. Balance after d Balance after e Cash $ Assets 0 0+ 0 55 41 Accounts Receivable $ 0 0 0 partne II Liabilities Accounts Payable $ 0 E 0 0 + Revenue 0 0 1 İ O Expenses 0 0 55 SHREEIn order to produce a set of accounts for a business, the total sales and purchases must be known. A business can often provide details of cash sales and purchases. In order to find the total credit sales and credit purchases, control accounts can be used. Elizabeth Berry provided the following information: At the beginning of the financial year debtors were £5,610. During the year receipts from debtors amounted to £69,630. At the end of the year debtors owed her £7,710. We can find the total credit sales by constructing a control account.Consider the following transactions for Julianne Corporation: a. Issue common stock for $15,000. b. Purchase equipment for $11,400 cash. c. Pay employees' salaries of $3,800. d. Provide services to customers for $6,800 cash. 1. Post the beginning Cash balance of $4,000 and then post the above transactions. 2. Calculate the ending balance of the Cash account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these transactions to the Cash T-account. Assume the balance of Cash before these transac Beginning Balance Debit Cash Credit
- S The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $7,200 cash. b. The company completed commission work for a client and sent a bill for $5,700 to be received within 30 days. c. The company paid an assistant $2,250 cash as wages for the period. d. The company collected $2,850 cash as a partial payment for the amount owed by the client in transaction b e. The company paid $1,040 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Transactions Number a. b. Balance after a and b C. Balance after c Balance after d e. Balance after e Cash Assets + + + + + + + + + Accounts Receivable = Liabilities Accounts Payable = = = = # 1111 + + + + + + + + + + Common Stock II Equity Dividends + + + + + + + + Revenue 111 11 ExpensesThe following information is available about the company. Provide a five-step way to record this information so that it can be used by managers: 1. Investment of the company's shareholders in the amount of 1000 monetary units to establish a company and deposit this amount in a current account in a bank. 2. Purchase of land for 1,500 currency units, half of which will be paid in cash and the rest next year. 3- Purchasing equipment in the amount of 140 monetary units in cash. 4. Buy 500 currency units (60% cash and 40% credit). 5. Receive a loan in the amount of 90 monetary units from the bank and deposit it in the current account.Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders’ equity, and prove the company’s accounts will still be in balance. An investor invests an additional $25,000 into a company receiving stock in exchange. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. An electric bill was received for $35. Payment is due in thirty days Part-time workers earned $750 and were paid. The electric bill in “C” is paid.