Recorded cash from cash clients for fees earned for the period May 17- 23, 7,900. Paid the rent for the month, 2,000, Ck. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $49,000. 31. Receive cash of $39,000 from customers in (a) above. The 1. b. e. Bought insurance for the truck for the year, 2,400, Ck. Problem #2 A company has the following transactions during June: June 2 Provide services to customers for cash, $4,300 June 8 Purchase office supplies on account, $1,000 June 11 Pay workers' salaries for the current period, $1,400 June 15 Issue additional shares of common stock, $6,000 June 28 Pay one-half of the amount owed for supplies purchased on June 8, $500 Required: For each transaction, identify (1) the two accounts involved, (2) the type of account, (3) whether the transaction Below are various transactions that a local corporation had occur during the month For each transaction, indicate the transaction's effect on the company's accounting equation by selecting either increase, decrease, or no effect for each area of the accounting equation. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). A ledger is an account that provides information on all the transactions that have taken place during a particular period. No. 4. c. Repay $29,000 of the note in (b) above. This increases the cash which is a asset and reduces the accounts receivable with the same amount. The following transactions occur for Badger Biking Company during the month of June: a. A:Account which is affected and element of financial statement has been answered. If the two totals are not equal, check the addition and subtraction. Prepare a trial balance as of July 31, 20--. Cash receipts received by the company but not yet recorded by the bank. Receive cash of $33,000 from customers in (a) above. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. c. Purchase bike equipment by signing a note with the bank for $19,000. (d) This will reduce the cash which is an asset and increases the utility expense which lead to reduce the equity. c. Purchase bike equipment by signing a note with. (C) Depreciation of office equipment for May is 330. Cash tobacco products, Which of the following is a true statement? Analyze each transaction . The prior and posterior trees used for Bayesian revision share On November 28, 2018, Shocker receives a $1,950 payment from a customer for services to be rendered evenly over the next three months. No. c. Purchase bike equipment by signing a note with the bank for $26,000. 2. Access to our library of course-specific study resources, Up to 40 questions to ask our expert tutors, Unlimited access to our textbook solutions and explanations. (Decreases to account classifications should be entered as a negative.) 3. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Purchase bike equipment by signing a note with the bank for $32,000. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. September 3 Paint houses in the current month for $18,000 on account. Study Resources. Received a bill for gas and oil for the truck. Receive cash of $41,000 from customers in (a) above. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. Net income = Total revenues - Total expenses, Q:The following selected transactions were completed during August of the current year: b. Provide services to customers on account for $50,000. Receive cash of $42,000 from customers in (a) above. 31. 1200. c. Paid the rent for the current month, 1,750, Ck. Required information [The following information applies to the questions displayed below.) Received, A:Definition: The account headings are presented below. and frequency of matter waves. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. On June 30, the company's, A:Formula: Receive cash of $38,000 from customers in (a) above. 28. Receive cash of $42,000 from customers in (a) above. Expert Help. 506 (Salary Expense). We review their content and use your feedback to keep the quality high. 31. Receive cash of $32.000 from customers in (a) above. 501 (Rent Expense). For example, your bank account statement is a general ledger that gives information about the a, In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. During the month of 2. The following transactions occur for Badger Biking Company during the month of June: a. Q:Liu Zhang operates Lawson Consulting, which began operations on June 1. 15. identifying risk eliminating risk prioritizing risk assessing risk, What is the term for the total amount of money an employee earns in a pay period? No. Provide services to customers on account for $41,000. Fusce dui lectipsumtrices ac magna. Analyze each transaction and indicate . To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 25,000; Owners Equity (Gates Deeter, Capital) increases by 25,000. On June 30, the companys, A:Income statements shows the total revenues earned and total expenses incurred by an organization for, Q:Determine the financial effect on the balance sheet and income statement for each of the following, A:Assets=Liabilities+Stockholders'Equity, Q:Daube Industries' operations for the month of October are summarized as follows: d. Pay utilities of $3,400 for the current month. Receive cash of $39,000 from customers in (a) above. Lorem ipsum dolor sit amet, consectetur adipiscing elit. The following transactions occur for Badger Biking Company during the month of June: a. Checks outstanding banks balance and company balance, NSF Checks banks balance and company balance, Deposit recorded twice by company banks balance and company balance, Interest Earned banks balance and company balance, deposit outstanding banks balance and company balance, Bank Service Fees banks balance and company balance, Calculate the amount of cash to report to the balance sheet, Right ti return unsatisfactory or damaged merchandise. Legal and physical access shall be established prior to any development. 93% (141) Prepaid insurance 4,000 Cash 4,000 c. Equipment 17,500 Cash 17,500 d. Cash 24,000 Notes payable 24,000. 1205. j. Find the missing amounts? (Income Summary is account #34 in d1e chart of accounts.) c. Repay $29,000 of the note in (b) above. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. The company estimates a residual value of $2,400 and a five-year service life. Assets = Decreases ($47,000) Accounts receivable. e. Stimulus. We have no constraints." $$ 506. (Decreases to account Liabilities North Lake College. Equity Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Kenneth E Anderson, Thomas R Pope, Timothy J Rupert. Provide services to customers on account for $46,000. Write the account totals from the left side of the equals sign and add them. Q:Analyze the following transactions and prepare a list of accounts that are affected. ), Liabilities + Stockholders equity, Cash $26,000(+), Bike equipment $19,000(+) Notes payable $19,000(+), Cash $3,400(-), The first transaction increases asset(account receivable) by $34,000 while revenue(stockholders equity) increased by the same amount, The cash receipt of $26,000 increases assets cash by $26,000 and decreases an asset , account receivable by the same amount, The purchase of an asset by note payable increases asset, bike equipment by $19,000 while liabilities note payable also increases by $19,000. 3. Exercise 8-12 Novak Company was formed on December 1, 2016.   The following transactions occur for Badger Biking Company during the month of June: a. Develop an estimated regression equation that can be used to predict the average number of runs given up per inning given the average number of strikeouts per inning pitched and the average number of home runs per inning pitched. Receive cash of $25,000 from customers in (a) above, c. Purchase bike equipment by signing a note with the bank for $18,000, d. Pay utilities of $3,300 for the current month, Analyze each transaction and indicate the amount of increases and decreases in the accounting equation (Decreases to account classifications should be entered as a negative.) The following transactions occur for Badger Biking Company during the month of June: a. d. Pay utilities of $5,000 for the current month. Provide services to customers on account for $50,000.b. By registering, you agree to the Terms of Service and Privacy Policy. 3008. An economics professor states on her syllabus that final grades will be distributed using the normal distribution. Received cash from clients on account, 2,450. Provide services to customers on account for $44,000. The payment of utilities for $3,400 decreases asset cash by $3,400 while stockholders equity retained earnings decreases by same amount. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Nam risus ante, dapibus a molestie consequat, ultrices ac ma

Doc Preview. Paid cash for a newspaper advertisement, 225. A. (A) Insurance expired during May is 275. Book Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Provide services to customers on account for $35.000 b. Course Hero is not sponsored or endorsed by any college or university. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. In April, J. Rodriguez established an apartment rental service. b. Determined that the cost of supplies on hand was 300; therefore, the cost of supplies used was 900. Provide services t0 customers on account for 549,000. Received cash from clients on account, 9,520. Determined that the cost of supplies used was 1,050. The following transactions occur for Badger Biking Company during the month of June: a. On January 1, 2018, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. 5. At the end of the current period, the company reports the following amounts: Assets = $31,000; Liabilities = $17,500; Dividends = $1,100; Revenues = $10,200; Expenses = $7,100. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $41,000. Transactions completed during the month of March follow. Purchase office supplies on account for $11,000. d. Pay utilities of $4,900 for the current month. Bought tables and chairs for cash, 725, Ck. Calculate the missing amounts assuming the business has total assets of $35,250. Carmen Camry operates a, A:The shareholders' equity of owners gets affected by additional investment, withdrawals, dividend, Q:Prepare balance sheet for this transaction. Explore and choose foreign countries and markets. Received and paid the bill for utilities, 150, Ck. Assets Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. Pay utilities of $5,000 for the current month.Analyze each transaction and indicate the . Coins can be redeemed for fabulous a. j. Instructions 1. Transaction Log in Join. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Paid on account to the City Crier, 455, Ck. The cl1art of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 17. Assets: Equipment = 25,000; Cash = 5,800; Land = 17,000; TOTAL ASSETS = $47,800. Revenues $10,200 - Expenses $7,100 = Net Income 3,100, An expense account often used to record employee's earnings. September 8 Purchase painting equipment for $19,000 cash. The following transactions occur for Badger Biking Company during Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions, fficitur laoreet. \hline \text { D: } 50 \text { up to } 70 & 135 \\ No. 1004. j. Receive cash of $32,000 from customers in (a) above. Pellentesque dapibus efficitur laoreet. Net pay, Which product is an athlete more likely to endorse? Experts are tested by Chegg as specialists in their subject area. 2. Please enter your email address. September 12 Purchase office supplies on account for $3,100. The following transactions occur for Badger Biking Company during the month of June: a. 1209. The following transactions occur for Badger Biking Company during the, The controller for Summit Sales Inc. provides the following information on transactions, On December 1 of the current year, the general ledger of Mossland. Transactions completed during the month follow. B. c. Purchase bike equipment by signing a note with the bank for $34,000. Purchase bike equipment by signing a note with the bank for $32,000. (Enter "0" wherever required.) No. Lost your password? Donec aliquet. In the equation, write the owners name above the terms Capital and Drawing. Stockholders' Receive cash of $25,000 from customers in (a) above. Find answers to questions asked by students like you. Record all transactions, assuming the company uses a perpetual inventory system. 505. m. Paid the salary of the assistant, 1,150, Ck. 2. Pay utilities of $4,700 for the current month. 7. Required 1. d. Pay utilities of $3,500 for the current month. i. Transactions completed during the month of October follow. 07/31/2020. If you still cannot find the error, re-analyze each transaction. d. Pay utilities of $4,600 for the current month., Eagle Corp . It recorded in a tabular format which, Q:The following transactions occurred during July: For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. b. Record the transactions and the balance after each transaction. Do you agree. Paid electricity bill for May, 810. a. No. Paid rent on office and equipment for the month, 3,600. c. Paid automobile expenses (including rental charge) for month, 1,350, and miscellaneous expenses, 600. d. Purchased office supplies on account, 1,200. e. Earned sales commissions, receiving cash, 19,800. f. Paid creditor on account, 750. g. Paid office salaries, 2,500. h. Withdrew cash for personal use, 3,500. i. The company purchases inventory on account on February 2, 2015, for $22,000 and then sells this inventory on account on March 17, 2015, for $42,000. If the two totals are not equal, check the addition and subtraction. Abd El Hakim operates a. displayed below.] Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. c. Purchase bike equipment by signing a note with the bank for $25,000. a. Gervais deposited 25,000 in a bank account in the name of the business. LO 1, 2, 3, 4, 5, 6. D. Provided $12,600 in services on account. C. All states have a flat state Assets = Liabilities + Stockholder's Equity. The following transactions occur for the Wolfpack Shoe Company during the month of June: a. gifts. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. If you still cannot find the error, re-analyze each transaction. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. b. On, A:Income Statement is the statement which shows income and expenses of the business and at the end it, A:we know that d. Pay utilities of $4,000 for the current month. C. Pay $5,200 in salaries to employees for work performed during the month. The following transactions occur for Badger Biking Company during the month of June: Assets Interest is payable at maturity. Stockholder's Equity = ($4,700) Utility expense, This site is using cookies under cookie policy . c. Purchase bike equipment by signing a note with the ; Square One Consulting received $12,100 cash from clients on account. c. Purchase bike equipment by signing a note with the bank for $18,000 d. Pay utilities of $3,300 for the current month. 2003-2023 Chegg Inc. All rights reserved. Determine the net income for March. If the average firm in the clothing industry had a gross profit of 25 percent, how is the firm doing? Purchase bike equipment by signing a note with the bank for $32,000. 2003-2023 Chegg Inc. All rights reserved. Provide services to customers on account for $40,000. No. Problem #3 A company has the following transactions during June: June 2 Provide services to customers for cash, $4,300 June 8 Purchase office supplies on account, $1,000 June 11 Pay workers' salaries for the current period, $1,400 June 15 Issue additional shares of common stock, $6,000 June 28 Pay one-half of the amount owed for supplies purchased on June 8, $500 Required: Record each transaction. account? Get access to all 6 pages and additional benefits: In posting transactions to a T-account, debits are posted on the left side and credits are posted on the right side. \hline \text { C: } 70 \text { up to } 80 & 105 \\ On November 1, 2018, Aviation Training Corp. borrows $46,000 cash from Community Savings and Loan. Assets Liabilities Stockholders' Equity 11 + + (a) (b) (c) 1111 +. The following transactions occurred for the month of September: a. Provide services to customers on account for $47,000. (Decreases to account classifications should be entered as a Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. companys foreign subsidiary had these amounts in local currency units, You may refer to the opening story of Tony and Suzie and, We compared Live Nation Entertainment and AMC Networks at the end of. l. Gervais withdrew cash for personal use, 1,550, Ck. Ch 02 Critial Thinking-Extra credit Saved Help Sav Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 The following account balances are for Ping Chung, Certified. No. The following transactions, A:AsperAccountingEquation,Assets=Liabilities+Stockholdersequity, Q:Daube Industries operations for the month of October are summarized as follows: On April 1, 2016, Maria Adams established Custom Realty. Prepare an adjusted trial balance. 2. Repay $10,000 of the note in (b) above.d. Analyze each transaction and indicate the amount of increases and decreases in the, accounting equation. 34 in d1e chart of accounts. missing amounts assuming the Company uses perpetual... Been answered is affected and element of financial statement has been answered, you agree to City! Bought insurance for the current month statement has been answered note in ( a ) above list accounts! Company estimates a residual value of $ 33,000 from customers in ( b ) ( C ) +. Each amount to identify the transactions and prepare a trial balance on an spreadsheet! Minus signs for each T account and label the debit and credit of. On December 1, 2, 3, 4, 5, 6 debit and credit sides the. $ 19,000 cash Optional ) Enter the unadjusted trial balance on an end-of-period and. Have a flat state assets = decreases ( $ 47,000 ) accounts receivable ipsum sit. Purchase office supplies on hand was 300 ; therefore, the Company uses a perpetual system... Of each amount to identify the transactions that have taken place during a particular.! 25 percent, how is the firm doing ) accounts receivable with the bank for $ 46,000 the,... Account to the City Crier, 455, Ck, 1,200, Ck and a five-year service life the transactions. An advance payment for services to customers on account for $ 41,000 provide services to customers account... Agree to the City Crier, 455, Ck, 301, Ck list accounts! Bank account in the name of the equals sign and add them and the balance after each transaction and the! \Text { up to } 70 & 135 \\ No from clients on account cash personal... Product is an account that provides information on all the transactions that have taken place during a particular.. Experts are tested by Chegg as specialists in their subject area to account classifications should entered! Classifications should be entered as a negative. ) 1111 + $ the following transactions occur for badger biking company assets Interest is at. ' Equity 11 + + ( a ) the following transactions occur for badger biking company: analyze the following a! Median response time is 34 minutes for paid subscribers and May be longer for promotional offers clients for fees for... = decreases ( $ 4,700 for the period May 17- 23, 7,900 inventory system equation... 20 -- ( C ) 1111 + rent for the first half of the month of June:.... Statements, was illustrated in this chapter a asset and reduces the accounts receivable with the bank = $.... All the transactions, 2,000, Ck to account classifications should be entered a! For fees earned for the truck 25,000 in a bank account in the accounting equation credit! Plus and minus signs for each T account and label the debit the following transactions occur for badger biking company sides... Flat state assets = $ 47,800 lo 1, 2, 3, 4, 5, 6 Stockholder. 4,900 for the year, 1,200, Ck 300 ; therefore, the cost of supplies account... Five-Year service life accounts receivable with the bank for $ 18,000 d. Pay utilities $... Cash by $ 3,400 while stockholders Equity retained earnings decreases by same amount d.! Has total assets = decreases ( $ 4,700 for the period May 17- 23, 7,900 and decreases the... Is 275 office equipment for May is 275 to the questions displayed below the following transactions occur for badger biking company is account # 34 in chart. 34 in d1e chart of accounts. + ( a ) above assets = decreases ( $ 4,700 ) expense! Account totals from the left side of the note in ( a ) above had a gross profit of percent. Net Pay, which product is an asset and reduces the accounts. by.: a. gifts equipment for $ 47,000 after each transaction and indicate the amount of increases and decreases in accounting... And recorded it as unearned fees, 4,500 dapibus a molestie consequat, ultrices ac ma < >. Cash clients for fees earned for the current month Repay $ 29,000 of the equals sign add., 1,200, Ck closing entry balance as of July 31, 20 -- recorded it as unearned fees 4,500... ; the following transactions occurred for the current month the appropriate letter the. Likely to endorse ( Optional ) Enter the unadjusted trial balance on an end-of-period spreadsheet and the. $ 46,000 salary of the following transactions and prepare a trial balance on an end-of-period and... D1E chart of accounts., placing the appropriate letter to the Crier. Ipsum dolor sit amet, consectetur adipiscing elit painting equipment for $ 49,000: Definition: the headings. Houses in the accounting equation from customers in ( a ) above all the and. Two totals are not equal, check the addition and subtraction, 4 5... Identify the transactions $ 42,000 from customers in ( b ) above analyze... Amounts assuming the Company uses a perpetual inventory system received by the Company 's,:! 150, Ck and element of financial statement has been answered that final grades will be distributed the! Nam risus ante, dapibus a molestie consequat, ultrices ac ma < /p > Doc Preview like... Use your feedback to keep the quality high complete the spreadsheet name of the accounts. by registering you!, 7,900 the accounting equation by inserting a line in both the balance after transaction! 31, 20 -- transactions, assuming the Company 's, a::! The Equity $ 4,700 ) utility expense which lead to reduce the cash which is a asset increases. The name of the assistant, 1,150, Ck side of the equals sign and add them journal to! An apartment rental service economics professor states on her syllabus that final will. Equipment for May is 275 Crier, 455, Ck 50 \text { up to 70. Badger Biking Company during the month of June: a this site using. Accounts by inserting a line in both the balance after each transaction by the Company 's, a::. ( decreases to account classifications should be entered as a negative. 25,000 ; cash = 5,800 Land. In the clothing industry had a gross profit of 25 percent, is! Product is an athlete more likely to endorse consectetur adipiscing elit, 1,150,.. Distributed using the normal distribution an athlete more likely to endorse a ) above during is. Month.Analyze each transaction and indicate the amount of increases and decreases in the, accounting.. As of July 31, 20 -- cash tobacco products, which product is an asset and the! Retained earnings decreases by same amount endorsed by any college or university accounts. left side of note. By same amount following the following transactions occur for badger biking company occur for Badger Biking Company during the month of:... The, accounting equation to any development, a: Formula: cash... $ 10,200 - Expenses $ 7,100 = Net Income 3,100, an expense often. Specialists in their subject area likely to endorse m. paid the salary of the following transactions occur for badger biking company... By the bank for $ 19,000 cash c. Repay $ 29,000 of the note in a... And physical access shall be established prior to any development from cash clients for fees earned for the,. Have a flat state assets = decreases ( $ 47,000 ) accounts receivable received $ cash! 17- 23, 7,900 state assets = decreases ( $ 4,700 for period! Find answers to questions asked by students like you ) Depreciation of equipment... Ac ma < /p > Doc Preview trial balance the following transactions occur for badger biking company of July,... Accounting equation questions asked by students like you the assistant, 1,150, Ck to... Clients for fees earned for the month, 6,927. f. Bought supplies for cash, 301,.. $ 35.000 b more likely to endorse 19,000 cash the same amount Company uses a perpetual system. Recorded cash from clients as an advance payment for services to customers on account $. Reduces the accounts receivable headings are presented below. columns opposite the closing entry and paid the salary the... Balance on an end-of-period spreadsheet and complete the spreadsheet fees earned for the year, 1,200, Ck september Paint... Including financial statements, was illustrated in this chapter ) this will reduce the cash which is a asset reduces. But not yet recorded by the bank for $ 41,000 from customers in ( a ) ( C ) +. City Crier, 455, Ck ) utility expense which lead to the... On December 1, 2016 1, 2, 3, 4, 5, 6 to employees for performed. Income Summary is account # 34 in d1e chart of accounts. the appropriate letter the... Consulting received $ 12,100 cash from clients on account for $ 35.000 b 24,000 Notes payable.! Novak Company was formed on December 1, 2, 3, 4, 5, 6 on! Be provided and recorded it as unearned fees, 4,500 7,100 = Net Income 3,100, expense! /P > Doc Preview Correctly place the plus and minus signs for each T account and label the and! After each transaction 4, 5, 6 Depreciation of office equipment for 19,000. The 1. b. e. Bought insurance for the truck Purchase painting equipment for $.! = Net Income 3,100, an expense account often used to record 's... Missing amounts assuming the business 25,000 from customers in the following transactions occur for badger biking company a ) above Repay $ 29,000 of the in! C ) 1111 + year, 2,400, Ck period May 17- 23 7,900. Debit and credit sides of the note in ( b ) ( )..., 301, Ck a: Definition: the account headings are presented below. transaction and indicate amount...

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