Complete the accounting equation, and journal entries for the transactions given below. Complete the Cash account, and balance the account The following transactions appeared in the records of Canada Services (the business): C Canada, the owner, invests $20 000 cash, and a building (cost $80 000, valuation $90 000) into the business.
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- Complete the
accounting equation , andjournal entries for the transactions given below. - Complete the Cash account, and balance the account
The following transactions appeared in the records of Canada Services (the business):
- C Canada, the owner, invests $20 000 cash, and a building (cost $80 000, valuation $90 000) into the business.
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- Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.Provide journal entries to record each of the following transactions. For each, also identify: *the appropriate section of the statement of cash flows, and **whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. reacquired $30,000 treasury stock B. purchased inventory for $20,000 C. issued common stock of $40,000 at par D. purchased land for $25,000 E. collected $22,000 from customers for accounts receivable F. paid $33,000 principal payment toward note payable to bankConsider 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
- Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash Equivalents, Accounts Receivable and Accounts Payable: 1st Sunny Barcelona started the business by depositing $50,000 received from the sale of capital stock in the company bank account. 22nd Purchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000. 25th Purchased tools and equipment on account, $13,800. 27th Sold some of the tools at a price equal to their cost, $1,800, collectible within 45 days. 2nd Received $600 in partial collection of the account receivable from the sale of tools. 7th Paid $6,800 in partial payment of an account payable. 11th Received $2,200 of sales revenue in cash. 2oth Purchased radio advertising from RAC105 to be aired in March. The cost was $470, payable within 30 days. 22nd Purchased office equipment for $15,000 cash. 26th Performed repair services and billed clients $2,000. The entire amount will…In 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.Assuming the entity bought 300,000 worth of supplies on account. The proper journal entry to this transaction is by debiting the Supplies account and crediting what account? a.) Accounts Receivable b.) Supplies Expense c.) Cash d.) Accounts Payable
- On October 17, Nickle Company purchased a building and a plot of land for $582,300. The building was valued at $302,796 while the land carried a value of $279,504. Nickle paid $56,300 down in cash and signed a note payable for the balance. Required: Provide the journal entry for this transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSNickle CompanyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Building 18 Truck LIABILITIES 21 Notes Payable 22 Accounts Payable 23 Unearned Revenue EQUITY 31 Marlene Nickle, Capital 32 Marlene Nickle, Drawing REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Maintenance Expense 59 Miscellaneous ExpenseMr. Steve Persian hired Elizabeth to prepare the Statement of Financial Position of his business. To prepare the statement, Elizabeth identified the following assets and liabilities of Mr. Persian: a. Cash deposited in YKY Bank amounting to P100, 000 b. He has uncollected sales from customers amounting to P50, 000 c. The total amount of merchandise left inside the warehouse is P35, 000 d. Steve paid in advance the rent amounting to P15, 000 for one year. e. The machineries and equipment amounted to P150, 000 f. He bought the materials from his suppliers amounting to P30, 000 and promised to pay the said amount one month after the end of the year. g. He paid the contributions of his employees such as SSS, Philhealth and Pag ibig amounting to P6, 500 h. Outstanding balance to Meralco is amounting to P3, 500 i. He acquired a 2 year loan from YKY Bank amounting to P45, 000.King Company uses the following accounts from its chart of accounts: Cash (111), Accounts Receivable (112), Equipment (121), Accounts Payable (211), Jamie King, Capital (311), Jamie King, Withdrawals (312), Professional Fees (411), Utilities Expense (511), and Salaries Expense (512).Record the following transactions into transaction analysis charts.a. Jamie King invested in the business $1,000 cash and equipment worth $700 from his personal assets.b. Billed clients for services rendered, $12,000. c. Utilities bill due but unpaid, $150.d. Withdrew cash for personal use, $120.e. Paid salaries expense, $250.
- Han's Supplies's bank statement contained a $430 NSF check that one of its customers had written to pay for supplies purchased. Required: a. Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal financial statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). b. Suppose the customer redeems the check by giving Han $290 cash in exchange for the bad check. The additional $20 paid a service fee charged by Han. Show the effects on the financial statements. c. Is the recognition of the NSF check on Han's books an asset source, use, or exchange transaction? d. Select which of the following is the correct answer. Complete this question by entering your answers in the tabs below. Req A and C Req B Reg D a. Show the effects of recognizing the NSF check on the financial statements by recording the…ABC company are involved with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug 3 Aug 5 Aug 7 Aug 10 Aug 10 Aug 11 Aug 12 Aug Started business with $150, 000 in the bank Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe 24 Boxes Disc Pads Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (full service) 8 medium size motorbike engines (full service) Paid Rent by cheque Paid Wages by cheque Bought Fixtures from CT Limited paying by cash Provided services on credit to Auto Care. 24 small motorbike engines 8 large motor bike engines (partial service) 12 medium size motorbike engine (partial service)…The business collected $1,800 cash from Client B on account. The journal entry to record this transaction should include: A. Debiting Cash for $1,800 and Crediting Service revenue for $1,800 B. Debiting Accounts payable for $1,800 and Crediting Cash for $1,800 C. Debiting Cash for $1,800 and Crediting Accounts receivable for $1,800. D. Debiting Accounts receivable for $1,800 and Crediting Cash for $1,800