Booktement Of Owner's EquityPembroke started a business. During the first month (April 20--), the following transactions occurred.Invested cash in business, $19,000.Bought office supplies for $4,200: $1,800 in cash and $2,400 on account.Paid one-year insurance premium, $1,000.Earned revenues totaling $3,600: $1,500 in cash and $2,100 on account.Paid cash on account to the company that supplied the office supplies in transaction (b), $2,050.F. Paid office rent for the month, $700.. Withdrew cash for personal use, $150.The effect of each transaction is shown in the individual accounts of the expanded accounting equation.Liabilities +(Amts.Owed)a. 19,000b.(1,800)(1,000)d. 1,500C.Cash +e.f.(2,050)(700)9.(150)Bal. 14,800 +Revenues:Service feesExpenses:AssetsAccountsReceivableRent expenseCheck My Work(Items Owned)2,100Show Me How2,100++OfficeSupplies4,2004,200++$3,600PrepaidInsurance7001,0001,000=Print Item=The income statement for Jay Pembroke for the month ended April 30, 20-- is shown.Jay PembrokeIncome StatementFor Month Ended April 30, 20--=AccountsPayable2,400(2,050)+350 +(Owner's Investment)J. Pembroke,Capital19,00019,000Owner's Equity-J. Pembroke,Drawing150150(Earnings)+ Revenues - Expenses+3,6003,600 -700700DescriptionService feesRent expenseEmail InstructorSave and Ex 9.(150)Bal. 14,800 +<Revenues:Service feesThe income statement for Jay Pembroke for the month ended April 30, 20-- is shown.Jay PembrokeIncome StatementFor Month Ended April 30, 20--Expenses:Rent expenseNet income2,100 + 4,200Jay Pembroke, capital, April 1, 20--Investment during AprilTotal investmentNet income for AprilLess withdrawals for AprilIncrease in capital✓Jay Pembroke, capital, April 30, 20--FeedbackCheck My Work$3,600✓700$2,9001,000 =Required:Use the information to prepare a statement of owner's equity for Jay Pembroke for the month of April 20--. If an amount is zero, enter "0".Jay PembrokeStatement of Owner's EquityFor Month Ended April 30, 20--✓350 +E19,000150150 +All work saved.3,600 -Check My WorkFirst, consider what is included in a Statement of Owner's Equity. Then use the transaction information gathered and summarized in the accounting equation and the Income Statement provided to prepare the statement.700Email InstructorSa

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Description: Booktement Of Owner's EquityPembroke started a business. During the first month (April 20--), the following transactions occurred.Invested cash in business, $19,000.Bought office supplies for $4,200: $1,800 in cash and $2,400 on account.Paid one-yea

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Statement of Owner's Equity For Month Ended April 30, 20-- Jay Pembroke, capital, April 1, 20-- Investment during April Total investment Net income for April Less withdrawals for April Increase in capital Jay Pembroke, capital, April 30, 20-- E

Statement of Owner's Equity For Month Ended April 30, 20-- Jay Pembroke, capital, April 1, 20-- Investment during April Total investment Net income for April Less withdrawals for April Increase in capital Jay Pembroke, capital, April 30, 20-- E

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 17PA: Prepare journal entries to record the following transactions for the month of November: A. on first...

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19 Dec. Borrowed $28,000 from the bank for personal use. The loan carried an interest rate of 6% a year and the first payment was due on 19 January. Williamson signed a note payable to the bank in the name of the business. How would this be journaled, put on an income statment, balance sheet, and cash flow statment for december 31st?
During September, the following transactions were completed: Borrowed $10,000 from the bank and signed a two-year, 5% note payable. 2 Paid September rent, $500. 8 Paid employee salaries, $1,050. 12 Received $1,500 cash from customers on account. 15 Received $5,700 cash for services performed in September. Purchased additional supplies on account, $1,300. 20 Paid creditors $2,300 on account. Sept. 1 17 Paid September telephone bill, $200. Paid employee salaries, $1,050. Performed services on account and billed customers for services provided, $900. Received $550 from customers for services to be provided in the future. Paid J. Alou $800 cash for personal use. 21 22 27 29 30 Adjustment data consist of the following: 1. Supplies on hand at September 30 cost $1,000. 2. Accrued salaries payable at September 30 total $630. 3. The equipment has an expected useful life of five years. 4. Unearned revenue of $450 is still not earned at September 30. 5. Interest is payable on the first of each…
Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note f remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on the account. The Cost of Goods Sold was $300,000.
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Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600
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Journal Entries for Accounts and Notes ReceivableLancaster, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $18,000, 60 day, eight percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received a $21,000, 120 day, nine percent note from B. Shore Company on account. Dec.16 Received a $17,000, 45 day, ten percent note from C. Judd on account. Dec.30 B. Shore Company failed to pay its note. Dec.31 Wrote off B. Shore's account as uncollectible. Lancaster, Inc., uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $25,600. An analysis of aged receivables indicates that the desired balance of the allowance account should be $22,500. Dec.31 Made the…
Journal Entries for Accounts and Notes ReceivableLancaster, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $18,000, 60 day, eight percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received a $21,000, 120 day, nine percent note from B. Shore Company on account. Dec.16 Received a $17,000, 45 day, ten percent note from C. Judd on account. Dec.30 B. Shore Company failed to pay its note. Dec.31 Wrote off B. Shore's account as uncollectible. Lancaster, Inc., uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $25,600. An analysis of aged receivables indicates that the desired balance of the allowance account should be $22,500. Dec.31 Made the…
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…