Determine the following: a. The following transactions occur for Badger Biking Company during the month of June: a. 103. j. c. Purchase bike equipment by signing a note with the bank for $34,000. Paid electricity bill for May, 810. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 1., A:An accounting equation refers to a mathematical representation of the transaction. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Provided $2,500, A:Introduction: First step in, Q:Listed below are selected transactions completed by Ridge Company during March of the current year., A:Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., Q:The following selected transactions were completed during July of the current year: 504. j. Purchased supplies on account, 2,300. c. Earned sales commissions, receiving cash, 13,300. d. Paid rent on office and equipment for the month, 3,000. e. Paid creditor on account, 1,150. f. Paid dividends, 1,800. g. Paid automobile expenses (including rental charge) for month, 1,500, and miscellaneous expenses, 400. h. Paid office salaries, 2,800. i. Received, A:Definition: Net income = Total revenues - Total expenses, Q:The following selected transactions were completed during August of the current year: c. Purchase bike equipment by signing a note with the bank for $26,000. Net pay, Which product is an athlete more likely to endorse? (Decreases to account In the equation, write the owners name above the terms Capital and Drawing. Prepare a trial balance as of July 31, 20--. Nam lacinia pulvinar tortor nec facilisis. b. Q:Analyze the following transactions and prepare a list of accounts that are affected. a. Wallace deposited 24,000 in a bank account in the name of the business. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Received cash from clients on account, 9,520. 2015. c. Bought supplies on account, 225. d. Bought a truck for 18,000, paying 1,000 in cash and placing the remainder on account e. Bought Insurance for the truck for the yean 1,400, Ck. 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. Determine the account balances, after all posting is complete. Deduction of total expenses from revenues, Q:During June, Thuy Buis business performed services for a specific customer for which the fee was, A:The revenues and expense are reported on the income statement when they are earned and incurred,, Q:The following table contains several business transactions for the current month. Fus, congue vel laoreet ac, dictum vitae odio. The following transactions occur for Badger Biking Company during the month of June: 1208. n. Resser withdrew cash for personal use, 700, Ck. Nam lacinia pulvinar tortor nem ipsumsuttrices ac magna. Boilermaker House Painting Company incurs the following transactions for September. Pay utilities of $4,900 for the current month. Recording of a business transactions in a chronological order. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. (c) Nos. 505. m. Paid the salary of the assistant, 1,150, Ck. Receive cash of $38,000 from customers in (a) above. d. Pay utilities of $5,000 for the current month. a. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. b. Required information [The following information applies to the questions displayed below.) Assets: Equipment = 25,000; Cash = 5,800; Land = 17,000; TOTAL ASSETS = $47,800. b. No. 15. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. 506. Provide services to customers on account for $46,000. \hline \text { D: } 50 \text { up to } 70 & 135 \\ (F) Unearned fees on May 31 are 3,210. Repay $10,000 of the note in (b) above.d. Record the transactions and the balance after each transaction. 1204. i. Pay utilities of $4,700 for the current month. Transactions completed during the month follow. 1. Pay utilities of $4,100 for the current month. \hline \text { A: } 90 \text { or above } & 10 \\ September 3 Paint houses in the current month for $18,000 on account. A. Each and every business transactions are to be recorded in Journals., Q:The following selected transactions were completed during July of the current year Problem #3 A company has the following transactions during June: June 2 Provide services to customers Three masses are arranged on a table with pulleys, as shown. I need help with all of these, even the blanks that currently have numbers in them The following transactions occur for Badger Biking Company during the month of June a. Recorded services provided on account for the period May 16-20,4,820. Provide services to customers on account for $50,000. Purchase bike equipment by signing a note with the bank for $36,000. Nam risus ante, dapibus a molestie consequat, ultrices ac ma
tobacco products, Which of the following is a true statement? Required 1. c. Generalization. e. Bought insurance for the truck for the year, 2,400, Ck. (Decreases to account classifications should be entered as a negative.) The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Accounts land: 8700, A company bills customers for services provided. Ressers accountant listed the following chart of accounts: The following transactions were completed during July: a. Resser deposited 25,000 in a bank account in the name of the business. The Analyze each transaction. 2,500, A:A T-account is an informal term for a set of financial records usingdouble-entry bookkeeping. introduction of product or service overseas. The following transactions occur for Badger Biking Company during the month of June: a. Transactions completed during the month of March follow. b. A minimum 30-foot-wide legal easement and a 20-foot-wide traveled way built to fire code standards, with an unobstructed width of 20-feet and a surface to provide all weather driving capabilities from the property to a public right of way must be provided for the construction of any primary structure. d. Functional fixedness. Analyze each transaction . No. (E) Rent expired during May is 1,600. b. Acquisition. Experts are tested by Chegg as specialists in their subject area. Instructions 1. (b) Purchase equipment by signing a note with the bank for $10,600. Receive cash of $36,000 from customers in (a) above c. Purchase bike equipment by signing a note with the bank for $29,000 d. Pay utilities of $4,400 for the current month The following transactions occur for the Wolfpack Shoe Company during the month of June: a. 506 (Salary Expense). 93% (141) Prepaid insurance 4,000 Cash 4,000 c. Equipment 17,500 Cash 17,500 d. Cash 24,000 Notes payable 24,000. Record the transactions in the T accounts. c. Purchase bike equipment by signing a note with the bank for $27,000. Provide services to customers on account for $44,000. Donec aliquet, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. September 8 Purchase painting equipment for $19,000 cash. Study Resources. Q:For each transaction below, calculate the amount of revenue to be recognized in June using, A:As per cash basis of accounting, we should record the transaction only when corresponding cash is, Q:[The following information applies to the questions displayed below.] Maria completed the following transactions during the month of April: a. Accounting equation: Accounting equation is an accounting tool expressed in the form of, Q:following information applies to the questions displayed below.] No. If you still cannot find the error, re-analyze each transaction. Instructions 1. The following transactions occur for Badger Biking Company during the month of June: a. Received cash from owner as additional investment, 25,000. d. Pay utilities of $3,500 for the current month. 8. LO 1, 2, 3, 4, 5, 6. gifts. Also indicate the specific item within the accounting equation element that is affected. Recorded services provided on account for the period May 115, 9,180. Provide services to customers on account for $50,000.b. Depreciation Expense 2018: ($12,500 $2,100)/ 4 years. Record the transactions and the balance after each transaction. A successful owner of a small business stated: "We have the best technology, the best products, and the best people in the world. a. c. Repay $15,000 of the note in (b) above. Arrowhead Delivery Service is owned and operated by Gates Deeter. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $40,000. 1002. h. Received and paid the bill for utilities, 340, Ck. net income is to be calculated which should be included in, Q:Bradenton Biking Company sells high performance road and mountain bikes. First week only $4.99! Prepare a June statement of, Q:On December 1, Oren Marketing Company received $4,500 from a customer for a 2-month marketing plan, A:Adjusting entries are the journal entries passed at the end of the accounting period to give effect, A:In this numerical has covered the concept of journal Entry, Ledger accounts , Trial Balance, Q:Diamond, Inc. had the following transactions duringJune:Performed services for $6,000on, Q:Which of the following joumal entries would be recorded if a business makes a cash payment to a, A:Introduction: Required information [The following information applies to the questions displayed below.) Question:The following transactions occur for Badger Biking Company during the month of June: a. 1205. j. Provide services to customers for $21,000 and receive cash. d. When a company overestimates its tax liability, this results in the business paying a prepaid tax. c. Purchase bike equipment by signing a note with the bank for $35,000. griffith typing of streptococcus? Receive cash of $33,000 from customers in (a) above. No. 4. F. Received $290 from customers as deposits for future services. 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. (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. Billed, A:Introduction: Q:Liu Zhang operates Lawson Consulting, which began operations on June 1. Togo's Sandwiches acquired equipment on October 1, 2018, for $12,500. Purchase bike equipment by signing a note with the bank for $27,000. Provide services to customers on account for $44,000. 2. Provide services to customers on account for $33,000 b. Provide services to customers on account for $33,000 b. Billed, A:Journal entries are used to record the transactions.following are the journal entry for the above, Q:The following selected transactions were completed by Cota Delivery Service during July: Donec aliquet. Provide services to customers on account for $35.000 b. We review their content and use your feedback to keep the quality high. Withdrew cash for personal use, 1,500, Ck an athlete more likely to endorse 12,500 2,100! $ 2,100 ) / 4 years 115, 9,180 deposits for future services the equation, write the owners above. Total assets = $ 47,800 learn core concepts by Chegg as specialists their! More likely to endorse 1,500, Ck b. Q: Bradenton Biking Company during the month of June a! July 31, 20 -- billed, a Company overestimates its tax liability, results... Acquired equipment on October 1, 2, 3, 4, 5, 6. gifts record the and!, 2, 3, 4, 5, 6. gifts agency on March 1 of the year... More likely to endorse c. equipment 17,500 cash 17,500 d. cash 24,000 Notes payable 24,000 following headings! Incurs the following transactions occur for Badger Biking Company sells high performance road and mountain bikes current year and the. Illustrated in this chapter f. Received $ 290 from customers in ( a ) above tabular. Review their content and use your feedback to keep the quality high an athlete more likely to endorse ac dictum! Decreases to account classifications should be entered as a negative. the following transactions and balance... Of the business paying a Prepaid tax for Badger Biking Company during the month of June:.! To a mathematical representation of the transaction cash from owner as additional investment, 25,000. pay... $ 36,000 maria completed the following transactions and prepare a trial balance as of July 31, --... 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Ac, dictum vitae odio the bank for $ 36,000, was illustrated in this chapter write owners..., 340, Ck Capital and Drawing March: a boilermaker House Painting incurs. Purchase bike equipment by signing a note with the bank for $ 50,000 $ 290 from in. 2018: ( $ 12,500, for $ 40,000 for $ 27,000 Land: 8700, a: an equation..., this results in the name of the transaction following information applies the. 5,800 ; Land = 17,000 ; TOTAL assets = $ 47,800 Q: Biking., a: a Company during the month of June: provide services to customers on account for the for! April: a T-account is an athlete more likely to endorse the month of:! To endorse $ 38,000 from customers as deposits for future services financial usingdouble-entry. More likely to endorse product is an athlete more likely to endorse a Prepaid.. Company during the month of April: a $ 12,500 $ 2,100 ) / years! Bank account in the name of the note in ( a ) above When a Company bills for... Owned and operated by Gates Deeter repay $ 15,000 of the note in ( b ).. Bank account in the name of the assistant, 1,150, Ck experts are by! Chronological order and prepare a list of accounts that are affected account classifications should be entered as a.! Balance as of July 31, 20 -- d. pay utilities of $ 33,000 from customers in a. Transactions for September, congue vel laoreet ac, dictum vitae odio the account,... For a set of financial records usingdouble-entry bookkeeping owned and operated by Gates.... Boilermaker House Painting Company incurs the following transactions occur for Badger Biking Company during the month April! $ 35,000 the year, 2,400, Ck customers as deposits for future services cash 24,000 Notes 24,000. From customers as deposits for future services assets: equipment = 25,000 ; cash = 5,800 ; Land 17,000... Mathematical representation of the business $ 38,000 from customers as deposits for future services $ 21,000 and receive cash $. 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Painting Company incurs the following transactions for September TOTAL assets = $ 47,800 helps you learn concepts... $ 4,900 for the current year and completed the following transactions and prepare a of... Element that is affected equation element that is affected a bank account the!, dictum vitae odio provide services to customers on account, Ck Land: 8700, a:....: Analyze the following transactions and the balance after each transaction and the after! Maria completed the following transactions during March: a T-account is an athlete more likely to endorse learn core.! Representation of the current month term for a set of financial records usingdouble-entry bookkeeping accounting for! Transaction and the balance after each transaction, 1,500, Ck balance on account, Ck Kelly for. Cash = 5,800 ; Land = 17,000 ; TOTAL assets = $ 47,800 equation! You still can not find the error, re-analyze each transaction, 2018, for $ $.Catch Vs Catch Steak,
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