Homework Answers
| Entry | Entry | |||||||
| Acct type (1) | Name of acct (2) | Amount (3) | Increase or decrease (4) | Acct type (1) | Name of acct (2) | Amount (3) | Increase or decrease (4) | |
| 1 | A (assets) | Cash | 55,000 | Increase | OE (owner's equity) | Owner's equity | 55,000 | Increase |
| 2 | A (assets) | Cash | 7,000 | Decrease | L (liabilities) | Creditors | 7,000 | Decrease |
| 3 | A (assets) | Accounts Receivable | 2,565 | Increase | R (revenue) | Owner's equity | 2,565 | Increase |
| 4 | A (assets) | Cash | 8,450 | Increase | ||||
| A (assets) | Accounts Receivable | 8,450 | Decrease | |||||
| 5 | A (assets) | Cash | 2,500 | Decrease | OE (owner's equity) | Owner's equity | 2,500 | Decrease |
| 6 | L (liabilities) | Bills payable | 160 | Increase | ||||
| E (expenses) | Owner's equity | 160 | Decrease | |||||
Please note that for transaction no. 4 both the entries are in the asset side and for transaction no. 6 both the entries are in the liabilities side.
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8. Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were completed...
Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock,...
Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock, $55,000. 2. Paid creditors on account, $7,000. 3. Billed customers for services on account, $2,565. 4. Received cash from customers on account, $8,450. 5. Paid dividends to stockholders, $2,500. 6. Received the utility bill, $160, to be paid next month. Indicate the effect of each transaction on the accounting equation by: a. Account type - (A) assets, (L) liabilities, (SE) stockholders' equity, (R) revenue,...
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were...
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery Service during May: Select the accounting equation elements (Assets, Liabilities, Owner's Equity) affected by the transaction. Then, in the "Direction" column, select the impact ("Increases" or "Decreases") on the accounting equation element. Lastly, select the specific account within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $18,000; Owner's Equity...
2. Salvo Delivery Service is owned and operated by Joel Salvo, The following selected transactions were...
2. Salvo Delivery Service is owned and operated by Joel Salvo, The following selected transactions were completed by Salvo Delivery Service during February Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity, Drawing, Revenue, and Expense) by listing the numbers identifying the transactions, (A) through (F). Also, indicate the specific item within the accounting equation element that is affected. A. Received cash from owner as additional investment, $35,000. B. Received cash from clients on...
EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions...
EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions Objective 7 1. Received cash from owner as additional investment, $35,000 2. Received cash for providing delivery services, $15,000 3. Paid creditors on account, $1,800 4. Billed customers for delivery services on account, $11,250 5. Paid advertising expense, $750. 6. Purchased supplies for cash, $800 7. Paid rent for February, $2,000 8. Received cash from customers on account, $6,740 9. Determined that the cost...
EX 1-12 Transactions OBJ.4 The following selected transactions were completed by Silverado Delivery Service during February...
EX 1-12 Transactions OBJ.4 The following selected transactions were completed by Silverado Delivery Service during February 1. Received cash from owner as additional investment, $25,000. 2. Purchased supplies for cash, $750. 3. Paid rent for February, $3,000. 4. Paid advertising expense, $1,500. 5. Received cash for providing delivery services, $16,800. 6. Billed customers for delivery services on account, $32,500. 7. Paid creditors on account, $1,400. 8. Received cash from customers on account, $23.770 9. Determined that the cost of supplies...
eBook Calculator Transactions The selected transactions below were completed by Silverado Delivery Service during February: Indicate...
eBook Calculator Transactions The selected transactions below were completed by Silverado Delivery Service during February: Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. b. Increase in an asset, increase in a liability. c. Increase in an asset, increase in owner's equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in owner's equity. 1....
Obj. 4 Example Exercise 13 Bridgeport Delivery Service is owned and operated by Jerome Foley. The...
Obj. 4 Example Exercise 13 Bridgeport Delivery Service is owned and operated by Jerome Foley. The following selected transactions were completed by Bridgeport Delivery Service during February Show Mo How 1. Received cash from owner as additional investment, $40,000. 2. Billed customers for delivery services on account, $13.750. 3. Paid creditors on account, $2.500. 4. Received cash from customers on account, $9.000. 5. Paid cash to owner for personal use. $1,000. Indicate the effect of each transaction on the accounting...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased...
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased equipment for $21,000 cash. 4. Paid $6,000 for rent in advance). 5. Performed services for $7,800 cash. 6. Paid $2,160 for utilities 7. Performed services for $10,500 on account 8. Received $6,600 from charge account customers 9. Paid salaries of $4,500 to employees 10. Paid $6,000 to a creditor on account Indicate the impact of each of the transactions above on the fundamental accounting...
Laludo Transactions The selected transactions below were completed by Cota Delivery Service during July: Indicate the...
Laludo Transactions The selected transactions below were completed by Cota Delivery Service during July: Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. b. Increase in an asset, Increase in a liability. c. Increase in an asset, increase in stockholders' equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders' equity. 1. Received...
Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock, $55,000. 2. Paid creditors on account, $7,000. 3. Billed customers for services on account, $2,565. 4. Received cash from customers on account, $8,450. 5. Paid dividends to stockholders, $2,500. 6. Received the utility bill, $160, to be paid next month. Indicate the effect of each transaction on the accounting equation by: a. Account type - (A) assets, (L) liabilities, (SE) stockholders' equity, (R) revenue,...
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery Service during May: Select the accounting equation elements (Assets, Liabilities, Owner's Equity) affected by the transaction. Then, in the "Direction" column, select the impact ("Increases" or "Decreases") on the accounting equation element. Lastly, select the specific account within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $18,000; Owner's Equity...
2. Salvo Delivery Service is owned and operated by Joel Salvo, The following selected transactions were completed by Salvo Delivery Service during February Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity, Drawing, Revenue, and Expense) by listing the numbers identifying the transactions, (A) through (F). Also, indicate the specific item within the accounting equation element that is affected. A. Received cash from owner as additional investment, $35,000. B. Received cash from clients on...
EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions Objective 7 1. Received cash from owner as additional investment, $35,000 2. Received cash for providing delivery services, $15,000 3. Paid creditors on account, $1,800 4. Billed customers for delivery services on account, $11,250 5. Paid advertising expense, $750. 6. Purchased supplies for cash, $800 7. Paid rent for February, $2,000 8. Received cash from customers on account, $6,740 9. Determined that the cost...
EX 1-12 Transactions OBJ.4 The following selected transactions were completed by Silverado Delivery Service during February 1. Received cash from owner as additional investment, $25,000. 2. Purchased supplies for cash, $750. 3. Paid rent for February, $3,000. 4. Paid advertising expense, $1,500. 5. Received cash for providing delivery services, $16,800. 6. Billed customers for delivery services on account, $32,500. 7. Paid creditors on account, $1,400. 8. Received cash from customers on account, $23.770 9. Determined that the cost of supplies...
eBook Calculator Transactions The selected transactions below were completed by Silverado Delivery Service during February: Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. b. Increase in an asset, increase in a liability. c. Increase in an asset, increase in owner's equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in owner's equity. 1....
Obj. 4 Example Exercise 13 Bridgeport Delivery Service is owned and operated by Jerome Foley. The following selected transactions were completed by Bridgeport Delivery Service during February Show Mo How 1. Received cash from owner as additional investment, $40,000. 2. Billed customers for delivery services on account, $13.750. 3. Paid creditors on account, $2.500. 4. Received cash from customers on account, $9.000. 5. Paid cash to owner for personal use. $1,000. Indicate the effect of each transaction on the accounting...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased equipment for $21,000 cash. 4. Paid $6,000 for rent in advance). 5. Performed services for $7,800 cash. 6. Paid $2,160 for utilities 7. Performed services for $10,500 on account 8. Received $6,600 from charge account customers 9. Paid salaries of $4,500 to employees 10. Paid $6,000 to a creditor on account Indicate the impact of each of the transactions above on the fundamental accounting...
Laludo Transactions The selected transactions below were completed by Cota Delivery Service during July: Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. b. Increase in an asset, Increase in a liability. c. Increase in an asset, increase in stockholders' equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders' equity. 1. Received...
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