Homework Answers
The correct answer is option c. Debit to equipment.
Explanation:
Generally Owner brings cash or assets to start a business, the entry for such transaction is
Cash/Assets .............Dr
Owner's capital .........Cr
As G. wilson invested her computer in the business, the entry is
Equipment ..............Dr $5,000
G. Wilson's capital..........Cr $5,0000
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G. Wilson invested her personal computer, which had a fair market value of $5,000, in her...
a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market...
a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. The company paid $2,000 cash for rent of office space for the month. c. The company purchased $18,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $1,600 cash earned. e. The company completed work for a client and sent a bill for $7,300 to be received within 30...
Calculator Michael Anderson is starting a computer programming business and has deposited an initial Investment of...
Calculator Michael Anderson is starting a computer programming business and has deposited an initial Investment of $15,000 into the business cash account Identify how the accounting equation will be affected. Oa. Increase in assets (Cash) and increase in owner's equity (Michael Anderson, Capital) Ob. Increase in assets (Accounts Receivable) and decrease in liabilities (Accounts Payable) Oc. Increase in assets (Cash) and increase in assets (Accounts Receivable) Od. Increase in assets (Cash) and increase in liabilities (Accounts Payable)
a. Beadell invested $70,000 in a computer company Assets = Liabilities + Cash + + Accounts...
a. Beadell invested $70,000 in a computer company Assets = Liabilities + Cash + + Accounts Receivable Computer Equipment Accounts Payable – B. Beadell Capital Owner's Equity B Boadell + Revenues Withdrawals Expenses a. Beadell invested $70,000 in a computer company b. Bought computer equipment on account, $9,500. C. Beadell paid personal telephone bill from company checkbook, $225. d. Received cash for services rendered, $14,200. e. Billed customers for services rendered for month, $30,800. f. Paid current rent expense, $4,200....
work i Saved Impact on Equity Transaction Sept. 1) Wilson invested $81,000 cash along with office...
work i Saved Impact on Equity Transaction Sept. 1) Wilson invested $81,000 cash along with office equipment valued at $25,700 in a new sole proprietorship named JW Consulting. Sept. 3) The company purchased land valued at $46,000 and a building valued at $160,700. The purchase is paid with $30,700 cash and a long-term note payable for $176,000. Sept. 5) The company purchased $2,700 of office supplies on credit. Sept. 7) Wilson invested a personal automobile in the company. The automobile...
a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market...
a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2,500 cash earned. e. The company completed work for a client and sent a bill for...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
Which of the statements of the rules of debit and credit is true? O A. Increase...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
Nevada Corporation has 63,200 shares of $26 par stock outstanding that has a current market value...
Nevada Corporation has 63,200 shares of $26 par stock outstanding that has a current market value of $158. If the corporation issues a 5-for-1 stock split, the number of shares outstanding will be Oa 821,600 Ob. 316,000 Oc. 63,200 Od. 252,800 When Wisconsin Corporation was formed on January 1, the corporate charter provided for 98,000 shares of $10 par value common stock. During its first month of operation, the corporation issued 8,340 shares of stock at a price of $22...
Oriole Enterprises had the following selected transactions. 1. Bo Oriole invested $6,400 cash in the business....
Oriole Enterprises had the following selected transactions.
1. Bo Oriole invested $6,400 cash in the business.
2. Purchased a 2-year insurance policy for $3,840.
3. Paid office rent of $1,344.
4. Performed consulting services and billed a client $8,320.
5. Bo Oriole withdrew $1,200 cash for personal use.
Prepare the debit-credit analysis for each transaction.
Debit-Credit Analysis Effect on Amounts Effect on Accounting Equation : Debit Cash 1. Debits Increase Assets 6,400 Credits Increase Owner's Equity 4: Credit Owner's Capital...
B. Francis established Computer Wizards during November of this year. The accountant prepared the following chart...
B. Francis established Computer Wizards during November of this year. The accountant prepared the following chart of accounts: Assets Revenue Cash Income from Services Supplies Computer Software Expenses Office Equipment Wages Expense Neon Sign Rent Expense Advertising Expense Liabilities Utilities Expense Accounts Payable Miscellaneous Expense Owner's Equity B. Francis, Capital B. Francis, Drawing The following transactions occurred during the month: Francis deposited $59,000 in a bank account in the name of the business. Paid the rent for the current month,...
a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. The company paid $2,000 cash for rent of office space for the month. c. The company purchased $18,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $1,600 cash earned. e. The company completed work for a client and sent a bill for $7,300 to be received within 30...
Calculator Michael Anderson is starting a computer programming business and has deposited an initial Investment of $15,000 into the business cash account Identify how the accounting equation will be affected. Oa. Increase in assets (Cash) and increase in owner's equity (Michael Anderson, Capital) Ob. Increase in assets (Accounts Receivable) and decrease in liabilities (Accounts Payable) Oc. Increase in assets (Cash) and increase in assets (Accounts Receivable) Od. Increase in assets (Cash) and increase in liabilities (Accounts Payable)
a. Beadell invested $70,000 in a computer company Assets = Liabilities + Cash + + Accounts Receivable Computer Equipment Accounts Payable – B. Beadell Capital Owner's Equity B Boadell + Revenues Withdrawals Expenses a. Beadell invested $70,000 in a computer company b. Bought computer equipment on account, $9,500. C. Beadell paid personal telephone bill from company checkbook, $225. d. Received cash for services rendered, $14,200. e. Billed customers for services rendered for month, $30,800. f. Paid current rent expense, $4,200....
work i Saved Impact on Equity Transaction Sept. 1) Wilson invested $81,000 cash along with office equipment valued at $25,700 in a new sole proprietorship named JW Consulting. Sept. 3) The company purchased land valued at $46,000 and a building valued at $160,700. The purchase is paid with $30,700 cash and a long-term note payable for $176,000. Sept. 5) The company purchased $2,700 of office supplies on credit. Sept. 7) Wilson invested a personal automobile in the company. The automobile...
a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2,500 cash earned. e. The company completed work for a client and sent a bill for...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
Nevada Corporation has 63,200 shares of $26 par stock outstanding that has a current market value of $158. If the corporation issues a 5-for-1 stock split, the number of shares outstanding will be Oa 821,600 Ob. 316,000 Oc. 63,200 Od. 252,800 When Wisconsin Corporation was formed on January 1, the corporate charter provided for 98,000 shares of $10 par value common stock. During its first month of operation, the corporation issued 8,340 shares of stock at a price of $22...
Oriole Enterprises had the following selected transactions.
1. Bo Oriole invested $6,400 cash in the business.
2. Purchased a 2-year insurance policy for $3,840.
3. Paid office rent of $1,344.
4. Performed consulting services and billed a client $8,320.
5. Bo Oriole withdrew $1,200 cash for personal use.
Prepare the debit-credit analysis for each transaction.
Debit-Credit Analysis Effect on Amounts Effect on Accounting Equation : Debit Cash 1. Debits Increase Assets 6,400 Credits Increase Owner's Equity 4: Credit Owner's Capital...
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