Homework Answers
| event | ASSETS | liabilities | stockholders equity | ||||||||||||||||||
| no. | CASH | + | account receivable | + | supplies | + | prepaid rent | = | account payable | + | salary payable | + | common stock | + | dividend | + | service revenue | + | other operating expenses | - | rent expenses |
| 36000 | 1600 | 1600 | 36000 | ||||||||||||||||||
| -6120 | 6120 | ||||||||||||||||||||
| 44350 | 44350 | ||||||||||||||||||||
| 14900 | -14900 | ||||||||||||||||||||
| 32000 | -32000 | ||||||||||||||||||||
| -9800 | -9800 | ||||||||||||||||||||
| -4600 | -4600 | ||||||||||||||||||||
| -1290 | -1290 | ||||||||||||||||||||
| -1020 | -1020 | ||||||||||||||||||||
| 5200 | -5200 | ||||||||||||||||||||
| balance | 47480 | 12350 | 310 | 5100 | 6700 | 5200 | 36000 | -4600 | 44350 | -21390 | -1020 |
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The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations’s first year of operations: Acquired $20,000 cash from the...
The following events apply to Paradise Vacations’s first year of operations: Acquired $20,000 cash from the issue of common stock on January 1, 2018. Purchased $800 of supplies on account. Paid $4,200 cash in advance for a one-year lease on office space. Earned $28,000 of revenue on account. Incurred $12,500 of other operating expenses on account. Collected $24,000 cash from accounts receivable. Paid $9,000 cash on accounts payable. Paid a $3,000 cash dividend to the stockholders. Information for Adjusting Entries...
T-Accounts? Trial Balance? Income statement? Statement of changes? Balance sheet? Statement of cash flows? The following...
T-Accounts? Trial Balance? Income statement? Statement of
changes? Balance sheet? Statement of cash flows?
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $54,000 cash from...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $54,000 cash from the issue of common stock. Paid $13,900 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $110,000. Incurred operating expenses on account of $44,500. Collected $84,000 cash from accounts receivable. Paid $40,000 cash for salary expense. Paid $35,600 cash as a partial payment on...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $37,000...
Colton Enterprises experienced the following events for Year 1,
the first year of operation:
Acquired $37,000 cash from the issue of common stock.
Paid $12,200 cash in advance for rent. The payment was for the
period April 1, Year 1, to March 31, Year 2.
Performed services for customers on account for $76,000.
Incurred operating expenses on account of $36,000.
Collected $58,500 cash from accounts receivable.
Paid $23,000 cash for salary expense.
Paid $28,800 cash as a partial payment on...
The following events apply to Equipment Services Inc. in its first year of operation: Acquired $60,000...
The following events apply to Equipment Services Inc. in its
first year of operation:
Acquired $60,000 cash from the issue of common stock.
Received an $8,200 cash advance for services to be provided in
the future.
Purchased $2,000 of supplies on account.
Earned $36,000 of service revenue on account.
Incurred $16,100 of operating expenses on account.
Collected $28,500 cash from accounts receivable.
Made a $15,100 payment on accounts payable.
Paid a $2,000 cash dividend to the stockholders.
Recognized $1,600 of...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
T-Accounts? Trial Balance? Income statement? Statement of
changes? Balance sheet? Statement of cash flows?
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from...
Colton Enterprises experienced the following events for Year 1,
the first year of operation:
Acquired $37,000 cash from the issue of common stock.
Paid $12,200 cash in advance for rent. The payment was for the
period April 1, Year 1, to March 31, Year 2.
Performed services for customers on account for $76,000.
Incurred operating expenses on account of $36,000.
Collected $58,500 cash from accounts receivable.
Paid $23,000 cash for salary expense.
Paid $28,800 cash as a partial payment on...
The following events apply to Equipment Services Inc. in its
first year of operation:
Acquired $60,000 cash from the issue of common stock.
Received an $8,200 cash advance for services to be provided in
the future.
Purchased $2,000 of supplies on account.
Earned $36,000 of service revenue on account.
Incurred $16,100 of operating expenses on account.
Collected $28,500 cash from accounts receivable.
Made a $15,100 payment on accounts payable.
Paid a $2,000 cash dividend to the stockholders.
Recognized $1,600 of...
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