Question

Exercise 164 This transactions relate to Hanshew Real Estate Apency 1. Stockholders invested $35,000 in exchange for common stock of the corporation. 2. Hires an administrative assistant at an annual salary of $36,000. 3. Buys equipment for $3,500 on account. 4 Sells a house and lot for M Springer; commissions due from Springer, $10,000 (not paid by Springer at this time). s. Receives cash of $140 as commission for acting as rental agent renting an apartment. 6. Pays $700 on account for the equipment purchased on October 3. 7. Pays the administrative assistant $3,000 in salary for October Complete the tabular analysis beiow, showng the final amount for each item. (Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.) -Accts. Pay, +Cammon Stock+ Service Revenue Sal. Wages Exp. Accts. Rec. Trans Equip. Cash 1. 2. 3 4 7 Ttals Write the basic accountng equaton +Stockholder's Equity Assets Lisbilities Question Attempts: 0 of used Exercise 4-16 Action Quest Games Inc. adusts its accounts annually. The following information is avalable for the year ended December 31, 2017 Purchased a 1-year insurance polcy on June 1 for $2.760 cash 1 Paid $6,100 on August 31 for 5 months rent in advance. On September 4, received $3,060 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved students at a local school. Signed a contract for cleaning services starting December 1 for $1,050 per month, Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) 4 On December 5, received $1,500 in advance from a gaming club. Determined that on December 31, $450 of these games had not yet been played. 5. Record each of the above transactions in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduuced.) Stockholders' Equity Liabilities . Assets Retained Earnings Com Prepd. Prepd. Unearned Prepd Clean Exp. Div Serv. Rev Rey Stock Rent Cash Insur 2017 June 1 Aug. 31 Sept. 4 Nov. 30 Dec. 5 For each of the above transactions, record the adlustment that is required on December 31 in the tabular summary from part (a). (Hint: Use the account Service Revenue for item 3 and Repairs and Maintenance Expense for item 4.) (f a transection results in a decrease in Assets, Liabities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockhalders' Equity Liabilities Assets Retained Eamings Unearned Serv. Rev Com Stock Prepd Prepd Clean Prepd. Insur Exp. Div Rey Rent 2017 Cash Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Question Attempts: 0 of S used Exercise 253 Janus Coat Company purchased a delivery truck on June 1 for $30,000, paving $10,000 cash and signing a 6%, 2-month nete for the remaining balance. The truck is expected to depreciate $6,000 ech year Janus Ceat Company prepares monthly inancial statements. (a) Use the tabular summary below to record the acquisiten of the delivery truck on June 1st (b) Enter any ajustments that should be made on June 30th, using the tabular summary (Enter negative amounts using either a negative sign preceding the number e.e45 or parentheses e.g (45), Do not leave any answer feld blank. Enter 0 for amounts.) Liabilities Stockholders' Equity Assets Expenses Equipment Accum. Depr. Equip Notes Payable+ Int. Payable Cash (a) June 1 Dept. Expenses (b) June 30 Int. Expenses June 30 Show how the delivery truck wil be refected on Janus Coat Company's baance sheet on June 30 2anus Coat Company's Balance Sheet Asseta Question Attempts: 0 of usedi

Answer 1

Solution

Exercise 164:

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A C F F G H Solution 1 Tabular analysis: 2 Assets liabilities+ Equity 3 4 Equipment A/P Transaction Cash Service Rev. Sal. wages Exp. A/R+ Com. stock 35000 35000 2 no entry 7 3 3500 3500 8 4. 10000 10000 140 140 10 6 -700 -700 11 7 -3000 3000 12 Total 10000 35000 31440 3500 2800 10140 3000 13 14 Basic Accounting Equation: 15 Liabilities stockholders equity Assets 16 44940 2800 42140 17 (31440+10000+3500-44940) 18 (35000+10140-3000-42140) 19 20 2 21