Question
In: Accounting
Analyze each transaction. Under each category in the accounting equation, indicate whether the transaction: A. increases, B....
Analyze each transaction. Under each category in the accounting equation, indicate whether the transaction:
A. increases,
B. decreases, or
C. has no effect. The item (a) is provided as an example.
- Provided services to a customer on account. (Revenue increases causing Stockholders’ Equity to increase, Assets increase, and no effect on Liabilities).
6. Collected from customers for services provided on account.
7. Incurred salaries for the month, will pay next week.
8. Purchased office equipment and will pay vendor later.
|
Asset |
Liability |
Stockholders’ Equity |
|
|
(a) |
A |
C |
A |
|
6. |
|||
|
7. |
|||
|
8. |
9. At the beginning of January, the balance in the Retained Earnings account is $210,000 for BMJ Corporation. During the month of January, BMJ had the following external transactions.
|
(a) |
Pay rent for the month |
$5,000 |
|
(b) |
Provide services to customers in exchange for cash |
150,000 |
|
(c) |
Provide services to customers on account |
80,000 |
|
(d) |
Issue common stock for cash |
100,000 |
|
(e) |
Purchase equipment and pay cash |
125,000 |
|
(f) |
Pay workers' salaries for the month |
140,000 |
|
(g) |
Pay dividends to stockholders |
40,000 |
$______________Determine ending Retained Earnings for January 31st.
Solutions
ekkarill92 answered 2 hours agoRelated Solutions
For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in...
For each transaction, (1) analyze the transaction using the
accounting equation, (2) record the transaction in journal entry
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accounts. Use the following (partial) chart of accounts—account
numbers in parentheses: Cash (101); Accounts Receivable (106);
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(403); Wages Expense (601), and Landscaping Expense (696).
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For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in...
For each transaction, (1) analyze the transaction using the
accounting equation, (2) record the transaction in journal entry
form, and (3) post the entry using T-accounts to represent ledger
accounts. Use the following (partial) chart of accounts—account
numbers in parentheses: Cash (101); Accounts Receivable (106);
Office Supplies (124); Trucks (153); Equipment (167); Accounts
Payable (201); Unearned Landscaping Revenue (236); Common Stock
(307); Dividends (319); Landscaping Revenue (403); Wages Expense
(601), and Landscaping Expense (696).
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For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in...
For each transaction, (1) analyze the transaction using the
accounting equation, (2) record the transaction in journal entry
form, and (3) post the entry using T-accounts to represent ledger
accounts. Use the following (partial) chart of accounts—account
numbers in parentheses: Cash (101); Accounts Receivable (106);
Office Supplies (124); Trucks (153); Equipment (167); Accounts
Payable (201); Unearned Landscaping Revenue (236); D. Tyler,
Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue
(403); Wages Expense (601), and Landscaping Expense (696).
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transaction is an operating, investing, financing, or non-cash
activity. Indicate whether it the item would be added or subtracted
in the respective section in the statement of cash flows.
Activity Description: Classify Activity as Operating, Investing,
Is the activity Added (inflow), subtracted (outflow),
Financing, or Non-Cash or non-cash?
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(b) Exchange of land for patent.
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(d) Payment of dividends....
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Analyze the transactions described below and indicate their effect on the basic accounting equation. Use a...
Analyze the transactions described below and indicate their
effect on the basic accounting equation. Use a plus sign (+) to
indicate an increase and a minus sign (—) to indicate a
decrease.
Assets
=
Liabilities
+
Owner's Equity
1.
Received cash for services performed.
________
________
________
2.
Purchased office equipment on credit.
________
________
________
3.
Paid employees' salaries.
________
________
________
4.
Received cash from customer in payment
on account.
________
________
________
5.
Paid telephone bill for...
Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity.
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b. Issued $50,000 par value common stock for cash.
c. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
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Question: Transaction analysis and use of the basic
accounting equation
Required
Analyze the following transactions and show their
effects on the basic accounting equation, by preparing a template
as follows:
ASSETS
LIABILITIES
S/H EQUITY
Date/Ref.
Cash
A/R
Inv.
Equip.
A/P
Dividends Payable
Loan Payable
Common Shares
Rev/Exp
Rev/Exp/DD
a. Received $250,000 from the issuance
of shares.
b. Borrowed $100,000 from the bank at
6% per year.
c. Purchased equipment for
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d. Purchased inventory costing $75,000,
paying $50,000, with the...
What is accounting equation? Give any five transaction and there treatment in accounting equation?
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treatment in accounting equation?
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