Question
In: Accounting
Selected transactions for A. Mane, an interior decorator, in her first month of business, are as...
Selected transactions for A. Mane, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $14,600 cash in business. 3 Purchased used car for $4,380 cash for use in business. 9 Purchased supplies on account for $730. 11 Billed customers $3,504 for services performed. 16 Paid $511 cash for advertising. 20 Received $1,022 cash from customers billed on January 11. 23 Paid creditor $438 cash on balance owed. 28 Withdrew $1,460 cash for personal use by owner.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Selected transactions for A. Mane, an interior decorator, in her first month of business, are as...
Selected transactions for A. Mane, an interior decorator, in her
first month of business, are as follows.
Jan. 2
Invested $13,100 cash in business.
3
Purchased used car for $3,930 cash for use in business.
9
Purchased supplies on account for $655.
11
Billed customers $3,144 for services performed.
16
Paid $459 cash for advertising.
20
Received $917 cash from customers billed on January 11.
23
Paid creditor $393 cash on balance owed.
28
Withdrew $1,310 cash for personal use...
Selected transactions for Allie Mane, an interior decorator, in her first montg of business, are as...
Selected transactions for Allie Mane, an interior decorator, in her
first montg of business, are as follows
Jan. 2 invested $10,000 cash in business.
3 Purchased usee car for $3,000 cash for use in
business.
4 purchases a one-year insurance policy for $1,200.
9 purchased supplies on account for $500.
18 paid creditor $300 cash on balance owed.
28 withdrew $1,000 casg for personal use by owner.
For each transaction, indicate the following. January 2
transactions is given as an...
Selected transactions for B. Madar SE, an interior decorating firm, in its first month of business,...
Selected transactions for B. Madar SE, an interior decorating
firm, in its first month of business, are shown below.
Jan. 2 3 9 11 16 20 23 28
Invested €15,000 cash in the business in exchange for ordinary
shares. Purchased used car for €7,000 cash for use in the
business.
Purchased supplies on account for €500.
€1,800 of services were performed and billed.
Paid €200 cash for advertising.
Received €700 cash from customers billed on January 11. Paid
creditor €300...
Exercise 2-3 Selected transactions for Tamarisk, Inc., an interior decorating firm, in its first month of...
Exercise 2-3
Selected transactions for Tamarisk, Inc., an interior decorating
firm, in its first month of business, are as follows.
Jan. 2
Invested $16,231 cash in the business in exchange for common
stock.
3
Purchased used car for $8,873 cash for use in the
business.
9
Purchased supplies on account for $541.
11
Billed customers $1,948 for services performed.
16
Paid $216 cash for advertising.
20
Received $844 cash from customers billed on January 11.
23
Paid creditor $325 cash...
The following business transactions relate to Sarah Simone for her first month of business operations in...
The following business transactions relate to Sarah Simone for
her first month of business operations in January 2017. All
relevant transactions include 10% GST.
2017
January
1
Commenced business operations with a $300 000 cash injection of
personal funds.
2
Paid monthly rent $1650.
4
Purchased office stationery $2200 on credit from WorksOffice.
7
Purchased office equipment on credit from Supplies Inc. $11000.
9
Sent invoice to client M. Lewis for services $3300.
11
Purchased...
Selected transactions follow for Covington Sports Ltd. during the company’s first month of business. The company...
Selected transactions follow for Covington Sports Ltd. during
the company’s first month of business. The company expects a return
rate of 8% and uses a perpetual inventory system.
Feb.
2
Sold $1,135 of merchandise to
Andrew Noren on account, terms n/30. The goods had cost Covington
$758.
4
Andrew Noren returned for credit
$141 of the merchandise purchased on February 2. The goods had cost
Covington $84 and they were returned to inventory.
5
Sold $762 of merchandise to Dong...
Selected transactions for Oriole Corporation during September 2018, its first month in business, are presented below:...
Selected transactions for Oriole Corporation during September
2018, its first month in business, are presented below:
Sept.
1
Issued common shares in exchange for $21,000 cash.
2
Paid $1,400 cash for rent for the month of September.
5
Purchased equipment for $10,500, paying $2,100 in cash and the
balance on account.
8
Earned $7,200 in revenue, receiving $1,000 cash and $6,200 on
account of services provided.
12
Incurred $600 in advertising expense on account.
20
Paid $3,300 for repairs and...
Rachel White recently started her own shoe repair business. Transactions for the first month of operations...
Rachel White recently started her own shoe repair business.
Transactions for the first month of operations (September 2018) are
as follows.
1) Rachel invested $10,200 in cash in the business.
2) Paid two months of rent for $1,100 in advance.
3) Purchased store equipment worth $2,100 with cash.
4) Incurred business registration expenses, paid with $700
cash.
5) Paid travel expenses with $1,230 cash.
6) Received $2,690 cash from customers for shoe repair services
performed during the month.
7) Provided...
The following transactions occurred in the first month of the business operation: No Transactions Effect on...
The following transactions occurred in the first month of the
business operation:
No
Transactions
Effect on
Assets
Liabilities
Equity
Example
Commission received, RM200
Increase
Increase
1
Introduced capital of RM50,000 cash into the business.
2
Withdrew RM500 cash to pay for his mother’s medical bills.
3
Bought a van on credit RM70,000 from Proton.
4
Customer paid the business RM6,300.
5
The business pay supplier RM2,700 through online banking.
6
Repaid a RM780 loan owed to Robert by cash.
7...
Ivanhoe Crusher is a licensed CPA. During the first month of operations of her business (a...
Ivanhoe Crusher is a licensed CPA. During the first month of
operations of her business (a sole proprietorship), the following
events and transactions occurred.
April 2
Invested $26,320 cash and equipment valued at $11,370 in the
business.
2
Hired an administrative assistant at a salary of $346 per week
payable monthly.
3
Purchased supplies on account $802. (Debit an asset
account.)
7
Paid office rent of $532 for the month.
11
Completed a tax assignment and billed client $950 for...
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