Question

In: Accounting

Problem 1-04A a-c (Part Level Submission) (Video) Maria Miller started her own consulting firm, Sheridan Consulting,...

Problem 1-04A a-c (Part Level Submission) (Video)

Maria Miller started her own consulting firm, Sheridan Consulting, on May 1, 2020. The following transactions occurred during the month of May.

May 1 Trixie invested $7,500 cash in the business.
2 Paid $850 for office rent for the month.
3 Purchased $500 of supplies on account.
5 Paid $130 to advertise in the County News.
9 Received $4,400 cash for services performed.
12 Withdrew $1,200 cash for personal use.
15 Performed $5,600 of services on account.
17 Paid $2,600 for employee salaries.
20 Made a partial payment of $300 for the supplies purchased on account on May 3.
23 Received a cash payment of $4,100 for services performed on account on May 15.
26 Borrowed $4,700 from the bank on a note payable.
29 Purchased equipment for $4,000 on account.
30

Paid $350 for utilities.

(a)

Show the effects of the previous transactions on the accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owners Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)

Solutions

Expert Solution


Related Solutions

Problem 13-04A a-c (Part Level Submission) (Video) Monty Corporation is authorized to issue 20,000 shares of...
Problem 13-04A a-c (Part Level Submission) (Video) Monty Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders’ equity balances. Preferred Stock (12,000 shares) $600,000 Paid-in Capital in Excess of Par—Preferred Stock 70,500 Common Stock (65,500 shares) 327,500 Paid-in Capital in Excess of Par—Common Stock 650,000 Retained Earnings 290,000 During 2020, the following transactions occurred. Feb. 1...
Problem 3-3 Nona Curry started her own consulting firm, Curry Consulting Inc., on May 1, 2017....
Problem 3-3 Nona Curry started her own consulting firm, Curry Consulting Inc., on May 1, 2017. The following transactions occurred during the month of May. May 1 Stockholders invested $15,000 cash in the business in exchange for common stock. 2 Paid $600 for office rent for the month. 3 Purchased $500 of supplies on account. 5 Paid $150 to advertise for the month in the County News. 9 Received $1,400 cash for services performed. 12 Paid $200 cash dividend. 15...
Problem 3-03A a, b1-b3, c (Video) (Part Level Submission) Marigold Corp. was organized on July 1,...
Problem 3-03A a, b1-b3, c (Video) (Part Level Submission) Marigold Corp. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown as follows. Marigold Corp. Trial Balance September 30, 2020 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash $ 8,700 $ 8,700 Accounts Receivable 10,400 11,500 Supplies 1,450 600 Prepaid Rent 2,200 1,150 Equipment 18,700 18,700 Accumulated Depreciation—Equipment $      0 $     700 Notes Payable 9,300 9,300 Accounts...
Problem 12-02A a-c (Part Level Submission) (Video) At the end of its first year of operations...
Problem 12-02A a-c (Part Level Submission) (Video) At the end of its first year of operations on December 31, 2020, Sheridan Company’s accounts show the following. Partner Drawings Capital Art Niensted $23,400 $42,100 Greg Bolen 14,500 30,500 Krista Sayler 10,000 22,500 The capital balance represents each partner’s initial capital investment. Therefore, net income or net loss for 2020 has not been closed to the partners’ capital accounts. To record the division of net income for the year 2020 under each...
Problem 23-5A a, c (Video) (Part Level Submission) Sunland Company manufactures a variety of tools and...
Problem 23-5A a, c (Video) (Part Level Submission) Sunland Company manufactures a variety of tools and industrial equipment. The company operates through three divisions. Each division is an investment center. Operating data for the Home Division for the year ended December 31, 2020, and relevant budget data are as follows. Actual Comparison with Budget Sales $1,401,000 $100,000 favorable Variable cost of goods sold 680,000 55,000 unfavorable Variable selling and administrative expenses 126,000 25,000 unfavorable Controllable fixed cost of goods sold...
Ruth Lewis started her own consulting firm, Lewis Consulting, on May 1, 2020. The trial balance...
Ruth Lewis started her own consulting firm, Lewis Consulting, on May 1, 2020. The trial balance at May 31 is as follows. LEWIS CONSULTING Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash $ 4,700 112 Accounts Receivable 6,100 126 Supplies 1,900 130 Prepaid Insurance 4,800 149 Equipment 12,600 201 Accounts Payable $ 4,800 209 Unearned Service Revenue 1,900 301 Owner’s Capital 20,000 400 Service Revenue 7,900 726 Salaries and Wages Expense 3,300 729 Rent Expense 1,200 $34,600...
Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2017. The trial balance...
Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2017. The trial balance at May 31 is as follows. KRAUSE CONSULTING Trial Balance May 31, 2017 Account Number Debit Credit 101 Cash $ 4,400 112 Accounts Receivable 6,200 126 Supplies 1,900 130 Prepaid Insurance 4,800 149 Equipment 12,000 201 Accounts Payable $ 4,800 209 Unearned Service Revenue 2,100 301 Owner’s Capital 19,700 400 Service Revenue 7,500 726 Salaries and Wages Expense 3,400 729 Rent Expense 1,400 $34,100...
Problem 24-01A a-c (Part Level Submission) (Video) Cook Farm Supply Company manufactures and sells a pesticide...
Problem 24-01A a-c (Part Level Submission) (Video) Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2020. 1. Sales: quarter 1, 29,200 bags; quarter 2, 43,200 bags. Selling price is $61 per bag. 2. Direct materials: each bag of Snare requires 5 pounds of Gumm at a cost of $3.80 per pound and 6 pounds of Tarr at $1.50 per pound. 3....
Problem 5-02A a-c (Part Level Submission) (Video) Sunland Hardware Store completed the following merchandising transactions in...
Problem 5-02A a-c (Part Level Submission) (Video) Sunland Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sunland showed Cash of $4,500 and Owner’s Capital of $4,500. May 1 Purchased merchandise on account from Braun's Wholesale Supply $3,900, terms 2/10, n/30. 2 Sold merchandise on account $2,500, terms 1/10, n/30. The cost of the merchandise sold was $1,600. 5 Received credit from Braun's Wholesale Supply for merchandise returned $400....
Problem 24-02A a-c (Video) (Part Level Submission) Blossom Corporation accumulates the following data relative to jobs...
Problem 24-02A a-c (Video) (Part Level Submission) Blossom Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Actual Standard Raw materials unit cost $2.40 $2.25 Raw materials units 11,200 10,500 Direct labor payroll $171,350 $164,160 Direct labor hours 14,900 15,200 Manufacturing overhead incurred $214,552 Manufacturing overhead applied $216,752 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $65,250 Variable overhead rate per...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT