Record the following transactions using the below accounting equation. The first one has been completed for...

Record the following transactions using the below accounting equation. The first one has been completed for you as an example. Make sure to indicate the specific account name and use a + or – sign to indicate if the overall category is being increased or decreased. Items that effect net income should only be shown in the net income column and not in stockholders’ equity.

After recording all transactions, calculate total assets, total liabilities, stockholders’ equity, revenues and expense. Prove your accounting equation is in balance.

Common Stock of $5,000 was sold for cash.
A company paid $100 to car servicing store for an oil change and regular maintenance for a corporate owned automobile. Make the entry to record this.
Make the entry to record $1500 of depreciation on company owned laptops.
Make the entry to record the purchase of equipment for $2,000 along with $200 for installation.
Sold land that had originally cost $100,000 for $115,000 in cash.
For the payroll period ended on October 19, 2018, gross pay was $22,300, net pay was $17,000, FICA tax withholdings were $1,500, income tax withholdings were $3,000, and medical insurance contributions were $800. Prepare the entry below to show the effects of the payroll accrual on October 19, 2018.
The Defiance College sells season tickets for four home football games at a price of $60. For the 2018 season, 5,000 season tickets were sold.
(a.) Record the journal entry below to show the effect of the sale of the season tickets.
(b.) Record the journal entry to show the effect of hosting a home football game

Trans.	Assets	=	Liabilities	+SE	<-	NI
1.	Cash 5,000			Common Stock+5,000
2.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Record the below transactions including adjustments as + and - entries under the below accounting equation...

Record the below transactions including adjustments as + and - entries under the below accounting equation sheet. Cash Accounts Inventory Equipment Accum Prepaid = Accounts Notes Interest Wages Income Bonds Common Retained Receivable Deprec. Insurance Payable Payable Payable Payable Taxes Payable Stock Earnings Prepaid insurance-This year and Next Year 6,300 Sales Revenue for year of 88,000, (12,600 in cash) (15,300 Inventory Sold) Paid wages during the current period 6,400 AP Bills to supplies of 11,000 Declared and paid 1,000 dividends...

Complete the first step in the accounting cycle: Record journal entries for the following transactions in...

Complete the first step in the accounting cycle: Record journal entries for the following transactions in the General Journal, which is the first sheet in the template file. Explanations are not needed. Dec. 1 Investors contributed $96,000 in exchange for shares of common stock. 8 Performed services on account for $32,350. 9 Purchased supplies on account for $672. 10 Purchased furniture at a purchase price of $12,000, by making a cash...

Record the journal entries for each of the transactions below using BOTH merchandise accounting methods: Periodic...

Record the journal entries for each of the transactions below using BOTH merchandise accounting methods: Periodic and Perpetual. 1. Your company bought $1,000 (+13% HST) of merchandise for cash. 2. Your firm made a payment to an inventory supplier on account. The amount paid was $535, and you took the following terms: 3/10, n30. 3. Defective Merchandise that you bought several weeks ago was returned for a cash refund. It was $700 (+13% HST) 4. You sold $2,000 (+ 13%...

Elliott, Inc. has completed operations for the month of December. The first 3 steps of the accounting cycle have been completed:

Elliott, Inc. has completed operations for the month of December. The first 3 steps of the accounting cycle have been completed:Journal entries for December’s transactions have been recordedPosting has been completed.The unadjusted trial balance has been prepared. The unadjusted balances are entered in the General Ledger accounts, which is found on Sheet 2 in the file.Following instructions A – C, you will complete the next steps in the accounting cycle:Prepare adjusting entriesPost the adjusting entries to the General LedgerPrepare the...

Below are the transactions for Ute Sewing Shop for March, the first month of operations. Record...

Below are the transactions for Ute Sewing Shop for March, the first month of operations. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 10). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. March 1 Issue common stock in exchange for cash of $2,900. March 3 Purchase sewing equipment by signing a note with the local bank, $2,600....

Using the T accounts below, record the following transactions. Label each entry with the appropriate letter....

Using the T accounts below, record the following transactions. Label each entry with the appropriate letter. a. The stockholders contributed cash of $40,000 and a truck worth $48,000 into the business in exchange for 8,800 shares of $10 par value stock. b. Paid two months' rent in advance, $2,400. c. Agreed to do a hauling job for a price of $6,400. d. Performed the hauling job. Will get paid later. e. Received payment of $2,000 on the hauling job. f....

Question 1 Fantastic Fashions has just completed its first quarter of operations. Below are transactions that...

Question 1 Fantastic Fashions has just completed its first quarter of operations. Below are transactions that have not yet been recorded. Prepare the journal entries listed below. Jan 1 Pre-tax cash sales amounted to $75,000. HST is collected on all sales at a rate of 13%. Jan 15 Signed a three month note for $12,000 to extend amounts owing on account to Trendy Taste Inc. Interest is 6% annually and due at maturity. Mar...

Question 1 Fantastic Fashions has just completed its first quarter of operations. Below are transactions that...

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). On May 15,...

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). On May 15, DeShawn Tyler opens...

Subjects