Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock, $55,000. 2. Paid creditors on account, $7,000. 3. Billed customers for services on account, $2,565. 4. Received cash from customers on account, $8,450. 5. Paid dividends to stockholders, $2,500. 6. Purchased supplies on account, $160. Indicate the effect of each transaction on the accounting equation by: a. Account type - (A) assets, (L) liabilities, (SE) stockholders' equity, (R) revenue, and (E) expense. b. Name of account c. Amount of the transaction d. Direction of change (increase or decrease) in the account affected Note: Each transaction has two entries. Enter all amounts as positive numbers. Entry 1 2 3 Acct. Type (a) Name of Acct. (b) Amount (c) Increase or Decrease (d) Acct. Type (a) Entry Name of Acct. (b) Amount (c) Increase or Decrease (d)

Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock, $55,000. 2. Paid creditors on account, $7,000. 3. Billed customers for services on account, $2,565. 4. Received cash from customers on account, $8,450. 5. Paid dividends to stockholders, $2,500. 6. Purchased supplies on account, $160. Indicate the effect of each transaction on the accounting equation by: a. Account type - (A) assets, (L) liabilities, (SE) stockholders' equity, (R) revenue, and (E) expense. b. Name of account c. Amount of the transaction d. Direction of change (increase or decrease) in the account affected Note: Each transaction has two entries. Enter all amounts as positive numbers. Entry 1 2 3 Acct. Type (a) Name of Acct. (b) Amount (c) Increase or Decrease (d) Acct. Type (a) Entry Name of Acct. (b) Amount (c) Increase or Decrease (d)

Name: Daniels Company made the following selected transactions during May:1
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Description: Daniels Company made the following selected transactions during May:1. Received cash from sale of stock, $55,000.2. Paid creditors on account, $7,000.3. Billed customers for services on account, $2,565.4. Received cash from customers on account, $8,

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 5PA: The transactions completed by Revere Courier Company during December, the first month of the fiscal...

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Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600
The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
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Yates Company's records provide the following information concerning certain account balances and changes in these account balances during the current year. Accounts Receivable: Jan. 1, balance $41,000, Dec. 31, balance $55,000, uncollectible accounts written off during the year, $6,000; accounts receivable collected during the year, $159,000. Compute Sales revenue for the year.
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