Ikaw passed the very difficult CPA board examination in October and immediately set-up his bookkeeping practice. During the first month of operation he completed the following transactions: a) Began the bookkeeping practice by placing P20,000 in bank account established for the business. b) Purchased a laptop computer for P30,000 - P10,000 in cash, balance in 5 monthly installments. c) Purchased office supplies for P4,000 on credit. d) Accepted P5,000 in cash for completing a bookkeeping contract. e) Billed clients P19,500 for services rendered during the month. f) Paid P2,000 of the amount owned for office supplies. g) Received P12,500 in cash from one client who had been previously billed for services rendered. h) Paid rent for the month in the amount of P12,000. i) Withdrew P400 from the practice for personal use. j) Paid monthly installment on the liability from the purchase of the laptop computer. REQUIRED: Show the effect of these transactions on the accounting equation by completing the table below. Identify each owner's equity transaction:

Ikaw passed the very difficult CPA board examination in October and immediately set-up his bookkeeping practice. During the first month of operation he completed the following transactions: a) Began the bookkeeping practice by placing P20,000 in bank account established for the business. b) Purchased a laptop computer for P30,000 - P10,000 in cash, balance in 5 monthly installments. c) Purchased office supplies for P4,000 on credit. d) Accepted P5,000 in cash for completing a bookkeeping contract. e) Billed clients P19,500 for services rendered during the month. f) Paid P2,000 of the amount owned for office supplies. g) Received P12,500 in cash from one client who had been previously billed for services rendered. h) Paid rent for the month in the amount of P12,000. i) Withdrew P400 from the practice for personal use. j) Paid monthly installment on the liability from the purchase of the laptop computer. REQUIRED: Show the effect of these transactions on the accounting equation by completing the table below. Identify each owner's equity transaction:

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FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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E Chapter 5 Homework - FINANCIA X O NWP Assessment Player UI Appli X b Answered: The accountant of Lati x M Inbox - dhyani11141999@gmail. X b My Questions | bartleby + i assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld3D1d52287e-dfd8-4d2a-80c9-4cbf51a01297#/question/0 E Chapter 5 Homework Question 1 of 6 > -/ 1 View Policies Current Attempt in Progress Koch Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land $40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful Accounts $4,000, and Equity Investments (to be sold in the next quarter) $11,000. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.) КОСН СORPORATION Balance Sheet (Partial) 2$ 2$ 1:37 PM O Type here to search 9/24/2020 2 ..
E Chapter 5 Homework - FINANCIA X O NWP Assessment Player UI Appli X b Answered: The accountant of Lati x M Inbox - dhyani11141999@gmail. X b My Questions | bartleby + i assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld3D1d52287e-dfd8-4d2a-80c9-4cbf51a01297#/question/4 E Chapter 5 Homework Question 5 of 6 > -/ 1 View Policies Current Attempt in Progress The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: 1. Operating activity-add to net income. 2. Operating activity-deduct from net income. 3. Investing activity. 4. Financing activity. 5. Reported as significant noncash activity The transactions are as follows. Transactions Classifications of Activities (a) Issuance of common stock. (b) Purchase of land and building. (c) Redemption of bonds. (d) Sale of equipment. (e) Depreciation of machinery. (f) Amortization of patent. 1:39 PM O Type…
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Safari File Edit View History Bookmarks Window Help uLink - Student... W 1. 2. uLink - Student... 3. 4. learn-eu-central-1-prod-fleet01-xythos.content.blackboardcdn.com uLink - Student... 21 445 Entity A enters into the following transactions. You are required to show the impact of the transactions below on the accounting equation. e Content 9 Bb https://learn-eu-... Entity A purchased 1 000 bags of cement from K Ltd on credit. K Ltd normally sells a bag for R45. Entity A received a 10% discount for the 1 000 bags. Entity A returned 150 bags of cement, as they were defective. On the same day, the outstanding balance was settled through an online payment. This transaction did not affect the discount offered to Entity A. Select the correct values from the dropdown menus in the table provided in the Blackboard activity. MAR 7 In an attempt to assist the business, the owner of Entity A deposited R100 000 into the entity's bank account. A quarter of the amount is payable to the owner and…
M Inbox - merc4365@fredonia.edu X A edugen.wileyplus.com/edugen/student/mainfr.uni nail O YouTube Maps Welcome, Joseph -. O New Tab WileyPLUS: HyWileyPLUS I Hele I Contact Us I PLUS PRINCIPLES OF ACCOUNTING (ACCT 201 Kimmel, Accounting, 7e Study & Practice Assignment Gradebook ORION Downloadable eTextbook Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION 4BACK NE RESOURCES nework e5-01 Exercise 5-03 Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. 5-05 Sept. 6 Purchased calculators from Wildhorse Co. at a total cost of $1,680, terms n/30. Paid freight of $60 on calculators purchased from Wildhorse Co. Returned calculators to Wildhorse Co. for $65 credit because they did not meet specifications. Sold calculators costing $520 for $670 to Fryer Book Store, terms n/30. Granted credit of $35 to Fryer Book Store for the return of one calculator…
: CengageNOWv2 | Online teachin x C Accounting question | Chegg.com x + A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false M Gmail YouTube Maps Blackboard HW #10 - Chpt 22 1 eBook E Print Item Production and Direct Labor Cost Budgets Two-Leg Company manufactures slacks and jeans under a variety of brand names, such as Kickers and 101 Denims. Slacks and jeans are assembled by a variety of different sewing operations. Assume that the sales budget for Kickers and 101 Denims shows estimated sales of 15,430 and 32,760 pairs, respectively, for May. The finished goods inventory is assumed as follows: Kickers 101 Denims May 1 estimated inventory 690 920 May 31 desired inventory 260 1,160 Assume the following direct labor data per 10 pairs of Kickers and 101 Denims for four different sewing operations: Direct Labor per 10 Pairs Kickers 101 Denims Inseam 19 minutes 13 minutes Outerseam 23 16 > Pockets 7 Zipper 11 7 Total 60…
E Chapter 5 Homework - FINANCIA X O NWP Assessment Player UI Appli X b Answered: The accountant of Lati x M Inbox - dhyani11141999@gmail. X b My Questions | bartleby + i assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=1d52287e-dfd8-4d2a-80c9-4cbf51a01297#/question/5 E Chapter 5 Homework Question 6 of 6 > -/ 1 View Policies Current Attempt in Progress The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows. CONSTANTINE CAVAMANLIS INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 45,000 $ 13,000 $32,000 Inc. Accounts receivable 91,000 88,000 3,000 Inc. Equipment 39,000 22,000 17,000 Inc. Less: Accumulated Depreciation-Equipment 17,000 11,000 6,000 Inc. Total $158,000 $112,000 Liabilities and Stockholders' Equity, Accounts payable $ 20,000 $ 15,000 5,000 Inc. Common stock 100,000 80,000 20,000 Inc. Retained earnings 38,000 17,000 21,000 Inc. Total $158,000 $112,000 Net…
Alabama A&M AppsAnywhere * CengageNOWv2 | Online teachin x + Content A v2.cengagenow.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Apps M Gmail YouTube A Maps a News E Reading list E_CH7 еВook Show Me How DaIK TecoICation anu entnes Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Instructions The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $84,457. The bank statement indicated a balance of $127,190 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $33,310. b. A deposit of $17,610, representing receipts of June 30, had been made too late to appear on the bank statement. c. The bank collected $28,248 on a $26,400 note, including interest of $1,848. d. A check for $1,100 returned with the statement had been incorrectly recorded by Pala…
* 00 edule - 2020FA-A X Connect C Get Homework Help With Chegg X b Accounting Question | bartleby x + A https://ezto.mheducation.com/ext/map/index.html?_con3Dcon&external_browser%3D0&launchUrl=https%253A%252F%252Fnew... * apter 20 Homework i Saved Help Save & Exit Check m Exercise 20-2 (Algo) Change in principle; change in inventory methods [LO20-2] 2. Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIF0 method at the beginning of 2021. The inventory as reported at the end of 2020 using LIFO would have been $55,000 higher using FIFO. Retained earnings at the end of 2020 was reported as $730,000 (reflecting the LIFO method). The tax rate is 40%. Ints Skipped Required: 1. Calculate the balance in retained earnings at the time of the change (beginning of 2021) as it would have been reported if FIFO had been used in prior years. 2. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. eBook Hint…
geNOWv2 | Online teachin X eAssignment/takeAssignmentMain.do?invoker3D&takeAssignmentSessionLocator=&inprogress3false nail A D2L O Facebook M Gmail a Citation Guides - Bi. CLA APA Overview and... EasyBib: Free Biblio.. YouTube eBook Sales Documents Select whether each of the following documents or procedures is for a retail business or for a wholesale business, as described in 1. A cash register receipt is given to the customer. 2. Credit approval is required since sales are almost always "on account." 3. Three copies of the sales invoice are prepared: one for shipping, one for the customer (as a bill), and one for accounting. 4. A sales ticket is given to a customer and another copy is sent to accounting. 5. The sales process begins with a customer purchase order. 6. The sales invoice itemizes what is sold, its cost, and the total amount owed. Feedback Check My Work Think about how transactions are documented for retailers and wholesalers. Retailers usually sell to final consumers,…
kboard b X what is stockholders equ x | M Inbox (1,662)-galomikeyc Learn × group portr ard.com/webapps/ubsh-Iti-integration-BBLEARN//app/content/launchHandler?course id- 132178 18content pus Powered by Bb eCampusS ePortfolios Community Content Collection ments HW Assignment 3 Menu QUESTION 7 Not changed since last attempt Marked out of 1.00 Flag question On October 1, a company received $3,600 for services to be performed over the next 6 months, with an equal amount of work to be completed each month. If no adjusting entry is made on December 31, Select one: O a. net income will be understated by $3,600 O b. net income will be understated by $1,800 O C. net income will be overstated by $1,800 O d. net income will be overstated by $3,600 O e. net income will be understated by $2,400 Save Answers Previous page Next page [D
dugen.wileyplus.com/edugen/lti/main.uni O Maps GE News O Translate A Shahid - Home O YouTube A Classwork C Solved: Suppose m. Paused ...jc Jaell äoghio * Home - MYADU منظومة العمل O Citrix Receiver Return to Blackboard L US Weygandt, Managerial Accounting, 8e Help | System Announcements CALCULATOR PRINTER VERSION 1 BACK NEXT Exercise 191 Englehart, Inc. reports the following operating results for the month of August: Sales $450,000 (units 5,000); variable costs $280,000; and fixed costs $115,000. Management is considering the following independent courses of action to increase net income. 1. Increase selling price by 10% with no change in total variable costs. 2. Reduce variable costs to 65% of sales. a, 3. Reduce fixed costs by $15,000. Compute the net income to be earned under each alternative. Net Income 1. Increase selling price $4 2. Reduce variable costs %2$ 3. Reduce fixed costs Which course of action will produce the highest net income? ce will produce higest net income. ce…