Required information Use the following information for Exercise 2-9 through Exercise 2-12 below. (Static) [The following information applies to the questions displayed below] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company. August 2. The company paid $2,100 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $880 cash. August 20 The company received $3,331 cash from taking photos for customers. August 31 The company paid $675 cash for August utilities. Exercise 2-11 (Static Analyzing transactions using accounting equation LO A1 Analyze each transaction above by showing its effects on the accounting equation-specifically, Identify the accounts and amounts including + or -) for each transaction. Use the following partial chart of accounts: Cash; Supplies, Prepaid Insurance, Equipment, M. Harris, Capital, Services Revenue; and Utilities Expense.

Required information Use the following information for Exercise 2-9 through Exercise 2-12 below. (Static) [The following information applies to the questions displayed below] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company. August 2. The company paid $2,100 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $880 cash. August 20 The company received $3,331 cash from taking photos for customers. August 31 The company paid $675 cash for August utilities. Exercise 2-11 (Static Analyzing transactions using accounting equation LO A1 Analyze each transaction above by showing its effects on the accounting equation-specifically, Identify the accounts and amounts including + or -) for each transaction. Use the following partial chart of accounts: Cash; Supplies, Prepaid Insurance, Equipment, M. Harris, Capital, Services Revenue; and Utilities Expense.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.1: Buying Plant Assets And Paying Property Taxes

Problem 1OYO

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Required information Use the following information for Exercise 2-9 through Exercise 2-12 below. (Static) [The following information applies to the questions displayed below] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company. August 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $880 cash. August 20 The company received $3,331 cash from taking photos for customers. August 31 The company paid $675 cash for August utilities. Exercise 2-11 (Static) Analyzing transactions using accounting equation LO A1 Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. Use the following partial chart of accounts: Cash; Supplies, Prepaid Insurance, Equipment, M. Harris, Capital, Services…
Consider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CR
Required 1 Required 2 Post the above transactions to the T-accounts. Ending Balance Ending Balance Ending Balance Cash Prepaid Insurance M. Harris, Capital Utilities Expense Ending Balance Ending Balance Ending Balance Supplies Equipment Services Revenue
! Required information Use the following information for Exercise 2-9 through Exercise 2-12 below. (Algo) [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $14,500 cash and $62,350 of photography equipment in the company. August 2 The company paid $2,900 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,755 cash. August 20 The company received $2,100 cash from taking photos for customers. August 31 The company paid $875 cash for August utilities. Exercise 2-12 (Algo) Preparing T-accounts (ledger) and a trial balance LO P1 Required: 1. Post the above transactions to the T-accounts. 2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.
Need some assistance logging these scenarios in a journal entry. April 2: The firm signed an agreement with a contractor to install shelves costing $18,000. The work will begin on April 4. Purchased a delivery truck by paying $1,000 and taking out a 5 year 12% loan for $24,000. Mark used the company's funds to purchase additional equipment costing $22,000 and furniture and fixtures costing $38,000. It was necessary to pay a computer consultant $4000 to install, configure, and test the equipment prior to its use. April 3: The company borrowed $100,000 from Mark by signing a five-year promissory note at 12% (ignore the interest for now) The company purchased a business health license from the county at a cost of $2,400. The license expires one year from now. April 8: Work on the leasehold improvements was finished and the contractor was paid $18,000. April 15: Sales for the first half of the month totaled $42,000, of which $18,000 was for cash and the remainder on account. The…
Required information [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $13,750 cash and $59,125 of photography equipment in the company. August 2 The company paid $2,200 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,613 cash. August 20 The company received $3,700 cash from taking photos for customers. August 31 The company paid $882 cash for August utilities. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet 1 2 3 4 M. Harris, the owner, invested $13,750 cash and $59,125 of photography equipment in the company. Note: Enter debits before credits. Date General Journal Debit Credit August 01 Record entry Clear entry View genera
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 15,140 Cash withdrawals by owner $ 830 Accounts receivable 12,720 Consulting revenue 12,720 Office supplies 2,110 Rent expense 2,380 Land 46,010 Salaries expense 5,620 Office equipment 16,780 Telephone expense 780 Accounts payable 7,360 Miscellaneous expenses 600 Owner investments 82,890 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ***Can you please help me with what I am missing any why?
Required information [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $10,750 cash and $46,225 of photography equipment in the company. August 2 The company paid $3,200 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,043 cash. August 20 The company received $2,700 cash from taking photos for customers. August 31 The company paid $875 cash for August utilities. Prepare general Journal entries for the above transactions. View transaction list Journal entry worksheet 1 2 3 4 5 M. Harris, the owner, invested $10,750 cash and $46,225 of photography equipment in the company. Note: Enter debits before credits. Date August 01 Record entry General Journal Clear entry Debit Credit View general journal
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 15,140 Cash withdrawals by owner $ 830 Accounts receivable 12,720 Consulting revenue 12,720 Office supplies 2,110 Rent expense 2,380 Land 46,010 Salaries expense 5,620 Office equipment 16,780 Telephone expense 780 Accounts payable 7,360 Miscellaneous expenses 600 Owner investments 82,890 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: The owner’s initial investment consists of $36,880 cash and $46,010 in land. The company’s $16,780 equipment purchase is paid in cash. Cash paid to employees is $370. The accounts payable balance of…
T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…
Prepare the journal entries to record the following transactions for Bell Printers in Feb 2001. Dates and narrations are required. 1 Feb The owner made the following contributions to start the business: $200,000 cash and a vehicle valued at $60,000. 5 Feb The business purchased new Equipment for $10,000. A deposit of $3,000 was paid in cash and the remainder on credit. 8 Feb Collected cash $15,000 for printing services performed for clients. 12 Feb Paid 3 months’ rent of $18,000 in advance. 16 Feb The business paid the office assistant’s wages of $6,000. 20 Feb Paid $2,000 interest on the bank loan. 25 Feb Received $3,200 from customers for services to be provided in March.
Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company had the following transactions. 1. Issue 10,000 shares of common stock in exchange for $32,000 in cash. 2. Purchase land for $19,000. A note payable is signed for the full amount. 3. Purchase storage container equipment for $8,000 cash. 4. Hire three employees for $2,000 per month. 5. Receive cash of $12,000 in rental fees for the current month. 6. Purchase office supplies for $2,000 on account. 7. Pay employees $6,000 for the first month’s salaries. Required: For each transaction, describe the dual effect on the accounting equation. For example, in the first transaction, (1) assets increase and (2) stockholders’ equity increases.