Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $19,000 of services on account, and (2) he purchased $7,900 of supplies on account. There were $1,050 of supplies on hand as of December 31, Year 1. Exercise 13-10A (Algo) Part a, b, and e Required a. b. & e. Record the two transactions in the T-accounts. Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. Post the entries in the T-accounts and prepare a post-closing trial balance. Note: Select "a1, a2, or b" for the transactions in the order they take place. Select "cl" for closing entries. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Debit Beginning Balance Ending Balance Accounts Receivable Credit Debit Beginning Balance Ending Balance Supplies Credit

Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $19,000 of services on account, and (2) he purchased $7,900 of supplies on account. There were $1,050 of supplies on hand as of December 31, Year 1. Exercise 13-10A (Algo) Part a, b, and e Required a. b. & e. Record the two transactions in the T-accounts. Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. Post the entries in the T-accounts and prepare a post-closing trial balance. Note: Select "a1, a2, or b" for the transactions in the order they take place. Select "cl" for closing entries. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Debit Beginning Balance Ending Balance Accounts Receivable Credit Debit Beginning Balance Ending Balance Supplies Credit

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 33E: Stillwater Designs is a private company and outsources production of its Kicker speaker lines....

See similar textbooks

Similar questions

Make a Ledger in this problem Assume that on December 2, 2020. Mr. David Started DB Accounting Firm in Tagbina with the following assets as initial investments: PARTICULARS Cash 15,000 Computers 40,000 Furniture 50,000 Supplies 10,000 December 02 The business was registered with DTI, BIR, and Mayor’s permit spending P300, P500, and P1,200, respectively. 05 Acquired printer amounting to P10,000 for cash 15 Received electricity bill used by the business, P600. 15 Acquired computer chairs and tables on account, P10,000 payable within five days 20 Issued 3 months promissory note amounting to 10,000 to settle the obligation for acquiring computer chairs 21 Mr. David withdrew P1,000 for personal use. 23 Used supplies amounting to 8,000 26 Collected P50,000 for audit service to client 28 Billed P80,000 to the client for tax consultancy performed. 29 Transportation expense incurred and paid, P2,000 30 Provided 10% allowance for depreciation for the use of office equipment and…
ces [The following information applies to the questions displayed below.] Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $16,600 of services on account, and (2) he purchased $4,400 of supplies on account. There were $750 of supplies on hand as of December 31, Year 1. Required a. b. & e. Record the two transactions in the T-accounts. Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. Post the entries in the T-accounts and prepare a post-closing trial balance. (Select "a1, a2, or b" for the transactions in the order they take place. Select "cl" for closing entries. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Beg. Bal End. Bal Beg. Bal. End. Bal Beg Bal Accounts Receivable Accounts Payable Service Revenue Beg. Bal. End Bal Beg Bal End. Bal Beg Bal Supplies Retained Earnings…
Required information [The following information applies to the questions displayed below.) Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. There were $250 of supplies on hand as of December 31, Year 1. Required a. b. & e. Record the two transactions in the following T-accounts. Record two separate entries for the closing entries. Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. Post the entries in the T-accounts and prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Required A Required 8 Required E Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. (If no entry is required for a transaction/event, select "No journal entry required in the first…
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…
Required information [The following information applies to the questions displayed below.] Bob and Michael started a technology support company called eSys Answers. During year 1, they bought the following assets (placed in service on date of purchase) and incurred the following start-up fees: Year 1 Assets Purchase Date Basis Computers (5-year) October 30, Y1 $ 15,000 Office equipment (7-year) October 30, Y1 10,000 Furniture (7-year) October 30, Y1 3,000 Start-up costs October 30, Y1 17,000 In year 1, they elected to expense the start-up costs to the maximum extent possible. Note: immediate expensing reduces basis. On April 30, year 2, they purchased a customer list (a Section 197 intangible) for $10,000 from a company providing virtually the same services. During the summer of year 2, they purchased a small van (for transportation, not considered a luxury auto) and a business-use machine (7-year life). They bought the van and placed it in service on…
PROBLEM: Mr. Min Jimin established the MinJi Car Rental Services in August 1, 2021. During the first month of the business, the following transactions occurred: August 1 August 2 |August 3 August 7 August 8 August 15 August 17 Mr. Min Jimin invested P50,000 to establish the business. Bought office desks and chairs for cash, P8,000. Mr. Min paid 10,000 in advance payment for rent of the office. Office supplies amounting to P5,000 was purchased on account. He bought 3 vans amounting to 700,000 each and invested these to the business. A customer rented one of his van and paid P20,000 for the services. One of the van was rented, after the rentals, the customer promised to pay the amount of P10,000 after a week. Another customer rented the van for 2 days, from August 19-20 for P50,000. At the end of the day, the customer paid Mr. Min P30,000 and promised to pay the balance at the end of the month. August 20 Mr. Min paid the office supplies bought on account. Mr. Min collected the amount of…
On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…
6 Mc Graw Required information [The following information applies to the questions displayed below] G d Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells de- motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. e a. Received $30,000 cash from the investors who organized Down, Incorporated b. Borrowed $15,000 cash and signed a note due in two years. Required: 1. Summarize the financial effects of items (a)-(e) in a table. (Enter any decreases to account balances with a minus sign.) c. Ordered equipment costing $12,000. d. Purchased $6,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (d). paid for half of it, and put the rest on account. Beginning a b Ending Cash Assets 0 30,000 30,000 Equipment D - 18,000 - 18,000Ⓒ- - . . - Answer is not complete. Accounts Payable 0 6.000 €…
While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Purchase Date October 30, Year 1 October 30, Year 1 October 30, Year 1 October 30, Year 1 Basis $16,200 10,000 5,400 19,160 Year 1 Asseta Computers (5-year) office equipment (7-year) Furniture (7-year) Start-up costa In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, started by fellow Information systems students preparing to graduate. The customer list cost $12,160, and the sale was completed on April 30. During their summer break, Dailin and Michael passed on internship opportunities in an attempt to really grow their business into something they could do full time after graduation. In the summer, they purchased a small van (for transportation, not considered a luxury…
. PQR is the accounting intern for, a firm that has many small clients that need monthly accounting services. Ray has been asked by the partner in charge to analyze the asset section of firm’s balance sheets which follow: 2011 2012 Cash $2,500 $3,900 Accounts receivable, net 35,000 40,000 Inventory 85,000 122,000 Other current assets 3,400 4,110 Total current assets 125,900 170,010 Property , plan &equipment , net 180,000 230,000 Other assets 15,000 26,000 Total assets $320,900 $426,010 Required Prepare a common-size analysis of the assets section of the firm’s balance sheet for 2011 and 2012.Round all percentage answers to one decimal place
Required information [The following information applies to the questions displayed below.] Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells de- motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. a. Received $34,000 cash from the investors who organized Down, Incorporated b. Borrowed $19,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $10,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account. Required: 1. Summarize the financial effects of items (a)-(e) in a table. (Enter any decreases to account balances with a minus sign.) Beginning a. b. C. d. e. Ending Cash Assets 0 0 Equipment = 0 = || = ||| = = = = 0 = Accounts Payable 0 O Liabilities Short-term Notes Payable 0 0 Long-term…
Stillwater Designs is a private company and outsources production of its Kicker speaker lines. Suppose that Stillwater Designs provided you the following transactions: a. Sold a warehouse for 750,000. b. Reported a profit of 100,000. c. Retired long-term bonds. d. Paid cash dividends of 350,000. e. Obtained a mortgage for a new building from a local bank. f. Purchased a new robotic system. g. Issued a long-term note payable. h. Purchased a 40% interest in a company. i. Reported a loss for the year. j. Negotiated a long-term loan. Required: Classify each of these transactions as an operating activity, an investing activity, or a financing activity. Also, indicate whether the activity is a source of cash or a use of cash.