1. Indicate the effect of each transaction and the balances after each transaction, usi 2. Paid the following: wages expense, $7,500; truck expense, $2,500; utilities expense, $1,300; miscellaneous expense, $2,700. Jameson withdrew $1,000 in cash from the business for personal use.

j.

Describe how Reliable Repair Service should record the. Wir und unsere Partner nutzen Cookies und ähnliche Technik, um Daten auf Ihrem Gerät zu speichern und/oder darauf zuzugreifen, für folgende Zwecke: um personalisierte Werbung und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr über die Zielgruppe zu erfahren sowie für die Entwicklung von Produkten. h. Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300.

b.

b.

k. Jameson withdrew $1,000 in cash from the business for personal use.

Determined that the cost of supplies on hand was $950; therefore, the cost of supplies used was $900.

j.

Previous question Next question Get more help from Chegg. Your supplies were originally $800. To be presented in Word, following APA guidelines.

3. The reinstatement and receipt of cash is recorded as follows: As of the end of its accounting period on December 31, 2015, ExTone has an accounts receivable balance of $200,000.

e. Purchased supplies on account, $2,500. Determine the amount of retained earnings as of July 1 of the current year.

Invest $5000 cash in business and in exchange Co is going to issue Common Stock, Paid $50,000 for the purchase of land adjacent to land currently owned by D'Lite Dry Cleaners as a future building site, Supply amount is $1,100. 1. Withdrew cash for personal use, $7,500. To illustrate, assume that Nancy Smith's account of $5,000, which was written off on April 2, is collected later on June 10. Name some users of accounting information. Determined that the cost of office supplies on hand was $980; therefore, the cost of supplies used during the month was $115.

Pat completed the following transactions during the month of July: a. (Allowance Method). Supplies expense refers to the cost of consumables used during a reporting period .

Problem: (1) Determined that the cost of supplies on hand was $550, therefore, the cost of supplies used was $1050. 57,700 1,850 650 25,000 – 4,000 41,500 – 3,600, Bal. Since this company started business this year (and no beginning supplies were mentioned), beginning supplies should be determined to be zero.

Bal.

Sold Merchandise for $11,350 plus 6% sales taxes to retail cash customers.

h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $29,500. Paid cash to owner for personal use, $5,000.

$665 of supplies had been used during the month, and this $665 will go to the income statement as an expense.

(There are likely to be several accounts or sub-accounts in order keep track of the manufacturing supplies by category.) Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in exchange for common stock with a deposit of $35,000 in the business bank account. Received an invoice from National Clearing House Credit Co. for $$8,800, representing a service fee paid for processing MasterCard, Visa, and American Express sales. Paid cash to owner for personal use, $5,000. Wrote off against the allowance account the amount charged to Rhoni Melville on June 29 for the dishonored note dated April 30. Recently, Josh paid interest of, $4,500 on a personal loan of $75,000 that he used to begin the business. Damit Verizon Media und unsere Partner Ihre personenbezogenen Daten verarbeiten können, wählen Sie bitte 'Ich stimme zu.'

In the figure, note that the $760 product cost per unit is applied both to the 110,000 units sold and to the 10,000 units added to inventory. Assets =   Liabilities + Stockholders’ Equity Cash + Accounts Receivable +   Supplies   + Land Accounts = Payable Common + Stock + $45,000   + $93,000 + $7,000 + $75,000 = $40,000 + 60,000 + $220,000 = $100,000 + Retained Earnings $120,000 =    Retained Earnings, PE 1-8B Ratio of liabilities to stockholders’ equity, PE 1-8A Ratio of liabilities to stockholders’ equity, PR 1-6B Missing amounts from financial statements, PR 1-5B Transactions; financial statements, PR 1-4B Transactions; financial statements, PR 1-6A Missing amounts from financial statements, PR 1-5A Transactions; financial statements, PR 1-4A Transactions; financial statements. Dazu gehört der Widerspruch gegen die Verarbeitung Ihrer Daten durch Partner für deren berechtigte Interessen. f. Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300. Determined that the cost of supplies on hand was $950; therefore, the cost of supplies used was $900. j. Now you determine that supplies on hand are only $135, so this is a decrease in an asset. Prepare an income statement for July, a retained earnings statement for July, and a balance sheet as of July 31. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 325.

52,550 12,500 2,700 1,700 50,000 26,300 – 5,000 – 2,500 – 1,300 – 1,150 – 300, Bal.

Cash is received for the amount due on the dishonored note dated April 18 plus interest for 90 days at 8% on the total amount debited to Glenn Cross on May 18. For example, a $1,500 credit in the cash column should correspond with a $1,500 debit in the supplies column.

Notice the amounts in each account. Received cash from customers on account, $88,000. Determined that the cost of supplies on hand was $135; therefore, $665 of supplies had been used during month.

Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Assets 5 Liabilities 1 Owner’s Equity Cash + Supplies = Accounts Payable + Pat Glenn, Capital – Pat Glenn,  Drawing + Sales Commissions –. d. Received cash from fees earned on insurance commissions, $13,800. Supplies expense can be computed as beginning supplies plus the cost of supplies purchased in the current period minus the cost of supplies on hand at the end of the period.

Withdrew cash for personal use, $3,900. The cost of merchandise returned was $2,900. g. Charged customers for dry cleaning revenue on account, $84,750.

b. (Optional) Prepare a statement of cash flows for July.

Paid Quinn Co. a cash refund of $6,000 for returned merchandise from sale of November 8. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

Added $75 to the invoice for prepaid freight. 1. 48,650 12,500 2,700 1,700 50,000 – 3,900 26,300 – 5,000 – 2,500 – 1,300 – 1,150 – 300, 2.
48,050 950 650 25,000 – 4,000 41,500 – 5,000 – 3,600 – 3,050 – 900 – 1,600, Total liabilities and owner’s equity$49,000. i.

Hints to Business Transactions. 1. A building and equipment are currently being rented, pending expansion to new facilities. Dies geschieht in Ihren Datenschutzeinstellungen.
All expenses will go to reduce owner's equity

The entry to write off the account is as follows: assume that the D. L. Ross account of $4,200 written off on May 10 is later collected on November 21.

excess of March’s net income of $16,050 over Amy Austin’s withdrawals of $3,900. Generally Accepted Accounting Principles, As a result of FASB Statement of Financial Accounting Standards No 86, Josh Reilly is the owner of Dispatch Delivery service Recently Josh paid, increased and the records provide the results and evidence needed to show the, KASB Institute of Technology, Karachi (Main Campus), Indiana University, Purdue University Indianapolis.

Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Assets 5Liabilities1 Owner’s Equity Cash + Receivable + Supplies = Accounts Payable + Amy Austin, Capital – Amy Austin, Drawing + Fees Earned – Rent Expense – Salaries Expense –Supplies Expense – Auto Expense – Misc. Stuck? The cost of the returned merchandise was $3,300.

These supplies … 1.

Instructions.