the company purchases supplies for cash

2) Based on a physical count, supplies on hand total $3,450. ACC 290T Wk 4 — Practice: Connect Knowledge CheckExercise 3–7 Preparing adjusting entries LO P1, P3, P4a. make an offer to buy your used Dallas electronics, before you recycle your electronics waste. 16 FastForward pays $700 cash in employee salary for work performed in the latter part of December. 4 The company received $16,700 cash as fees for services provided to a customer.Jan. (1) Prepare the income statement for the year ended December 31. The company received $2,035 cash as fees for services provided to a customer.e. QS 1–11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1The following transactions were completed by the company. The company has earned (but not recorded) $650 of interest revenue for the year ended December 31. The purchase of equipment for cash would Answer Key from ACCT 105 at American Military University Journal Entry for Credit Purchase and Cash Purchase To run successful operations a business needs to purchase raw material and manage its stock optimally throughout its operational cycle. General Ledger Tab — One of the advantages of general ledger software is that posting is done automatically. Account Title Debit CreditCash $ 29,000 Prepaid insurance 1,700 Notes receivable (due in 5 years) 6,400 Buildings 80,000 Accumulated depreciation–Buildings $ 24,000 Accounts payable 8,500 Notes payable (due in 3 years) 9,000 H. Sierra, Capital 28,500 H. Sierra, Withdrawals 7,000 Consulting revenue 69,500 Wages expense 4,700 Depreciation expense–Buildings 8,000 Insurance expense 2,700 Totals $ 139,500 $ 139,500 ________________________________________QS 4–10 Preparing financial statements LO C2Required(1) Prepare an income statement for the year ended December 31. Cash is overstated and Supplies is overstated. Use the following (partial) chart of accounts — account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696).a. (2) Prepare a statement of owner’s equity for the year ended December 31. Kacy Spade withdrew $1,000 cash from the company for personal use. Exercise 4–2 Extending accounts in a work sheet LO P1The Adjusted Trial Balance for Planta Company follows. Exercise 4–7 Preparing a work sheet and recording closing entries LO P1, P2The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31. a. Unrecorded depreciation on the trucks at the end of the year is $6,036.b. The table below records the journal entries for the events above.The journal is then posted to the ledger accounts at the end of the period. The interest payment will be received on 10 days after the year-end January 10.f. GL0301 — Based on the… LO A1, P1, P3The unadjusted trial balance of the Business Mastery Company as of December 31, 2019 is found on the trial balance tab. [The following information applies to the questions displayed below.]. Hint: Use the accounting equation.Exercise 1–9 Part aa. At the beginning of the year, Addison Company’s assets are $206,000 and its equity is $154,500. On October 15, PTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. Purchased computers for $20,000 from Data Equipment on account. No adjustments have been made to the Prepaid Insurance account, and it is now December 31.b. Depreciation on the company’s equipment for the year is $11,440.c. If you are having trouble with Chemistry, Organic, Physics, Calculus, or Statistics, we got your back! c. The company purchased $10,050 of office equipment on credit. The owner, H. Brown, did not make any withdrawals this period. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Exercise 2–17 Preparing a statement of owner’s equity LO P3Use the above information to prepare an August statement of owner’s equity for Help Today. For this transaction the accounting equation is shown in the following table. GL0204 (No Analysis Tab) — Based on Problem 2–1A LO A1, C3, C4, P1, P2Ken Hughes opens a web consulting business called Security First and completes the following transactions in its first month of operations.Prepare journal entries for each transaction and identify the financial statement impact of each entry. • Earned revenues of $52,000 ($44,000 cash received from customers).• Incurred expenses of $29,000 ($22,700 cash paid toward them).• Prepaid $8,500 cash for costs that will not be expensed until next year. The following information is required to prepare the necessary adjusting entries for the Sweet Homes Company.• 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any.• 2) Based on a physical count, supplies on hand total $4,200. The financial statements are automatically generated based on the journal entries recorded.Jan. One-third of the work related to $15,000 of cash received in advance was performed this period.e. The company purchased office supplies for $580 cash. ACC 290T Wk 2 — Apply: Homework QS 2–6 Analyzing transactions and preparing journal entries LO P1For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Owner withdrew $1,000 cash per month for personal use, and the owner invested an additional $35,000 cash. Turn Your Old Dallas Electronics into Cash. e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c. f. Exercise 2–18 Preparing a balance sheet LO P3Use the above information to prepare an August 31 balance sheet for Help Today. Exercise 4–9 Preparing closing entries and a post-closing trial balance LO P2, P3The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Let We Buy I.T. 10 FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies.Dec. On May 30, Elegant Lawns receives $2,200 cash in advance of providing landscaping services to a customer. On May 25, Elegant Lawns receives $9,000 cash for performing landscaping services.d. QS 3–7 Adjusting prepaid (deferred) expenses LO P1For each separate case, record the necessary adjusting entry. QS 3–11 Adjusting for unearned (deferred) revenues LO P2For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. S 1–8 Applying the accounting equation LO A11. The cost of unused office supplies still available at year-end is $1,400. The terms of the initial agreement call for Business Mastery to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The client paid $15,000 cash in advance for all five courses on September 1, and PTI credited Unearned Training Fees.f. Exercise 1–18 Preparing a statement of cash flows LO P2Also assume the following: a. QS 3–8 Accumulated depreciation adjustments LO P1For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31. The financial statements are automatically generated based on the journal entries recorded. a. Prepare journal entries for each transaction and identify the financial statement impact of each entry. 13 FastForward pays $2,400 cash (insurance premium) for a 24-month insurance policy. Apr. Exercise 4–6 Completing the income statement columns and preparing closing entries LO P1, P2These Income Statement columns from a 10-column work sheet are for Brown’s Bike Rental Company. The club agrees to pay Sweet Homes $6,060 on January 10, 2020, when the service period is complete. Assets. 2. A physical count of supplies at December 31 shows $532 of supplies available.d. The balance in the Prepaid Rent account represents rent for December. Exercise 1–16 Preparing a statement of owner’s equity LO P2Using the above information prepare an October statement of owner’s equity for Ernst Consulting. No cash has been collected on the $15,360 consulting fees earned.Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. As of December 31, employees had earned $1,800 of unpaid and unrecorded salaries. A painting company collects fees when jobs are complete. Exercise 1–8 Using the accounting equation LO A1Determine the missing amount from each of the separate situations given below. 3 FastForward pays $26,000 cash for equipment.Dec. **********************************************ACC 290T Entire Course Linkhttps://uopcourse.com/category/acc-290/, **********************************************. 8 FastForward provides consulting services of $1,600 and rents its test facilities for $300. The company purchases supplies for cash. 5) OnPoint’s sole employee earns $90 per day for a five-day workweek beginning on Monday and ending on Friday. Dec. 14 FastForward pays $120 cash for supplies.Dec. How to solve: 1. QS 2–10 Computing T-account balance LO C4Determine the ending balance of each of the following T-accounts. During December, $4,816 of office supplies are purchased. PTI’s two employees are paid weekly. The transactions they engaged in during their first month of business are below:These events would then be recorded into the accounting journal. 15 FastForward pays $305 cash for December utilities expense.Dec. When a business purchases office supplies on account it needs to record these as supplies on hand. The company borrows money from the bank and signs a note. g. The company paid an assistant $3,000 cash as wages for the month. 19 The company paid $3,360 cash for the premium on a 12-month insurance policy. 7 The company paid $2,125 cash for the monthly rent.Jan. It has no effect, because you are swapping one asset for another. Decrease liabilities. The company purchased $390 of additional supplies on credit.e. Step 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Required informationUse the following information for exercise 15 to 18 LO P2[The following information applies to the questions displayed below.] At year-end, the company has applied three treatments for the customer.c. The amount of unrecorded accrued interest at December 31 is $2,300. Home > Bank and Cash > Paid Cash for Supplies. ACC 290T Wk 3 — Practice: Connect Knowledge CheckStudy AttemptsYou should use your earlier attempt(s) as study attempts.True or False. 2 Answers. The credit entry represents the cash leaving the business to pay the supplier. QS 2–13 Preparing a statement of owner’s equity LO P3Use the above information to prepare a June statement of owner’s equity for Lawson Consulting. [The following information applies to the questions displayed below.]. 7 The company paid $1,825 cash for the monthly rent.Jan. What is the equity for Office Store at year-end? The customer is billed $1,900 for these services.Dec. (Cash outflows should be indicated by a minus sign. Low prices and fast delivery. Prepare general journal entries for the above transactions. Assume no other adjusting entries are made during the year. The December 31 physical count showed $271 of supplies available.d. e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c. f. The company purchased supplies for $1,450 cash.c. (adsbygoogle = window.adsbygoogle || []).push({}); Credit Exercise 2–18 Preparing a balance sheet LO P3Use the above information to prepare an August 31 balance sheet for Help Today. Purchasing supplies for cash has what effect on the accounting equation? 6 The company completed services for a client and immediately received $5,200 cash.Apr. When a business purchases supplies for cash it needs to record these as supplies on hand. Increase . Record the … 5 The company purchased office supplies for $1,663 cash. The business was started with $300,000. [Notes] Debit: Increase in equipment Credit: Decrease in cash [Q2] The entity purchased $150,000 new equipment on account. 29 The company purchased $2,900 of additional office supplies on credit.Apr. The company started business on June 6, 2013. Exercise 1–9 Part bb. The owner’s capital account balance at May 31 was $0, and the owner invested $18,000 cash in the company on June 1. The company is also expected to collect $11,000 on that same day for new fees earned in January.f. The company’s policy is record prepaid expenses in balance sheet accounts.Apr. The company charges $135 per insect treatment. Exercise 3–6 Preparing adjusting entries LO P1, P2, P3a. 22 The company received $4,800 cash as partial payment for the work completed on April 9.Apr. FastForward receives $30,000 cash from Chas Taylor as an owner contribution.Dec. d. The company purchased $390 of additional supplies on credit. Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. 30 The company paid $3,300 cash for this month’s utility bill. The company has a bank loan and has incurred (but not recorded) interest expense of $4,500 for the year ended December 31. Locate the general journal. Required informationExercise 1–9 Using the accounting equation LO A1[The following information applies to the questions displayed below.] Company received cash from clients for services, $4,500; Larson paid to creditors $500, Paid office rent for the month of December, $750, Company billed client for accounting services on account, $5,200; Supplies were purchased on account, $650, Company received cash from clients billed previously, $6,000 Accounts Receivable. The total amount of accrued interest expense at year-end is $8,000.c. ACC 290T Wk 3 — Apply: Homework GL0201 — (No Analysis Tab) — Based on the FastForward Company LO A1, C3, C4, P1, P2, P3This problem is based on the transactions for the FastForward Company in your text. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment. 2. Account Title Debit Credit Rent earned 102,000 Salaries expense 45,288 Insurance expense 6,426 Office supplies expense 14,994 Bike repair expense 3,162 Depreciation expense — Bikes 19,482 ________________________________________ (1) Determine the amount that should be entered on the net income line of the work sheet. An analysis of insurance policies shows that $1,900 of unexpired insurance benefits remain at December 31.e. On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,470 in assets to launch the business. An analysis of rental policies showed that $4,210 of rental coverage had expired.f. During the year, it purchased $2,700 of supplies. The terms of the initial agreement call for OnPoint to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. Step 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. 20 The company received $3,400 cash in photography fees earned. The tenant was paying 12 months’ rent in advance and occupancy began November 1.b. c. The owner (Alex Carr) invested $11,900 of equipment in the company. 13 The company paid $16,200 cash to settle the account payable created on April 3.Apr. Our videos will help you understand concepts, … The interest payment will be received on 10 days after the year-end January 10.f. Right and Wrong . The company completed commission work for a client and sent a bill for $4,700 to be received within 30 days.c. 750 cash in the company. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by entering the amount of net income for the reporting period. The company received $2,360 cash … The company receives cash from customers for services that will be provided at a later date. 28 Hughes withdrew $6,200 cash from the company for personal use.Apr. In addition to the member fees included in the revenue account balance, the company has earned another $14,800 in unrecorded fees that will be collected on January 31. 9 Juan Perez withdrew $10,900 cash from the company for personal use. Accounts Receivable. Whether you are looking to buy a Texas Health and Medical business for sale or sell your Texas Health and Medical business, BizQuest is the Internet's leading Texas Health and Medical business for sale marketplace. The purchase will also be included in the company's capital expenditures that are reported on the statement of cash flows in the section entitled cash flows from investing activities. The following information is required to prepare the necessary adjusting entries for the OnPoint Company found in chapter 3.1. The owner’s capital account balance at July 31 was $0, and the owner invested $101,000 cash in the company on August 1. Zhang, Withdrawals 2,700 Wages expense 8,000________________________________________QS 2–12 Preparing an income statement LO P3Use the above information to prepare a June income statement for the business. Download the latest available release of our FREE Simple Bookkeeping Spreadsheet by subscribing to our mailing list. Compute the company’s first-year net income under both the cash basis and the accrual basis of accounting. The financial statements are automatically generated based on the journal entries recorded. d. decrease both liabilities and owner's equity. Cash $ 25,390 C. Camry, Withdrawals $ 6,030Accounts receivable 22,390 Consulting fees earned 27,020Office supplies 5,280 Rent expense 9,580Land 44,030 Salaries expense 5,630Office equipment 20,030 Telephone expense 900Accounts payable 10,580 Miscellaneous expenses 540________________________________________Exercise 2–16 Preparing an income statement LO C3, P3Use the above information to prepare an August income statement for the business. The amount of unrecorded accrued interest at December 31 is $1,000. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $82,000 in cash along with equipment having a $42,000 value.b. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any.Prepare the required adjusting and closing entries for the OnPoint Company. From laptops, desktops, cell phones, servers, network equipment, Apple & MAC desktops and laptops, etc… from individual to corporate makes no difference, we will turn your electronic waste into money. 3 The company made credit purchases for $10,300 in office equipment and $5,900 in office supplies. 31 The company paid $878 cash for August utilities. On May 21, Elegant Lawns purchases office supplies on credit for $520.c. The asset account Equipment increases, and another asset is also affected. The next interest payment, at an amount of $1,200, is due on January 15.d. Dec. 1 On December 1, Chas Taylor forms a consulting business, named FastForward. c. The owner (Alex Carr) invested $10,200 of equipment in the company. d. The company received $1,7 40 cash as fees for services provided to a customer. An analysis of the company’s insurance policies showed that $1,590 of unexpired insurance coverage remains.c. Account Title Debit Credit101 Cash $ 18,000 126 Supplies 14,400 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation — Equipment $ 6,500 301 A. Cruz, Capital 45,425 302 A. Cruz, Withdrawals 6,000 404 Services revenue 49,000 612 Depreciation expense — Equipment 2,000 622 Salaries expense 28,567 637 Insurance expense 2,058 640 Rent expense 3,283 652 Supplies expense 1,617 Totals $ 100,925 $ 100,925 ________________________________________ 1. 5 The company paid $14,050 cash to settle the payable for the office equipment purchased on January 3.Jan. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any.• 4) On December 26, the client paid a $12,000 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any.• 5) Business Mastery’s employee earns $210 per day for a five-day workweek beginning on Monday and ending on Friday. The financial statements are automatically generated based on the journal entries recorded. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any.• 3) The equipment is expected to have a 5-year useful life, and be worth about $11,000 at the end of five years. On August 31, the company’s records show the following accounts and amounts for the month of August. c. increase total assets. For example, suppose a business purchases supplies such as paper towels, cleaning products and other consumables for a total amount of 50, and pays for the items with cash. 31 The company paid $875 cash for August utilities. Aug. 1 Madison Harris, the owner, invested $8,750 cash and $37,625 of photography equipment in the company. Right! [The following information applies to the questions displayed below.] debit: cash (cash is an asset, so when it is increased, it should be debited) credit: deferred … GL0302 — Based on Problem 3–3A LO P1, P2, P3, P4, P6Parker Technical Institute (PTI), a school owned by Paula Parker, provides training to individuals who pay tuition directly to the school. f. The company provides services for cash. ( the ratio before was greater than 1 The company purchases a significant amount of supplies on credit. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements. No effect. Prepare its December 31 closing entries. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. The owner’s capital account balance at July 31 was $0, and the owner invested $102,200 cash in the company on August 1. Account Title Debit CreditCash $ 5,900 Accounts receivable 16,500 Office supplies 2,000 Trucks 181,000 Accumulated depreciation — Trucks $ 37,286 Land 75,000 Accounts payable 9,900 Interest payable 3,000 Long-term notes payable 52,000 K. Wilson, Capital 166,351 K. Wilson, Withdrawals 19,000 Trucking fees earned 142,500 Depreciation expense — Trucks 24,049 Salaries expense 66,833 Office supplies expense 8,500 Repairs expense — Trucks 12,255 Totals $ 411,037 $ 411,037 ________________________________________ The K. Wilson, Capital account balance was $166,351 at December 31 of the prior year. The accounting equation demonstrates the relationship between a company's liabilities, assets and owners' equity. The company purchases supplies with cash. The company paid $840 cash for this period’s cleaning services. Transaction analysis: The new corporation purchased new asset (supplies) for $500 but will pay for them later. 4. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries payable, and prepare the necessary adjusting entry, if any.6. Hey Dallas! The company’s policy is to record fees collected in advance in a balance sheet account.Dec. Owner made no investments in the business, but withdrew $1,000 cash per month for personal use.c. On September 1, a client paid the company $38,400 cash for six months of rent in advance (the client leased a building and took occupancy immediately). 1 Labeille invested $92,000 cash along with office equipment valued at $28,000 in the company.Apr. Texas Health and Medical Businesses for Sale. debit: supplies credit: cash 2. ACC 290T Wk 1 — Practice: Connect Knowledge CheckRequired informationUse the following information for exercise 15 to 18 LO P2[The following information applies to the questions displayed below.] Annual depreciation on the professional library is $8,600.e. Owner made no investments in the business, and no withdrawals were made during the year.b. 19 The company paid $7,920 cash for the premium on a 12-month insurance policy. Cash is understated and Supplies is understated. 25 The company completed work for another client for $6,200 on credit.Apr. The company purc hased office supplies for $428 cash. Office Store has assets equal to $240,000 and liabilities equal to $209,000 at year-end. Descriptions of items a through h that require adjusting entries on December 31.a. Use the above information about the company’s adjustments to complete a 10-column work sheet.2a. Canvas Quiz #2 1. (2) Prepare the statement of owner’s equity for the year ended December 31. What are the beginning and ending amounts of equity? The company purchased office supplies for $1250 cash. Relevance.
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