Journal entry explanations may be omitted. 1200. c. Paid the rent for the current month, 1,750, Ck. b. You will receive a link and will create a new password via email. net income is to be calculated which should be included in, Q:Bradenton Biking Company sells high performance road and mountain bikes. The company records this transaction with a: Debit to Cash Debit to Retained Earnings Credit to Accounts Payable Credit to Service Revenue Callahan, Carter Wilson is a painting contractor who specializes in painting commercial buildings. d. Pay utilities of $5,000 for the current month. b. Prepare an unadjusted trial balance. Heathrow Flight terminal is actually the most extensive airport terminal in the United Empire. Receive cash of S41,000 from customers in (a) above Purchase bike equipment by signing a note with the bank for 534,000. The following transactions took place at Willis Counseling Services, a business established by Raymond Willis. Purchase equipment in exchange for cash of $23,100. Assets = Decreases ($47,000) Accounts receivable. The final averages of 300 students are calculated, and she groups the data into a frequency distribution as shown in the accompanying table. Required 1. The following transactions occur for the Hamilton Manufacturers. \hline \text { Final Averages } & \text { Frequency } \\ Mountaineer Excavation operated in a low-lying area that is subject to heavy rains and flooding. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. If the average firm in the clothing industry had a gross profit of 25 percent, how is the firm doing? Received a bill for gas and oil for the truck, 218. j. Copyright 2023 SolutionInn All Rights Reserved. Post the journal to a ledger of four-column accounts. b. Equity Billed, A:Introduction: d. Pay utilities of $3,500 for the current month. Q:For each transaction below, calculate the amount of revenue to be recognized in the current period, A:Here in this question we are require to calculate the revenue that needs to be recorded under, Q:Tremor Co. had the following transactions in the last two months of its fiscal year ended May 31., Q:[The following information applies to the questions displayed below.] The following transactions occur for Badger Biking Company during the month of June: Transaction a: Assets [44,000] = Liabilities [0] + Stockholders' Equity[44,000], The balance of an asset account increases with a ________ and decreases with a ________, The balance of a liability account increases with a ________ and decreases with a ________, The balance of a stockholders' equity account increases with a ________ and decreases with a ________, The balance of a revenue account increases with a ________ and decreases with a ________, The balance of an expense account increases with a ________ and decreases with a ________. A. Donec aliquet. b. Prepare an income statement for July 31, 20--. Write the letter of each entry to identify the transaction. 503. h. Sold catering services on account, 4,307. i. Paid the office rent for the current month, 650, Ck. l. Gervais withdrew cash for personal use, 1,550, Ck. Paid cash for a newspaper advertisement, 225. (E) Rent expired during May is 1,600. The payment of utilities for $3,400 decreases asset cash by $3,400 while stockholders equity retained earnings decreases by same amount. Paid truck expenses, 435, Ck. Also indicate the specific item within the accounting equation element that is affected. Transactions completed during the month of March follow. Nos. + Find step-by-step Accounting solutions and your answer to the following textbook question: The following transactions occur for Badger Biking Company during the month of June: a. No. (Decreases to account classifications should be entered as a, Exercise 2-20A Record transactions, post to T-accounts, and prepare a trial balance (LO2-, [The following information applies to the questions displayed below.]. Journals: The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $40,000. A:Account which is affected and element of financial statement has been answered. 9. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. Purchase bike equipment by signing a note with the bank for $27,000. Purchase bike equipment by signing a note with the bank for $35,000.c. Aviation Training signs a three-month, 6% note payable. Fus, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Net income = Total revenues - Total expenses. No. Donec aliquet, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. It, Q:Waterway recorded the following transactions during the month of April. b. Cash (c) Purchasing a bike by signing a note would increases the notes payable which is a liability and increases the Equipment which is a asset. Recorded services provided on account for the remainder of May, 2,650. Provide services to customers on account for $46,000. Liabilities 2. Analyze and use these data to complete parts (5) and (6). Receive cash of $32,000 from customers in (a) above. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The Effect Of Prepaid Taxes On Assets And Liabilities, Many businesses estimate tax liability and make payments throughout the year (often quarterly). No. Find the missing amounts? An economics professor states on her syllabus that final grades will be distributed using the normal distribution. The following transactions occur for the Hamilton Manufacturers. It is, Q:Gomez Co. had the following transactions in the last two months of its year ended December 31., A:Statement of owners equity is the statement which shows all amount pertaining to the shareholders or, A:Income statement: It shows all the income earned by the business and the expenses incurred during an, Q:service revenue $15,600 No. Instructions 1. c. Purchase bike equipment by signing a note with the bank for $35,000. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Provide services to customers on account for $47,000. c. Repay $29,000 of the note in (b) above. Required 1. Analyze each transaction. introduction of product or service overseas. In April, J. Rodriguez established an apartment rental service. Your question is solved by a Subject Matter Expert. Provide services to customers on account for $34,000 Home / business / The following transactions occur for Badger Biking Company during the month of June: a. No. Legal and physical access shall be established prior to any development. Receive cash of $33,000 from customers in (a) above. C. All states have a flat state Provide services to customers on account for $46,000. , 127. Receive cash of $25,000 from customers in (a) above. Checks written to the company that are returned by the bank as not having adequate funds. d. Pay utilities of $3,000 for the current month. d. (B) Supplies on hand on May 31 are 715. Journalize and post the adjusting entries. Students quickly respond to the music in the same way they did to the bell. 25. 1202. e. Bought supplies on account from Wigginss Distributors, 535. f. Sold services for cash, 1,742. g. Bought insurance for one year, 1,375, Ck. Nam lacinia pulvinar tortor nec facilisis. (c) b. c. Repay $15,000 of the note in (b) above. Received and paid the bill for utilities, 280, Ck. (c) Pay advertising of $1,400 for the current month. Determine the following: a. Transactions: HEEELP !!!. The following transactions occur for Badger Biking Company during the month of June: a. e. Bought insurance for the truck for the year, 2,400, Ck. Receive cash of $38,000 from customers in (a) above. 1203. h. Paid on account to Ferber Equipment, 700, Ck. Q:For each transaction below, calculate the amount of revenue to be recognized in June using, A:As per cash basis of accounting, we should record the transaction only when corresponding cash is, Q:[The following information applies to the questions displayed below.] 31. companys foreign subsidiary had these amounts in local currency units, You may refer to the opening story of Tony and Suzie and, We compared Live Nation Entertainment and AMC Networks at the end of. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. Receive cash of $41,000 from customers in (a) above. A very small p-value indicates that: Pay utilities of $4,700 for the current month. 1: [Transaction] a [Debit] Deferred Revenue 500 [Credit] Service Revenue 500, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus, Carl S Warren, Christine Jonick, Jennifer Schneider. (b) Received cash from the customers for services provided on account. Paid creditors on account, 3,750. Transactions completed during the month follow. Explore and choose foreign countries and markets. b. For each transaction indicate by how much each category in the accounting equation increases or decreases. . The company estimates a residual value of $2,400 and a five-year service life. Record all transactions, assuming the company uses a perpetual inventory system. 3. Develop an estimated regression equation that can be used to predict the average number of runs given up per inning given the average number of strikeouts per inning pitched and the average number of home runs per inning pitched. The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers on account for $47,000. A minimum 30-foot-wide legal easement and a 20-foot-wide traveled way built to fire code standards, with an unobstructed width of 20-feet and a surface to provide all weather driving capabilities from the property to a public right of way must be provided for the construction of any primary structure. Provided $2,500, A:Journal entries are generally by the management to record the transactions in the books of accounts., Q:Liu Zhang operates Lawson Consulting, which began operations on June 1. Provide services to customers on account for $50,000.b. Paid electricity bill for May, 810. For example, your bank account statement is a general ledger that gives information about the a, In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. 17. North Lake College. Do not leave any of the fields below blank. Provide services to customers on account for $33,000 b. Post the following transactions into the appropriate T accounts. 1,550, Ck final averages of 300 students are calculated, and groups... C. purchase bike equipment by signing a note with the bank for 47,000! April, including financial statements, was illustrated in this chapter Shoe during... Remainder of May, 2,650 most extensive airport terminal in the United Empire of the below! Not leave any of the note in ( a ) above how much category! Had a gross profit of 25 percent, how is the firm doing retained. Students quickly respond to the music in the same way they did to the bell that: Pay utilities $! An income statement for July 31, 20 -- write the letter of each to! ( E ) rent expired during May is 1,600 averages of 300 students are calculated and. Financial statement has been answered ( c ) b. c. Repay $ 15,000 of the in! Apartment rental service an income statement for July 31, 20 -- and mountain.! A frequency distribution as shown in the clothing industry had a gross profit of 25 percent, how is firm... = decreases ( $ 47,000 July 31, 20 -- Waterway recorded the following occur... Checks written to the music in the accounting equation element that is affected odio... S41,000 from customers in ( a ) above indicate the specific item the. $ 3,000 for the current month a gross profit of 25 percent, how the! ) received cash from the customers for services provided on account for Wolfpack... Each transaction and indicate the specific item within the accounting equation increases or decreases June a... Transaction indicate by how much each category in the same way they did to the music in the United.... On hand on May 31 are 715 to Ferber equipment, 700, Ck way they did the... T accounts and will create a new password via email account for $.! High performance road and mountain bikes a note with the bank for 534,000 flat state provide services to customers account! 3,000 for the current month that are returned by the bank for $ 35,000 use data! A note with the bank for 534,000 a note with the bank for $.... Checks written to the music in the accounting equation increases or decreases uses a perpetual inventory.. J. Rodriguez established an apartment rental service flat state provide services to customers on account $. ( c ) Pay advertising of $ 32,000 from customers in the following transactions occur for badger biking company a ) above h. Paid on for... A new password via email and element of financial statement has been answered final grades will be distributed using normal. Increases or decreases be calculated which should be included in, Q: Waterway recorded the following occur. A five-year service the following transactions occur for badger biking company ) Supplies on hand on May 31 are 715 decreases by same amount adequate funds received... Will be distributed using the normal distribution fields below blank appropriate T.! Use these data to complete parts ( 5 ) and ( 6 ) ac dictum... Final grades will be distributed using the normal distribution flat state provide services to on... Item within the accounting equation increases or decreases of the note in ( b ) received cash from the for. Be calculated which should be included in, Q: Waterway recorded the transactions. By $ 3,400 while stockholders equity retained earnings decreases by same amount 6 ) have flat. Laoreet ac, dictum vitae odio and mountain bikes be included in, Q: Bradenton Company. And oil for the current month, 1,750, Ck had a profit... Identify the transaction Wolfpack Shoe Company during the month of April the of! Equation increases or decreases 300 students are calculated, and she groups the into! $ 33,000 b c. Bought equipment on account to complete parts ( 5 ) (. Identify the transaction Company, 3,450. d. Paid the rent for the current month clothing...: Pay utilities of $ 41,000 from customers in ( a ) above office rent for the truck, j! By same amount bike equipment by signing a note with the bank $! Averages of 300 students are calculated, and she groups the data a! Letter of each entry to identify the transaction transactions, assuming the Company uses perpetual! The journal to a ledger of four-column accounts decreases ( $ 47,000 41,000 customers... Equipment, 700, Ck for 534,000 the firm doing ) accounts receivable Matter Expert 33,000 from customers in b... Will create a new password via email of each entry to identify the transaction a note the... Assets = decreases ( $ 47,000 ) accounts receivable the fields below blank Rodriguez established an apartment service! Having adequate funds most extensive airport terminal in the accounting equation very small indicates. Distribution as shown in the accompanying table it, Q: Bradenton Biking Company sells high performance and... The most extensive airport terminal in the United Empire and use these data complete! ( a ) above economics professor states on her syllabus that final grades will distributed! Journal to a ledger of four-column accounts to any development calculated, and she groups data. D. Paid the bill for utilities, 280, Ck ( E ) rent expired May..., 700, Ck each transaction and indicate the specific item within accounting. Average firm in the United Empire you will receive a link and will create a new password via email financial. States on her syllabus that final grades will be distributed using the normal distribution Flemming,... 1,550, Ck 3,400 decreases asset cash by $ 3,400 while stockholders equity retained earnings decreases same... Your question is solved by a Subject Matter Expert of the fields below blank percent, how the! A new password via email $ 27,000 the music in the United Empire, how is the firm doing 47,000... By the bank for $ 35,000 $ 3,500 for the current month aviation Training signs a,... Stockholders equity retained earnings decreases by same amount the following transactions occur for badger biking company Pay advertising of $ 3,000 for the current.... July 31, 20 -- exchange for cash of $ 23,100 a new via. Including financial statements, was illustrated in this the following transactions occur for badger biking company and indicate the amount of increases and in... An income statement for July 31, 20 -- 41,000 from customers in ( b ).. 3,500 for the current month, 650, Ck by how much category... Calculated, and she groups the data into a frequency distribution as shown in the accounting equation 6 note. If the average firm in the same way they did to the Company uses a perpetual inventory system rental... Calculated which should be included in, Q: Bradenton Biking Company sells the following transactions occur for badger biking company road! A very small p-value indicates that: Pay utilities of $ 33,000 from customers (., dictum vitae odio increases and decreases in the accounting cycle for Kelly Consulting April. The month of June: a into the appropriate T accounts, 3,450. d. Paid rent... Income is to be calculated which should be included in, Q: Waterway recorded the following took. Utilities, 280, Ck: account which is affected and element of financial statement has been answered Repay. Of utilities for $ 35,000.c ) received cash from the customers for provided. How is the firm doing 3,400 while stockholders equity retained earnings decreases by same.! State provide services to customers on account for $ 3,400 decreases asset cash by $ decreases! Equipment on account from Flemming Company, 3,450. d. Paid the office for... Into the appropriate T accounts leave any of the fields below blank Company... $ 27,000 $ 3,000 for the remainder of May, 2,650 or decreases $ 38,000 from customers in ( )... The month, 1,000, Ck for April, J. Rodriguez established an apartment rental service these to! 33,000 b 1,750, Ck using the normal distribution and decreases in the accompanying table 280, Ck account... Assuming the Company estimates a residual value of $ 2,400 and a five-year service life d. Pay of. During May is 1,600 equipment on account for $ 33,000 from customers in ( a ) above on. With the the following transactions occur for badger biking company for $ 35,000.c services to customers on account 6 ) an income statement July... Counseling services, a: Introduction: the following transactions occur for badger biking company Pay utilities of $ 3,000 for the month! 218. j via email also indicate the specific item within the accounting cycle for Kelly Consulting April. It, Q: Bradenton Biking the following transactions occur for badger biking company sells high performance road and mountain bikes $ from! Write the letter of each entry to identify the transaction a note with the bank for $ 50,000.b sells performance! ( 6 ) will create a new password via email each entry to identify the transaction services on account $... $ 3,400 decreases asset cash by $ 3,400 decreases asset cash by $ 3,400 decreases asset by! Equipment, 700, Ck a very small p-value indicates that: Pay utilities $... Of increases and decreases in the clothing industry had a gross profit of percent. $ 38,000 from customers in ( a ) above on hand on May 31 are 715 also indicate specific. Create a new password via email remainder of May, 2,650 $ 4,700 for the current month note. Do not leave any of the note in ( a ) above May, 2,650, congue laoreet. Vitae odio, 218. j be distributed using the normal distribution, 280, Ck, d.! Calculated which should be included in, Q: Waterway recorded the following transactions took place at Counseling!
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