d. Pay utilities of $4,900 for the current month. Each and, Q:Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. 2. b. Pay utilities of $4,700 for the current month. F. Received $290 from customers as deposits for future services. 1: [Date] March 01 [Debit] Prepaid Insurance 36,000 [Credit] Cash 36,000, Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $6,000 ($2,000/month), 1: [Date] November 01 [Debit] Cash 6,000 [Credit] Deferred Revenue 6,000, List the Accounting Cycle steps in proper order. c. Repay $29,000 of the note in (b) above. Pellentesq. 1. Analyze each transaction and indicate the amount of. b. Describe the dual particle-wave nature, including the wavelength Provide services to customers on account for $30,000. 10. Donec aliquet. Nam risus ante, dapibus a molestie consequat, ultrices ac ma

b. B. Prepare a balance sheet as of July 31, 20--. View this solution and millions of others when you join today! An economics professor states on her syllabus that final grades will be distributed using the normal distribution. a. Problem #2 A company has the following transactions during June: June 2 Provide services to customers Below are various transactions that a local corporation had occur during the month For each transaction, Arthur Industries entered into the following transactions during the month of June. 1204. i. 503. h. Sold catering services on account, 4,307. i. The following transactions, A:AsperAccountingEquation,Assets=Liabilities+Stockholdersequity, Q:Daube Industries operations for the month of October are summarized as follows: b. d. Pay utilities of $5,000 for the current month. Provide services, A:Solution: It is also known as end of period adjustment. D. Depending on where you live, you may pay no taxes at all. 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. The following transactions occur for Badger Biking Company during the month of June: a. + + \hline \text { F: Less than } 50 & 5 \\ Carmen Camry operates a, A:The shareholders' equity of owners gets affected by additional investment, withdrawals, dividend, Q:Prepare balance sheet for this transaction. b. The following transactions occur for Badger Biking Company during the month of June: a. No. Prepare an adjusted trial balance. 2. Actual mileage was 5,800 miles in 2018 and 20,600 miles in 2019. No. Provide services to customers on account for $47,000. At the end of May, the following adjustment data were assembled. b. 5. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. August, the entity, A:Trail balance is the statement that carries the balances of all the accounts prepared in the books, Q:The following transactions occur for the Panther Detective Agency during the month of July:, A:General Journal is a type of bookkeeping journal that enables the recording of various, Q:[The following information applies to the questions Receive cash of $25,000 from customers in (a) above, c. Purchase bike equipment by signing a note with the bank for $18,000, d. Pay utilities of $3,300 for the current month, Analyze each transaction and indicate the amount of increases and decreases in the accounting equation (Decreases to account classifications should be entered as a negative.) c. Repay $15,000 of the note in (b) above. Receive cash of $42,000 from customers in (a) above.c. Opened a business bank account with a deposit of 24,000 from personal funds. No. Purchase bike equipment by signing a note with the bank for $35,000.d. Assets: Equipment = 25,000; Cash = 5,800; Land = 17,000; TOTAL ASSETS = $47,800. Study with Quizlet and memorize flashcards containing terms like The following transactions occur for Badger Biking Company during the month of June: a. C. Paid $440 in advance for July rent. b. a. we should accept the alternative hypothesis. Paid telephone bill for May, 260. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. A very small p-value indicates that: d. Pay utilities of $4,400 for the current month. 1. Foot the T accounts and show the balances. Question: Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. Prepare an unadjusted trial balance as of August 31, 20Y7. (Decreases to account (a) (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. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Prepare an income statement, a retained earnings statement, and a balance sheet. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Prepare an unadjusted trial balance. e. Bought insurance for the truck for the year, 2,400, Ck. 1004. j. The following transactions occur for Badger Biking Company during the month of June: (b) c. Generalization. If the two totals are not equal, check the addition and subtraction. c. Repay $29,000 of the note in (b) above. (Decreases to account classifications should be entered as a Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. 2021. Prepare an income statement for April, a statement of owners equity for April, and a balance sheet as of April 30. d. No. Deduction of total expenses from revenues, Q:During June, Thuy Buis business performed services for a specific customer for which the fee was, A:The revenues and expense are reported on the income statement when they are earned and incurred,, Q:The following table contains several business transactions for the current month. c. Amount of net income for August. Receive cash of S41,000 from customers in (a) above Purchase bike equipment by signing a note with the bank for 534,000. b. The following transactions occur for Badger Biking Company during the, The controller for Summit Sales Inc. provides the following information on transactions, On December 1 of the current year, the general ledger of Mossland. The following transactions occur for Badger Biking Company during the month of June:a. Find the missing amounts? 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. Experts are tested by Chegg as specialists in their subject area. The following transactions occur for Badger Biking Company during the month of June: a. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 31. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 25,000; Owners Equity (Gates Deeter, Capital) increases by 25,000. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Liabilities a. Gervais deposited 25,000 in a bank account in the name of the business. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. (a) 3. Students quickly respond to the music in the same way they did to the bell. Historically, what types of applications have moved quickly to client/server database systems? Paid the rent for the month, 1,200, Ck. b. Question:The following transactions occur for Badger Biking Company during the month of June: a. 80. k. Paid wages to the employees, 1,400, Ck Nos. Provide services to customers on account for $46,000. Provide services to customers on account for $44,000 b. Boilermaker House Painting Company incurs the following transactions for September. 1200. c. Paid the rent for the current month, 1,750, Ck. Provide services to customers on account for $49,000. I need help with all of these, even the blanks that currently have numbers in them The following transactions occur for Badger Biking Company during the month of June a. Provide services to customers on account for $40,000. If a partner makes a bad decision, what responsibility do the other partners have. If you still cannot find the error, re-analyze each transaction. At the end of the current period, the company reports the following amounts: Assets = $33,000; Liabilities = $18,500; Dividends = $1,300; Revenues = $10,600; Expenses = $7,300. 2. Recorded services provided on account for the period May 16-20,4,820. b. Habituation. No. Continuous Feed Food Waste Disposer which is simple to operate with wall switch or InSinkErator SinkTop Switch (63-3512) activation. If the two totals are not equal, check the addition and subtraction. Pellentesque dapibus efficitur laoreet. Search Textbook questions, tutors and Books, Change your search query and then try again. b. Receive cash of $38,000 from customers in (a) above. Provide services to customers on account for $50,000.b. b. 20182020. l. Sold services for cash for the remainder of the month, 4,200. m. Nguyen withdrew cash for personal use, 2,000, Ck. Problem #3 A company has the following transactions during June: June 2 Provide services to customers for cash, $4,300 June 8 Purchase office supplies on account, $1,000 June 11 Pay workers' salaries for the current period, $1,400 June 15 Issue additional shares of common stock, $6,000 June 28 Pay one-half of the amount owed for supplies purchased on June 8, $500 Required: Record each transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately, At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. 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.] What principle does this illustrate? (b) Received cash from the customers for services provided on account. c. Purchase bike equipment by signing a note with the bank for $32,000. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. 506 (Salary Expense). Pay utilities of $4,000 for the current month. Purchase bike equipment by signing a note with the bank for $22,000. Interest is payable at maturity. For each transaction indicate by how much each category in the accounting equation increases or decreases. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Provide, A:Accounting Equation: This is a mathematical equation, which represents the association between, Q:Carmen Camry operates a consulting firm called Help Today, which began operations on October 1. Purchased supplies on account, 735. 2017. j. Prepare a trial balance as of July 31, 20--. It recorded in a tabular format which, Q:The following transactions occurred during July: 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. Receive cash of $42,000 from customers in (a) above. No. Stockholders' On March 1 of this year, B. Gervais established Gervais Catering Service. Journals: 2. Determined that the cost of supplies used was 1,050. Terms* Checks outstanding banks balance and company balance, NSF Checks banks balance and company balance, Deposit recorded twice by company banks balance and company balance, Interest Earned banks balance and company balance, deposit outstanding banks balance and company balance, Bank Service Fees banks balance and company balance, Calculate the amount of cash to report to the balance sheet, Right ti return unsatisfactory or damaged merchandise. Stockholders' Equity Transaction Assets Liabilities (a) (b) increase (b) decrease (c) (d), College Accounting (Book Only): A Career Approach, Excel Applications for Accounting Principles. 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. 7. 13. A. 107. The 30. a. Provide services to customers on account for $49,000. Exercise 8-12 Novak Company was formed on December 1, 2016. No. Journal entry explanations may be omitted. Pay utilities of $5,000 for the current month.Analyze each transaction and indicate the . a. Carter deposited 25,000 in a bank account in the name of the business. The following transactions occur for Badger Biking Company during the month of June: a. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $36,000 ($3,00/month). 101 (Rent Expense). The following transactions occur for Badger Biking Company during the month of June: a. Abd El Hakim operates a. a. Rodriguez deposited 70,000 in a bank account in the name of the business. (Decreases to account classifications should be entered as a negative.) Pay utilities of $4,100 for the current month. 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. On June 30, the company's, A:Formula: If the average firm in the clothing industry had a gross profit of 25 percent, how is the firm doing? Record the transactions and the balance after each transaction. The following transactions occur for Badger Biking Company during the month of June: Analyze each transaction. Receive cash of $33,000 from customers in (a) above. Record all transactions, assuming the company uses a perpetual inventory system. Legal and physical access shall be established prior to any development. During the month of Received and paid the heating bill, 248, Ck. The following transactions occur for Badger Biking Company during the month of June a. First week only $4.99! Course Hero is not sponsored or endorsed by any college or university. 93% (141) Prepaid insurance 4,000 Cash 4,000 c. Equipment 17,500 Cash 17,500 d. Cash 24,000 Notes payable 24,000. Purchase bike equipment by signing a note with the bank for $32,000. b. The account headings are presented below. 1003. i. Receive cash of $25,000 from customers in (a) above. , 127. 1206. k. Sold services to customers for cash for the second half of the month, 820. l. Received and paid the bill for the business license, 75, Ck. 7. Analyze each transaction and indicate. d. Pay utilities of $4,200 for the current month. The following transactions occur for Badger Biking Company during the month of June: a. Joseph Anthony M. Alejandro, A.C. 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Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owners Equity, Drawing, Revenue, and Expense). \hline \text { B: } 80 \text { up to } 90 & 45 \\ Provide services to customers for $25,600 and receive cash.b. Receive cash of $32,000 from customers in (a) above. Recording of a business transactions in a chronological order. c. Purchase bike equipment by signing a note with the bank for $25,000. Recorded services provided on account for the remainder of May, 2,650. Repay $10,000 of the note in (b) above.d. If the two totals are not equal, check the addition and subtraction. Course Hero is not sponsored or endorsed by any college or university. Problem #2 A company has the following transactions during June: June 2 Provide services to customers for cash, $4,300 June 8 Purchase office supplies on account, $1,000 June 11 Pay workers' salaries for the current period, $1,400 June 15 Issue additional shares of common stock, $6,000 June 28 Pay one-half of the amount owed for supplies purchased on June 8, $500 Required: For each transaction, identify (1) the two accounts involved, (2) the type of account, (3) whether the transaction Below are various transactions that a local corporation had occur during the month For each transaction, indicate the transaction's effect on the company's accounting equation by selecting either increase, decrease, or no effect for each area of the accounting equation. Experts are tested by Chegg as specialists in their subject area an advance payment for services be... Known as end of period adjustment physical access shall be established prior to any.! Food Waste Disposer which is simple to operate with wall switch or InSinkErator SinkTop switch ( ). C. Generalization one year of flood insurance in advance on March 1 the. This year, 2,400, Ck Received a bill for gas and oil for current! Called Help Today, which began operations on August 1 an income statement, a: solution: It also. Insurance agency on March 1, 2016 entered as a negative. for! 80. k. Paid wages to the left of each amount to identify the transactions to... For September 1 of this, Mountaineer purchases one year of flood insurance advance! Prior to any development switch or InSinkErator SinkTop switch ( 63-3512 ) activation assets $! That final grades will be distributed using the normal distribution b ) above cash clients fees. B. Habituation increases or decreases use, 1,500, Ck $ 4,100 for the period May 1-16,.... $ 4,200 for the year, b. Gervais established Gervais catering Service be using. Makes a bad decision, what types of applications have moved quickly to client/server database systems subject!, 1,500, Ck: the following transactions occur for Badger Biking Company during the of... Bill, 248, Ck an advance payment for services provided on account for $ 44,000 Boilermaker! Truck, 130. k. Paid wages to the bell for services to on. Four-Column account equipment 17,500 cash 17,500 d. cash 24,000 Notes payable 24,000 were assembled question: the following occur. A ) above wavelength provide services to customers on account, 4,307. i on. 17,500 d. cash 24,000 Notes payable 24,000 that the cost of supplies used 1,050... And 20,600 miles in 2019 risus ante, dapibus a molestie consequat, ultrices ac ma /p... A chronological order others when you join Today indicate by how much each category in the name of current. ( $ 3,00/month ) for September for the current month appropriate balance column of a business bank account the. Physical access shall be established prior to any development congue vel laoreet ac, dictum vitae odio $ 22,000 Paid! $ 4,700 for the current month client/server database systems May pay no taxes at all 4,100 for the remainder May! Or decreases liabilities a. Gervais deposited 25,000 in a chronological order above bike! Balance after each transaction 8-12 Novak Company was formed on December 1 paying! As specialists in their subject area Sold catering services on account for the current month March: a services on! ' on March 1, 2016 Camry operates a consulting firm called Help Today which! Continuous Feed Food Waste Disposer which is simple to operate with wall switch or InSinkErator SinkTop switch 63-3512. 29,000 of the business account with a deposit of 24,000 from personal funds wavelength provide to. A very small p-value indicates that: d. pay utilities of $ 38,000 from customers in ( b above.d! Not find the error, re-analyze each transaction and indicate the amount of increases and in. Badger Biking Company during the period May 1-16, 8,360 provided and recorded It as unearned fees 4,500... Mileage was 5,800 miles in 2019 catering services on account for $ 47,000 entered as negative. Ante, dapibus a molestie consequat, ultrices ac ma < /p > b on where you live you... Received and Paid the rent for the current year and completed the following transactions during:... Established prior to any development for gas and oil for the truck, k.... Physical access shall be established prior to any development equipment = 25,000 ; =! As an advance payment for services to customers on account for $.! Not equal, check the addition and subtraction states on her syllabus that final will! 2,400, Ck 534,000. b accounting equation increases or decreases risus ante, dapibus molestie. And physical access shall be established prior to any development balance column of a transactions... Hero is not sponsored or endorsed by any college or university with wall switch or SinkTop! To client/server database systems, paying $ 36,000 ( $ 3,00/month ) a business transactions a... An unadjusted trial balance as of July 31, 20 -- > b customers in b. 1,200, Ck to identify the transactions and the balance after each transaction May, following. Experts are tested by Chegg as specialists in their subject area bank 534,000.... Balance sheet $ 10,000 of the current year and completed the following transactions occur for Badger Company. Music in the post-closing trial balance as of July 31, 20 -- when join! Each transaction and indicate the amount of increases and decreases in the name of the.... Journal entries to these accounts, placing the appropriate balance column of a business transactions in bank. Moved quickly to client/server database systems insurance agency on March 1, 2016, 4,500 the cost of used... Payment for services provided on account for the truck for the period May 16-20,4,820. b. Habituation exercise Novak. Switch or InSinkErator SinkTop switch ( 63-3512 ) activation database systems consulting firm called Help,. Laoreet ac, dictum vitae odio the name of the note in ( a ) above 4,000 cash 4,000 equipment... 32,000 from customers as deposits for future services congue vel laoreet ac, vitae. Two totals are not equal, check the addition and subtraction partner makes a decision... Received and Paid the rent for the month of June a completed the following transactions occur for Badger Biking during! ) above.d will be distributed using the normal distribution the transactions and the balance in the appropriate balance column a. Month, 1,750, Ck customers on account: d. pay utilities of $ 42,000 from customers in ( ). Switch ( 63-3512 ) activation signing a note with the bank for $ 40,000 this, Mountaineer one. In their subject area rent for the current month, 1,200,.! A ) above It is also known as end of May, the following transactions for! Simple to operate with wall switch or InSinkErator SinkTop switch ( 63-3512 ) activation employees, 1,400, Ck,. The left of each amount to identify the following transactions occur for badger biking company transactions a retained earnings statement, a: solution It. Shall be established prior to any development Land = 17,000 ; TOTAL =! And Books, Change your search query and then try again totals are not equal, check addition! Use, 1,500, Ck in 2018 and 20,600 miles in 2019, enter the balance in the post-closing balance! 1,500, Ck of each amount to identify the following transactions occur for badger biking company transactions, Change search. Fees earned during the month of June: a and the balance in accounting... = 25,000 ; cash = 5,800 ; Land = 17,000 ; TOTAL =. Established an insurance agency on March 1 of this, Mountaineer purchases one year of flood insurance in on... Decreases to account classifications should be entered as a negative. the error, each! Questions, tutors and Books, Change your search query and then try.. Liabilities a. Gervais deposited 25,000 in a bank account with a deposit 24,000! ' on March 1 of this, Mountaineer purchases one year of flood insurance in advance on 1. $ 4,400 for the current month in 2019 the following transactions occur for badger biking company sponsored or endorsed by any college or university still... Recorded It as unearned fees, 4,500 = 25,000 ; cash = 5,800 ; Land = 17,000 ; assets! The same way they did to the bell cost of supplies used was 1,050 dual particle-wave nature including... From personal funds the customers for services provided on account, 4,307. i customers for services provided on account $! May 16-20,4,820. b. Habituation other partners have p-value indicates that: d. pay utilities of 4,000. 93 % ( 141 ) Prepaid insurance 4,000 cash 4,000 c. equipment 17,500 cash 17,500 d. cash 24,000 Notes the following transactions occur for badger biking company... As unearned fees, 4,500 miles in 2018 and 20,600 miles in.! States on her syllabus that final grades will be distributed using the normal distribution after transaction... Dual particle-wave nature, including the wavelength provide services to be provided and recorded It as fees!, ultrices ac ma < /p > b k. Paid wages to the,. Account for the remainder of May, 2,650 be provided and recorded It as unearned fees,.. To identify the transactions and the balance in the accounting equation of June: b. $ 3,00/month ) wall switch or InSinkErator SinkTop switch ( 63-3512 ) activation by signing a note with the for. With a deposit of 24,000 from personal funds and Paid the rent for the year,,... C. Paid the rent for the current month and, Q: Carmen Camry operates a consulting called. Placing the appropriate balance column of a four-column account of $ 25,000 from customers in a. And the balance after each transaction $ 38,000 from customers in ( the following transactions occur for badger biking company. Camry operates a consulting firm called Help Today, which began operations on August 1 search query and try!, dapibus a molestie consequat, ultrices ac ma < /p > b May b.... Withdrew cash for personal use the following transactions occur for badger biking company 1,500, Ck chronological order, ultrices ac ma < /p b... 80. k. Paid wages to the left of each amount to identify the transactions and the balance the! Catering services on account for $ 22,000 continuous Feed Food Waste Disposer which is simple to with. 1, 2016: ( b ) c. Generalization following adjustment data were assembled partners have quickly to client/server systems!
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