2&3. Complete the following accounts (use the balance column format or T-accounts): Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Elizabeth Wong, Capital (301); Elizabeth Wong, Withdrawals (302); Services Revenue (403); Wages Expense (623); and Utilities Expense (690). Post the entries to the accounts. (Record the transactions in chronological order.)
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- Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.Check my The following transactions took place at the Cook Employment Agency during November 20X1. DATE TRANSACTIONS 5 Performed services for Job Search, Inc., for $40,000; received $19,000 in cash and the client promised to pay the balance in 60 days. 18 Purchased a graphing calculator for $425 and some supplies for $575 from office Supply; issued Check 1008 for the total. 23 Received Invoice 1602 for $2,100 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged, to pay the other half in 30 days. Nov. Prepare journal entries for the above transactions. View transaction listes The following transactions took place at the Cook Employment Agency during November 20X1. DATE TRANSACTIONS Nov. 5 Performed services for Job Search, Inc., for $31,000; received $14,500 in cash and the client promised to pay the balance in 60 days. 18 Purchased a graphing calculator for $380 and some supplies for $530 from Office Supply; issued Check 1008 for the total. 23 Received Invoice 1602 for $1,650 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days. Prepare journal entries for the above transactions. View transaction list Journal entry worksheet < 1 2 Purchased a graphing calculator for $380 and some supplies for $530 from Office Supply; issued Check 1008 for the total. Date Nov 18, 20X1 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
- Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020: March 1 Invested $50,000 in cash and office equipment that had a fair value of $12,000. 1 Prepaid $9,000 cash for three months’ rent for an office. 3 Made credit purchases of used office equipment for $6,000 and office supplies for $1,200. 5 Completed work for a client and immediately received $6,200 cash. 9 Completed a $4,000 project for a client, who will pay within 30 days. 11 Paid the account payable created on March 3. 15 Paid $3,000 cash for the annual premium on an insurance policy. 20 Received $1,500 as partial payment for the work completed on March 9. 22 Placed an order with a supplier for $4,800 of supplies to be delivered April 7. They must be paid for within 15 days of being received. 23 Completed work for another client for $2,850 on credit. 27 Abe Factor withdrew $3,600 cash from the business to pay some…The following transactions took place at the Cook Employment Agency during November 20X1. DATE TRANSACTIONS Nov. 5 Performed services for Job Search, Inc., for $31,000; received $14,500 in cash and the client promised to pay the balance in 60 days. 18 Purchased a graphing calculator for $380 and some supplies for $530 from Office Supply; issued Check 1008 for the total. 23 Received Invoice 1602 for $1,650 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days. Prepare journal entries for the above transactions. View transaction list Journal entry worksheet < 1 2 Received Invoice 1602 for $1,650 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days. Date Nov 23, 20X1 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journalAbe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020: March 1 Invested $50,000 in cash and office equipment that had a fair value of $12,000. 1 Prepaid $9,000 cash for three months' rent for an office. 3 Made credit purchases of used office equipment for $6,000 and office supplies for $1, 200. 5 Completed work for a client and immediately received $6, 200 cash. 9 Completed a $4,000 project for a client, who will pay within 30 days. 11 Paid the account payable created on March 3. 15 Paid $3, 000 cash for the annual premium on an insurance policy. 20 Received $1,500 as partial payment for the work completed on March 9. 22 Placed an order with a supplier for $4,800 of supplies to be delivered April 7. They must be paid for within 15 days of being received. 23 Completed work for another client for $2,850 on credit. 27 Abe Factor withdrew $3,600 cash from the business to pay some personal expenses. 30 Purchased $650 of…
- EcoStar Pest Services began operations on September 1, 2022 with an investment of $36,000 cash into the business. During the month of September, EcoStar completed the following additional transactions: Sep 02 Sold a customer pool equipment on account, $3,000 Sep 04 Purchased supplies on credit for $1,200 Sep 08 Repaired a customer's pool and collected the fee of $2,200 Sep 13 Received $600 from customers for payment on their account Sep 15 Paid employee wages of $1,000 Sep 18 Repaired a customer's pool and billed, but did not collect $2,600. Sep 21 Collected $1,200 from a customer for a job to be performed in October What is the balance in the Accounts Receivable account on September 30, 2022? Select one: O a $3,800 b. $5,000 $6.200 d. $8,400 $9,600Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020: March 1 Invested $50,000 in cash and office equipment that had a fair value of $12,000. 1 Prepaid $9,000 cash for three months' rent for an office. 3 Made credit purchases of used office equipment for $6,000 and office supplies for $1, 200. 5 Completed work for a client and immediately received $6, 200 cash. 9 Completed a $4,000 project for a client, who will pay within 30 days. 11 Paid the account payable created on March 3. 15 Paid $3, 000 cash for the annual premium on an insurance policy. 20 Received $1, 500 as partial payment for the work completed on March 9. 22 Placed an order with a supplier for $4,800 of supplies to be delivered April 7. They must be paid for within 15 days of being received. 23 Completed work for another client for $2,850 on credit. 27 Abe Factor withdrew $3,600 cash from the business to pay some personal expenses. 30 Purchased $650 of…record the completion of a report on hiring solutions for a client and collected $8,800 cash
- Rochester Construction begins operations in March and has the following transactions. March 1 Issue common stock for $18,000. March 5 Obtain $8,400 loan from the bank by signing a note. March 10 Purchase construction equipment for $22,000 cash. March 15 Purchase advertising for the current month for $1,100 cash. March 22 Provide construction services for $17,400 on account. March 27 Receive $12,400 cash on account from March 22 services. March 28 Pay salaries for the current month of $5,400. Required: Analyze each transaction and show the effects of each on the accounting equation. Note: Decreases to account classifications should be indicated by a minus sign. Do not give answer in imagea. The company completed consulting work for a client and immediately collected $5,500 cash. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. c. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Transactions Number Assets = Liabilities + Equity Cash + Accounts Receivable = Accounts Payable + Common Stock – Dividends + Revenue − Expenses a. + = + − + − b. + = + − + − Balance after a and b + = 0 + 0 − 0 + 0 − 0 c. + = + − + − Balance after c + 0 = 0 + 0 − 0 + 0 − 0 d. + = + − + − Balance after d + 0 = 0 + 0 − 0 + 0 − 0 e. + = + − + − Balance after e + $0 = $0 + $0 − $0 + $0 − $0a. The company completed consulting work for a client and immediately collected $6,300 cash. b. The company completed commission work for a client and sent a bill for $4,800 to be received within 30 days. c. The company paid an assistant $1,800 cash as wages for the period. d. The company collected $2,400 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $860 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Transactions Number a. b. Balance after a and b C. Balance after c d. Balance after d e. Balance after e $ Cash Assets 0 0 0 0 + + + + + + + + + + Accounts Receivable $ 0 0 0 0 = = = = = = = = = Liabilities Accounts Payable $ 0 0 + 0 + 0 + + + + + + + + Common Stock $ 0 0 0 0 - - - - $ Equity Dividends 0 0 0 0 + + + + + + + + + + Revenue $ 0 - 0 0 0 - - Expenses $ 0 0 0 0