[The following information applies to the questions displayed below] Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $16,600 of services on account, and (2) he purchased $4,400 of supplies on account. There were $750 of supplies on hand as of December 31, Year 1. Required a. b. & e. Record the two transactions in the T-accounts. Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. Post the entries in the T-accounts and prepare a post-closing trial balance. (Select "a1, a2, or b" for the transactions in the order they take place. Select "el" for closing entries. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Accounts Receivable Beg Bal End. Bal Beg Bal End Bal Supplies 4
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- On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23500. July 10: Purchased a truck for $14900, paying $7200 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4220. July 20: Completed services on account and billed the customer, $7310 July 25: Received cash from customers on account, $3520. July 31: Paid salaries expense of $460 and utilities expense of $300. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020Required information Problem 14-63 (LO 14-6) (Static) [The following information applies to the questions displayed below.] Brooke owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home where she meets with clients, prepares bills, and performs other work-related tasks. The home office is 300 square feet, and the entire house is 4,500 square feet. Brooke incurred the following home-related expenses during the year. Brooke itemizes her deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Unless indicated otherwise, assume Brooke uses the actual expense method to compute home office expenses. Real property taxes Interest on home mortgage Operating expenses of home. Depreciation Repairs to home theater room Problem 14-63 Parts a, b, c and e (Static) Required: a. What amount of each of these expenses is allocated to the home…Required information [The following information applies to the questions displayed below.) Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. There were $250 of supplies on hand as of December 31, Year 1. Required a. b. & e. Record the two transactions in the following T-accounts. Record two separate entries for the closing entries. Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. Post the entries in the T-accounts and prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Required A Required 8 Required E Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. (If no entry is required for a transaction/event, select "No journal entry required in the first…
- Drex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021: April 4 The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250. April 4 Paid three months advance rental to Ninang Lessor for 1,500 per month. April 4 Paid Casualty insurance PRU UK amounting to 1,800. April 6 Received cash from GTZ Enterprise on sale of merchandise for 3,000. April 7 Purchase additional furniture on account from Crizfat Furniture amounting to 1,800. April 8 Cash Sales from walk in client amounting to 800 April 11 Paid Cash advertisement to Bulgar Newspaper amounting to 120. April 12 Paid debt amounting to 800…Required Information [The following information applies to the questions displayed below.] Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income from the property was $6,100. Expenses associated with use of the home for the entire year were as follows: Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation $ 3,000 12,000 1,300 1,480 4,920 12,200 a. What effect does the rental have on Dillon's AGI? Effect of rental activity on Dillon's AGIDrex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021: April 4 The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250. April 4 Paid three months advance rental to Ninang Lessor for 1,500 per month. April 4 Paid Casualty insurance PRU UK amounting to 1,800. April 6 Received cash from GTZ Enterprise on sale of merchandise for 3,000. April 7 Purchase additional furniture on account from Crizfat Furniture amounting to 1,800. April 8 Cash Sales from walk in client amounting to 800 April 11 Paid Cash advertisement to Bulgar Newspaper amounting to 120. April 12 Paid debt amounting to 800…
- Drex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021: April 4 The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250. April 4 Paid three months advance rental to Ninang Lessor for 1,500 per month. April 4 Paid Casualty insurance PRU UK amounting to 1,800. April 6 Received cash from GTZ Enterprise on sale of merchandise for 3,000. April 7 Purchase additional furniture on account from Crizfat Furniture amounting to 1,800. April 8 Cash Sales from walk in client amounting to 800 April 11 Paid Cash advertisement to Bulgar Newspaper amounting to 120. April 12 Paid debt amounting to 800…[The following information applies to the questions displayed below.] While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Year 1 Assets Purchase Date Basis Computers (5-year) October 30, Year 1 $ 16,400 Office equipment (7-year) October 30, Year 1 10,000 Furniture (7-year) October 30, Year 1 5,800 Start-up costs October 30, Year 1 19,520 In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, started by fellow information systems students preparing to graduate. The customer list cost $12,520, and the sale was completed on April 30. During their summer break, Dallin and Michael passed on internship opportunities in an attempt to really grow their business into something they could do full time after graduation.…On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…
- While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Purchase Date October 30, Year 1 October 30, Year 1 October 30, Year 1 October 30, Year 1 Basis $16,200 10,000 5,400 19,160 Year 1 Asseta Computers (5-year) office equipment (7-year) Furniture (7-year) Start-up costa In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, started by fellow Information systems students preparing to graduate. The customer list cost $12,160, and the sale was completed on April 30. During their summer break, Dailin and Michael passed on internship opportunities in an attempt to really grow their business into something they could do full time after graduation. In the summer, they purchased a small van (for transportation, not considered a luxury…Ron Smith opens an apartment-locator business near a college campus. He is thesole owner of the proprietorship, which he names Campus Apartment Locators.During the first month of operations, July 2021, the business completes the followingTransactions.1. Smith invested $50,000 cash to start the business.2. Purchased $300 of office supplies on account.3. Paid $30,000 to acquire land as a future building site.4. Earned service revenue and received cash of $2,000.5. Paid $150 on account.6. Paid for a personal vacation, which is not a transaction of the business.7. Paid cash expenses for rent, $400, and utilities, $100.8. Sold office supplies for cost of $150.9. Withdrew $1,200 cash for personal use. Assets = Liabilities + Owners Equity Cash + Supplies + Land Accounts Payable…Alice Angle is an architect who set up her own on 1 March 2021. She supplied the following information about transactions for the first month ended 31 March 2021: 2021 Transaction March 1 eg. Alice deposited capital R70 000 into the business bank account. 1 Paid R5 000 as rent for March 2021. 2. Alice contributed equipment valued at R75 000 that she was using at home. The equipment was fully paid for personally by Alice. Additional equipment was purchased for R35 000 and paid through Alice's personal bank account. 6 The business obtained a loan of R150 000 from Kind Bank and deposited into the _business bank account. The loan is repayable in 3 equal annual instalments. The first instalment is payable on 31 March 2023. Interest is payable monthly at 7% per year beginning on 1 April 2021. 10 Purchased a vehicle for business purposes from Fast Cars Ltd for R220 000. Paid a deposit equal to 20% of the purchases price by making an electronic finds payment (EFT). The balance will be paid in…