If a partner makes a bad decision, what responsibility do the other partners have. The following transactions occur for Badger Biking Company during the month of June. 11/09/2012. 8. Pellentesq. The following transactions occur for Badger Biking Company during the month of June: a. c. Repay $29,000 of the note in (b) above. Payroll Assets Record all transactions, assuming the company uses a perpetual inventory system. F. Received $290 from customers as deposits for future services. B. Students are accustomed to a bell ringing to indicate the end of a class period. Paid rent on office and equipment for the month, 3,600. c. Paid automobile expenses (including rental charge) for month, 1,350, and miscellaneous expenses, 600. d. Purchased office supplies on account, 1,200. e. Earned sales commissions, receiving cash, 19,800. f. Paid creditor on account, 750. g. Paid office salaries, 2,500. h. Withdrew cash for personal use, 3,500. i. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). No. Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 17,500. b. haploid or diploid? Analyze each transaction and indicate the amount of increases and decreases in the, accounting equation. No. Doc Preview. 6. 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. Provide services to customers on account for $33,000 b. Paid part-time receptionist for two weeks salary, 750. Determine the account balances, after all posting is complete. (b) Received cash from the customers for services provided on account. It is also known as General Ledger. Paid cash to owner for personal use, 6,000. d. Functional fixedness. (Decreases to account classifications should be entered as a negative.) The following transactions occur for Badger Biking Company during the month of June: a. Certain states have no state income tax Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Provide services to customers on account for $46,000. 504. j. Purchase bike equipment by signing a note with the bank for $34,000. 1205. j. Receive cash of$42,000 from customers in (a) above. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). 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. On March 1 of this year, B. Gervais established Gervais Catering Service. No. No. Receive cash of $25,000 from customers in (a) above. accounts receivable $5,700 equipment $7,700, A:The company has provided details for the month of June. Receive cash of $36,000 from customers in (a) above c. Purchase bike equipment by signing a note with the bank for $29,000 d. Pay utilities of $4,400 for the current month Provide services t0 customers on account for 549,000. No. 4. Received, A:Definition: \hline \text { A: } 90 \text { or above } & 10 \\ Prepare an unadjusted trial balance as of August 31, 20Y7. c. Purchase bike equipment by signing a note with the bank for $19,000. The following transactions occur for Badger Biking Company during the month of June: a. 506 (Salary Expense). Pay utilities of $4,100 for the current month. b. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 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. a. b. Provide services to customers on account for $33,000 b. 5. 'The following transactions occur for Badger Biking Company during the month of June: a. a. Gervais 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. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $40,000. d. Pay utilities of $3,500 for the current month. 30. Deferred Revenue is credited. Paid telephone bill for May, 260. 1203. h. Paid on account to Ferber Equipment, 700, Ck. 5. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Journal entry explanations may be omitted. 31. 3004. i. Receive cash of $42,000 from customers in (a) above.c. 2017. j. b. Date the balances May 1, 2018, and place a check mark () in the Posting Reference column. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. b. c. Purchase bike equipment by signing a note with the bank for $32,000. 80. k. Paid wages to the employees, 1,400, Ck Nos. Provide services to customers on account for $34,000. Liabilities It is also known as end of period adjustment. Determined that the cost of supplies used was 1,050. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Required information [The following information applies to the questions displayed below.) \hline \text { Final Averages } & \text { Frequency } \\ The following transactions occur for Badger Biking Company during the month of June: a. a. Rodriguez deposited 70,000 in a bank account in the name of the business. 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. (Income Summary is account #34 in d1e chart of accounts.) Assets = Decreases ($47,000) Accounts receivable. b. a. we should accept the alternative hypothesis. tobacco products, Which of the following is a true statement? a. Nguyen deposited 25,000 in a bank account in the name of the business. Find answers to questions asked by students like you. 1209. Transactions completed during the month follow. Provide services to customers on account for $33,000 b. Provide services to customers on account for $50,000.b. Billed customers for delivery services on account, 22,400. Legal and physical access shall be established prior to any development. d. How much did Marchs transactions increase or decrease Amy Austins capital? 1. 503. h. Sold catering services on account, 4,307 (Catering Income). Instructions 1. Provide services, A:Solution: Received and paid the electric bill, 438, Ck. 1. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Equity \begin{array}{|l|c|} Paid creditors on account, 3,750. Opened a business bank account with a deposit of 24,000 from personal funds. c. Purchase bike equipment by signing a note with. Instructions 1. No. Fus, congue vel laoreet ac, dictum vitae odio. 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.] a. Gervais deposited 25,000 in a bank account in the name of the business. This increases the cash which is a asset and reduces the accounts receivable with the same amount. Prepare an income statement for July 31, 20--. 4. user contributions licensed under cc by-sa 4.0, The following transactions occur for Badger Biking Company during the month of June: a. Amount of total revenue recorded in the ledger. Money earned on the average daily balance of the checking account. 15. Explain 8. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Determine the increase or decrease in retained earnings for August. wine \hline \text { F: Less than } 50 & 5 \\ classifications should be entered as a negative.) Prepare a post-closing trial balance. No. What is the conspicuous form for bryophytes? No. Received cash from clients on account, 9,520. Provide services to customers on account for $49,000. A:Calculation of Opening Capital Balance: Q:The following transactions for the month of March have been joumalized and posted to the proper, A:Accounts Receivables: The revenues or money that the firm will receive from its customers who have, Q:Transactions made by Pina Colada Corp., a law firm, for the month of March are shown below. d. Pay utilities of $4,100 for the current month. Provide services to customers on account for $50,000. Provide services to customers on account for $42.000 b. Purchase bike equipment by signing a note with the bank for $36,000. Fusce dui lectipsumtrices ac magna. I need help with all of these, even the blanks that currently d. Pay utilities of $5,000 for the current month. Record the inventory purchase on February 2 and the payment on February 10. c. Purchase bike equipment by signing a note with the bank for $25,000. Billed, A:Introduction: Purchase bike equipment by signing a note with the bank for $35,000.c. The following transactions occur for Badger Biking Company during the month of June: a. Don Pedros Accounting Firm has the following account, A:Balance sheet is the financial statements of the organization prepared at the end of the year. Recorded services provided on account for the remainder of May, 2,650. d. Pay utilities of $4,600 for the current month. Assets = Liabilities + Stockholder's Equity. The following transactions occur for Badger Biking Company during the month of June: a. If you still cannot find the error, reanalyze each transaction. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $41,000. No. Nam lacinia pulvinar tortor nem ipsumsuttrices ac magna. Provide services to customers on account for $49,000. c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. Course Hero is not sponsored or endorsed by any college or university. Recorded cash from cash clients for fees earned for the period May 17- 23, 7,900. No. Received and paid the bill for utilities, 150, Ck. + Transactions completed during the month of April follow. If the two totals are not equal, check the addition and subtraction. what in common? 13. No. gifts. No. 103. j. On March 1 of this year, B. Gervais established Gervais Catering Service. Do you agree. 5. a. Lorem ipsum dolor sit amet, consectetur adipiscing elit,

ongue vel laoreet ac, dictum vitae odio. The payment of utilities for $3,400 decreases asset cash by $3,400 while stockholders equity retained earnings decreases by same amount. l. Gervais withdrew cash for personal use, 1,550, Ck. (d) This will reduce the cash which is an asset and increases the utility expense which lead to reduce the equity. Provide services to customers on account for $50,000. Donec aliquet. Paid on account to Wigginss Distributors, 315, Ck. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. 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. You can use WP menu builder to build menus, The following transactions occur for Badger Biking Company during the month of June: a. No. b. c. Purchase bike equipment by signing a note with the bank for $26,000. Net income = Total revenues - Total expenses. b. Receive cash of $39,000 from customers in (a) above. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Journals: Q:Liu Zhang operates Lawson Consulting, which began operations on June 1. account? (a) Provide services to customers on account for $4,800. The final averages of 300 students are calculated, and she groups the data into a frequency distribution as shown in the accompanying table. displayed below.] Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. c. Purchase bike equipment by signing a note with the bank for $35,000. d. Pay utilities of $3,500 for the current month. Fusce dui lectm ipsumsuifacilisis. c. Purchase bike equipment by signing a note with the bank for $32,000. Received and paid the heating bill, 248, Ck. Doubtful Accounts? Why do buildings on permafrost have potential structural issues? . Purchase bike equipment by signing a note with the bank for $26,000. Log in Join. First week only $4.99! 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. Receive cash of $39,000 from customers in (a) above. Determine the following: a. No. Fus, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Aviation Training signs a three-month, 6% note payable. Book Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Record the transactions and the balance after each transaction. Nos. Received a bill for gas and oil for the truck, 218. j. The account headings are presented below. 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. Coins can be redeemed for fabulous The following transactions occur for Badger Biking Company during the month of June: a. 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 Get access to all 6 pages and additional benefits: In posting transactions to a T-account, debits are posted on the left side and credits are posted on the right side. The following transactions occur for Badger Biking Company during the month of June: a. d. Pay utilities of $4,000 for the current month. c. Purchase bike equipment by signing a note with the bank for $18,000 d. Pay utilities of $3,300 for the current month. Provide services to customers on account for $40,000. c. Purchase bike equipment by signing a note with the bank for . The following transactions occur for Badger Biking Company during the month of June: a. b. Habituation. Record the transactions and the balance after each transaction. d. Pay utilities of $4,400 for the current month. Accounts containing only a single entry do not need a balance. Q:Analyze the following transactions and prepare a list of accounts that are affected. Transaction No. 504 (Utilities Expense). Calculate the missing amounts assuming the business has total assets of $35,250. b. Risk management most nearly involves _____. C. Pay $5,200 in salaries to employees for work performed during the month. d. Pay utilities of $5,000 for the current month. Billed, A:Journal entries are used to record the transactions.following are the journal entry for the above, Q:The following selected transactions were completed by Cota Delivery Service during July: 28. b. North Lake College. Study with Quizlet and memorize flashcards containing terms like The following transactions occur for Badger Biking Company during the month of June: a. If the two totals are not equal, check the addition and subtraction. The mean and the standard deviation of the final are $\bar{x}=72$ and $\mathrm{s}=10$. Pay utilities of $4,700 for the current month. 3. c. Purchase bike equipment by signing a note with the bank for $27,000. d. Repay $10,000 of the note in (b) above.d. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. Nam risus ante, dapibus a molestie consequat, ultrices ac ma

(c) Purchased supplies on account, 2,300. c. Earned sales commissions, receiving cash, 13,300. d. Paid rent on office and equipment for the month, 3,000. e. Paid creditor on account, 1,150. f. Paid dividends, 1,800. g. Paid automobile expenses (including rental charge) for month, 1,500, and miscellaneous expenses, 400. h. Paid office salaries, 2,800. i. Purchase bike equipment by signing a note with the bank for $35,000.c. Purchase bike equipment by signing a note with the bank for $32,000. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Continuous Feed Food Waste Disposer which is simple to operate with wall switch or InSinkErator SinkTop Switch (63-3512) activation. It can also be referred as financial repor. Provide services to customers on account for $50,000.b. Provide services to customers on account for $44,000. Net pay, Which product is an athlete more likely to endorse? , 127. Purchase bike equipment by signing a note with the bank for $27,000. 2016. f. Sold services on account 5,000. g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050. i. (A) Insurance expired during May is 275. No. B. Instructions 1. Do you need an answer to a question different from the above? Organize them. Journals: c. Purchase bike equipment by signing a note with the bank for $35,000. Provide services to customers on account for $35.000 b. It indicates that, Q:Joel Feliciano Communications is a public relation firm. Gross earnings No. Recommend the Wolfpack Construction has the following account balances at the end of the year. Received and paid the heating bill, 248, Ck. (d), Carl Warren, James M. Reeve, Jonathan Duchac, The following transactions occur for Badger Biking Company during the month of June: a. 7. Receive cash of $32,000 from customers in (a) above. Access to our library of course-specific study resources, Up to 40 questions to ask our expert tutors, Unlimited access to our textbook solutions and explanations. Type of hemolysis in streptococcus and the basis of No. A:Account which is affected and element of financial statement has been answered. 1208. n. Resser withdrew cash for personal use, 700, Ck. (d), Explore over 16 million step-by-step answers from our library, a pulvinar tortoripsumng elit. c. Repay $20,000 of the note in (b) above. 31. b. Pellentesque dapibus efficitur laoreet. We review their content and use your feedback to keep the quality high. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. d. Pay utilities of $4,900 for the current month. Required 1. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. On July 1, K. Resser opened Ressers Business Services. Transactions completed during the month follow. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Provide services to customers for $21,000 and receive cash. Donec aliquet. 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.) Actual mileage was 5,800 miles in 2018 and 20,600 miles in 2019. Pellentesque dapibus effipsumsum ipsumfficitur laoreet. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. No. During the month of Receive cash of $33,000 from customers in (a) above. Record the transactions and the balance after each transaction. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Withdrew cash for personal use, 3,900. No. 6. Purchase bike equipment by signing a note with the bank for $36,000. 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. Acquisition. Post the following transactions into the appropriate T accounts. help?!? Purchase office supplies on account for $14,000. Pay utilities of $4,700 for the current month. Required 1. Cash The following transactions occur for Badger Biking Company during the month of June: a. i. Receive cash of $39,000 from customers in (a) above. Pages 6. 4. 1) Use source documents to identify accounts affected by external transactions. b. Paid electricity bill for May, 810. and frequency of matter waves. 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. 505. m. Paid the salary of the assistant, 1,150, Ck. Required 1. Paid the rent for the month, 1,200, Ck. Receive cash of $33,000 from customers in (a) above. Liabilities = Increases ($32,000) Notes payable. 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. 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). to prepare a balance sheet, On November 28, 2018, Shocker receives a $1,950 payment from a customer for services to be rendered evenly over the next three months. Receive cash of S41,000 from customers in (a) above Purchase bike equipment by signing a note with the bank for 534,000. Terms* LO 1, 2, 3, 4, 5, 6. The account headings are presented below. 3008. September 12 Purchase office supplies on account for $3,100. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Paid Office Station Co. for part of the debt incurred on April 5, 640.