Question 1

On December 1,JumpStart provides $2,800 in services to clients.
(a)Journalize this event as if the clients had paid cash at the time the services were rendered.​
(b)Journalize this event as if the clients had placed this on account.​
(c)Assume that the clients paid $1,200 of the amount on account on December 30.Journalize this transaction.

Accepted Answer

The answer of On December 1,JumpStart provides $2,800 in services...

Question 2

Analyze the following transactions as to their effect on the accounting equation.​  Some of the possible effects of a transaction on the accounting equation are listed below​  Put the appropriate letter next to each transaction.

Accepted Answer

The answer of Analyze the following transactions as to their...

Question 3

Journalize the following selected transactions for January.Explanations may be omitted.​

Accepted Answer

The answer of Journalize the following selected transactions for January.Explanations...

Question 4

State for each account whether it is likely to have 
(a)debit entries only,
(b)credit entries only,or 
(c)both debit and credit entries when recording business transactions during the month.Also,indicate the normal balance of each account.1.Fees Earned4.Supplies2.Utilities Expense5.Cash3.Accounts Payable6.Accounts Receivable

Accepted Answer

The answer of State for each account whether it is...

Question 5

On January 8,Damien Lawson transfers ownership of several pieces of office equipment to his new business,JumpStart.When new,these items were worth $72,500.The fair market value of the equipment is $60,000.Journalize this transfer.

Accepted Answer

The answer of On January 8,Damien Lawson transfers ownership of...

Question 6

On August 30,JumpStart incurred the following expenses:Payment to the landlord for August rent,$2,300Payment to Gas & Electric Company for August bill,$525Payment of employee wages for the last half of August,$1,750Payment of shopping center's parking lot cleaning fee,$275​Journalize these payments as one compound journal entry.

Accepted Answer

The answer of On August 30,JumpStart incurred the following expenses:Payment...

Question 7

For the following,mark a "D" if the following account normally has a debit balance and mark a "C" if the following account normally has a credit balance.

. Notes Payable
_____2. Mortgage Payable
_____3. Drawing
_____4. Accounts Receivable
_____5. Capital
_____6. Rent Revenue
_____7. Unearned Income
_____8. Utility Expense
_____9. Automobiles

Accepted Answer

The answer of For the following,mark a "D" if the...

Question 8

On October 30,Damien Lawson withdraws $3,330 from JumpStart for personal use.Journalize this event.

Accepted Answer

The answer of On October 30,Damien Lawson withdraws $3,330 from...

Question 9

Journalize the following five transactions for Nexium & Associates,Inc.Omit explanations.

Accepted Answer

The answer of Journalize the following five transactions for Nexium...

Question 10

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." 
(a)whether the change in the account would be recorded as a debit or a credit and 
(b)whether the normal balance of the account is a debit or a credit.

Accepted Answer

The answer of Increases and decreases in various types of...

Question 11

On January 12,JumpStart purchased $870 in office supplies.​
(a)Journalize this transaction as if JumpStart paid cash.​
(b)Journalize this transaction as if JumpStart placed it on account.​
(c)On January 18,JumpStart pays the amount due.Journalize this event.

Accepted Answer

The answer of On January 12,JumpStart purchased $870 in office...

Question 12

Prepare a journal entry for the purchase of a truck on April 4 for $85,700,paying $15,000 cash and the remainder on account.Omit explanation.

Accepted Answer

The answer of Prepare a journal entry for the purchase...

Question 13

On November 1,Nickle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land.Provide the journal entry for this transaction.

Accepted Answer

The answer of On November 1,Nickle Company made a cash...

Question 14

Journalize the five transactions for Mirmax Rentals described below.

Accepted Answer

The answer of Journalize the five transactions for Mirmax Rentals...

Question 15

Prepare a journal entry on October 12 for the fees earned on account,$14,600.Omit explanation.

Accepted Answer

The answer of Prepare a journal entry on October 12...

Question 16

On November 10,JumpStart provides $2,900 in services to clients.At the time of service,the clients paid $600 in cash and put the balance on account.
(a)Journalize this event.​
(b)On November 20,JumpStart's clients paid an additional $900 on their accounts due.Journalize this event.​
(c)Calculate the accounts receivable balance on November 30.

Accepted Answer

The answer of On November 10,JumpStart provides $2,900 in services...

Question 17

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

Accepted Answer

The answer of Record the following selected transactions for April...

Question 18

The bookkeeper for Brockton Industries prepared the following journal entries and posted the entries to the general ledger as indicated in the T accounts presented.Assume that the dollar amounts and the descriptions of the entries are correct.​​  ​  ​  ​  RequiredIf you assume that all journal entries have been recorded correctly,use the above information to:
(1)Identify the postings to the general ledger that were made incorrectly.
(2)Describe how the each incorrect posting should have been made.

Accepted Answer

The answer of The bookkeeper for Brockton Industries prepared the...

Question 19

On January 7,Damien Lawson invests $45,000 to initiate the operation of his business,JumpStart.Provide the journal entry for this transaction.

Accepted Answer

The answer of On January 7,Damien Lawson invests $45,000 to...

Question 20

Several transactions are listed below,with the accounting equation stated to the right side of each.Use the following identification codes to indicate the effects of each transaction on the accounting equation.Write your answers in the space provided under the accounting equation.You need an identification code for each element of the accounting equation.An example is given before the first transaction.​  ​  ​​​

Accepted Answer

The answer of Several transactions are listed below,with the accounting...

Quiz 2: Analyzing Transactions

Analyze the following transactions as to their effect on the accounting equation. Some of the possible effects of a transaction on the accounting equation are listed below Put the appropriate letter next to each transaction.

Journalize the following selected transactions for January.Explanations may be omitted.

On January 8,Damien Lawson transfers ownership of several pieces of office equipment to his new business,JumpStart.When new,these items were worth $72,500.The fair market value of the equipment is $60,000.Journalize this transfer.

On October 30,Damien Lawson withdraws $3,330 from JumpStart for personal use.Journalize this event.

Journalize the following five transactions for Nexium & Associates,Inc.Omit explanations.

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." (a)whether the change in the account would be recorded as a debit or a credit and (b)whether the normal balance of the account is a debit or a credit.

On January 12,JumpStart purchased $870 in office supplies. (a)Journalize this transaction as if JumpStart paid cash. (b)Journalize this transaction as if JumpStart placed it on account. (c)On January 18,JumpStart pays the amount due.Journalize this event.

Prepare a journal entry for the purchase of a truck on April 4 for $85,700,paying $15,000 cash and the remainder on account.Omit explanation.

On November 1,Nickle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land.Provide the journal entry for this transaction.

Journalize the five transactions for Mirmax Rentals described below.

Prepare a journal entry on October 12 for the fees earned on account,$14,600.Omit explanation.

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

On January 7,Damien Lawson invests $45,000 to initiate the operation of his business,JumpStart.Provide the journal entry for this transaction.

Quiz 2: Analyzing Transactions

Analyze the following transactions as to their effect on the accounting equation.​ Some of the possible effects of a transaction on the accounting equation are listed below​ Put the appropriate letter next to each transaction.

Journalize the following selected transactions for January.Explanations may be omitted.​

On January 8,Damien Lawson transfers ownership of several pieces of office equipment to his new business,JumpStart.When new,these items were worth $72,500.The fair market value of the equipment is $60,000.Journalize this transfer.

On October 30,Damien Lawson withdraws $3,330 from JumpStart for personal use.Journalize this event.

Journalize the following five transactions for Nexium & Associates,Inc.Omit explanations.

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." (a)whether the change in the account would be recorded as a debit or a credit and (b)whether the normal balance of the account is a debit or a credit.

On January 12,JumpStart purchased $870 in office supplies.​ (a)Journalize this transaction as if JumpStart paid cash.​ (b)Journalize this transaction as if JumpStart placed it on account.​ (c)On January 18,JumpStart pays the amount due.Journalize this event.

Prepare a journal entry for the purchase of a truck on April 4 for $85,700,paying $15,000 cash and the remainder on account.Omit explanation.

On November 1,Nickle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land.Provide the journal entry for this transaction.

Journalize the five transactions for Mirmax Rentals described below.

Prepare a journal entry on October 12 for the fees earned on account,$14,600.Omit explanation.

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

On January 7,Damien Lawson invests $45,000 to initiate the operation of his business,JumpStart.Provide the journal entry for this transaction.

Analyze the following transactions as to their effect on the accounting equation. Some of the possible effects of a transaction on the accounting equation are listed below Put the appropriate letter next to each transaction.

Journalize the following selected transactions for January.Explanations may be omitted.

On January 12,JumpStart purchased $870 in office supplies. (a)Journalize this transaction as if JumpStart paid cash. (b)Journalize this transaction as if JumpStart placed it on account. (c)On January 18,JumpStart pays the amount due.Journalize this event.