Question 1

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...

Question 2

On October 10, Nickle Company purchased supplies for $1,800 on account. On October 25, Nickle Company paid the invoice.
(a) Provide the journal entry for the purchase on account.
(b) Provide the journal entry for the payment of the invoice.

Accepted Answer

The answer of On October 10, Nickle Company purchased supplies...

Question 3

On October 17, Nickle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nickle paid $300,000 down in cash and signed a note payable for the balance. Provide the journal entry for this transaction.

Accepted Answer

The answer of On October 17, Nickle Company purchased a...

Question 4

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...

Question 5

Analyze the following transactions as to their effect on the accounting equation.
(a)The company paid $725 to a vendor for supplies purchased previously on account.
(b)The company performed $850 of services and billed the customer.
(c)The company received a utility bill for $395 and will pay it next month.
(d)The owner of the company withdrew $145 of supplies for personal use.
(e)The company paid $315 in salaries to its employees.
(f)The company collected $730 of cash from its customers on account.​Some of the possible effects of a transaction on the accounting equation are listed below​  Put the appropriate letter next to each transaction.

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

Question 6

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.

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

Question 7

Record the following selected transactions for April in a two-column journal, identifying each entry by letter:
(a)Received $18,000 from Katie Long, owner.
(b)Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder.
(c)Paid $2,300 for rent for April.
(d)Purchased $1,500 of supplies on account.
(e)Recorded $9,800 of fees earned on account.
(f)Received $7,500 in cash for fees earned.
(g)Paid $1,200 to creditors on account.
(h)Paid wages of $3,425.
(i)Received $7,900 from customers on account.
(j)Recorded owner's withdrawal of $1,875.

Accepted Answer

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

Question 8

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...

Question 9

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...

Question 10

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.

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

Question 11

Journalize the following selected transactions for January. Explanations may be omitted.Jan.1Received cash from the investment made by the owner, $14,000.2Received cash for providing accounting services, $9,500.3Billed customers on account for providing services, $4,200.4Paid advertising expense, $700.5Received cash from customers on account, $2,500.6Owner withdrew $1,010.7Received telephone bill, $900.8Paid telephone bill, $900.​

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

Question 12

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

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

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.

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

Question 14

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

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

Question 15

Journalize the five transactions for Mirmax Rentals described below.

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

Question 16

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...

Question 17

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.I-IncreaseD-DecreaseNE-No Effect​​  ​​​

Accepted Answer

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

Question 18

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...

Question 19

Journalize the following five transactions for Nexium & Associates, Inc. Omit explanations.Mar.1Bills are sent to clients for services provided in February in the amount of $800.9Corner Office, Inc. delivers office furniture 
($1,060) and office supplies 
($160) to Nexium leaving an invoice for $1,220.15Payment is made to Corner Office, Inc. for the furniture and office supplies delivered on March 9.23A bill for $430 for electricity for the month of March is received and will be paid on its due date in April.31Salaries of $850 are paid to employees.

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

Question 20

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...

Quiz 2: Analyzing Transactions

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

On October 10, Nickle Company purchased supplies for $1,800 on account. On October 25, Nickle Company paid the invoice. (a) Provide the journal entry for the purchase on account. (b) Provide the journal entry for the payment of the invoice.

On October 17, Nickle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nickle paid $300,000 down in cash and signed a note payable for the balance. Provide the journal entry for this transaction.

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.

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

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.

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

Journalize the five transactions for Mirmax Rentals described below.

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.

Quiz 2: Analyzing Transactions

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

On October 10, Nickle Company purchased supplies for $1,800 on account. On October 25, Nickle Company paid the invoice. (a) Provide the journal entry for the purchase on account. (b) Provide the journal entry for the payment of the invoice.

On October 17, Nickle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nickle paid $300,000 down in cash and signed a note payable for the balance. Provide the journal entry for this transaction.

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.

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

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.

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

Journalize the five transactions for Mirmax Rentals described below.

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 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.