User Account

All Pages

Fill in journal entries to summarize the following

Assignment Help Accounting Basics
Reference no: EM13579615

Fill in journal entries to summarize the following transactions as they affect the accounting equation.Then prepare the income statement and balance sheet for the first year.

Ana Urban established an insurance agency of the current year.

a.Opened a bank account with a deposit of $40,000 from personal funds in exchange for stock.

b.Purchased supplies on account, $1500.

c.Paid creditors on account, $800.

d.Received cash from fees earned on insurance commissions, $7,250.

e.Paid rent on office and equipment, $2,500 for the month.

f.Paid automobile expense for the month, $1,000; and miscellaneous expenses, $9,350.

g.Paid office salaries, $2,000.

h.Determined that the cost of supplies on hand was $400; therefore, the cost of supplies used was $1,100.

i.Billed insurance companies for sales commissions earned, $9,350.

j.Paid $3,000 in dividends

Reference no: EM13579615

Questions Cloud

Use the data to develop the equation of the regression : question jenson solberg and zorn investigated the relationship of insider ownership debt and dividend policies in
Pierres hair salon is considering opening a new location in : pierres hair salon is considering opening a new location in french lick california. the cost of building a new salon is
What is the u201cbalanced scorecardu201d and what is its : what is the u201cbalanced scorecardu201d and what is its relationship to performance measures? why is it important for
Assume the population is normally distributed with a : the average age of vehicles registered in the united states is 96 months. assume the population is normally
Fill in journal entries to summarize the following : fill in journal entries to summarize the following transactions as they affect the accounting equation.then prepare the
Glendo farm supply company manufactures and sells a : glendo farm supply company manufactures and sells a pesticide called snare. the following data are available for
Develop the equation of the simple regression line to : question a corporation owns several companies. the strategic planner for the corporation believes dollars spent on
A company has 2000 shares of 1 par value common stock and : a company has 2000 shares of 1 par value common stock and 200 shares of 5 110 par noncumulative preferred stock
Using the t test for the correlation coefficient is there : q1. determine the value of the coefficient of correlation for the following datax15829687110436y349510301322550q2. a

Reviews

Write a Review

Accounting Basics Questions & Answers

  Machines would cost 153600 and have a usefull life of seven

machines would cost 153600 and have a usefull life of seven years. the banks controller has estimated that the machines

  Select an organization with which you are familiar make a

select an organization with which you are familiar. prepare a 1050- to 1400-word paper in which you evaluate the

  Oklahoma manufacturing company uses a standard cost

oklahoma manufacturing company uses a standard cost accounting system. in 2012 the company produced 28300 units. each

  Economists classify production as possessing constant

economists classify production as possessing constant decreasing or increasing returns to scale. yet from a

  Problem regarding incurring the total costs

Despite operating at capacity, however, last year's performance was a great disappointment to the managers. In total, 10 jobs were accepted and completed, incurring the following total costs:

  Prepare a product margin report for one job that involves

jardon painting paints the interiors and exteriors of homes and commercial buildings. the company uses and

  What information does a balance sheet provide how do

what information does a balance sheet provide? how do accounting conventions and asset valuation affect measuring and

  Green golf accessories sells golf shoes gloves and a

green golf accessories sells golf shoes gloves and a laser-guided range-finder that measures distance. shown below are

  Alleging breach of contract

Three months later, after Smith & Jones has continued performing under the contract, the E-Business board of directors tells the accountants that it is canceling their contract. Smith & Jones files a suit against Dan and E-Business, alleging breac..

  Why traditional functional income statement is not suitable

Explain why a traditional functional income statement is not suitable for the Cost Volume Profit (CVP) analysis. What is the key point that makes a contribution approach income statement useful for CVP relationship analysis.

  Funzy report as a promotional expense for coupons

During the last month of 2009, the first month of the offer, Funzy sold 12 million boxes of Wheatos and 2.4 million of the coupons were redeemed.

  The machine setup activity cost pool

The president has heard of activity-based costing and wants to see how the results would differ if this system were used. Two activity cost pools were developed: machining and machine setup. Presented below is information related to the company..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd