Reference no: EM131191988
Salvo Delivery Service is owned and operated by Joel Salvo. The following selected transactions were completed by Salvo Delivery Service during February:
1. Received cash from owner as additional investment, $35,000.
2. Paid creditors on account, $1,800.
3. Billed customers for delivery services on account, $11,250.
4. Received cash from customers on account, $6,740.
5. Paid cash to owner for personal use, $1,000.
Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity, Drawing, Revenue, and Expense) by listing the numbers identifying the transactions, (1) through (5).
Also, indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) is shown below.
(1) Asset (Cash) increases by $35,000; Owner's Equity (Joel Salvo, Capital) increases by $35,000.
(2) Asset (Cash) decreases by $1,800; Liability (Accounts Payable) decreases by $1,800.
(3) Asset (Accounts Receivable) increases by $11,250; Revenue (Delivery Service Fees) increases by $11,250.
(4) Asset (Cash) increases by $6,740; Asset (Accounts Receivable) decreases by $6,740.
(5) Asset (Cash) decreases by $1,000; Drawing (Joel Salvo, Drawing) increases by $1,000.
Treat obesity and mechanism of action for each
: 1. What are the six prescription drug used to treat obesity and mechanism of action for each? Discuss the pros and cons of using those drugs.
|
Generated by elastic vs inelastic goods
: If gasoline is inelastic, who pays the tax? How much tax revenue is generated by elastic vs inelastic goods? Pease support with a source or two. Let's assume for a "reasonable" increase in the tax.
|
Identify topics of interest in fields related to education
: Explain what motivated you to pursue an advanced graduate degree in education and identify three topics of interest in fields related to education that ignite your passion. Finally, explain why these topics are important to you.
|
What is the real interest rate over the past year
: Suppose that the price of refrigerators always changes at the rate of the economy's inflation. A refrigerator sells for $1,100 today, but the same refrigerator sold for $1,000 one year ago. A bank deposit of $100 a year ago earned 4% interest over..
|
Indicate the effect of each transaction
: Indicate the effect of each transaction on the accounting equation elements by listing the numbers identifying the transactions,
|
Prepare the adjusted statement of financial position
: Required- Prepare the Adjusted statement of financial position and prepare adjusted statement of comprehensive income
|
How has it influenced health care
: How has it influenced health care? Why is it important to understand the appropriate application of the term or concept?
|
Concept of consumer and producer surplus
: You have been assigned to a team that has the responsibility of preparing a paper consisting of 1,750 words for the governor's next economic conference. Your paper should address the following:
|
What amount should fisher report as its investment
: What amount should Fisher report as its Investment in Steel on its December 31, 2015, balance sheet?- What amount should Fisher report as Equity in Earnings of Steel on its December 31, 2015 income statement?
|