buss Accounting help
kjjvil
short_2.docx1-Catering began with cash of $15,000, Cathy then bought supplies for 4,400 on account. Separately, Cathy paid $7500 for equipment. Answer the questions.
A- How much in total assets does Cathy have?
B- How much in Liabilities does Cathy have?
2-July 1 Patel invested $60,000 cash to start her medical practice. The business issued common stock to Patel.
1 Purchased medical supplies on account totaling $12,000
2 Paid monthly office rent of $ 4,700.
3 Recorded $10,300 revenue for service rendered to patients, received cash of $4,200 and sent bills to patients for the remainder.
After these transactions how much cash does the business have to work with? Use a T-account to show your answer.
3- Refer to question 2 which of the transactions of Dora Patel, MD, increased the total assets of the business? For each transaction, identify the asset that was increased.
4-king Design specializes in imported clothing. During March, King completed a series of transactions. For each of the following items, give an example of a transaction that has the described effect on the accounting equation of King Design.
a. Increase an asset and increase a liability
b. Decrease an asset and decrease owners’ equity
c. Decrease an asset and degrease a liability
d. Increase an asset and increase owners’ equity
e. Increase one asset and decrease another asset.
5- After operating for several months, architect Zach Talbot completed the following transactions during the latter part of October:
Oct 15 Barrowed $64,000 from the bank, signing a not payable
Oct 22 preformed service for clients on account totaling $17,100
Oct 28 received $10,300 cash on account of clients
Oct 29 received a utility bill of $1,450, an amount that will be paid during November
Oct 31 paid monthly salaries of 10,100 to employees
Journalize the transactions of Zach Talbot, Architect, Include an explanation with each journal entry
6-Architect Wendy Watson purchased supplies on account for $4,800. Later Watson paid $1,350 on account.
Journalize the two transactions on the books of Wendy Watson, architect. Include an explanation for each transaction
Open a t account for accounts payable and post to accounts payable. Compute the balance and denote it as a bal.
How much does the business owe after both transactions? In which account does this amount appear?
7-Bush Consulting performed service for client who could not pay immediately. Bush expected to collect the $3,900 the following month. A month later, Bush received $2, 000 cash from the client.
Record the two transactions on the books of Bush Consulting. Including an explanation for each transaction
Post to these T-accounts: Cash, Accounts Receivable, and Service Revenue. Compute each account balance and denote it as Bal.
8- Assume that First Mortgage Company reported the following summarized data at December 31,2014. Accounts appear in no particular order; dollar amounts are in millions.
Other liabilities $2 revenues $38
Other assets 20 cash 5
Expenses 27 accounts payable 6
Stockholders equity 6
