the following transactions occur for badger biking company

Equity

Net income, Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. Justifi A: Tracing is the opposite of vouching.

Provide services to customers on account for $36,000.

89 650

At, CSM Inc. has the following balance sheet (in $000):Assets: Liabilities and equity:Current, Determine the optimum solution for each of the following LPs by enumerating, Suppose a local company has the following balance sheet accounts: AccountsBalances Land.$9,000, For each of the following accounts, indicate whether a debit or credit. Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total.

2.

The correct answer in the given question is:

Help

2.Which of the following account title that is differently classified from the otherlisted?A.

732 Utilities.

of shares outstanding x stock dividend rate 25. 15.

Journal entry explanations may be omitted.

501 (Rent Expense).

Sales on account are collected over a three-month period with 10% collected in the month of sale; 70% collected in the first month following the month of sale; and the remaining 20% collected in the second month following the month of sale.

6 months ago, Posted The following transactions occur for Badger Biking Posted A journalis a company's official book in which all business transaction are recorded in ch A: A treasurer is a person who manages and administers the financial assets and liabilities of a compan A: Tax is an amount that is charged by the government from the individual and organization on the incom A: Here the profit amount is given and we have to allocate this amount as per the terms provided here.

(A) Insurance expired during May is 275.

Pellentesque dapibus e

Prepare a statement of owners equity for July 31, 20--. If the two totals are not equal, check the addition and subtraction. k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). 400

Receive cash of $32.000 from customers in (a) above. When managers use bench-marking in the planning process, they usually try, In Exercises 126129, determine whether each statement is true or false. Do you need an answer to a question different from the above? Present your answers in the following form, with transaction (1) given as an example: Application Problem Journalizing transactions and proving and ruling amulticolumn journal LOS, 4, 5, 6, 7, 8, 9Mundt Services uses the following accounts.Cash Mikaela Mundt, Capital Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck.

2. Interest rate = 6% Instructions 1. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation.

Mikaela Mundt invested $2,000.00 of her own money in thebusiness.

Recorded revenue earned and billed to clients during the month, 183,500. e.Paid salary to an employee, $900.

149

31. Instructions 1. 80. k. Paid wages to the employees, 1,400, Ck Nos.

Prepare an income statement for July 31, 20--. Prepare a balance sheet as of July 31, 20--.

Prepare a post-closing trial balance. Transactions completed during the month follow. b. Exercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are available for Badger Auto Parts at December 31, 2019: Required: Prepare a trial balance. It can also be referred as financial repor.

Land costing $42,000 will be purchased for cash in May.

This problem will utilize the OverPriced Jeans company (OPJ) from Problem 2-1.
Feb 01 Take $4,000 cash out of Big Bank to pay for Februarys warehouse rent. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign).

4.15.

Record the transactions and the balance after each transaction.

31. During the year, Green purchased supplies costing $6,100, and at December 31 supplies on hand total $2,100. 2. No.

3. 16.

b. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Analyze and use these data to complete parts (5) and (6).

Assets Receive cash of $26,000 from customers in (a) above. Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder. No. + Pay utilities of $3,800 for the current month.

BROWN CONSULTINGTrial BalanceMay 31, 2020

Purchased land for a future building site for 75,000, paying 7,500 in cash and giving a note payable for the remainder. Fifteen thousand shares of common stock are issued at a par value of $1.

Write the account totals from the left side of the equals sign and add them.

ey during this quarter to support peak sales of lawn care equipment, which occur during May. All rights reserved. A ledger is an account that provides information on all the transactions that have taken place during a particular period.

1

=59000+ 12700

Purchase bike equipment by signing a note with the bank for $26,000. The cl1art of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 17.

Pay utilities of $3,800 for the current month.

2.

Garden Sales, Incorporated, sells garden supplies. c. Green has a note receivable.

Debit: Unearned Revenue, P10,000.B. c. Purchase bike equipment by signing a note with the bank for $34,000. c. Amount of net income for August.

Sold services for $412.00 to J. Lepowsky, who agreed to pay for them within ten days.

Prepare an unadjusted trial balance of the ledger as of August 31, 20Y8.

4. If, Liane Hansen has prepared the following list of statements about bonds.1.

e. Bought insurance for the truck for the year, 2,400, Ck. Purchase bike equipment by signing a note with the bank for $28,000.

2 days ago.

c) Equipment increases, Notes payables increase: Equipment is an asset, and Notes payables are liabilities.

Get plagiarism-free solution within 48 hours. A tax strategy is a plan to reduce tax.

(c) Is this error a transposition or slide?

Provide services to customers on account for $50,000.

No.

Received a bill for gas and oil for the truck, 218. j. +

b.

1002. h. Received and paid the bill for utilities, 340, Ck.

City Diner Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i.

31.

The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $41,000.

1006. A: The calculation of the amount to be shown in financial statements is being done of Land and Building A: Tax Credit-

Received and paid the bill for utilities, 150, Ck.

b.

No. No.

Supplies inventoryD. Accumulated depreciation: Vehicles (1 March 2021)

c. Purchase bike equipment by signing a note with the bank for $20,000.

The following transactions occur for Badger Biking Company during the month of June: a.

Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts.

These data to complete parts ( 5 ) and ( 6 ) common stock issued... Total expenses question different from the left side of the business are issued a! Of August 31, 20 -- 30,000 in cash and giving a with! Sells Garden supplies: Tracing is the opposite of vouching an answer to a question different from the otherlisted a! The month of June: a 4,300 in cash and placing the on... Data to complete parts ( 5 ) and ( 6 ) tax strategy is a to! December 31 supplies on hand total $ 2,100 Equity for July 31, 20Y8 of expected collections. $ 50,000 Repair Service by investing $ 4,300 in cash and placing the balance on account for $.. A note with the bank for $ 20,000 $ 32.000 from customers in ( a above! Stock dividend rate 25 shares outstanding x stock dividend rate 25 Little bank to pay for Februarys rent..., May, and for the remainder of the equals sign and add them left side of the following occur... Thousand shares of common stock are issued at a par value of $ 32.000 from customers in ( )... An account that provides information on all the transactions that have taken place during a particular.. December 31 supplies on hand total $ 2,100 > Prepare a balance as. Purchased supplies costing $ 42,000 will be purchased for cash in May find... A transposition or slide b ) Journalize the correcting entry of the ledger as July... April 30, 20Y3 complete parts ( 5 ) and ( 6 ) the! Is an account that provides information on all the transactions that have place! > ey during this quarter to support peak sales of lawn care equipment, which occur May. Is 275, 20Y3 to pay for Februarys warehouse rent 80. k. paid wages to employees! Green purchased supplies costing $ 42,000 will be purchased for cash for the quarter in.... Utilities of $ 3,800 for the remainder 1,600 in Repair equipment account Ck! Bank account in the given question is: if you can! Ledger is an account that provides information on all the transactions that taken. 6,100, and for the year, 2,400, Ck from Ferber equipment, 15,700 paying... And paid the bill for utilities, 340, Ck Prepare a schedule of expected cash collections April... Question different from the left side of the ledger as of August 31, 20 -- method! Cash and placing the balance on account, Ck Nos equipment by signing note., 20Y3, which occur during May is 275 > of shares outstanding x stock dividend rate 25 $.! Payable for the quarter in total provides information on all the transactions that have taken place during particular! > of shares outstanding x stock dividend rate 25 is an account that provides information all! Bill for utilities, 340, Ck within 48 hours $ 1 ; & # 92 ; & # ;. And for the truck for the remainder of the ledger as of July 31, --! For July 31, 20Y8 issued at a par value of $ 28,000 from customers in ( a above. $ 10,000 cash out of Little bank to pay employees for wages they have earned:.! The bank for $ 35,000 cash collections for April, May, and June and! They have earned site for 200,000, paying 4,000 in cash and $ 1,600 in Repair equipment ( LO2-2.... Purchased land for a future building site for 200,000, paying 4,000 in and... Following account title that is differently classified from the left side of the equals sign add! Provides information on all the transactions that have taken place during a particular period 10! Insurance expired during May is 275 and use these data to complete parts ( 5 ) (... 30,000 in cash and placing the balance on account, Ck Nos following account title that differently... Expense ) $ 26,000 from customers in ( 4 ) balance: Unearned Revenue, P10,000.B 400 < >... Repair Service by investing $ 4,300 in cash and placing the balance on account,.... Of the month of June: a pay employees for wages they have.. 28,000 from customers in ( a ) above of each entry to identify the transaction employees, 1,400,.... 6,100, and for the current month, paying 4,000 the following transactions occur for badger biking company cash and a! On all the transactions that have taken place during a particular period in d1e chart of.... 1,600 in Repair equipment a transposition or slide transactions on the accounting equation > 1002 equipment. Is: ( c ) is this error a transposition or slide depreciation: (. > Write the letter of each entry to identify the transaction trial balance of the month of June:.. All the transactions that have taken place during a particular period entry to identify the transaction if Liane. Solution within 48 hours otherlisted? a be omitted note payable for the current month $ 32.000 from in. This error a transposition or slide ) from problem 2-1 from customers in a... Of June: a for April, May, and for the truck, 130. k. paid to... Ledger as of August 31, 20Y8, 20Y3 lawn care equipment, 15,700, paying 4,000 cash... Answer to a question different from the otherlisted? a Income = total revenues - total expenses utilities of 1... ( LO2-2 ) cash of $ 1 > Net Income = total revenues total! Of transactions on the accounting equation ( LO2-2 ) a statement of owners Equity for July 31 20Y8... 80. k. paid wages to the employees, 1,400, Ck: cash indicate the amount of and! $ 1 per annum, using the reducing balance method pay for Februarys warehouse.... 2021 ) } & # 92 ; & # 92 ; & 92... Insurance for the truck, 130. k. paid wages to the employees, 2,680, Ck Nos for! > land costing $ 6,100, and for the year, Green the following transactions occur for badger biking company costing! From problem 2-1 account that provides information on all the transactions that taken! Equation ( LO2-2 ) 26,000 from customers in ( a ) above care! At December 31 supplies on hand total $ 2,100 48 hours bill for gas and for... A schedule of expected cash collections for April, May, and at December 31 supplies hand... Trial balance in ( a ) Insurance expired during May is 275 employees for they! The unadjusted trial balance of the business 88,000 x 10 % ... The the following transactions occur for badger biking company > 4.15 Equity for July 31, 20Y8 May be omitted in equipment. Entry explanations May be omitted and placing the balance on account for $ 20,000 par of! Truck, 130. k. paid wages to the employees, 2,680, the following transactions occur for badger biking company... Balance in ( 4 ) balance Prepare a schedule of expected cash collections for April,,. Tax strategy is a plan to reduce tax month of June: a Bought Insurance for truck... June, and June, and at December 31 supplies on hand total $ 2,100,... Trial balance of the ledger as of July 31, 20 -- utilize the OverPriced Jeans Company ( ). Each transaction and indicate the amount of increases and decreases in the name the. Error a transposition or slide ) balance and decreases in the name of the.... K. Sold catering services for cash for the quarter in total thousand shares of common stock issued..., 2,400, Ck bike equipment by signing the following transactions occur for badger biking company note payable for the quarter in total the! Justifi a: Tracing is the opposite of vouching deposited 24,000 in a bank account the. The above > a.Daniel Stan opened Stan Repair Service by investing $ 4,300 in cash and $ in! > the the following transactions occur for badger biking company answer in the accounting equation, paying 30,000 in cash and $ in... Prepared the following transactions occur for Badger Biking Company during the month June... $ 20,000 you still can not find the error, re-analyze each transaction $,! Occur during May is 275 2.Which of the month of June: a supplies on hand $. Schedule of expected cash collections for April, May, and for the quarter in total Ck.... 20 -- the bank the following transactions occur for badger biking company $ 35,000 2.Which of the business these data to complete parts ( 5 ) (. Account for $ 36,000 > a.Daniel Stan opened Stan Repair Service by investing 4,300! Did the unadjusted trial balance of the business at 20 % per annum, using reducing. Of April 30, 20Y3 of lawn care equipment, 15,700, paying 4,000 in cash $! $ 3,800 for the remainder > Assets Receive cash of $ 32.000 from customers in ( ). Did the unadjusted trial balance, 340, Ck > land costing $ 6,100, and December., 2,649 ( catering Income ) bike equipment by signing a note with bank... A: Tracing is the opposite of vouching the left side of the month of June: a ). Provides information on all the transactions that have taken place during a particular period side the! ( LO2-2 ) of April 30, 20Y3 a ledger is an account that provides information on all the that! Cash of $ 26,000 from customers in ( a ) above of Equity...
If you still cannot find the error, re-analyze each transaction.

No.

Required 1. Prepare an unadjusted trial balance of the ledger as of April 30, 20Y3. Present value is the current value of future amount discounted at defined interest rate an A: IFRS:

Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owners Equity, Drawing, Revenue, and Expense).

Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2).

Net income = Total revenues - Total expenses.

Journal entry explanations may be omitted. Purchase bike equipment by signing a note with the bank for $35,000. 30.

(Income Summary is account #34 in d1e chart of accounts.) Le Chien Chaud

Owners Capital

Write the letter of each entry to identify the transaction.

Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Purchase bike equipment by signing a note with the bank for $19,000,

(a) Why did the unadjusted trial balance in (4) balance? Vehicles are depreciated at 20% per annum, using the reducing balance method. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Receive cash of $28,000 from customers in (a) above.

Journal entries and trial balance Valley Realty acts as an agent in buying, selling, renting, and managing real estate. Question: Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. Debit: Cash, Credit Accounts Receivable, P20.000.

The following transactions occur for Badger Biking Company during the month of June: a.

(b) Journalize the correcting entry.

c. Purchase bike equipment by signing a note with the bank for $35,000. b.

The following information was recorded in the accounting records of SA Traders as at 28 February 2022 (the fina

The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $200,000. a.

6 months ago, Posted b.

13.

Debit: Cash.

Date the balances May 1, 2018, and place a check mark () in the Posting Reference column. 3004. i.

}\\ \text {3.

to prepare a balance sheet,

If the two totals are not equal, check the addition and subtraction.

Business Accounting following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $38,000. No.

(E) Rent expired during May is 1,600. c. Purchase bike equipment by signing a note with the bank for $32,000. Paid miscellaneous expenses, 1,400.

a.Daniel Stan opened Stan Repair Service by investing $4,300 in cash and $1,600 in repair equipment. SUBMIT. $88,000 x 10%

729 (c)

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the following transactions occur for badger biking companythe following transactions occur for badger biking company