Question 1

Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s)in the appropriate box.
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Accepted Answer

The answer of Listed below are accounts to use for...

Question 2

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.

Accepted Answer

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

Question 3

On October 17,Nikle 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.Nikle 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,Nikle Company purchased a building...

Question 4

Analyze the effect of the following transactions on the accounting equation.
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  Some of the possible effects of a transaction on the accounting equation are listed below:
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  Put the appropriate letter next to each transaction.

Accepted Answer

The answer of Analyze the effect of the following transactions...

Question 5

On January 7,stockholders invest $45,000 to initiate the operation of a business,JumpStart.Provide the journal entry for this transaction.

Accepted Answer

The answer of On January 7,stockholders invest $45,000 to initiate...

Question 6

On August 30,JumpStart incurred the following expenses:
Payment to the landlord for August rent,$2,300
Payment to the Gas & Electric Company for August's bill,$525
Payment of employee wages for the last half of August,$1,750
Payment of shopping center's parking lot cleaning fee,$275
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Journalize these payments as one journal entry.

Accepted Answer

The answer of On August 30,JumpStart incurred the following expenses:
Payment...

Question 7

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.
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Accepted Answer

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

Question 8

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

Accepted Answer

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

Question 9

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...

Question 10

On November 1,Nikle 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.

Accepted Answer

The answer of On November 1,Nikle Company made a cash...

Question 11

On September 1,Erika Company purchased land for $47,500 cash.Provide the journal entry for this transaction.

Accepted Answer

The answer of On September 1,Erika Company purchased land for...

Question 12

On December 1,JumpStart Company 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.
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(b)(1)Journalize this event as if the clients had been rendered the services on account.
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(b)(2)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 Company provides $2,800 in...

Question 13

Journalize the following five transactions for Newman & Associates,Inc.Omit explanations.

Accepted Answer

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

Question 14

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

Accepted Answer

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

Question 15

On January 12,JumpStart Co.purchased $870 in office supplies.
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(a)Journalize this transaction as if JumpStart paid cash.
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(b)(1)Journalize this transaction as if JumpStart purchased the supplies on account.
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(b)(2)On January 18,JumpStart pays the amount due.Journalize this event.

Accepted Answer

The answer of On January 12,JumpStart Co.purchased $870 in office...

Question 16

On October 30,JumpStart pays $3,330 in dividends to its stockholders.Journalize this event.

Accepted Answer

The answer of On October 30,JumpStart pays $3,330 in dividends...

Question 17

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.

Accepted Answer

The answer of Set up T accounts for Cash; Accounts...

Question 18

On November 10,JumpStart Co.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.
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(b)On November 20,JumpStart Co.clients paid an additional $900 on their accounts due.Journalize this event.
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(c)Calculate the accounts receivable balance on November 30.

Accepted Answer

The answer of On November 10,JumpStart Co.provides $2,900 in services...

Question 19

On October 10,Nikle Company purchased supplies for $1,800 on account.On October 25,Nikle 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,Nikle Company purchased supplies for...

Question 20

Journalize the following selected transactions for January.Explanations may be omitted.
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Accepted Answer

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

Quiz 2: Analyzing Transactions

Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s)in the appropriate box.

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 October 17,Nikle 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.Nikle paid $300,000 down in cash and signed a note payable for the balance.Provide the journal entry for this transaction.

Analyze the effect of the following transactions on the accounting equation. Some of the possible effects of a transaction on the accounting equation are listed below: Put the appropriate letter next to each transaction.

On January 7,stockholders invest $45,000 to initiate the operation of a business,JumpStart.Provide the journal entry for this transaction.

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

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 November 1,Nikle 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.

On September 1,Erika Company purchased land for $47,500 cash.Provide the journal entry for this transaction.

Journalize the following five transactions for Newman & Associates,Inc.Omit explanations.

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

On January 12,JumpStart Co.purchased $870 in office supplies. (a)Journalize this transaction as if JumpStart paid cash. (b)(1)Journalize this transaction as if JumpStart purchased the supplies on account. (b)(2)On January 18,JumpStart pays the amount due.Journalize this event.

On October 30,JumpStart pays $3,330 in dividends to its stockholders.Journalize this event.

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.

On October 10,Nikle Company purchased supplies for $1,800 on account.On October 25,Nikle 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.

Journalize the following selected transactions for January.Explanations may be omitted.

Quiz 2: Analyzing Transactions

Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s)in the appropriate box. ​

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 October 17,Nikle 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.Nikle paid $300,000 down in cash and signed a note payable for the balance.Provide the journal entry for this transaction.

Analyze the effect of the following transactions on the accounting equation. ​ Some of the possible effects of a transaction on the accounting equation are listed below: ​ Put the appropriate letter next to each transaction.

On January 7,stockholders invest $45,000 to initiate the operation of a business,JumpStart.Provide the journal entry for this transaction.

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

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 November 1,Nikle 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.

On September 1,Erika Company purchased land for $47,500 cash.Provide the journal entry for this transaction.

Journalize the following five transactions for Newman & Associates,Inc.Omit explanations.

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

On January 12,JumpStart Co.purchased $870 in office supplies. ​ (a)Journalize this transaction as if JumpStart paid cash. ​ (b)(1)Journalize this transaction as if JumpStart purchased the supplies on account. ​ (b)(2)On January 18,JumpStart pays the amount due.Journalize this event.

On October 30,JumpStart pays $3,330 in dividends to its stockholders.Journalize this event.

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.

On October 10,Nikle Company purchased supplies for $1,800 on account.On October 25,Nikle 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.

Journalize the following selected transactions for January.Explanations may be omitted. ​

Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s)in the appropriate box.

Analyze the effect of the following transactions on the accounting equation. Some of the possible effects of a transaction on the accounting equation are listed below: Put the appropriate letter next to each transaction.

On January 12,JumpStart Co.purchased $870 in office supplies. (a)Journalize this transaction as if JumpStart paid cash. (b)(1)Journalize this transaction as if JumpStart purchased the supplies on account. (b)(2)On January 18,JumpStart pays the amount due.Journalize this event.

On October 10,Nikle Company purchased supplies for $1,800 on account.On October 25,Nikle 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.

Journalize the following selected transactions for January.Explanations may be omitted.