ACCT 211 Homework 2 Accounting for Business Transactions Exercises Assignment solutions complete ans

ACCT 211 Homework 2 Accounting for Business Transactions Exercises Assignment solutions complete answers 

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Following are the transactions of a new company called Pose-for-Pics.
 

August 1
M. Harris, the owner, invested $6,250 cash and $26,875 of photography equipment in the company in exchange for common stock.
August 2
The company paid $2,700 cash for an insurance policy covering the next 24 months.
August 5
The company purchased supplies for $1,188 cash.
August 20
The company received $2,950 cash from taking photos for customers.
August 31
The company paid $879 cash for August utilities.
 

Prepare general journal entries for the above transactions.

 

The transactions of Spade Company appear below.

a.   K. Spade, owner, invested $18,000 cash in the company in exchange for common stock.

b.   The company purchased supplies for $522 cash.

c.   The company purchased $9,954 of equipment on credit.

d.   The company received $2,124 cash for services provided to a customer.

e.   The company paid $9,954 cash to settle the payable for the equipment purchased in transaction c.

f.     The company billed a customer $3,816 for services provided.

g.   The company paid $525 cash for the monthly rent.

h.   The company collected $1,603 cash as partial payment for the account receivable created in transaction f.

i.     The company paid a $900 cash dividend to the owner (sole shareholder).

 

Prepare the Trial Balance. Use May 31 as its report date. (Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.)

 

A company had the following assets and liabilities at the beginning and end of this year.
 

 
Assets
Liabilities
Beginning of the year
$ 60,500
$ 25,936
End of the year
120,500
48,803
 

a.   Owner made no investments in the business, and no dividends were paid during the year.

b.   Owner made no investments in the business, and dividends paid were $14,400 during the year.

c.   No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock.

d.   Dividends paid were $14,400 during the year, and the owner did invest an additional $35,000 cash near year-end in exchange for common stock.

Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.)

 

Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company’s records show the following selected accounts and amounts for the month of December.
 

Cash
$ 25,200
Dividends
$ 5,830
Accounts receivable
22,240
Consulting revenue
26,880
Office supplies
5,080
Rent expense
9,390
Office equipment
19,860
Salaries expense
5,450
Land
43,890
Telephone expense
690
Accounts payable
10,840
Miscellaneous expenses
390
Common stock
100,300
 



 

Use the above information to prepare a December income statement for the business.

 

Use the above information to prepare a December statement of retained earnings for Help Today. The Retained Earnings account balance at December 1 was $0. Hint: Net income for December is $10,960.

 

Use the above information to prepare a December 31 balance sheet for Help Today. Hint: The ending Retained Earnings account balance as of December 31 is $5,130.