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Connect Financial bookkeeping Chapter 2

Q1. Complying with are the transactions that a brand-new company referred to as Pose-for-Pics.

You are watching: Following are the transactions of a new company called pose-for-pics.

Aug 1 – Madison Harris, the owner, invested $12,500 cash and $53,750 the photography tools in the company in exchange for common stock.Aug 2 – The firm paid $3,700 cash for an insurance policy covering the following 24 months.Aug 5 – The agency purchased office supplies for $2,375 cash.Aug 20 – The agency received $2,650 cash in photography fees earned.Aug 31 – The agency paid $883 cash for August utilities.

Prepare basic journal entries because that the above transactions.

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Q2. The transactions of Spade firm appear below.

Kacy Spade, owner, invest $20,000 cash in the firm in exchange for typical stock.The company purchased office supplies for $580 cash.The company purchased $11,060 of office tools on credit.The firm received $2,360 cash together fees for services provided to a customer.The company paid $11,060 cash to resolve the payable for the office devices purchased in transaction c.The firm billed a customer $4,240 together fees for services provided.The firm paid $520 cash for the monthly rent.The company built up $1,781 cash together partial payment for the account receivable produced in transaction f.The agency paid $1,100 cash in dividend to the owner (sole shareholder).

Required:1. Prepare basic journal entries to document the transactions above for Spade company by utilizing the following accounts: Cash; account Receivable; Office Supplies; Office Equipment; account Payable; usual Stock; Dividends; Fees Earned; and also Rent Expense. Usage the letters alongside each transaction to determine entries.

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2. post the over journal entries come T-accounts, which offer as the basic ledger because that this assignment.

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Q3. The transactions that Spade company appear below.

Kacy Spade, owner, invest $19,000 cash in the company in exchange for usual stock.The agency purchased office gives for $551 cash.The company purchased $10,507 that office tools on credit.The company received $2,242 cash together fees because that services listed to a customer.The company paid $10,507 cash to work out the payable because that the office tools purchased in transaction c.The firm billed a customer $4,028 together fees for solutions provided.The firm paid $535 cash for the monthly rent.The company accumulated $1,692 cash as partial payment for the account receivable created in transaction f.The agency paid $900 cash in dividend to the owner (sole shareholder).

Prepare the psychological Balance.

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Q4. Complying with are the transactions of a brand-new company dubbed Pose-for-Pics.

Aug.1Madison Harris, the owner, invest $10,750 cash and also $46,225 the photography equipment in the firm in exchange for usual stock.
2The agency paid $3,600 cash because that an insurance policy covering the next 24 months.
5The company purchased office gives for $2,043 cash.
20The agency received $3,100 cash in photography fees earned.
31The agency paid $883 cash for August utilities.

Prepare basic journal entries for the over transactions.

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Q5. Adhering to are the transactions of a new company referred to as Pose-for-Pics.

Aug.1Madison Harris, the owner, invested $8,200 cash and also $35,200 the photography equipment in the agency in exchange for common stock.
2The company paid $3,800 cash because that an insurance plan covering the following 24 months.
5The firm purchased office provides for $1,050 cash.
20The agency received $5,031 cash in photography fees earned.
31The firm paid $845 cash because that August utilities.

Required:1. Post the transactions come the T-accounts.

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2. Use the quantities from the T-accounts in requirement (1) to prepare an august 31 psychological balance because that Pose-for-Pics.

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Q6. The transactions the Spade firm appear below.

Kacy Spade, owner, invested $18,750 cash in the firm in exchange for common stock.The agency purchased office supplies for $544 cash.The firm purchased $10,369 that office devices on credit.The firm received $2,213 cash together fees because that services provided to a customer.The firm paid $10,369 cash to settle the payable because that the office devices purchased in transaction c.The agency billed a client $3,975 as fees for solutions provided.The firm paid $530 cash for the monthly rent.The company accumulated $1,670 cash together partial payment for the account receivable developed in transaction f.The agency paid $1,000 cash in dividend to the owner (sole shareholder).

Prepare the psychological Balance.

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Q7. Carmen Camry operates a consulting certain called assist Today, which began operations on respectable 1. On august 31, the that company records show the following accounts and quantities for the month of August.

Cash$25,450Consulting fees earned$27,110
Accounts receivable22,490Rent expense9,680
Office supplies5,370Salaries expense5,700
Land44,120Telephone expense990
Office equipment20,140Miscellaneous expenses610
Accounts payable10,460Common stock103,100
Dividends6,120

Use the over information come prepare one August revenue statement because that the business.

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Q8. Usage the over information come prepare an august statement that retained revenue for aid Today. (Hint: Net earnings for respectable is $10,130.)

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Q9. Usage the over information come prepare an august 31 balance paper for assist Today. (Hint: The finishing retained earnings account balance as of respectable 31 is $4,010.)

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Q10. Karla Tanner opens up a internet consulting company called Linkworks and completes the adhering to transactions in its very first month the operations.

April1Tanner invested $90,000 cash along with office devices valued at $21,600 n the firm in exchange for common stock.
2The firm prepaid $7,200 cash because that 12 months’ rent for office space. (Hint: Debit Prepaid Rent because that $7,200.)
3The company made credit transaction purchases for $10,800 in office equipment and $2,160 in office supplies. Payment is due within 10 days.
6The agency completed solutions for a client and automatically received $2,000 cash.
9The agency completed a $7,200 task for a client, who need to pay in ~ 30 days.
13The agency paid $12,960 cash to clear up the account payable produced on April 3.
19The agency paid $6,000 cash because that the premium ~ above a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $6,000.)
22The agency received $5,760 cash together partial payment for the job-related completed on April 9.
25The company completed work-related for another client for $2,640 ~ above credit.
28The agency paid $6,200 cash in dividends.
29The firm purchased $720 of extr office provides on credit.
30The company paid $700 cash because that this month’s energy bill.

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Required:1. Prepare basic journal entries to record these transactions using the adhering to titles: Cash (101); accounts Receivable (106); Office provides (124); Prepaid insurance allowance (128); Prepaid rent (131); Office equipment (163); accounts Payable (201); typical Stock (307); dividend (319); solutions Revenue (403); and also Utilities price (690).