Exercises E3-4 & E3-9

 Exercises E3-4  E3-9 Essay

Complete Exercises E3-4 & E3-9.

E3-4 Instructions

(a) Identify each deal.

1 . The corporation issued shares of share to stockholders for $20, 000 cash 2 . The business bought $5, 000 devices on accounts with $1, 000 paid out in money accruing a balance of $4, 000 several. The organization paid out $750 intended for materials

some. The organization obtains $4, 90 of cash in substitution for services provided, together with charging $5, 400 from a few. The organization paid out $1, five-hundred with cash on accounts payable. six. The organization paid a $2, 000 gross.

7. The business paid $800 for this month rent.

almost 8. The organization obtains $450 by a consumer.

9. The organization pays the earnings of workers in wages of $3, 1000. 10. The corporation pays $300 on features account.

(b) Determine how very much stockholders' fairness increased pertaining to the month.

The shareholders equity brought up $3, 400. This is computed from assets less bills.

(c) Calculate the net cash flow for the month.

The net income can be $5, four hundred. Which are profits less expenses.

E3-9 The May deals of StepAside Corporation were as follows. Might 4 Paid out $700 thanks for items previously bought on account. 7 Performed advisory services on account for $6, 800.

8 Purchased supplies pertaining to $850 about account.

being unfaithful Purchased tools for $1, 000 in cash.

18 Paid staff $530 in cash.

twenty-two Received bill for gear repairs of $900.

30 Paid $1, 200 to get 12 months of insurance policy. Protection begins 06 1 .

Recommendations: Journalize the transactions. Do not provide details.

Date

Accounts Title

Debit

Credit

May well 4

Accounts Payable

$700

Cash

$700

7

Service Income

$6, 800

Accounts Receivable

$6, 800

almost eight

Materials

$850

Accounts Payable

eight hundred fifty dollars

9

Machines

$1, 1000

Cash

$1, 000

17

Wages Costs

$530

Money

$530

twenty-two

Cash

$900

Accounts Payable

$900

twenty nine

Prepaid Insurance

$1, 2 hundred

Cash

$1, 200

Total Problems 3-5A & 3-6A.

3-5A Recommendations

(a) Journalize the deals, including answers.

Date

Account Title with Explanations

Debit

Credit

Apr you

Cash

$15, 000

Common Stock

(Invested cash in exchange for common stock)

$15, 000

2

Rent Expense

$900

Cash

(Paid Office Hire for the month)

$900

3

Supplies

$1, 1000

Account Payable

(Purchased architectural supplies)

$1, 000

15

Accounts Receivable

$1, 500

Service Income

(Completed blueprints on a carport)

$1, five-hundred

11

Cash

$500

Unearned Revenue

(Received cash advance by J. Madison to design a fresh home. )

$500

twenty

Cash

$2, 300

Services Revenue

(Received cash to get services accomplished and sent to M. Svetlana. )

$2, 300

35

Salary Charge

$1, five-hundred

Cash

(Paid secretary-receptionist pertaining to the month)

$1, 500

30

Accounts Payable

three hundred

Cash

(Paid to Spring Green Organization for accounts payable thanks. )

three hundred

(b) Post to the ledger T accounts.

(c) Prepare a trial stability on The spring 30, 2012.

MIMOSA BUSINESS

Trial Equilibrium

April 35, 2012

Debit Credit rating Cash $15, 000 Supplies $1, 500 Accounts Payable $300 Unearned Service Revenue $500 Common Stock $15, 000 Service Revenue $2, 300 Wages Expense $1, 500 Lease Expense $900 $17, 800 $17, 800

3-6A...

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