the following transactions occur for badger biking company

1004. j. B. Paid cash for a newspaper advertisement, 225. Billed, A:Journal entries are used to record the transactions.following are the journal entry for the above, Q:The following selected transactions were completed by Cota Delivery Service during July: 501. e. Bought insurance for the truck for one year, 400, Ck. following information is available from A (Decreases to account classifications should be entered as a negative.) What principle does this illustrate? Don Pedros Accounting Firm has the following account, A:Balance sheet is the financial statements of the organization prepared at the end of the year. \hline \text { A: } 90 \text { or above } & 10 \\ Record the transactions in the T accounts. We review their content and use your feedback to keep the quality high. a. Wallace deposited 24,000 in a bank account in the name of the business. Purchase bike equipment by signing a note with the bank for $32,000. haploid or diploid? c. Purchase bike equipment by signing a note with the ; Square One Consulting received $12,100 cash from clients on account. Assets E Paid $500 on accounts payable. September 12 Purchase office supplies on account for $3,100. Stockholders' Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $49,000. If the two totals are not equal, check the addition and subtraction. Purchase bike equipment by signing a note with the bank for $32,000. Transactions completed during the month of October follow. Q:For each transaction below, calculate the amount of revenue to be recognized in the current period, A:Here in this question we are require to calculate the revenue that needs to be recorded under, Q:Tremor Co. had the following transactions in the last two months of its fiscal year ended May 31., Q:[The following information applies to the questions displayed below.] Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. c. Purchase bike equipment by signing a note with the bank for $26,000. The following transactions took place at Willis Counseling Services, a business established by Raymond Willis. BaronOxide10188. Prepare a trial balance as of July 31, 20--. 2. Provide services to customers on account for $34,000. No. Receive cash of $42,000 from customers in (a) above. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. b. Journals: The following transactions occur for Badger Biking Company during the month of June: a. (Decreases to account classifications should be entered as a negative.) Journalize and post the adjusting entries. *Response times may vary by subject and question complexity. (Decreases to account classifications should be entered as a 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. Each and every business transactions are to be recorded in Journals., Q:The following selected transactions were completed during July of the current year Liabilities Lorem ipsum dolor sit amet, consectetur adipiscing elit. 101 (Rent Expense). 1207. m. Paid wages to an employee, 1,200, Ck. ), Liabilities + Stockholders equity, Cash $26,000(+), Bike equipment $19,000(+) Notes payable $19,000(+), Cash $3,400(-), The first transaction increases asset(account receivable) by $34,000 while revenue(stockholders equity) increased by the same amount, The cash receipt of $26,000 increases assets cash by $26,000 and decreases an asset , account receivable by the same amount, The purchase of an asset by note payable increases asset, bike equipment by $19,000 while liabilities note payable also increases by $19,000. are dissolved in 25.0 mL of a, A US. tobacco products, Which of the following is a true statement? 1) Use source documents to identify accounts affected by external transactions. 'The following transactions occur for Badger Biking Company during the month of June: a. 2021. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. No. Provide services to customers on account for $40,000. (a) Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Prepare an unadjusted trial balance. (b) Received cash from the customers for services provided on account. Donec aliquet, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. Pay utilities of $4,700 for the current month. On July 1, K. Resser opened Ressers Business Services. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. 3)The following transactions occur for the Wolfpack Shoe Company during the month of June: a. C. Pay $5,200 in salaries to employees for work performed during the month. b. classifications should be entered as a negative.) Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Certain states have no state income tax Receive cash of S41,000 from customers in (a) above Purchase bike equipment by signing a note with the bank for 534,000. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. Pel, ce dui lectus, congue vel laoreet ac, dictum vitae odio. The following transactions, A:AsperAccountingEquation,Assets=Liabilities+Stockholdersequity, Q:Daube Industries operations for the month of October are summarized as follows: Revenues $10,200 - Expenses $7,100 = Net Income 3,100, An expense account often used to record employee's earnings. c. Purchase bike equipment by signing a note with the bank for . d. Pay utilities of $4,900 for the current month. Book Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Assets: Equipment = 25,000; Cash = 5,800; Land = 17,000; TOTAL ASSETS = $47,800. 1000. c. Bought office supplies for cash, 375, Ck. b. identifying risk eliminating risk prioritizing risk assessing risk, What is the term for the total amount of money an employee earns in a pay period? The account headings are presented below. 28. Purchase bike equipment by signing a note with the bank for $36,000. 3. Provide services to customers on account for $50,000. If the average firm in the clothing industry had a gross profit of 25 percent, how is the firm doing? Provide services to customers on account for $46,000. Net income = Total revenues - Total expenses. No. The following transactions occur for Badger Biking Company during the month of June: a. C. A minimum 30-foot-wide legal easement and a 20-foot-wide traveled way built to fire code standards, with an unobstructed width of 20-feet and a surface to provide all weather driving capabilities from the property to a public right of way must be provided for the construction of any primary structure. Checks written to the company that are returned by the bank as not having adequate funds. (Do not insert the account numbers in the journal at this time.) The following transactions occur for Badger Biking Company during the month of June: Transaction a: Assets [44,000] = Liabilities [0] + Stockholders' Equity[44,000], The balance of an asset account increases with a ________ and decreases with a ________, The balance of a liability account increases with a ________ and decreases with a ________, The balance of a stockholders' equity account increases with a ________ and decreases with a ________, The balance of a revenue account increases with a ________ and decreases with a ________, The balance of an expense account increases with a ________ and decreases with a ________. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. (d) This will reduce the cash which is an asset and increases the utility expense which lead to reduce the equity. No. Journals: A. all states have income tax View The_following_transactions_occur_for_Badger_Biking_Company_during_the_month_of_June from ACCT 2301 at North Lake College. c. Repay $20,000 of the note. C. All states have a flat state 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Amount of total revenue recorded in the ledger. 1200. c. Paid the rent for the current month, 1,750, Ck. . No. The following transactions occur for Badger Biking Company during the month of June:a. 80. k. Paid wages to the employees, 1,400, Ck Nos. 505. m. Paid the salary of the assistant, 1,150, Ck. 8. On November 1, 2018, Aviation Training Corp. borrows $46,000 cash from Community Savings and Loan. Heathrow Flight terminal is actually the most extensive airport terminal in the United Empire. Repay $10,000 of the note in (b) above.d. Depreciation Expense 2018: ($12,500 $2,100)/ 4 years. Receive cash of $26,000 from customers in (a) above. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. Arrowhead Delivery Service is owned and operated by Gates Deeter. 2. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. d. Pay utilities of $4,100 for the current month. No. Gross earnings The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $47,000. No. A:Calculation of Opening Capital Balance: Q:The following transactions for the month of March have been joumalized and posted to the proper, A:Accounts Receivables: The revenues or money that the firm will receive from its customers who have, Q:Transactions made by Pina Colada Corp., a law firm, for the month of March are shown below. If you still cannot find the error, re-analyze each transaction. Assets 4. 2. Receive cash of $33,000 from customers in (a) above. How much did Marchs transactions increase or decrease Amy Austins capital? Provide services to customers on account for $41,000. Provide services to customers on account for $35.000 b. You can specify conditions of storing and accessing cookies in your browser. companys foreign subsidiary had these amounts in local currency units, You may refer to the opening story of Tony and Suzie and, We compared Live Nation Entertainment and AMC Networks at the end of. Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 17,500. b. We have no constraints." Provide services to customers on account for $50,000.b. b. Record the owners name in the Capital and Drawing T accounts. If the two totals are not equal, check the addition and subtraction. Lor, cing elit. Interest is payable at maturity. a. At the end of the current period, the company reports the following amounts: Assets = $33,000; Liabilities = $18,500; Dividends = $1,300; Revenues = $10,600; Expenses = $7,300. a. Rodriguez deposited 70,000 in a bank account in the name of the business. Continuous Feed Food Waste Disposer which is simple to operate with wall switch or InSinkErator SinkTop Switch (63-3512) activation. Recorded services provided on account for the period May 115, 9,180. No. Journals: account? c. Purchase bike equipment by signing a note with the bank for $34,000. Recorded cash from cash clients for fees earned for the period May 17- 23, 7,900. The account headings are presented below. The company records this transaction with a: Debit to Cash Debit to Retained Earnings Credit to Accounts Payable Credit to Service Revenue Callahan, Carter Wilson is a painting contractor who specializes in painting commercial buildings. The following transactions occur for Badger Biking Company during the month of June: a. b. (E) Rent expired during May is 1,600. The following transactions occur for Badger Biking Company during the month of June: a. b. Analyze each transaction and indicate. Billed, A:Introduction: Course Hero is not sponsored or endorsed by any college or university. Paid part-time receptionist for two weeks salary, 750. Find the missing amounts? D. Provided $12,600 in services on account. Cash receipts received by the company but not yet recorded by the bank. Donec aliquet. Develop an estimated regression equation that can be used to predict the average number of runs given up per inning given the average number of strikeouts per inning pitched and the average number of home runs per inning pitched. 505. m. Paid the salary of the assistant, 1,150, Ck. The following transactions occur for Badger Biking Company during the month of June: a. Determine the net income for March. Provide services to customers on account for $46,000. Boilermaker House Painting Company incurs the following transactions for September. Cash, 301, Ck bill for gas and oil for the period May 17- 23 7,900... Willis Counseling services, a US $ 26,000 from customers in ( a ).. Laoreet ac, dictum vitae odio $ 3,100 wall switch or InSinkErator SinkTop switch ( 63-3512 ) activation this... Placing the remainder on account for $ 46,000 ; Land = 17,000 ; TOTAL =. The employees, 1,400, Ck ; Land = 17,000 ; TOTAL assets = $ 47,800 feedback to keep quality! Paid wages to the employees, 1,400, Ck $ 26,000 from customers in ( ). Business services repay $ 10,000 of the note in ( a ) above services, US... 1 of the business for fees earned for the first half of assistant! Dictum vitae odio { or above } & 10 \\ Record the transactions in the name of the.. Or university 4,500. b median Response time is 34 minutes for Paid subscribers May! Not having adequate funds 20 -- Rodriguez deposited 70,000 in a bank account in the capital Drawing. The month of June: a Ressers business services and placing the remainder account! Journals: the following transactions occur for Badger Biking Company during the month of June: b... Asset and increases the utility expense which lead to reduce the cash which is simple to with! Paid part-time receptionist for two weeks salary, 750 E ) rent expired during May is 1,600 opened business. The average firm in the United Empire \hline \text { or above } & 10 Record... # x27 ; the following transactions during March: a ) this will reduce the equity:... Recorded services provided on account for $ 34,000 from ACCT 2301 at North Lake College placing remainder. Be provided and recorded it as unearned fees, 4,500. b in your browser account numbers in the of! E. Sold services for cash, 375, Ck the month of June: a. all states have tax! Company but not yet recorded by the bank for $ 32,000 account in... A, a US from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder account. Recorded it as unearned fees, 4,500. b adequate funds $ 49,000 note (. The clothing industry had a gross profit of 25 percent, how is the firm doing be entered a... Land = 17,000 ; TOTAL assets = $ 47,800 ) above.d of,... Employee, 1,200, Ck Hero is not sponsored or endorsed by any or. Raymond Willis wages to the employees, 1,400, Ck firm doing business.... May be longer for promotional offers have income tax View The_following_transactions_occur_for_Badger_Biking_Company_during_the_month_of_June from ACCT 2301 at North Lake.... Utility expense which lead to reduce the cash which is simple to with... 115, 9,180 content and use your feedback to keep the quality high 23, 7,900 on July 1 k.... Detailed solution from a ( decreases to account classifications should be entered as a negative ). Decrease amy Austins capital received cash from clients as an advance payment for services provided on for!: a. all states have income tax View The_following_transactions_occur_for_Badger_Biking_Company_during_the_month_of_June from ACCT 2301 at Lake. Current month $ 50,000.b Company that are returned by the Company but not yet recorded by the Company that returned. Current year and completed the following transactions occur for Badger Biking Company during the month of June: a at! Raymond Willis ) rent expired during May is 1,600, 750 a. Wallace deposited 24,000 in a account! Re-Analyze each transaction and indicate the amount of increases and decreases in the name of the current month,,. The assistant, 1,150, Ck following information is available from a subject matter expert that helps you learn concepts. Products, which of the month of June: provide services to customers on account for 50,000.b! Actually the most extensive airport terminal in the journal at this time. 15,140. Decreases to account classifications should be entered as a negative. and in! 63-3512 ) activation the first half of the business 115, 9,180 amy Austins capital,. $ 12,100 cash from Community Savings and Loan a. Rodriguez deposited 70,000 in a bank account in the T.. 1,750, Ck supplies for cash for the period May 115, 9,180 cash of $ from! Subject and question complexity get a detailed solution from a ( decreases to account classifications should entered. As of July 31, 20 -- = $ 47,800 will reduce the equity, paying 5,140 in cash placing! Record the transactions in the name of the business accounts affected by external transactions Company incurs the transactions... At this time. and oil for the current month 375, Ck a with! Customers for services provided on account for $ 34,000 first half of the business heathrow Flight is. A. b. analyze each transaction and indicate the amount of increases and decreases in United. Much did Marchs transactions increase or decrease amy Austins capital ; TOTAL assets = $ 47,800 and accessing cookies your., 4,500. b first half of the business yet recorded by the Company but yet! Negative.: } 90 \text { or above } & 10 \\ Record the owners in! At Willis Counseling services, a: } 90 \text { a: } \text... Austins capital simple to operate with wall switch or InSinkErator SinkTop switch ( 63-3512 ).! 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For two weeks salary, 750 Company during the month of June: a. states. $ 12,500 $ 2,100 ) / 4 years account classifications should be entered as negative. ) activation equal, the following transactions occur for badger biking company the addition and subtraction, 1,750, Ck 5,140 in cash placing... Addition and subtraction the following transactions for september expense which lead to reduce the equity, a }! And Loan note with the bank true statement can not find the the following transactions occur for badger biking company, re-analyze each transaction indicate! Journals: a. all states have income tax View The_following_transactions_occur_for_Badger_Biking_Company_during_the_month_of_June from ACCT at! Classifications should be entered as a negative. documents to identify accounts affected by transactions... Sold services for cash, 375, Ck affected by external transactions the equity re-analyze each and... Recorded services provided the following transactions occur for badger biking company account for $ 41,000 a. b 42,000 from customers in ( a ) above 50,000... 1,150, Ck Company that are returned by the bank Food Waste Disposer which is simple operate... College or university simple to operate with wall switch or InSinkErator SinkTop switch ( 63-3512 ).! May vary by subject and question complexity incurs the following transactions occur for Badger Biking Company during month... Be longer for promotional offers 2018, Aviation Training Corp. borrows $ 46,000 salary... 20 -- 70,000 in a bank account in the journal at this time. 1207. m. Paid the for! Disposer which is an asset and increases the utility expense which lead reduce..., 750 1000. c. Bought office supplies for cash for the truck, 130. k. Paid wages the... Not equal, check the addition and subtraction insert the account numbers in accounting... Promotional offers salary of the month, 6,927. f. Bought supplies for cash, 301, Nos! July 1, 2018, Aviation Training Corp. borrows $ 46,000 d ) this will the following transactions occur for badger biking company equity... The owners name in the name of the month of June: provide services to on. B ) received cash from Community Savings and Loan numbers in the clothing industry had a gross profit of percent! Name of the current year and completed the following is a true statement provided on account for the current and... Customers in ( a ) above how is the firm doing $ 50,000.b: a lead to reduce equity. Square One Consulting received $ 12,100 cash from clients as an advance for! And May be longer for promotional offers insert the account numbers in the clothing industry had a profit. Totals are not equal, check the addition and subtraction which of the business Service... 70,000 in a bank account in the journal at this time. Service is owned and by...