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Problem-1 – Mcgraw hill connect accounting homework answers chapter 1
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts.
| Cash | $15,760 | Cash dividends | $640 |
| Accounts receivable | $10,600 | Consulting revenue | $10,600 |
| Office supplies | $1,960 | Rent expense | $2,270 |
| Land | $46,030 | Salaries expense | $5,450 |
| Office equipment | $16,580 | Telephone expense | $760 |
| Accounts payable | $7,250 | Miscellaneous expenses | $580 |
| Common Stock | $82,780 |
Also assume the following:
- The owner’s initial investment consists of $36,750 cash and $46,030 in land in exchange for its common stock..
- The company’s $16,580 equipment purchase is paid in cash.
- The accounts payable balance of $7,250 consists of the $1,960 office supplies purchase and $5,290 in employee salaries yet to be paid.
- The company’s rent, telephone, and miscellaneous expenses are paid in cash.
- No cash has been collected on the $10,600 consulting fees earned.
Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)
Problem-2 – Chapter 1 Homework Financial Accounting Mcgraw hill connect
Following are the transactions of a new company called Pose-for-Pics. (Mcgraw-hill Connect Homework Help)
| Aug. | 1 | Madison Harris, the owner, invested $8,200 cash and $35,200 of photography equipment in the company in exchange for common stock. |
| 2 | The company paid $3,800 cash for an insurance policy covering the next 24 months. | |
| 5 | The company purchased office supplies for $1,050 cash. | |
| 20 | The company received $5,031 cash in photography fees earned. | |
| 31 | The company paid $845 cash for August utilities. |
Required:
- Post the transactions to the T-accounts.
- Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.
Problem-3 – Chapter 1 and 2 Homework (McGraw-Hill Connect)
The transactions of Spade Company appear below.
- Kacy Spade, owner, invested $18,750 cash in the company in exchange for common stock.
- The company purchased office supplies for $544 cash.
- The company purchased $10,369 of office equipment on credit.
- The company received $2,213 cash as fees for services provided to a customer.
- The company paid $10,369 cash to settle the payable for the office equipment purchased in transaction c.
- The company billed a customer $3,975 as fees for services provided.
- The company paid $530 cash for the monthly rent.
- The company collected $1,670 cash as partial payment for the account receivable created in transaction f.
- The company paid $1,000 cash in dividends to the owner (sole shareholder).
Problem-4 – Mcgraw-hill connect accounting chapter 2 homework answers
Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations.
| April | 1 | Tanner invested $90,000 cash along with office equipment valued at $21,600 n the company in exchange for common stock. |
| 2 | The company prepaid $7,200 cash for 12 months’ rent for office space. (Hint: Debit Prepaid Rent for $7,200.) | |
| 3 | The company made credit purchases for $10,800 in office equipment and $2,160 in office supplies. Payment is due within 10 days. | |
| 6 | The company completed services for a client and immediately received $2,000 cash. | |
| 9 | The company completed a $7,200 project for a client, who must pay within 30 days. | |
| 13 | The company paid $12,960 cash to settle the account payable created on April 3. | |
| 19 | The company paid $6,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $6,000.) | |
| 22 | The company received $5,760 cash as partial payment for the work completed on April 9. | |
| 25 | The company completed work for another client for $2,640 on credit. | |
| 28 | The company paid $6,200 cash in dividends. | |
| 29 | The company purchased $720 of additional office supplies on credit. | |
| 30 | The company paid $700 cash for this month’s utility bill. |
Required:
- Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690).
- Post the journal entries from part 1 to the ledger accounts.
- Prepare a trial balance as of April 30.
Problem-5 – Mcgraw hill connect accounting answers chapter 1
Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal year).
May 1 Prepared a company check for $350 to establish the petty cash fund.
15 Prepared a company check to replenish the fund for the following expenditures made since May 1.
a. Paid $109.20 for janitorial services.
b. Paid $89.15 for miscellaneous expenses.
c. Paid postage expenses of $60.90.
d. Paid $80.01 to The County Gazette (the local newspaper) for an advertisement.
e. Counted $26.84 remaining in the petty cashbox.
16 Prepared a company check for $200 to increase the fund to $550.
31 The petty cashier reports that $370.27 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15.
f. Paid postage expenses of $59.10. g. Reimbursed the office manager for business mileage, $47.05.
h. Paid $48.58 to deliver merchandise to a customer, terms FOB destination.
31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $50, leaving a total of $500.
Required:
Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. (Round your answers to 2 decimal places.)
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