A work sheet is given in the Working Papers.Īccount Titles Account Balances Debit Credit Cash $ 5,658.00 Petty Cash 300.00 Accounts Receivable-Barbara Bye 3,022.00 Supplies 1,710.00 Prepaid Insurance 2,200.00 Accounts Payable- Seaside Supplies $ 1,000.00 Kaelynn Guerero, Capital 9,004.00 Kaelynn Guerero, Drawing 880.00 Income Summary Sales 6,800.00 Advertising Expense 900.00 Cash Short and Over 4.00 Insurance Expense Miscellaneous Expense 380.00 Rent Expense 750.00 Supplies Expense Utilities Expense 1,000. 00 \begin\\Īdjustment Information, April 30 Supplies inventory Value of prepaid insurance $ 440.00 1,800. The business uses a monthly fiscal period. for one thing, it is not prepared from an adjusted. (a) Prepare the journal entry to record the payment of interest and the discount amortization at the end of period 1.On April 30 of the current year, Naples Electric Repair has the following general ledger accounts and balances. companies prepare the statement of cash flows differently from the three other basis financial statements. Study with Quizlet and memorize flashcards containing terms like Jack and Jill form a. Presented below is the partial bond discount amortization schedule for Pape Corp., which uses the effective-interest method of amortization. Study with Quizlet and memorize flashcards containing terms like In which of the following areas does the financing activities section of a cash flow. Larry, Moe, and Curly will report 1/3 of what remains of net income after the tax on their partnership is levied. Which of the following statements is true. The partnership shows 126,000 in net income for the 2018 year. The company sold office supplies for $ 1, 900 \$1,900 $1, 900 on credit. Assume Larry, Moe, and Curly each own 33.33 of a general partnership. The owner invested $ 1, 900 \$1,900 $1, 900 cash in the business. The company paid $ 1, 000 \$1,000 $1, 000 cash toward an account payable. The company billed a client $ 1, 900 \$1,900 $1, 900 for services provided. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an. Cash comprises cash on hand and demand deposits. The company purchased office supplies for $ 1, 000 \$1,000 $1, 000 cash.į. IAS 7 prescribes how to present information in a statement of cash flows about how an entity’s cash and cash equivalents changed during the period. The company collected $ 1, 900 \$1,900 $1, 900 cash from an account receivable.Ĭ. The company purchased $ 1, 000 \$1,000 $1, 000 of office supplies on credit.ī. Identify the explanation from a through j below that best describes each transaction 1 through 5 and enter it in the blank space in front of each numbered transaction.Ī. The following table shows the effects of transactions 1 1 1 through 5 5 5 on the assets, liabilities, and equity of Mulan’s Boutique.
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