Question :
180. Selected transactions completed by a corporation described below. Indicate the : 1226636
180. Selected transactions completed by a corporation are described below. Indicate the effects of each transaction on assets, liabilities, and stockholders’ equity by inserting “+” for increase and “-” for decrease in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column.
A
L
SE
(a)
Received cash from issuing capital stock
_____
_____
_____
(b)
Purchased supplies on account
_____
_____
_____
(c)
Paid rent for the current month
_____
_____
_____
(d)
Received cash for services sold to customers
_____
_____
_____
(e)
Returned some defective supplies purchased in (b)
_____
_____
_____
(f)
Paid insurance premiums in advance
_____
_____
_____
(g)
Paid cash to creditor for purchases in (b)
_____
_____
_____
(h)
Charged customers for services sold on account
_____
_____
_____
(i)
Paid cash to a customer as a refund for an overcharge
_____
_____
_____
(j)
Received cash on account from customers
_____
_____
_____
(k)
Paid cash dividends
_____
_____
_____
(l)
Recorded the cost of supplies used during the year
_____
_____
_____
(m)
Received invoice for electricity used
_____
_____
_____
(n)
Paid wages
_____
_____
_____
(o)
Purchased a truck for cash
_____
_____
_____
181. Schultz Tax Services, a tax preparation business, had the following transactions during the month of June:Example: Received cash from issuing capital stock, $25,000.1. Received cash for providing accounting services, $3,000.2. Billed customers on account for providing services, $7,000.3. Paid advertising expense, $800.4. Received cash from customers on account, $3,800.5. Paid cash dividends, $1,500.6. Received telephone bill, $220.7. Paid telephone bill, $220.1) In the table below, state the accounts affected by each transaction. 2) Indicate the effect on the accounting equation of each transaction.
Assets
= Liabilities
+ Stockholders’ Equity
Ex.. Cash +25,000
Capital Stock +25,000
1.
2.
3.
4.
5.
6.
7.
182. Flagger Company began operations on January 1, 2011. The accountant prepared the following list of account balances from the company’s records for the first year ended December 31, 2011:
Fees Earned
$165,000
Cash
$ 30,000
Accounts Receivable
14,000
Selling Expenses
44,000
Equipment
42,000
Capital Stock
36,000
Accounts Payable
12,000
Interest Income
3,000
Salaries & Wages Expense
40,000
Rent Expense
51,000
Income Taxes Payable
5,000
Prepaid Rent
2,000
Notes Payable
20,000
Income Taxes Expense
18,000
Prepare an income statement for Flagger Company in good form.
183. From the following list of accounts taken from Lamar’s accounting records, identify those that would appear on the income statement.
(a)
Rent Expense
(b)
Land
(c)
Capital Stock
(d)
Fees Earned
(e)
Dividends
(f)
Wages Expense
(g)
Taxes Payable
184. Identify which of the following accounts appear on a balance sheet.
(a)
Cash
(b)
Fees Earned
(c)
Capital Stock
(d)
Wages Payable
(e)
Rent Expense
(f)
Prepaid Advertising
(g)
Land
