Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

General Ledger Problem 4.5 (based on Problem 4.4A) Four transactions for Airline Maintenance and Repair Shop that took place in November 2021 appear below. Nov.

General Ledger Problem 4.5 (based on Problem 4.4A) Four transactions for Airline Maintenance and Repair Shop that took place in November 2021 appear below. Nov. 1 Edith Porras invested $75,000 in cash plus tools with a fair market value of $15,000 to start the business. 2 Purchased equipment for $13,500 and supplies for $1,700 from Airline Equipment Company, Invoice 551; issued Check 100 for $5,500 as a down payment with the balance due in 30 days. Performed services for Worldwide Airlines for $33,200, which paid $15,800 in cash with the balance due in 30 days. Purchased machinery for $8,000 from Craft Machinery, Inc., Invoice 779; issued Check 101 for $1,500 in cash as a down payment with the balance due in 30 days. Show less A 10 20 Requirement General Journal General Ledger Trial Balance Nov. 1 Edith Porras invested $75,000 in cash plus tools with a fair market value of $15,000 to start the business. Nov. 2 Purchased equipment for $13,500 and supplies for $1,700 from Airline Equipment Company, Invoice 551; issued Check 100 for $5,500 as a down payment with the balance due in 30 days. 24% of available points For each transaction, indicate the impact on total assets, total liabilities and total equity. Enter decreases as negative values. If there is no impact, leave the cell blank. The system will calculate the cumulative amounts in the bottom row. Upon completion, compare the totals to the balance sheet. Is your accounting equation in balance? Nov. 10 Performed services for Worldwide Airlines for $33,200, which paid $15,800 in cash with the balance due in 30 Nov. 20 Purchased machinery for $8,000 from Craft Machinery, Inc., Invoice 779; issued Check 101 for $1,500 in cash as a down payment with the balance due in 30 days. Totals Should agree with Balance Sheet Total Assets = $ Income Stmt of Statement Owners Eqty $
image text in transcribed
Four transactions for. Alrine Maintenance and Repair Shop that took place in November 2021 appear below. Nev. 1 Edth Porras invested $75,000 in cash plus tools with a fair market value of $15,000 to start the business. 2. Purchased equipment for $13,500 and supplies for $1,700 from Airline Equipment Company, Invoice 551 ; issued Check 100 for $5,500 as a down payment with the balance due in 30 days. 10 Performed services for Woridwide Airines for $33,200, which pald $15,800 in cash with the balance due in 30 days. 20 Furchased machinery for $8,000 from Craf Machinery, Inc, Invoice 779; issued Check 101 for $1,500 in cash as a down payment with the balance diee in 30 days. 24% of available points For each transaction, indicate the impact on total assets, total iiabilities and total equity. Enter decreases as negative values. If there is no impact, leave the cell blank. The system will calculate the cumulative amounts in the bottom row. Upon completion, compare the totals to the balance sheet. is your accounting equation in balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Benefit Analysis Concepts And Practice

Authors: Anthony E. Boardman, David H. Greenberg, Aidan R. Vining, David L. Weimer

5th Edition

1108401295, 978-1108401296

More Books

Students also viewed these Accounting questions

Question

cca depreciable and straight line method

Answered: 1 week ago

Question

What are the attributes of a technical decision?

Answered: 1 week ago

Question

=+a. Is it relevant to the audience?

Answered: 1 week ago

Question

=+c. Would it generate press attention?

Answered: 1 week ago

Question

=+d. Would it create talk value or buzz?

Answered: 1 week ago