Julie Gracie worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Gracie and Associates, Inc. Julie experienced the following events during the first month of operations. Some of the events were personal and did not affect the accounting practice. Others were business transactions and should be accounted for by the business Click the icon to view the events.) Read the utements co n tinuada d i n d ia.calina.com.balance a Requirement 1. Enter each transaction in the transaction, love the box empty, do not eng accounts. Enter decreases with a minusson Common stock) nd transaction a box is not used in the X P nces, including zero balance ble, AP Accounts payable and CS More Info Jun 3: Received $75,000 cash proceeds from Jun Assets Supplies Cash AR 3Received $75.000 cash proceeds from refinancing her house 5 $95.000 of common stock in the business was sold to Julie Grace. The cash proceeds were deposited in a new business bank accounted Grace and Associates, Inc. 7 Paid $750 cash force supplies for the new accounting practice 9 Purchased $4.700 of office furniture for the accounting practice and agreed to pay the vendor within three months 10 Julie sold 70 shares of Cooper stock, which she had owned for several years, receiving $350 cash. The cash from the sale of stock was deposited in her personal bank account. 14 A representative of a large company telephoned Jule and told her of the companys intention to hire Grace and Associates, Inc., as its accountants 20 Finished accounting work for a client and sent the client a bal for $4.100. The client is expected to pay within two weeks 27 Paid office rent, $1,100. 29 Paid $2.500 on account from the June transaction 30 Paid $600 of dividends to shareholders of Grace and Associates, Inc hd Associatesine Jun 5.595,000 of common stock in the busin Enter any number in the edit elds and the SHAME 1/2 search Julie Gracle worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Gracie and Associates, Inc. Julie experienced the following events during the first month of operations. Some of the events were personal and did not afect the accounting practice. Others were business transactions and should be accounted for by the business. Click the icon to view the events.) Read the reguirements Requirement 1. Enter each transaction in the expanded accounting equation of Gracie and Associates, Inc., as needed, calculating new balances after each transaction fit a box is not used in the transaction leave the box empty, do not enter a zero. If an event does not affect the accounts of the business, leave the entire transaction line blank. Carry down all balances, including er balance accounts. Enter decreases with a minus sign or parentheses. Note the following abbreviations used in the accounting equation tables: AR Accounts receivable, AP Accounts payable and CS = Common stock) Jun 3: Received $75,000 cash proceeds from refinancing her house. Stockholders' equity Assets - Liabilities - AP AP CS CS Cash AR Supplies - Furniture Retained earnings Revenue Expense Dividends 3) . Ball Jun 5: $95.000 of common stock in the business was sold to Julie Gracie. The cash proceeds were deposited in a new business bank accounted Grace and some Stockholders' equity - Liabilities Enter any number in the edit fields and then continue to the next question Barch Julie Grace worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Grace and Associates, Inc. Jule experienced the following events during the first month of operations. Some of the events were personal and did not afect the accounting practice. Others were business transactions and should be accounted for by the business Click the icon to view the events.) Read the rements Jun 5:505.000 of common stock in the business was sold to Julie Gracie. The cash proceeds were deposited in a new business bank accounted Grace and Associates, Inc. Assets - Liabilities Stockholders' equity Retained earnings - Cash AR Supplies - Furniture AP . CS Bal Stockholders' cowity Jun 7: Paid $750 cash for otce supplies for the new accounting practice - Liabilities Cash AR Supplies - Furniture AP CS - Enter any number in the edit fields and then continue to the next question to search | Jule Grace worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Grace and Associates, Inc. Jule experienced the following events during the first month of operations. Some of the events were personal and did not affect the accounting practice. Others were business transactions and should be accounted for by the business 1 Click the icon to view the events.) Read the requirements Bal - L Sun 7: Paid $750 cash for office supplies for the new accounting practice Stockholders' equity Cash + AR Assets Supplies - Furniture Liabilities + AP + cs + Retained earnings Expense Dividends Jun 9: Purchased $4.700 of office furniture for the accounting practice and agreed to pay the vendor within three months - Liabilities - Cash - AR Supplies - Furniture AP CS Revenue nse Dividends Enter any number in the edit fields and then continue to the next question _ *_ L I || % || || || 9 0 Julie Gracie worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Grace and Associates, Inc. Julie experienced the following events during the first month of operations. Some of the events were personal and did not affect the accounting practice. Others were business transactions and should be accounted for by the business (Click the icon to view the events.) Read the requirements Jun 9: Purchased $4,700 of office furniture for the accounting practice and agreed to pay the vendor within three months. Stockholders' equity Assets + Supplies - Furniture Liabilities AP Cash AR CS + Retained earnings Revenue Expense Dividends Jun 10: Julie sold 70 shares of Cooper stock, which she had owned for several years, receiving $980 cash. The cash from the sale of stock was deposited in her personal bank account. Assets Liabilities + Stockholders' equity Cash AR Supplies - Furniture - AP CS Retained earnings Revenue Expense Dividendis Enter any number in the edit fields and then continue to the next question A - d of SIPM 2020 This Test: 50 pts possible Julie Gracie worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Grace and Associates, Inc. Julle experienced the following events during the first month of operations. Some of the events were personal and did not affect the accounting practice. Others were business transactions and should be accounted for by the business Click the icon to view the events.) Read the requirements Jun 10: Julle sold 70 shares of Cooper stock, which she had owned for several years, receiving 5980 cash. The cash from the sale of stock was deposited in her personal bank account Assets Liabilities + Cash - AR Supplies Stockholders' equity Retained earnings - Furniture AP CS Revenue "Expense Dividends 10) Bal Jun 14: A representative of a large company telephoned Julie and told her of the company's intention to hire Grace and Associates, Inc. as its accountants Labtes - AP . Cash AR Supplies + Furniture CS + Stockholders' equity Retained earnings enue Expense Dividends Enter any number in the edit fields and then continue to the next question A . 5:13 PM 120.20 Julie Grace worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Grace and Associates, Inc. Je experienced the following events during the first month of operations. Some of the events were personal and did not affect the accounting practice. Others were business transactions and should be accounted for by the business Click the icon to view the events.) Read the guitements Jun 14: A representative of a large company telephoned Jule and told her of the company's intention to hire Oracle and Associates, Inc. as its accountants Assets Liabilities + Stockholders' equity Cash - AR - Supplies Furniture AP CS Retained earrings Expense Dividends Revenue Jun 20: Finished accounting work for a client and sent the client a bilo 54,100. The client is expected to pay within two weeks. Stockholders' equity Cash - AR - Supplies - Furniture AP - CS nue - Expense Dividends Enter any number in the edit fields and then continue to the next question A . 4 /2020 search preson Julie Gracie worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Gracie and Associates, Inc. Julle experienced the following events during the first month of operations. Some of the events were personal and did not affect the accounting practice. Others were business transactions and should be accounted for by the business (Click the icon to view the events.) Read the requirements Jun 20: Finished accounting work for a client and sent the client a bill for $4,100. The client is expected to pay within two weeks Lininis Stockholders' equity Cash + AR Supplies - Furniture AP CS Retained earnings Revenue Expenses Dividends 20) Jun 27: Paid office rent, $1,100. Stockholders' equity Assets + Supplies - Furniture Cash + AR AP - CS Revenue Expense Dividends 27 . [ Enter any number in the edit fields and then continue to the next question 51 . * 4 of 3713/2020 Presen Julie Gracie worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation name of the new entity is Gracie and Associates, Inc. Julie experienced the following events during the first month of operations. Some of the events were personal and did not affect the accounting practice. Others were business transactions and should be accounted for by the business (Click the icon to view the events.) Read the requirements al Jun 27: Paid office rent, $1,100 Assets = Liabilities - Stockholders' equity Cash AR Supplies + Furniture AP + CS Retained earnings Revenue Expense Dividends 27) Bal Jun 29: Paid $2,500 on account from the June 9th transaction Assets = Cash + AR + Supplies - Furniture - Stockholders' equity Liabilities AP CS Retained earnings Revenue Expense Dividends Enter any number in the edit fields and then continue to the next question Ate 5:13 PM 03 /13/2000 arch Preson Julie Gracie worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting praction which she operates as a corporation. The name of the new entity is Grace and Associates, Inc. Jule experienced the following events during the first month of operations. Some of the events were personal and ad not affect the accounting practice. Others were business transactions and should be accounted for by the business. Click the icon to view the events.) Read the requirements 27) Bal Jun 29: Paid $2.500 on account from the June 9th transaction. Assets - Liabilities AP Cash AR + Supplies - Furniture = CS Stockholders' equity Retained earnings Revenue Expense Dividends 29) Bal Jun 30: Paid $600 of dividends to shareholders of Gracie and Associates, Inc. Assets Liabilities - Cash AR Supplies - Furniture AP Stockholders' equity Retained carings CS Enter any number in the edit fields and then continue to the next question. 574 PM Prtsen Julie Gracie worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting praction which she operates as a corporation. The name of the new entity is Grace and Associates, Inc. Julle experienced the following events during the first month of operations. Some of the events were personal and did not afect the accounting practice. Others were business transactions and should be accounted for by the business Click the icon to view the events.) Read the requirements Jun 30: Paid $800 of dividends to shareholders of Gracie and Associates, Inc. Assets Liabilities Stockholders' equity Cash + AR + Supplies - Furniture AP + CS + Retained earnings - Expense Dividends Revenue Requirement 2. Determine the following items: a. b. c. d. Total assets Total liabilities Total stockholders' equity Net income (loss) for June Enter any number in the edit fields and then continue to the next question A . 4 4 of 3132020 arch 7 || || | || at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she Associa actions rsonal and di i More Info Jun areholde pplies 3 Received $75,000 cash proceeds from refinancing her house. 5$95,000 of common stock in the business was sold to Julie Gracie. The cash proceeds were deposited in a new business bank account titled Gracie and Associates, Inc. 7 Paid $750 cash for office supplies for the new accounting practice. 9 Purchased $4,700 of office furniture for the accounting practice and agreed to pay the vendor within three months. 10 Julie sold 70 shares of Cooper stock, which she had owned for several years, receiving $980 cash. The cash from the sale of stock was deposited in her personal bank account. 14 A representative of a large company telephoned Julie and told her of the company's intention to hire Gracie and Associates, Inc., as its accountants. 20 Finished accounting work for a client and sent the client a bill for $4,100. The client is expected to pay within two weeks. 27 Paid office rent, $1,100. 29 Paid $2,500 on account from the June 9th transaction. 30 Paid $600 of dividends to shareholders of Gracie and Associates, Inc. owing iten Print Done ds and then continue to the next
