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6. For each of the following transactions, show the effectncrease=+ : decrease= : no effect=0) on assets. +, i, 0 9 Owner withdrew cash for personal use. '3 Purchased land on credit. 0 Made a cash sale. 9 Purchased a delively truck for cash. 6 Paid a telephone bill. 0 Paid an account payable. 9 Sold merchandise on account. '3 Discussed plans with the bank for a future loan. 8. Compute the missing amount for each of the following cases based on the accounting equation: Cash Accounts Receivable Oice Supplies Oice Equipment Land Accounts Payable Capital The liabilities of a company increased by $35,000 during a month and the owner's equity decreased by $21,000 during that same month. Required: How much did assets change during the month? 10. Below is statement of nancial position information for three independent situations. Calculate the answer to each. 9 A company reports total assets of $2,500 and total liabilities of $900. What is the amount of shareholders' equity? (3 A company reports total liabilities of $2,400 and shareholders' equity of $1,100. What is the amount of total assets? 0 A company reports total assets of $2,800 and total shareholders' equity of $800. What is the amount of total liabilities? 11. Below is statement of nancial position information for two independent situations. Calculate the answer to each. 9 A company reports an increase in assets of $1,700 and an increase in liabilities of $400. What is the amount of the change in shareholders' equity? 6 A company reports an increase in liabilities of $500 and a decrease in shareholders' equity of $800. What is the amount of the change in total assets? 12. Charles Pryor invested his savings in a small laundry shop. Record the transactions listed below in the form provided; then total and prove ue results. 9 Opened the shop by investing $15,000 in cash. 6 Bought $1,500 of supplies on account from Woodchuck Company. 6 Bought cleaning equipment for $8,500 cash. 9 Received cash for cleaning services, $1,550. 6 Paid salaries and other expenses of $450. 0 Bought additional $2,500 of supplies om Woodchuck Company; paid $1,500 cash, remainder on account. 9 Charles Pryor withdrew $500 for personal use. I Assets Cash + Suppliu + Equipment I Liabilities + Equity Accounts + C. Pryor, Payable Capital a Balance (3 Balance 0 Balance 9 Balance 9 Balance 0 Balance 9 Balance 13. Analyze the transactions of a business described below and indicate their effect on the accounting equation. Use a ptus sign(+) to indicate an increase and a minus sign() to indicate a decrease. Assets :Liabilitin + Equity 9 Received cash for services rendered. G Purchased ofce equipment on credit. 0 Paid employees' salaries. 0 Received cash from customer in payment of accounts receivable. 9 Paid a telephone bill for the month. 0 Paid for ooe equipment purchased in transaction 9. 9 Purchased inventory on credit. 0 Paid dividends to shareholders. 0 Obtained a loan from the bank. 0 Billed customers for services rendered. 14. Following are transactions of Grackle inc, a new company, during the month of January 2012: 6 Issued 10,000 shares of ordinary share for $15,000 cash. 9 Purchased land for $12,000, signing a note payable for the full amount. 6 Purchased oice equipment for $1,200 cash. 0 Received cash of $14,000 for services provided to customers during the month. 9 Purchased $300 of ofce supplies on account. 0 Paid employees $10,000 for their rst month's salaries. Required: 1.What is the balance of Grackle's Cash account following these six transactions? 2. What is the total amount of Grackle's liabilities following these six transactions? 22. Basil Compaan capital as of January 1, 20x1 was $10,000. During the year, the net income was $18,000 and the owner withdrew $5,000. Required: How much is the capital as of December 31, 20X1? 23. Income statement data for Rosemary Company is as follows: Service revenue $20,000; advertising expense 4,000; salaries expense $6,000; utilities expense $2,000. Requirect If $3,000 was withdrawn by the owner from the business, what was the increase or decrease in capital? 24. Burdock has an ending Retained Earnings balance of $50,000. If during the year Burdock paid dividends of $4,300 and had net income of $22,500, then what was the beginning Retained Earnings balance? 35. Answer in the spaces provided whether each of the following represents a recordable transaction. Yes or No 9 Collected cash for services 13 Paid salaries 0 Paid a note payable plus interest GI Hired an employee who will start working next month 9 Used up some supplies 0 Purchased a delivery truck, payment to be made next year @ Withdrawal of cash by owner for personal use 0 AgreEd to supply a company with products Over the next few years 36. The following transactions occur for the Hedgehog Company. 9 Provide services to customers on account for $5,000. (3 Purchase equipment by signing a note with the bank for $10,000. 6 Pay advertising of $2,000 for the current month. Required: Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. 37. Suppose a company has the following statement of financial position accounts: Accounts Balances Cash $5,000 Supplies 3,500 Land 9,000 Buildings Equipment 4,500 Accounts payable 3,600 Salaries payable 2,700 Share Capital - Ordinary 2 Retained earnings 11,600 Required: Calculate the missing amounts assuming the company has total assets of $40,000. 38 For "T" accounts listed below, state which side represents an increase and which represents a decrease Liabilities, Equity, Assets and Expenses and Revenues Dr. Cr. Dr. Cr. 39.For the accounts listed below, indicate if the normal balance of the account is a debit or credit. A normal balance is the side of the account where increases are recorded. Normal Balance Accounts Debit or Credit 6 Service Revenue 6 Rent Expense 9 Accounts Receivable 0 Accounts Payable 6 Share Capital 0 Ofce Supplies 9 Insurance Expense 0 Trademark 0 Ofce Building 0 Notes Payable 40. For each transaction noted below, write in the appropriate column the titles of the accounts to be debited and credited. Debit Credit 9 Issued ordinary shares for cash 0 Paid salaries expense 0 Purchased a truck on credit 0 Received cash for professional services rendered 9 Paid accounts payable 0 Borrowed money nm a bank by issuing a note 41. Joumalize the following business transactions in general journal form. Identify each transaction by number. @ Shareholders invest $25,000 in cash for starting a business as a corporation. 6 Purchased $500 of ofce supplies on credit. 6 Purchased ofce equipment for $6,000, paying $3,500 in cash and issuing a 30 day, $2,500, note payable. 0 Billed clients for $4,000 service revenue(not received yet]. 6 Paid $700 in cash for the current month's rent. 0 Paid $250 cash for oice supplies purchased on account in transaction 9. @ Received a bill for $500 for advertising for the current month(not paid yet). 13 Paid $2,500 cash for ofce salaries. 42. Transactions for the Peony Company for the month of July are presented below. 9 Shareholders invested an additional $36,000 cash in the business. 0 Purchased land costing $18,000 for cash. 0 Purchased equipment costing $9,000 for $4,000 cash and the remainder on credit. 0 Purchased supplies on account for $800. 9 Paid $3,000 for a one year insurance policy. 0 Received $2,000 for services performed. 9 Received $4,000 for services previously performed on account. 0 Paid wages to employees for $2,500. Required: Journatize each transaction and identify each transaction by number. 43. Record the following transadions for the Magnolia Music Store: 9 Provide music lessons to students for $10,000 on account. 9 Purchase music supplies on account, $1,000. 0 Pay rent for the current month, $2,000. 9 Reoeive $10,000 cash from students in 9 above. Required: Journalize each transaction and identify each transaction by number. 44. Journalize the following business transactions in general journal form. A company purchases a building for $100,000, paying $50,000 cash and signing a three-month note payable for the remainder. Record the transaction. 45. Record the following transactions in the 'T accounts listed beiow. 3 Received $2,500 for professional services rendered. G Purchased equipment for $1,000, making a down payment of 30%. G Incurred utilities expense of $100(not paid yet). 6 Paid $400 to creditors. Cash Accounts Payable l i Equipment Service Revenue Utilities Expense | 46. Consider the following transactions for Lemming Corporation: 9 Sell ordinary share for $10,000. 9 Purchase equipment for $11,000 cash. 0 Pay employee salaries of $3,500. 9 Provide services to customers for $6,000 cash. Required: 1. Post these transactions to the Cash Taccount. Assume the balance of Cash before these transactions is $4,000. 2. Calculate the ending balance of the Cash account. 47. Consider the following transactions for a company: 9 Sell ordinary shares for $10,000. 6 Purchase equipment for $8,500 cash. 0 Provide services to customers for $6,000. 0 Pay employee salaries of $3,500. Required: 1. Post these transactions to the Cash T-account. Assume the balance of Cash before these transactions is $3,000. 2. How much is ending balance of cash