smail ibrahim Question #1 Mr. Hatfield starts Clay Corporation by contributing $2,000 cash and a truck worth $3,800 to the company in exchange for common stock. A) What is the ourna entry to record this transaction? Cr B)What effect does this entry have on the accounting equation? AssetsLiabilitiesEquity D- B- Submit Questi 0 of s Attempts Used MacBookA Question #2 Salo Inc. purchases $10,500 of equipment by paying cash. A) What is the journal entry to record this transaction? 5 Cr B)What effect does this entry have on the accounting equation? Assets Liabilities+ Equity a- Submit Question 0 of 5 Attempts Used! Question #3 Miro Company purchases $14,200 of equipment by signing a note payable. A) What is the journal entry to record this transaction? Cr B)What effect does this entry have on the accounting equation? Assets Liabilities Equity a- pts Submit Question 0 of 5 Attempts Used! Question #4 On December 23, 2015, Nance Company pays its rent in advance for 6 months covering january- June of 2016 for $16,800. A) What journal entry does the company need to make on December 23 to record this transaction? Cr B)What effect does this entry have on the accounting equation? Assets LiabilitiesEquity c) What journal entry does the company need to make in January to show that one month of rent has been used up? DjWhat effect does this entry have on the accounting equation? ssetsabilitiesEquity MacBookA 8 0 Question #5 On May 1, Framer Company purchases $600 of supplies on account A) What journal entry does the company need to make on May 1 to record this transaction? Cr 8)What effect does this entry have on the accounting equation? AssetsLiabilities+Equity E- f the company pays 5400 of the amount owed on May 20, what journal entry does the company need to make on May 20th? Cr D)What effect does this entry have on the accounting equation? AssetsLiabilities+Equity MacBookA 4) 8 0 Question #6 Relo Company rents a house to a customer (tenant) on February 1 and receives $2,600 rent for the month. A) What journal entry does the company make to record the transaction? Cr B)What effect does this entry have on the accounting equation? Assets Liabilities +Equity B. B Submit Question 0 of 5 Attempts Used MacBookA Question #7 On June 10, Ramfield Inc. completes work for a customer and sends them a bill for $4,400. A) What journal entry does the company need to make on june 10 to record this transaction? Cr eywhat effect does this entry have on the accounting equation? Assets Liabilities Equity pts C) Ramfield Inc receives full payment from the customer on june 30th. What journal entry should the company make on june 307 the customer opts Cr byWhat effect does this entry have on the accounting equation? Assets Liabilities Equity MacBook A BOO 0 Question #8 15, Epo Inc. recelves an advance payment from a customer for $12,800 for work to be done in January of the following year )What journal entry should the Company make on December 15 to record this transaction? Cr B)What effect does this entry have on the accounting equation? Assets Liabilities + Equity the work for the customer above by anuary 31. What journal entry should the compary make on January 317 Cr D) What effect does this entry have on the accounting equation? Assets Liabilities Equity a. MacBookA 0 Question #9 Atlen Corporation has the following account balances for the year ending 12/31/XX. All accounts have a normal bala Cash Prepaid Rent Supplies Equipment Unearned Revenue $590 $260 $220 $150 $910 Accounts Receivable $870 $860 $260 $190 5860 $60 $80 $80 Common Stock Retained Earnings Dividends mpts Revenue Rent Expense. Utilities Expense Supplies Expense Salary Expense Using the information above, prepare the Income Statement $390 Income Statement otal Expenses 0 Total Expenses Income Using the Information above, prepare the statement of retained earnings. Statement of Retained Earnings Beginning Retained Earnings Ending Retained Earnings Using the Information above, prepare the balance sheet. Balance Sheet MacBook A 8 8 0 Using the Information above, prepare the balance sheet. Balance Sheet Assets Total Assets Liabilities Total Liabilities Equity Total Equity otal Liabilities and
