Small and Associates, a small manufacturing firm, entered into the following cash transactions during January 2012: 1.
Question:
1. Issued 600 shares of stock for $25 each.
2. Sold services for $4,000.
3. Paid wages of $1,600.
4. Purchased land as a long-term investment for $9,000 cash.
5. Paid a $2,000 dividend.
6. Sold land with a book value of $3,000 for $3,500 cash.
7. Paid $1,500 to the bank: $900 to reduce the principal on an outstanding loan and $600 as an interest payment.
8. Paid miscellaneous expenses of $1,800.
a. Prepare journal entries for each transaction.
b. Prepare a cash T-account, and compute Small’s cash balance as of the end of January. Assume a beginning balance of $5,000.
c. Prepare a statement of cash flows for the month of January.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (15 reviews)
a 1 Cash A 15000 Common Stock SE 15000 Issued common stock 2 Cash A 4000 Fees Earned R SE 4000 Sold ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Accounting questions
-
During 2014 Argentia Ltd. entered into the following cash transactions. Classify each transaction as operating, financing, or investing cash flows and indicate whether its a cash inflow or outflow....
-
A company has the following cash transactions during the year: a. Purchases inventory b. Issues long-term debt c. Purchases a building d. Sells common stock to investors e. Pays an account payable...
-
During 2012, Gavin Corp. entered into the following transactions.1. Borrowed $60,000 by issuing bonds.2. Paid $9,000 cash dividend to stockholders.3. Received $13,000 cash from a previously billed...
-
29. According to cognitive dissonance theory, why do people change their attitudes to match their behaviour? (1 Point) People guess their attitude from the O behaviour they see themselves performing...
-
Reliable Limited issued $800,000 of 6 percent, 10-year bonds payable on October 1, 2017, at par value. Reliable's accounting year ends on December 31. Journalize the following transactions. Include...
-
The Jones vector for an arbitrary linearly polarized state at an angle θ with respect to the horizontal is Prove that this matrix is in agreement with the one in Table 8.5 for a P-state...
-
An airplane flies at \(150 \mathrm{~km} / \mathrm{hr}\). (a) The airplane is towing a banner that is \(b=0.8 \mathrm{~m}\) tall and \(\ell=25 \mathrm{~m}\) long. If the drag coefficient based on area...
-
To produce one unit of Product C requires eight hours of labor at a standard cost per hour of $25.00. During the month of September, 5,500 units were produced. Actual hours and costs for the month...
-
What critical assumptions has TESLA made to value inventory? Does TESLA use FIFO or LIFO? Explain what is LCM (the lower of cost or market) and how this may impact inventory every year. Cost of...
-
A well-insulated rigid tank contains 5 kg of a saturated liquidvapor mixture of water at l00 kPa. Initially, three-quarters of the mass is in the liquid phase. An electric resistor placed in the tank...
-
The following cash T-account for Miller Manufacturing summarizes all the transactions affecting cash during 2012. a. Compute the ending cash balance.b. Prepare a statement of cashflows. Cash...
-
Ed's Lawn Service entered into the following transaction during 2012, its first year of operations: 1. Collected $12,000 in cash in cash from shareholders. 2. Borrowed $5,000 from a bank. 3....
-
Hoosier Corporation declared a 2-for-1 stock split to all shareholders of record on March 25 of this year. Hoosier reported current E&P of $600,000 and accumulated E&P of $3,000,000. The total fair...
-
The rate constant k for a certain reaction is measured at two different temperatures: temperature 57.0 C 198.0 C E = Assuming the rate constant obeys the Arrhenius equation, calculate the activation...
-
1) For a nation other than the U.S., identify the government entity that is the counterpart of the FAA Aircraft Registry. Civil aircraft registered in the U.S. are identified by the letter N,...
-
A block of mass 54.1 kg rests on a slope having an angle of elevation of 24.3. If pushing downhill on the block with a force just exceeding 162 N and parallel to the slope is sufficient to cause the...
-
Solow model in continuous time. Consider the Solow model in continuous time with pro- duction function y = f(k) satisfying the usual properties, constant savings rate s, depreciation rate 8,...
-
Propane (C3H8) at standard temperature and pressure (298K and 1 atm) is combined with air at 500K and 1 atm in stoichiometric proportions and burned in a control volume (open system). a. (10 points)...
-
Burnout Oil Corporation uses the full cost method. Recently, the company acquired a truck costing $60,000 with an estimated life of five years (ignore salvage value). The foreman drives the truck to...
-
Assume that a trial balance is prepared with an account balance of $21,360 listed as $21,630 and an account balance of $1,500 listed as $15,000. Identify the transposition and the slide.
-
It is often easier to analyze e-business transaction data than data from other types of transactions because information is captured in databases that can be manipulated. (True/False)
-
Starbucks is a relatively young, fast-growing company that is a pioneer and leader in its industry. Excerpts from its 2012 statement of cash flows are as follows (dollars in millions): *Change in the...
-
The Statement of Cash Flows from the 2012 annual report of Hewlett-Packard shows that $10.5 billion of cash was paid in 2011 for acquisitions (Investing Activities) and that in 2012 an $18.0 billion...
-
The SEC Form 10-K of Google is reproduced online at www.wiley.com/college/pratt. REQUIRED: Review the 10-K, and answer the following questions: a. What are the major sources of cash for the company...
-
How can you use your understanding of diversity to develop your relationship-building skills in your healthcare career?,Explain ways in which religion can help or hinder individuals as they build...
-
A Quality Management System, often called a QMS, is a set of internal rules that are defined by a collection of policies, processes, documented procedures, and records. This system defines how a...
-
1. Mr. Alvis, the director of Match Lighting, has found himself with sorts of emails including customer complaints about incorrect order deliveries, periodic reports on products, stock, and sales,...
Study smarter with the SolutionInn App