Katherine Brewer is the owner and operator of Go-For-It LLC, a motivational consulting business. At the...

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Katherine Brewer is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Go-For-It has assets of $866,000 and liabilities of $208,000. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 20Y8. b. Owner's equity as of December 31, 20Y9, assuming that assets increased by $165,000 and liabilities increased by $50,000 during 20Y9. X D2L W4 DQ: Ch X D2L M4: Proble X My Home X My Home My Home My Home CengageNX D2L M4:DISCU + ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false M Relaunch to Translate Transactions < Simmons Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Michael Short, Capital; Michael Short, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Oct. 1. Paid rent for the month, $3,800. 3. Paid advertising expense, $2,390. 5. Paid cash for supplies, $1,030. 6. Purchased office equipment on account, $15,700. 10. Received cash from customers on account, $5,130. 15. Paid creditors on account, $1,500. 27. Paid cash for miscellaneous expenses, $650. 30. Paid telephone bill (utility expense) for the month, $240. 31. Fees earned and billed to customers for the month, $34,200. 31. Paid electricity bill (utility expense) for the month, $410. 31. Withdrew cash for personal use, $2,600. Journalize the selected transactions for October 20Y3. If an amount box does not require an entry, leave it blank. 20Y3 Oct. 1 20Y3 Oct. 3 20Y3 Oct. 5 Check My Work 1 more Check My Work uses remaining. Previous Next JIU-U X My Apps D2L W4 DQ: Ch X D2L M4: Proble My Home My Home My Home My Home Ceng C v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false 1 YouTube Maps Translate 01.02.ALGO 20Y3 Oct. 1 02.07.ALGO 20Y3 Oct. 3 03.14.ALGO 03.05.ALGO 20Y3 Oct. 5 04.04.BLANKSHEET.AL... 20Y3 Oct. 6 < 20Y3 Oct. 10 20Y3 Oct. 15 20Y3 Oct. 27 20Y3 Oct. 30 20Y3 Oct. 31: F 7 Gmail C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false YouTube Maps Translate Test 1 1. PE.01.02.ALGO 2. EX.02.07.ALGO 3. EX.03.14.ALGO 4. EX.03.05.ALGO 20Y3 Oct. 6 20Y3 Oct. 10 5. PE.04.04.BLANKSHEET.AL... 20Y3 Oct. 15 20Y3 Oct. 27 < 20Y3 Oct. 30 20Y3 Oct. 31: 20Y3 Oct. 31: 20Y3 Oct. 31: 0 00 00 00 00 0 0 0 0 0 0 Check My Work 1 more Check My Work uses remaining. Progress: 2/5 items D2L W4 DQ: Ch x | D2L M4: Proble My Home My Home My My Home X My Home CengageN m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false Translate < Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $11,180. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: If an amount box does not require an entry, leave it blank. a. The amount of insurance expired during the year is $8,500. b. The amount of unexpired insurance applicable to future periods is $2,680. W4 DQ: CH X | D2L M4: Proble x | My Home takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false My Home My Home X My Home CengageN X D2L M4:DISCU + M Relaunch to u ate Adjusting Entries for Accrued Salaries Perimeter Realty Co. pays weekly salaries of $48,000 on Friday for a five-day workweek ending on that day. a. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Monday. If an amount box does not require an entry, leave it blank. b. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Tuesday. If an amount box does not require an entry, leave it blank. ProviouS Next Closing entries Instructions Chart of Accounts Journal Instructions After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery Services Co.: Ellie Liu, Capital $3,484,000 38,500 5 Ellie Liu, Drawing Fees Earned 1,290,000 Wages Expense 733,000 Rent Expense 68,700 Supplies Expense 13,650 Miscellaneous Expense 8,400 Required: Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW M4: Proble My Home My Home My Home X My Home CengageN X D2L M4 /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false Translate < Closing entries Instructions Chart of Accounts Journal Instructions Ellie Liu, Drawing 38,500 Fees Earned 1,290,000 Wages Expense 733,000 Rent Expense 68,700 Supplies Expense 13,650 Miscellaneous Expense 8,400 5 Required: Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Katherine Brewer is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Go-For-It has assets of $866,000 and liabilities of $208,000. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 20Y8. b. Owner's equity as of December 31, 20Y9, assuming that assets increased by $165,000 and liabilities increased by $50,000 during 20Y9. X D2L W4 DQ: Ch X D2L M4: Proble X My Home X My Home My Home My Home CengageNX D2L M4:DISCU + ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false M Relaunch to Translate Transactions < Simmons Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Michael Short, Capital; Michael Short, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Oct. 1. Paid rent for the month, $3,800. 3. Paid advertising expense, $2,390. 5. Paid cash for supplies, $1,030. 6. Purchased office equipment on account, $15,700. 10. Received cash from customers on account, $5,130. 15. Paid creditors on account, $1,500. 27. Paid cash for miscellaneous expenses, $650. 30. Paid telephone bill (utility expense) for the month, $240. 31. Fees earned and billed to customers for the month, $34,200. 31. Paid electricity bill (utility expense) for the month, $410. 31. Withdrew cash for personal use, $2,600. Journalize the selected transactions for October 20Y3. If an amount box does not require an entry, leave it blank. 20Y3 Oct. 1 20Y3 Oct. 3 20Y3 Oct. 5 Check My Work 1 more Check My Work uses remaining. Previous Next JIU-U X My Apps D2L W4 DQ: Ch X D2L M4: Proble My Home My Home My Home My Home Ceng C v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false 1 YouTube Maps Translate 01.02.ALGO 20Y3 Oct. 1 02.07.ALGO 20Y3 Oct. 3 03.14.ALGO 03.05.ALGO 20Y3 Oct. 5 04.04.BLANKSHEET.AL... 20Y3 Oct. 6 < 20Y3 Oct. 10 20Y3 Oct. 15 20Y3 Oct. 27 20Y3 Oct. 30 20Y3 Oct. 31: F 7 Gmail C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false YouTube Maps Translate Test 1 1. PE.01.02.ALGO 2. EX.02.07.ALGO 3. EX.03.14.ALGO 4. EX.03.05.ALGO 20Y3 Oct. 6 20Y3 Oct. 10 5. PE.04.04.BLANKSHEET.AL... 20Y3 Oct. 15 20Y3 Oct. 27 < 20Y3 Oct. 30 20Y3 Oct. 31: 20Y3 Oct. 31: 20Y3 Oct. 31: 0 00 00 00 00 0 0 0 0 0 0 Check My Work 1 more Check My Work uses remaining. Progress: 2/5 items D2L W4 DQ: Ch x | D2L M4: Proble My Home My Home My My Home X My Home CengageN m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false Translate < Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $11,180. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: If an amount box does not require an entry, leave it blank. a. The amount of insurance expired during the year is $8,500. b. The amount of unexpired insurance applicable to future periods is $2,680. W4 DQ: CH X | D2L M4: Proble x | My Home takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false My Home My Home X My Home CengageN X D2L M4:DISCU + M Relaunch to u ate Adjusting Entries for Accrued Salaries Perimeter Realty Co. pays weekly salaries of $48,000 on Friday for a five-day workweek ending on that day. a. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Monday. If an amount box does not require an entry, leave it blank. b. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Tuesday. If an amount box does not require an entry, leave it blank. ProviouS Next Closing entries Instructions Chart of Accounts Journal Instructions After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery Services Co.: Ellie Liu, Capital $3,484,000 38,500 5 Ellie Liu, Drawing Fees Earned 1,290,000 Wages Expense 733,000 Rent Expense 68,700 Supplies Expense 13,650 Miscellaneous Expense 8,400 Required: Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW M4: Proble My Home My Home My Home X My Home CengageN X D2L M4 /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false Translate < Closing entries Instructions Chart of Accounts Journal Instructions Ellie Liu, Drawing 38,500 Fees Earned 1,290,000 Wages Expense 733,000 Rent Expense 68,700 Supplies Expense 13,650 Miscellaneous Expense 8,400 5 Required: Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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To determine the owners equity as of December 31 2018 we can use the accounting equation Assets Liab... View the full answer