TNT has the following transactions during April of the current year. Apr. 1 Opens a law...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
TNT has the following transactions during April of the current year. Apr. 1 Opens a law office, investing $25,000 in cash. 4 Pays rent in advance for 6 months, $9,000 cash. 16 Receives $8,000 from clients for services provided. 27 Pays secretary $2,800 salary. Indicate the effect on the accounting equation and the debit-credit analysis. Effect on Accounting Equation is Increased▾ Apr. 1 Apr. 4 Apr. 18 The asset Cash the stockholders' equity account The asset Prepaid Rent the asset Cash The asset Cash the revenue Service Revenue is Increased ▾ Decreased ▾ is Increased ▾ is Increased ▾ Debit-Credit Analysis Debits Increase Assets is Increased Debit 25000 Credits Increase Stockholders' Equity Credit Debits Decrease Assets Debit 9000 Credits Decrease Assets Credit Debits Increase Assets Debit 8000 Credits Increase Revenues $ $ ▼ 25000 9000 TNT has the following transactions during April of the current year. Apr. 1 Opens a law office, investing $25,000 in cash. 4 Pays rent in advance for 6 months, $9,000 cash. 16 Receives $8,000 from clients for services provided. 27 Pays secretary $2,800 salary. Indicate the effect on the accounting equation and the debit-credit analysis. Effect on Accounting Equation is Increased▾ Apr. 1 Apr. 4 Apr. 18 The asset Cash the stockholders' equity account The asset Prepaid Rent the asset Cash The asset Cash the revenue Service Revenue is Increased ▾ Decreased ▾ is Increased ▾ is Increased ▾ Debit-Credit Analysis Debits Increase Assets is Increased Debit 25000 Credits Increase Stockholders' Equity Credit Debits Decrease Assets Debit 9000 Credits Decrease Assets Credit Debits Increase Assets Debit 8000 Credits Increase Revenues $ $ ▼ 25000 9000
Expert Answer:
Answer rating: 100% (QA)
ANSWER Solution The effect on the accounting equation and the debitcredit analysis are as follows Da... View the full answer
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
The Totman Company has the following transactions during the months of January and February: The cost of the inventory at January 1 is $24, $23, and $15 per unit, respectively, under the FIFO,...
-
The Gargantuan Company has the following transactions during December. Prepare a combined cost of goods sold and Income Statement showing all these transactions and identify the value of inventory to...
-
A state government has the following transactions during its fiscal year ending June 30, 2018. The state defines "available" as within 60 days after year-end. REQUIRED: Prepare journal entries to...
-
In Problems 1316, three matrices A, B, and C are given. Verify by computation of both sides the associative law A(BC) = (AB)C. 25 = [ 3 i] c = [_ [-] -3 1 A = [2 -1], B=
-
Rossman Corporation holds 75 percent of the common stock of Schmid Distributors Inc., purchased on December 31, 20X1, for $2,340,000. At the date of acquisition, Schmid reported common stock with a...
-
Dr. Whitley Avard, a plastic surgeon, had just returned from a conference in which she learned of a new surgical procedure for removing wrinkles around eyes, reducing the time to perform the normal...
-
The maximum blade efficiency of impulse turbine is (a) \(\frac{\cos ^{2} \alpha_{1}}{2}(1+K C)\) (b) \(\cos ^{2} \alpha_{1}(1+K C)\) (c) \(\cos \alpha_{1}(1+K C)\) (d) \(\frac{\cos \alpha_{1}}{2}(1+K...
-
Kosco CD Company has had 4 years of record earnings. Due to this success, the market price of its 400,000 shares of $2 par value common stock has increased from $6 per share to $50. During this...
-
Discuss a literature review for the topic " managing health and safety in the military" . Include citation with a short explication.
-
Consider an economy with three types of individuals, differing only with respect to their preferences for monuments. Individuals of the first type get a fixed benefit of 250 from the mere existence...
-
At a certain instant, a fly ball has velocity v = 251 - 4.91 the x axis is horizontal, the y axis is upward, and v is in meters per second. Has the ball passed its highest point?
-
Subtract as indicated. K 8x-37 X-2 x-5 x-5
-
Rewrite this using the updated prompt given here : What are the advantages and disadvantages of centralization and decentralization? Imagine you are the CEO of a Western Massachusetts hospital with...
-
The Article https://link.springer.com/article/10.1007/s12076-023-00335-x A summary of the article What this means for a company, HR professional or employee Suggested action based on the event
-
Multiply and simplify by factoring. 21 15
-
Subtract as indicated. K 7x-38 x-2 X-6 x-6
-
Gloria's Boutique has 4,000 shares of stock outstanding at a price per share of $19. The firm has decided to repurchase 500 of those shares in the open market. What will the price per share be after...
-
What did Lennox gain by integrating their WMS, TMS, and labor management systems?
-
In the direct labor variance matrix, there are three factors: (1) Actual hours Actual rate, (2) Actual hours Standard rate, and (3) Standard hours Standard rate. Using the numbers, indicate the...
-
Waterways Corporation is preparing its budget for the coming year, 2014. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in...
-
Nona Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $2.50 per pound) ....$20 Direct labor (3 hours at...
-
Who is currently in your own network that you could use for prospecting? How might you add to your network?
-
Pick any three of the sources of prospects discussed in the chapter and pick a product or service you like. Develop several ideas for how you would use each source to locate leads for the product or...
-
Why do you think a salesperson might experience call reluctance? How can it be overcome?
Study smarter with the SolutionInn App