Transactions made by Orlando Bloom and Co., a law firm, for the month of March are shown
Question:
Transactions made by Orlando Bloom and Co., a law firm, for the month of March are shown below. Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting equation, similar to that shown in Illustration 1-8.
1. The company provided $20,000 of services for customers, on credit.
2. The company received $20,000 in cash from customers who had been billed for services [in transaction (1)].
3. The company received a bill for $2,300 of advertising, but will not pay it until a later date.
4. Orlando Bloom withdrew $3,600 cash from the business for personal use.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 91% (12 reviews)
Assets Liabilities Owners Equity Cash Account...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Cost Accounting questions
-
Transactions made by Huddleston Co. for the month of March are shown below. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation, similar to...
-
Transactions made by Mickelson Co. for the month of March are shown below. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation, similar to that...
-
Transactions made by Leonardo Bloom Co. for the month of March are shown below. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation, similar to...
-
Simplify each expression in Problems 722. Classify each answer by number of terms and degree. 3(x5) 2(x + 8)
-
The Home Depot is the world's largest home improvement retailer and one of the largest retailers in the United States based on net sales volume. The Home Depot operates over 2,200 Home Depot®...
-
The financial statements of Wetaskiwin Limited are presented here: WETASKIWIN LIMITED Statement of Financial Position December 31 WETASKIWIN LIMITED Income Statement Year Ended December 31, 2015...
-
From the point of view of each observer in Figure \(6.5,\) (a) is the energy of each cart constant? (b) Is the isolated system containing cart 1 closed? (c) Is the isolated system containing cart 2...
-
The Green Giraffe Restaurant Group has 21 restaurants scattered across the midwestern portion of the United States. Green Giraffe is not publicly held, but is owned by a small group of investors. For...
-
Assume a hypothetical age that has not been assumed by other students. Assume you would like to invest in a zero-coupon bond in order to have $1000,000 in your retirement account when you get to the...
-
1. Did the standards result in safer and more effective firefighting crews, or were they inadvertently keeping women out of a traditionally male job? 2. Was this a BFOQ? The ministry was challenged...
-
In alphabetical order below are balance sheet items for George Company at December 31, 2012. Kayla George is the owner of George Company. Prepare a balance sheet, following the format of Illustration...
-
Presented below is selected information related to Lance Company at December 31, 2012. Lance reports financial information monthly. (a) Determine the total assets of Lance Company at December 31,...
-
A coil with a self-inductance of 2.0 H and a resistance of 12.0 is connected across a 24-V battery of negligible internal resistance. (a) What is the final current? (b) How much energy is stored in...
-
What's wrong with this code? onvert between Arabic, base ten numbers, and Roman numerals. The Roman number system has the digits I, V, X, L, C, D, and M. Numbers are formed according to the following...
-
Suppose that we are given a sequence A of n positive real numbers (a, a2,.., an) to sort. a) (2 points) Can you use Count Sort AS IS to sort A? Explain b) (28 points) How can you adapt Counting Sort...
-
In a 'travel bubble a set of countries agree to open their borders to each other. Adudu.com as a best and affordable hotel solutions with integrated access control system within Asia countries was...
-
In the following table, calculate linear model value of for each , the corresponding residual ey-, and the square e2 of each residual. X 3 8 3 11 7 y 18 31 23 30 19 e =y- 4. What is the sum of the...
-
A user needs to access a Power Apps portal. You need to configure a contact record for the user by implementing local authentication. You add a username to the contact record. What should you do next?
-
As customers shifted to shopping online, Best Buy's 1,100 giant stores, which enabled the company to obtain its position as the largest retailer of electronics, began to reduce its profitability and...
-
The registrar of a college with a population of N = 4,000 full-time students is asked by the president to conduct a survey to measure satisfaction with the quality of life on campus. The following...
-
1. Sarahs Salmon Farm produced 1,000 fish last week. The marginal cost was $30 a fish, average variable cost was $20 a fish, and the market price was $25 a fish. Did Sarah maximize profit? If Sarah...
-
Can a business enter into a transaction in which only the left side of the basic accounting equation is affected? If so, give an example.
-
Are the following events recorded in the accounting records? Explain your answer in each case. (a) The owner of the company dies. (b) Supplies are purchased on account. (c) An employee is fired. (d)...
-
Are the following events recorded in the accounting records? Explain your answer in each case. (a) The owner of the company dies. (b) Supplies are purchased on account. (c) An employee is fired. (d)...
-
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At...
-
Using Regression to Calculate Fixed Cost, Calculate the Variable Rate, Construct a Cost Formula, and Determine Budgeted Cost Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were...
-
Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability $ 6,650 Income tax expense Mortgage...
Study smarter with the SolutionInn App