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3 years ago

Selected transactions for Thyme Advertising Company, Inc. are listed here.

Business

1 answer:

seropon [69]3 years ago

3 0

Answer:

1. Issued common stock to investors in exchange for cash received from investors - There is an increase in cash because cash(asset) and increase in common stock(stockholder's equity)

2. Paid monthly rent - Decrease in cash(asset) and decrease in rent expense (liability)

3. Received cash from customers when service was performed - Increase in cash(asset) and increase in service revenue(asset)

4. Billed customers for services performed - increase in accounts receivable and increase in service revenue

5. Paid dividend to stockholders -

Decrease in cash and decrease in dividend

6. Incurred advertising expense on account - Decrease in advertising expense and increase in accounts payable

7. Received cash from customers billed in (4) - Increase in cash and decrease in accounts receivable

8. Purchased additional equipment for cash - increase in equipment and decrease in cash

Explanation:

1. Issued common stock to investors in exchange for cash received from investors - There is an increase in cash because cash(asset) and increase in common stock(stockholder's equity)

2. Paid monthly rent - Decrease in cash(asset) and decrease in rent expense (liability)

3. Received cash from customers when service was performed - Increase in cash(asset) and increase in service revenue(asset)

4. Billed customers for services performed - increase in accounts receivable and increase in service revenue

5. Paid dividend to stockholders -

Decrease in cash and decrease in dividend

6. Incurred advertising expense on account - Decrease in advertising expense and increase in accounts payable

7. Received cash from customers billed in (4) - Increase in cash and decrease in accounts receivable

8. Purchased additional equipment for cash - increase in equipment and decrease in cash

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3 years ago

[The following information applies to the questions displayed below.]

Orlov [11]

Answer:

Pose-for-Pics

Effects on the accounting equation:

Assets = Liabilities + Equity

Aug 1 Cash +$9,000 Equipment +$38,700 = M. Harris, Capital +$47,700

Aug 2 Cash -$2,300 Prepaid Insurance +$2,300

Aug 5 Cash -$1,710 Supplies +$1,710

Aug 20 Cash +$2,650 = Revenue +$2,650

Aug 31 Cash -$870 = Utilities Expense -870

Total assets $49,480 = Total equity $49,480

Explanation:

a) Data and Analysis based on the accounting equation:

August 1 Cash $9,000 Equipment $38,700 M. Harris, Capital $47,700

August 2 Prepaid Insurance $2,300 Cash ($2,300)

August 5 Supplies $1,710 Cash ($1,710)

August 20 Cash $2,650 Service Revenue $2,650

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3 years ago

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Answer:

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