Subject: Business    / Accounting
Question

Homework 1

Question 1 On January 1, 2016, Mr. Bravo formed a new corporate (Bravo Unlimited) by investing $35,000 cash in capital stock. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 2 On January 5, 2016, Charlie Company purchased equipment on account for $25,000. The equipment was purchased for $6,000 with cash and the remainder was on account. Prepare the compound general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 3 On January 15, 2016, Bravo Company billed a customer for $25,000 of services rendered to be collected at a later date. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 4 On January 15, 2016, Bravo Company collected $30,000 from a customer, previously billed, for services rendered. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 5 On January 15, 2016, Bravo Company collected $30,000 from a customer, not previously billed, for services rendered. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 6 On January 15, 2016, Bravo Company purchased $1,500 of construction supplies, on account, from the Zulu Company. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 7 On January 15, 2016, Bravo Company purchased $5,000 of construction supplies, from the Zulu Company. Bravo paid for half of the supplies with cash and the remainder on account. Prepare the compound general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 8 On January 15, 2016, Bravo Company paid for $5,000 of construction supplies that had been purchased on account, from the Zulu Company. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 9 On January 16, 2016, Bravo Company paid for $6,000 of construction supplies of which half had been purchased on account. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 10 On January 31, 2016, Charlie Company paid employees $4,500 for January wages earned. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 11 On January 31, 2016, Bravo Company paid company shareholders $4,500 in dividends. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 12 On January 2, 2016, Delta Company paid $2,500 in advance for February rent. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 13 On January 2, 2016, Delta Company paid $2,000 rent. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 14 On January 15, 2016, Delta Company hired an assistant manager with a monthly salary of $6,000. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 15 On January 15, 2016, Delta Company signed a construction contract with Bravo Company to build a tool shed. The agreed on contract price was $16,000. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 16 On January 20, 2016, Bravo Construction Company purchased, on account, $2,500 of supplies. Half were used immediately for a current job. Prepare the compound general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 17 On January 20, 2016, Bravo Construction Company purchased $3,500 of supplies. Half were used immediately for a current job. Half of the purchase amount was paid for with cash and the rest was on account. Prepare the compound general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 18 On January 20, 2016, Bravo Construction Company purchased $2,500 of supplies. Half were used immediately for a current job. Half of the purchase amount was paid for with cash and the rest was on account. On January 31, 2016, Bravo Construction Company paid the balance due. Prepare the general journal entry (without explanation) for the payment of the balance due. If no entry is required then write “No Entry Required.”

Question 19 On January 25, 2016, Charlie Company received and paid the $1,500 electric bill for the month. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 20 On January 31, 2016, Bravo Company paid employee wages of 3,200 and reimbursed the staff secretary $250 for company related travel. . Prepare the compound general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

Question 21 Bravo Company has the following information regarding its assets, liabilities and stockholders’ equity: Accounts Receivable $1,800, Prepaid Rent $2,000, Equipment $10,000, Stockholders’ Equity $7,700, Supplies $400, Bank Loan $4,200 and Tools $300. Determine the Accounts Payable value for Bravo Company as this is the one unknown item. (All account balances are normal.)

Question 22 Bravo Company has the following information regarding its assets, liabilities and stockholders’ equity: Accounts Receivable $800, Equipment $10,500, Stockholders’ Equity $7,700, Supplies $400, Accounts Payable $1,600, Bank Loan $4,200 and Tools $300. Determine the Prepaid Rent value for Bravo Company as this is the one unknown item. (All account balances are normal.)

Question 23 Assume beginning assets of $60,000, ending assets of $80,000, a $10,000 decrease in liabilities, and ending stockholders’ equity of $45,000. If dividends were twice the capital stock issuances of $20,000, how much was net income for the period?

Question 24 Assume beginning and ending total assets of $80,000 and $120,000, respectively. Total liabilities increased by $20,000, and net income was $70,000. If no additional capital stock was issued, how much were the dividends?

Question 25 Bravo Company experienced a total increase in stockholders’ equity of $24,000 during the current year. Stockholders’ equity was increased by additional issuances of $50,000 capital stock during the year. No dividends were paid. Expenses incurred during the year were $115,000. How much was Bravo’s revenue for the year?