M Final Exam Chegg Study | Guided S/X Dezto. mheducation.com/hm.tpx Randy\'s Res

Question

M Final Exam Chegg Study | Guided S/X Dezto. mheducation.com/hm.tpx Randy's Restaurant Company (RRC) entered into the following transactions during a recent yean April1 Purchased a new food locker for $7,800 by paying $2,400 cash and signing a $5,400 note due in six months. Installed an air-conditioning system in the food locker at a cost of $4,400, purchased on account. Wrote a check for the amount owed on account for the work completed on April 2. A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the full $260 cost. Paid $12,480 cash for the rights to use the name and store concept created by a different restaurant that has been successful in the region. For the next four years, RRC will operate under the Mullet Restaurant name, with the slogan "business customers in the front, and partiers in the back." April 2 April 30 May1 June1 29. 5.00 points Required Information Required 1-a. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign Date Assets Liabilities Stockholders' Equit April 01 April 02 April 30 May 01 June 01 2 2:18

Explanation / Answer

April Assets Laibilities Shareholder's Equity o1 7800-2400 5400 2 5400+4400 5400+4400 30 9800-4400 9800-4400 May-01 5400-260 -260 Jun-01 5140+12480-12480 2 Depriciation (year ended on 31st march) Equipment 610 Franchise 624 3 Journal entries Debit Depricaition 610 Credit Equipment 610 Debit Amortization 624 Credit Franchise 624

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