Name Brief Exercises 3-1 to 3-4 Section Date BE3-1 BE3-2 BE

Size: px
Start display at page:

Download "Name Brief Exercises 3-1 to 3-4 Section Date BE3-1 BE3-2 BE"

Transcription

1 Name Brief Exercises 3-1 to 3-4 BE3-1 BE3-2 BE

2 Name Brief Exercises 3-4 to 3-6 BE3-4 BE3-5 BE

3 Name Brief Exercises 3-7 to 3-10 BE3-7 BE3-8 BE3-9 BE

4 Name Brief Exercises 3-11 to 3-14 BE3-11 BE3-12 BE3-13 BE3-14 (a) (b) (c) (d) (e) 3-4

5 Name Brief Exercises 3-15 to *3-16 BE3-15 *BE

6 Name Exercise 3-1 Charlie Ainsworth Apr. 3-6

7 Name Exercise 3-2 Wanda Landowska Company Wanda Landowska Company Trial Balance April 30, 2005 Debit Credit 3-7

8 Name Exercise 3-3 Blues Corner Corporation Cash Accounts Payable Accounts Receivable Common Shares Supplies on Hand Retained Earnings Furniture and Equipment Service Revenue Office Expense 3-8

9 Name Exercise 3-3 Concluded Blues Corner Corporation Blues Corner Corporation Trial Balance April 30 Debit Credit 3-9

10 Name Exercise 3-4 to 3-5 E3-4 Chris Cross Inc. Trial Balance June 30, 2006 Debit Credit E

11 Name Exercise 3-6 Karen Pain D.D.S

12 Name Exercise 3-7 Pansy Limited (a) (b) (c ) (d) 3-12

13 Name Exercise 3-8 Benson Balladucci

14 Name Exercise 3-9 Urdu Limited (a) (b) 3-14

15 Name Exercise 3-10 Greco Resort Limited (a)

16 Name Exercise 3-10 Concluded Greco Resort Limited Greco Resort Limited Trial Balance August 31, 205 Debit Credit 3-16

17 Name Exercise 3-11 to 3-12 E3-11 (a) (b) E

18 Name Exercise 3-13 to 3-14 E3-13 Accounts Adjusted Trial Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Cash Merchandise Inventory Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold E3-14 (a) (b) (c ) (d) (e) 3-18

19 Name Exercise 3-15 (a) (b) (c ) (d) (e) (f) (g) (h) (i) 3-19

20 Name Exercise 3-16 to 3-17 E3-16 E

21 Name Exercise 3-18 Potter Roofing Inc. Potter Roofing Inc. Work Sheet For the Month Ended March 31, 2006 Trial Balance Adjustments Adjusted Trial Bal. Income Statement Balance Sheet General Ledger Account Debit Credit Debit Ref. Credit Debit Credit Debit Credit Debit Credit Cash 2,300 Accounts Receivable 2,600 Roofing Supplies 1,100 Equipment 6,000 Accumulated Amortization - Equip. 1,200 Accounts Payable 1,100 Unearned Service Revenue 300 Common Shares 6,400 Retained earnings 600 Service Revenue 3,000 Salaries Expense 500 Miscellaneous Expense ,600 12,600 Supplies Expense Amortization Expense Salaries Payable 3-21

22 Name Exercise 3-19 Widijat Company Widijat Company Worksheet (partial) For the Month Ended April 30, 2005 Accounts Adjusted Trial Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Cash 18,472 Accouts receivable 6,920 Prepaid rent 3,280 Equipment 18,050 Accumulated amortization 4,895 Notes Payable 6,700 Accounts Payable 4,472 Widijat, Capital 34,960 Widijat, Drawing 6,650 Service Revenue 11,590 Salaries Expense 6,840 Rent Expense 2,260 Expense 145 Interest Expense 83 Interest Payable 83 62,700 62,

23 Name Exercise 3-19 Concluded Widijat Company Widijat Company Balance Sheet April 30,

24 Name Exercise 3-20 Jurasic Inc. Jurrasic Inc. Worksheet (partial) For the Month Ended February 28, 2006 Trial Balance Adjustments Adjusted Trial Bal. Income Statement Balance Sheet Account Titles Debit Credit Debit Ref. Credit Debit Credit Debit Credit Debit Credit Supplies Expense 1,756 Accumulated Amortization 6,939 Interest Payable 150 Supplies Expense 300 Amortization Expense 6,400 Interest Expense

25 Name Exercise 3-21 Scratch Miniature Gold and Driving Range Inc. J1 Account Titles and Explanations Debit Credit Mar 3-25

26 Name *Exercise 3-22 Lyman Corporation (a) (b) 3-26

27 Name *Exercise 3-23 Cree Inc. (a) Dec. 31 (b) (c) & (e) Accounts Receivable Service Revenue Interest Payable Interest Expense (d) (1) (2) 3-27

28 Name *Exercise 3-24 Barenboim Inc. (a) Adjusting Entries: (b) Reversing Entries:

29 Name Problem 3-1 Isao Aoki, D.D.S. (a) and (d) Cash Furniture and Equipment Isao Aoki, Capital Accounts Receivable Accounts Payable Rent Expense Service Revenue Supplies on Hand Accumulated Amortization Amortization Expense Miscellaneous Office Expense Office Salaries Expense Income Summary Supplies Expense 3-29

30 Name (b) Isao Aoki, D.D.S. Trial Balance September 30 Debit Problem 3-1 Continued Isao Aoki, D.D.S. Credit (c ) Isao Aoki, D.D.S. Income Statement for the Month of September 3-30

31 Name (c ) continued Assets Isao Aoki, D.D.S. Balance Sheet As of September 30 Liabilities Problem 3-1 Concluded Isao Aoki, D.D.S. Owner's Equity Isao Aoki, D.D.S. Statement of Owner's Equity for the Month of September (e) Isao Aoki, D.D.S. Post Closing Trial Balance September 30 Debit Credit 3-31

32 Name Problem 3-2 Yancy Advertising Agency Limited (a) Dec. 31 (b) Yancy Advertising Agency Limited Income Statement for the Year Ended December 31,

33 Name Problem 3-2 Concluded Yancy Advertising Agency Limited Yancy Advertising Agency Limited Statement of Retained Earnings for the Year Ended December 31, 2004 Yancy Advertising Agency Limited Balance Sheet December 31, 2004 Assets Liabilities and Shareholders' Equity (c )

34 Name Problem 3-3 Okanagen Inc. 1 Dec

35 Name Problem 3-4 Zhou Limited (a) Zhou Limited Income Statement for the Year Ended December 31, 2005 Zhou Limited Statement of Retained Earnings for the Year Ended December 31, 2005 Zhou Limited Balance sheet December 31, 2005 Assets 3-35

36 Name Problem 3-4 Continued Zhou Limited Zhou Limited Balance sheet December 31, 2005 Liabilities and Shareholders' Equity (b) Dec. 31 General Journal Account Titles and Explanation Ref. Debit Credit 3-36

37 Name Problem 3-4 Concluded Zhou Limited (c ) Retained Earnings No. 306 Amortization Expense No.711 Income Summary No. 350 Insurance Expense No.722 Service Revenue No.400 Salaries Expense No. 726 Repairs Expense No. 622 Utilities Expense No. 732 Zhou Limited Post-Closing Trial Balance December 31, 2005 Debit Credit 3-37

38 Name Problem 3-5 Noah's Ark (a) Trial Balance Noah's Ark Worksheet For the Year Ended September 30, 2005 Adjustments Adjusted Trial Bal. Income Statement Balance Sheet Account Titles Debit Credit Debit Ref. Credit Debit Credit Debit Credit Debit Credit Cash 37,400 Supplies 18,600 Prepaid Insurance 31,900 Land 80,000 Equipment 120,000 Accum. Amort. 36,200 Accounts Payable 14,600 Unearned Ad. Rev. 2,700 Mortgage Payable 50,000 N. Y. Berge, Capital 109,700 N. Y. Berge, Drawing 14,000 Admissions Revenue 278,500 Salaries Expense 109,000 Repair Expense 30,500 Advertising Expense 9,400 Utilities Expense 16,900 Prop. Taxes Expense 18,000 Interest Expense 6, , ,

39 Name Problem 3-5 Continued (1) Noah's Ark (a) Continued Trial Balance Noah's Ark Worksheet - Continued For the Year Ended September 30, 2005 Adjustments Adjusted Trial Bal. Income Statement Balance Sheet Account Titles Debit Credit Debit Ref. Credit Debit Credit Debit Credit Debit Credit Insurance Expense Supplies Expense Interest Payable Amort. Expense Prop. Taxes Payable 3-39

40 Name Problem 3-5 Continued (2) Noah's Ark (b) Noah's Ark Balance Sheet September 30, 2005 Assets Liabilities and Owner's Equity 3-40

41 Name Problem 3-5 Continued (2) Noah's Ark (c) Sept. 30 (d) Sept

42 Name (e) Noah's Ark Post-Closing Trial Balance September 30, 2005 Problem 3-5 Concluded Noah's Ark Debit Credit 3-42

43 Name Problem 3-6 Bhopal Fashion Centre Inc. (a) Trial Balance Bhopal Fashion Centre Inc. Worksheet For the Year Ended November 30, 2005 Adjustments Adjusted Trial Bal. Income Statement Balance Sheet Account Titles Debit Credit Debit Ref. Credit Debit Credit Debit Credit Debit Credit Cash 16,700 Accounts Receivable 43,700 Merchandise Inventory 45,000 Store Supplies 5,500 Store Equipment 85,000 Store Equipment 18,000 Delivery Equipment 48,000 Delivery Equipment 6,000 Notes Payable 41,000 Accounts Payable 58,500 Common Shares 100,000 Retained Earnings 8,000 Sales 747,200 Allowances 4,200 Cost of Goods Sold 497,400 Salaries Expense 140,000 Advertising Expense 26,400 Utilities Expense 14,000 Repair Expense 12,100 Delivery Expense 16,700 Rent Expense 24, , ,

44 Name Problem 3-6 Continued (a) Continued Bhopal Fashion Centre Inc. Bhopal Fashion Centre Inc. Worksheet For the Year Ended November 30, 2005 Trial Balance Adjustments Adjusted Trial Bal. Income Statement Balance Sheet Account Titles Debit Credit Debit Ref. Credit Debit Credit Debit Credit Debit Credit Store Supplies Expense Amortization Expense- Store Equipment Amortization Expense- Delivery Equipment Interest Expense Interest Payable 3-44

45 Name Problem 3-6 Continued (2) Bhopal Fashion Centre Inc. (b) Bhopal Fashion Centre Inc. Income Statement For the Year Ended November 30,

46 Name Problem 3-6 Continued (3) Bhopal Fashion Centre Inc. (b) Continued Bhopal Fashion Centre Inc. Retained Earnings Statement For the Year Ended November 30, 2005 Bhopal Fashion Centre Inc. Balance Sheet November 30, 2005 Assets Liabilities and Shareholders' Equity 3-46

47 Name Problem 3-6 Continued (4) Bhopal Fashion Centre Inc. (c) Nov. 30 (d) Nov

48 Name (e) Bhopal Fashion Centre Inc. Post-Closing Trial Balance November 30, 2005 Problem 3-6 Concluded Bhopal Fashion Centre Inc. Debit Credit 3-48

49 Name Problem 3-7 Hardisty Department Store Incorporated (a) Hardisty Department Store Incorporated Income Statement For the Year Ended December 31,

50 Name (a) Continued Hardisty Department Store Incorporated Retained Earnings Statement For the Year Ended December 31, 2006 Problem 3-7 Continued Hardisty Department Store Incorporated Hardisty Department Store Incorporated Balance Sheet December 31, 2006 Assets Liabilities and Shareholders' Equity 3-50

51 Name Problem 3-7 Concluded Hardisty Department Store Incorporated (b) Dec. 31 (c) Dec

52 Name Problem 3-8 Alexander Theatre (a) (b) 3-52

53 Name Problem 3-9 Huhammad Moamar, Consulting Engineer (a) Dec

54 Name (b) Huhammad Moamar, Consulting Engineer Income Statement For the Year Ended December 31, 2006 Problem 3-9 Continued Huhammad Moamar, Consulting Engineer Huhammad Moamar, Consulting Engineer Statement of Owner's Equity For the Year Ended December 31,

55 Name (a) Continued Huhammad Moamar, Consulting Engineer Balance Sheet December 31, 2006 Assets Problem 3-9 Concluded Huhammad Moamar, Consulting Engineer Liabilities and Owner's Equity 3-55

56 Name Problem 3-10 Andrew Advertising Corporation (a) Dec. 31 (b) Andrew Advertising Corporation Income Statement For the Year Ended December 31,

57 Name (b) Continued Andrew Advertising Corporation Retained Earnings Statement For the Year Ended December 31, 2005 Problem 3-10 Concluded Andrew Advertising Corporation Andrew Advertising Corporation Balance Sheet December 31, 2005 Assets Liabilities and Shareholders' Equity (c )

58 Name Problem 3-11 Joachim Anderson, Realtor 3-58

59 Name Problem 3-11 Concluded Joachim Anderson, Realtor 3-59

60 Name Problem 3-12 Millcraft Golf Club, Inc. (a). (b) and (d) Cash Rent Receivable Accounts Receivable Unexpired Insurance Allowance for Doubtful Accounts Land Building Equipment Accumulated Amortization - Building Accumulated Amortization - Equipment Unearned Dues Revenue Salaries Payable Common Shares Retained Earnings Green Fees Revenue Dues Revenue 3-60

61 Name Problem 3-12 Continued (1) Millcraft Golf Club, Inc. (a). (b) and (d) Rental Revenue Bad Debts Expense Utilities Expense Maintenance Expense Insurance Expense Salaries Expense Amortization Expense - Building Amortization Expense - Equipment Income Summary 3-61

62 Name Problem 3-12 Continued (2) Millcraft Golf Club, Inc. (b) 3-62

63 Name Problem 3-12 Continued (3) Millcraft Golf Club, Inc. (c) Millcraft Golf Club, Inc. Adjusted Trial Balance December 31, XXXX Debit Credit 3-63

64 Name Problem 3-12 Concluded Millcraft Golf Club, Inc. (d) 3-64

65 Name Problem 3-13 Drew Boutique Inc. (a). (b) and (d) Cash Accounts Receivable Inventory Furniture and Fixtures Prepaid Insurance Notes Payable Common Shares Sales Sales Salaries Expene Advertising Expense Bad Debts Expense Office Expense Interest Payable Amortization Expense - Furn.& Equip. Office Supplies Salaries Payable 3-65

66 Name Problem 3-13 Continued Drew Boutique Inc. (a). (b) and (d) Retained Earnings Cost of Goods Sold Allowance for Doubtful Accounts Accumulated Amort. - Furn. & Equip. Insurance Expense Interest Expense Prepaid Advertising Expense Income Summary 3-66

67 Name Problem 3-13 Concluded Drew Boutique Inc. (b) 3-67

68 Name Problem 3-14 Clancy Inc. (a)

69 Name Problem 3-14 Concluded Clancy Inc. (a) Continued (b) 3-69

70 Name Problem 3-15 Lentil Ltd. (a) (b) 3-70

PROBLEM 3-2B. (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense Prepaid Insurance...

PROBLEM 3-2B. (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense Prepaid Insurance... PROBLEM 3-2B (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense... 722 190 Prepaid Insurance... ($2,280 X 1/12) 130 190 31 Supplies Expense... Supplies ($2,200 $)... 631 126 1,450 1,450

More information

SOLUTIONS TO EXERCISES SET B

SOLUTIONS TO EXERCISES SET B SOLUTIONS TO EXERCISES SET B EXERCISE 2-1B 1. False. An account is an accounting record of a specific asset, liability, or stockholders equity item. 2. True. 3. False. Each asset, liability, and stockholders

More information

SOLUTIONS Learning Goal 8

SOLUTIONS Learning Goal 8 Learning Goal 8: Prepare Closing Entries S1 Learning Goal 8 Multiple Choice 1. d 2. a 3. b 4. d Because the dividends account is closed directly into the retained earnings account, not into income summary.

More information

Chapter 2 Analyzing Transactions

Chapter 2 Analyzing Transactions 1 Chapter 2 Analyzing Transactions Chapter 2 Analyzing Transactions From Chapter 1: The Accounting Equation Assets = Liabilities + Owner's Equity Assets = Liabilities + Capital Drawing + Revenues - Expenses

More information

Chapter 2 Analyzing Transactions

Chapter 2 Analyzing Transactions 1 Chapter 2 Analyzing Transactions Chapter 2 Analyzing Transactions From Chapter 1: The Accounting Equation Assets = Liabilities + Owner's Equity Assets = Liabilities + Capital Drawing + Revenues - Expenses

More information

CHAPTER 3 Selected Solutions. The Accounting Information System. Brief Topics Questions Exercises Exercises Problems

CHAPTER 3 Selected Solutions. The Accounting Information System. Brief Topics Questions Exercises Exercises Problems CHAPTER 3 Selected Solutions The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Brief Topics Questions Exercises Exercises Problems 1. Transaction identification. 1, 2, 3, 5,

More information

The Adjustment Process and Financial Statements Irwin/McGraw-Hill

The Adjustment Process and Financial Statements Irwin/McGraw-Hill Chapter 4 The Adjustment Process and Financial Statements Business Background: The Accounting Cycle Phase 1: During the Accounting Period. Start of the Accounting Period! Perform transaction analysis.!

More information

SOLUTIONS TO EXERCISES SET B

SOLUTIONS TO EXERCISES SET B SOLUTIONS TO EXERCISES SET B EXERCISE 5-1B 1 False. Measuring net income for a merchandiser is conceptually the same as measuring net income for a service company. 2. True. 3. False. For a merchandiser,

More information

The Recording Process Chapter 2 Outline

The Recording Process Chapter 2 Outline The Recording Process Chapter 2 Outline Focused study objectives: 1. EXPLAIN WHAT AN ACCOUNT IS AND HOW IT HELPS IN THE RECORDING PROCESS. 2. DEFINE DEBITS AND CREDITS AND ILLUSTRATE HOW THEY ARE USED

More information

Record Transactions in the Journal. Copy (post) to the Ledger. Prepare the Trial Balance

Record Transactions in the Journal. Copy (post) to the Ledger. Prepare the Trial Balance Explain accounts, journals, and ledgers as they relate to recording transactions and describe common accounts Chapter 2 Record Transactions in the Journal 2 Basic summary device Detailed record of increases

More information

Chapter 2 Review of the Accounting Process

Chapter 2 Review of the Accounting Process Chapter 2 Review of the Accounting Process AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty

More information

REINFORCEMENT ACTIVITY 3, Part B, p. 715

REINFORCEMENT ACTIVITY 3, Part B, p. 715 REINFORCEMENT ACTIVITY 3, Part B, p. 715 10. Unadjusted Trial Balance December 31, 20X4 ACCOUNT TITLE DEBIT CREDIT Cash 25 0 0 1 40 Petty Cash 4 0 0 00 Accounts Receivable 15 7 8 9 20 Allowance for Uncollectible

More information

Chapter 2 Review of the Accounting Process

Chapter 2 Review of the Accounting Process Chapter 2 Review of the Accounting Process QUESTIONS FOR REVIEW OF KEY TOPICS Question 2 1 External events involve an exchange transaction between the company and a separate economic entity. For every

More information

PRINCIPLES OF ACCOUNTING b.com part I

PRINCIPLES OF ACCOUNTING b.com part I PRINCIPLES OF ACCOUNTING b.com part I 2013 PRIVATE (SUPPLEMENTARY) Solved Paper Compiled & Solved by: Sameer Hussain Instructions: (1) Attempt any FIVE questions. (2) All questions carry equal marks. (3)

More information

CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 A. Year Ended December 31, 20 8 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE

CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 A. Year Ended December 31, 20 8 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE Exercise 7, p. 326 A. Oakville Journal Worksheet Year Ended December, 28 TRIAL BALANCE ACCOUNTS ADJUSTMENTS INCOME STATEMENT BALANCE SHEET Bank Accounts Receivable Prepaid Insurance Land Buildings Acc.

More information

Chapter 2 Review of the Accounting Process

Chapter 2 Review of the Accounting Process Intermediate Accounting 8th Edition Spiceland Solutions Manual Full Download: http://testbanklive.com/download/intermediate-accounting-8th-edition-spiceland-solutions-manual/ Chapter 2 Review of the Accounting

More information

Chapter 2 Review of the Accounting Process

Chapter 2 Review of the Accounting Process Intermediate Accounting 9th Edition Spiceland Solutions Manual Full Download: http://testbanklive.com/download/intermediate-accounting-9th-edition-spiceland-solutions-manual/ Chapter 2 Review of the Accounting

More information

Weygandt, Kieso, Kimmel, Trenholm, Kinnear, Barlow, Atkins: Principles of Financial Accounting, Canadian Edition CHAPTER 4

Weygandt, Kieso, Kimmel, Trenholm, Kinnear, Barlow, Atkins: Principles of Financial Accounting, Canadian Edition CHAPTER 4 CHAPTER 4 Completion of the Accounting Cycle ASSIGNMENT CLASSIFICATION TABLE Study Objectives 1. Prepare closing entries and a postclosing trial balance. 2. Explain the steps in the accounting cycle including

More information

Chapter 4: Completing the Accounting Cycle. Learning Objective 2 Prepare financial statements from adjusted account balances.

Chapter 4: Completing the Accounting Cycle. Learning Objective 2 Prepare financial statements from adjusted account balances. 1 Chapter 4 Completing the Accounting Cycle Chapter 4: Completing the Accounting Cycle Learning Objective 2 Prepare financial statements from adjusted account balances. From chapter 3 NetSolutions Adjusted

More information

ACCT-112 Final Exam Practice Solutions

ACCT-112 Final Exam Practice Solutions ACCT-112 Final Exam Practice Solutions Question 1 Jan 1 Cash 200,000 H. Happee, Capital 200,000 Jan 2 Prepaid Insurance 10,000 Cash 10,000 Jan 15 Equipment 15,000 Cash 5,000 Notes Payable 10,000 Jan 30

More information

Chapter 4: Completing the Accounting Cycle

Chapter 4: Completing the Accounting Cycle 1 Chapter 4 Completing the Accounting cycle Chapter 4: Completing the Accounting Cycle Learning Objective 1 Describe the financial statements of a proprietorship and explain how they interrelate. Financial

More information

SOLUTIONS. Learning Goal 13

SOLUTIONS. Learning Goal 13 S1 Learning Goal 13 Multiple Choice 1. b 2. c 3. c 4. b 5. c 6. a 7. b 8. d Whatever the beginning balance was in the Prepaid Insurance account, plus the insurance that was purchased during the period,

More information

Chart of Accounts. Chart of Accounts

Chart of Accounts. Chart of Accounts Chart of Accounts A company s Chart of Accounts is a list of all Asset, Liability, Equity, Revenue, and Expense accounts included in the company s General Ledger. The number of accounts included in the

More information

Chapter 9 Recording Adjusting and Closing Entries

Chapter 9 Recording Adjusting and Closing Entries Chapter 9 Recording Adjusting and Closing Entries Fiscal Period Length of time for which a business reports and summarizes financial information Concept: Accounting Period Cycle: reporting changes in financial

More information

Chapter 3 the Adjusting Process. Learning Objective 1 Describe the nature of the adjusting process.

Chapter 3 the Adjusting Process. Learning Objective 1 Describe the nature of the adjusting process. 1 Chapter 3 Adjusting Process Chapter 3 the Adjusting Process Learning Objective 1 Describe the nature of the adjusting process. Nature of the Adjusting Process General concept: revenues are earned when

More information

SOLUTIONS. Learning Goal 14

SOLUTIONS. Learning Goal 14 S1 Learning Goal 14 Multiple Choice 1. a 2. c The capital balance to use on the balance sheet is the final balance from the statement of owner s equity. The capital balance showing on the worksheet does

More information

Accounting Basics Introduction To Financial Accounting

Accounting Basics Introduction To Financial Accounting Accounting Basics Introduction To Financial Accounting ILLUSTRATION 1-5 BASIC ACCOUNTING EQUATION The Basic Accounting Equation Assets = Liabilities + Owner s Equity ASSETS AS A BUILDING BLOCK Assets are

More information

Chapter 20 Notes Uncollectible Accounts Expense

Chapter 20 Notes Uncollectible Accounts Expense Chapter 20 Notes Uncollectible Accounts Expense Uncollectible Account- An account that has been defaulted on. Meaning that the person did not pay when it was due. Explanation of the Accounts Uncollectible

More information

Adjustments, Financial Statements, and the Quality of Earnings

Adjustments, Financial Statements, and the Quality of Earnings Adjustments, Financial Statements, and the Quality of Earnings Chapter 4 McGraw-Hill/Irwin 2009 The McGraw-Hill Companies, Inc. Understanding the Business Management is responsible for preparing... Financial

More information

Full file at CHAPTER 3

Full file at   CHAPTER 3 CHAPTER 3 Adjusting the Accounts ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems *1. Explain the time period assumption. 1, 2 *2. Explain the

More information

(Accrual and Prepayment)

(Accrual and Prepayment) Accrual and Prepayment Longman Question 13 The following balances were extracted from the ledgers of Mr Ko at 31 March 2014: $ Telephone 12,355 Dr Rent and rates 55,000 Dr Loan to Bob 450,000 Dr Rental

More information

Work4Me I Accounting Simulations. Problem Ten

Work4Me I Accounting Simulations. Problem Ten Work4Me I Accounting Simulations 3 rd Web-Based Edition Problem Ten Accounting for Bad Debts Page 1 Mike s Building Supplies, Incorporated CHART OF ACCOUNTS ASSETS REVENUE 101 Cash 401 Tools and Accessory

More information

Chapter 4. The Accounting Cycle Adjusting Entries Closing Process Net Profit Margin Ratio

Chapter 4. The Accounting Cycle Adjusting Entries Closing Process Net Profit Margin Ratio Chapter 4 The Accounting Cycle Adjusting Entries Closing Process Net Profit Margin Ratio The Accounting Cycle Accounting cycle process Records individual transactions Produces the four basic financial

More information

Financial Statements and Closing Entries for a Merchandising Business

Financial Statements and Closing Entries for a Merchandising Business Ch.10 Financial Statements and Closing Entries for a Merchandising Business o Prepare financial statements for a merchandising business o Journalize adjusting and closing entries for a merchandising business

More information

After studying this chapter, you should be able to: adjusted account balances.

After studying this chapter, you should be able to: adjusted account balances. 4 Completing the Accounting Cycle 1 After studying this chapter, you should be able to: 1. Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance

More information

CHAPTER 3. Adjusting the Accounts 6, 7 1 8, 9, 10, 11, 12, 13, 18, 19, , 18 6A 12, 13 14, 15

CHAPTER 3. Adjusting the Accounts 6, 7 1 8, 9, 10, 11, 12, 13, 18, 19, , 18 6A 12, 13 14, 15 CHAPTER 3 Adjusting the Accounts ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems *1. Explain the time period assumption. *2. Explain

More information

Solution to Problem 31 Adjusting entries. Solution to Problem 32 Closing entries.

Solution to Problem 31 Adjusting entries. Solution to Problem 32 Closing entries. Solution to Problem 31 Adjusting entries. 1. Utilities expense 27,000 Accounts payable 27,000 2. Rent revenue 4,000 Unearned revenue 4,000 3. Supplies 2,000 Supplies expense 2,000 4. Interest receivable

More information

Chapter 2 Review of the Accounting Process

Chapter 2 Review of the Accounting Process Chapter 2 Review of the Accounting Process QUESTIONS FOR REVIEW OF KEY TOPICS Question 2 1 External events involve an exchange transaction between the company and a separate economic entity. For every

More information

AJE (1) Share donation 60,000 Treasury shares 35,000 Land 10,000 Building 15,000

AJE (1) Share donation 60,000 Treasury shares 35,000 Land 10,000 Building 15,000 CHAPTER 19 COMPREHENSIVE AUDIT OF BALANCE SHEET AND INCOME STATEMENT ACCOUNTS 19-1. Daffodil, Inc. Adjusting Journal Entries 12.31.07 AJE (1) Share donation 60,000 Treasury shares 35,000 Land 10,000 Building

More information

Accounting Cycle Review Problem. Michelle Clark. Accounting 1110 Section 401. Fall 2014

Accounting Cycle Review Problem. Michelle Clark. Accounting 1110 Section 401. Fall 2014 Accounting Cycle Review Problem Michelle Clark Accounting 1110 Section 401 Fall 2014 General Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Record Transactions, Adjusting Entries, Closing Entries

More information

Date of Homework assigned: 7 Apr 2014 Due date: 16 Apr 2014 Exercise book: Book 1

Date of Homework assigned: 7 Apr 2014 Due date: 16 Apr 2014 Exercise book: Book 1 2013-2014 / F.4 BAFS / HA11 / P.1 TWGHs Wong Fut Nam College Form 4 Business, Accounting and Financial Studies Homework Assignment 11 FA Ch1-3 Preparation of Financial Statements for Sole Proprietorships

More information

CHAPTER 4 EXERCISES: SET B. E4-1B The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as follows.

CHAPTER 4 EXERCISES: SET B. E4-1B The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as follows. CHAPTER 4 EXERCISES: SET B E4-1B The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as follows. Complete the worksheet. LAMAR COMPANY Worksheet for the Month Ended June

More information

DCC Moodle Answer Key

DCC Moodle Answer Key All Journal Entries Apr 17, 2019 to Apr 29, 2019 Account Number Account Description Debits Credits Apr 17, 2019 J1 Bank Debit Memo, Bank charges printing new cheques SN 5180 Bank Charges Expense 31.00

More information

Debit and Credit Rules Module 2 part I. T- Accounts Assets = Liabilities + OE. T- Accounts: Basic Patterns A = L + OE

Debit and Credit Rules Module 2 part I. T- Accounts Assets = Liabilities + OE. T- Accounts: Basic Patterns A = L + OE Debit and Credit Rules Module 2 part I Introducing T accounts Examining Account Patterns: the Increase and Decreases What s the Mystery? Debits and Credits 9/5/2005 Dr. Kathy Wigal 1 T- Accounts Assets

More information

SOLUTIONS Learning Goal 17

SOLUTIONS Learning Goal 17 Learning Goal 17: Record, Report, and Control Receivable S1 Learning Goal 17 Multiple Choice 1. c Remember that any entry to the Accounts Receivable account also requires an entry to a subsidiary account.

More information

FORENSIC ACCOUNTING VERSION

FORENSIC ACCOUNTING VERSION FORENSIC ACCOUNTING VERSION Fraudulent or incorrect transactions are presented below. Your job as a forensic accountant is to correct the financial statements and determine how income and total assets

More information

2. From the Desktop, click on Accounting > Operations > Account Transactions

2. From the Desktop, click on Accounting > Operations > Account Transactions Pre-Programmed Default General Ledger Accounts in Partner XE To Access 1. From the Desktop, click on the Accounting Icon The Daily Processing screen will come up From within Accounting click on Account

More information

Work4Me Algorithmic Version 1st Web-Based Edition Problem Ten Accounting for Bad Debts

Work4Me Algorithmic Version 1st Web-Based Edition Problem Ten Accounting for Bad Debts Work4Me Algorithmic Version 1st Web-Based Edition Problem Ten Accounting for Bad Debts Page 1 Mike s Building Supplies, Incorporated CHART OF ACCOUNTS ASSETS REVENUE 101 Cash 401 Sales 105 Accounts Receivable

More information

DE ANZA COLLEGE ACCOUNTING 1A EXTRA CREDIT ASSIGNMENT. (Manual Case, and Working Papers) Scott Osborne, CPA

DE ANZA COLLEGE ACCOUNTING 1A EXTRA CREDIT ASSIGNMENT. (Manual Case, and Working Papers) Scott Osborne, CPA DE ANZA COLLEGE ACCOUNTING 1A EXTRA CREDIT ASSIGNMENT (Manual Case, and Working Papers) by Scott Osborne, CPA 1 EXPLANATION OF EXTRA CREDIT ASSIGNMENT The extra credit assignment consists of a manual accounting

More information

CHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM. MULTIPLE CHOICE Conceptual. Test Bank Chapter 3

CHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM. MULTIPLE CHOICE Conceptual. Test Bank Chapter 3 CHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM MULTIPLE CHOICE Conceptual Answer No. Description d 1. Purpose of an accounting system. d 2. Criteria for recording events. c 3. Purpose of trial balance. b

More information

CHAPTER 8. Accounting for Receivables 5, 6, 7, 8, 9, 10, 11, 12, 13 5, 6, 7, 8, 9 14, 15, 16, 17 18, 19, 20, 21, 22 10, 11, 12, 13 13, 14, 15

CHAPTER 8. Accounting for Receivables 5, 6, 7, 8, 9, 10, 11, 12, 13 5, 6, 7, 8, 9 14, 15, 16, 17 18, 19, 20, 21, 22 10, 11, 12, 13 13, 14, 15 CHAPTER 8 Accounting for Receivables ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Set A Problems Set B 1. Record accounts receivable transactions. 1, 2,

More information

CHAPTER 2 The Recording Process

CHAPTER 2 The Recording Process CHAPTER 2 The Recording Process ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Set A Problems Set B 1. Explain what an account is and how it helps in the

More information

CHAPTER 3 Adjusting the Accounts

CHAPTER 3 Adjusting the Accounts Solutions Manual Financial and Managerial Accounting, 2nd Edition Weygandt Kimmel Kieso Completed Instant download SOLUTIONS MANUAL for Financial and Managerial Accounting, 2nd Edition by Jerry J. Weygandt,

More information

CPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra

CPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra CPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra What is a Trial balance? It is a Statement prepared to ensure the arithmetical accuracy of all the accounts before the preparation of the

More information

CHAPTER 5. Accounting for Merchandising Operations ASSIGNMENT CLASSIFICATION TABLE. Brief 1, 2, 3, , 3, 4, 5 1, 2, 4, 5, 10

CHAPTER 5. Accounting for Merchandising Operations ASSIGNMENT CLASSIFICATION TABLE. Brief 1, 2, 3, , 3, 4, 5 1, 2, 4, 5, 10 CHAPTER 5 Accounting for Merchandising Operations ASSIGNMENT CLASSIFICATION TABLE Study Objectives 1. Describe the differences between service and merchandising companies. 2. Prepare entries for purchases

More information

FINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION

FINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION Canadian International Matriculation Programme Sunway College FINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION Date : 5 December 2017 Time Length Lecturer : 8:30 a.m. 10:30 a.m. : 2 hours : Ms

More information

SmallBizU WORKSHEET 1: REQUIRED START-UP FUNDS. Online elearning Classroom. Item Required Amount ($) Fixed Assets. 1 -Buildings $ 2 -Land $

SmallBizU WORKSHEET 1: REQUIRED START-UP FUNDS. Online elearning Classroom. Item Required Amount ($) Fixed Assets. 1 -Buildings $ 2 -Land $ WORKSHEET 1: REQUIRED START-UP FUNDS Item Required Amount () Fixed Assets 1 -Buildings 2 -Land 3 -Initial Inventory 4 -Equipment 5 -Furniture and Fixtures 6 -Vehicles 7 Total Fixed Assets Working Capital

More information

4-1 COMPLETING THE ACCOUNTING CYCLE

4-1 COMPLETING THE ACCOUNTING CYCLE 4-1 COMPLETING THE ACCOUNTING CYCLE Atanas Atanasov Assist.prof. University of Economics - Varna Steps in Accounting Cycle 4-2 134 Analyze source documents. Journalize transactions in the journal. Post

More information

Analyzing and Recording Transactions QUESTIONS

Analyzing and Recording Transactions QUESTIONS Chapter 2 Analyzing and Recording Transactions QUESTIONS 1. a. Common asset accounts: cash, accounts receivable, notes receivable, prepaid expenses (rent, insurance, etc.), office supplies, store supplies,

More information

LEDGER MANIA HOSPITALITY VERSION

LEDGER MANIA HOSPITALITY VERSION LEDGER MANIA HOSPITALITY VERSION Ledger Mania is an interactive classroom activity used to demonstrate the accounting cycle of a hospitality company. Students will physically record transactions, post

More information

COMSATS Institute of Information Technology Abbottabad

COMSATS Institute of Information Technology Abbottabad COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A: Spring 2017 Class: BBA 2 Date: 21-07-2017 Subject: Accounting I Instructor: Zaheer Swati Time

More information

2014 EXAMINATIONS KNOWLEDGE LEVEL PAPER 1: ACCOUNTING FRAMEWORK

2014 EXAMINATIONS KNOWLEDGE LEVEL PAPER 1: ACCOUNTING FRAMEWORK EXAMINATION NO. 2014 EXAMINATIONS NOWLEDGE LEVEL PAPER 1: ACCOUNTING FRAMEWOR WEDNESDAY 3 DECEMBER 2014 TIME ALLOWED : 3 HOURS 9.00AM - 12.00 NOON INSTRUCTIONS: 1. You are allowed 15 minutes reading time

More information

Learning Outcomes. The Basic Accounting Cycle

Learning Outcomes. The Basic Accounting Cycle Chapter 2: Review of the Accounting Process Part 3: Accounting Cycle with Emphasis on Year End Activities Intermediate Accounting 1 Dr. Chula King Learning Outcomes After completing this part, you should

More information

Adjustments, Financial Statements and the Quality of Earnings

Adjustments, Financial Statements and the Quality of Earnings Adjustments, Financial Statements and the Quality of Earnings Chapter 4 Accounting Cycle 4-2 1 Unadjusted Trial Balance Listing of all the balance sheet and income statement accounts, usually in financial

More information

Cash. Laundry Equipment. Hilda Dinero, Capital Oct. 31 Clos. 1,000 Oct. 31 Bal. 18, Clos. 12, Bal. 30,200

Cash. Laundry Equipment. Hilda Dinero, Capital Oct. 31 Clos. 1,000 Oct. 31 Bal. 18, Clos. 12, Bal. 30,200 1, 3, 6. Oct. 31 Bal. 1,450 Cash Laundry Supplies Oct. 31 Bal. 3,750 Oct. 31 Adj. 2,800 31 Adj. Bal. 950 Prepaid Insurance Oct. 31 Bal. 2,400 Oct. 31 Adj. 2,000 31 Adj. Bal. 400 Oct. 31 Bal. 54,500 Laundry

More information

CHAPTER 2. The Recording Process. Brief 2, 3, 4, 5, 6, 7, 8, 9, 14 10, , 7 11, 12, 13, 14, 16

CHAPTER 2. The Recording Process. Brief 2, 3, 4, 5, 6, 7, 8, 9, 14 10, , 7 11, 12, 13, 14, 16 CHAPTER 2 The Recording Process ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Explain what an account is and how it helps in the recording

More information

Fundamentals of Accounting Resources

Fundamentals of Accounting Resources Contents Figure 1 - The Profit and Loss statement example... 2 Figure 2 - Balance sheet example... 3 Figure 3 - Example of a Balance Sheet... 4 Figure 4 - Example of a Profit & Loss Sheet... 5 Figure 5-10

More information

AccountAbility Edutools, USA, 2013, All Rights Reserved

AccountAbility Edutools, USA, 2013, All Rights Reserved (INX) LEDGER MANIA STUDENT INSTRUCTIONS Ledger Mania is an interactive classroom activity used to demonstrate the accounting cycle of a sole proprietorship or corporation. Students will physically record

More information

Chapter 2 Recording Business Transactions

Chapter 2 Recording Business Transactions Horngren's Accounting, The Financial Chapters 11th Edition Solutions Manual Miller-Nobles Solutions Manual, Answer key, Instructor's resource Manual, Try It Solutions, Working Papers Solutions are include.

More information

Do you subscribe to any magazines? Most of us subscribe

Do you subscribe to any magazines? Most of us subscribe C H A P T E R 3 The Adjusting Process AP Photo/Jeff Kravitz M A R V E L E N T E R T A I N M E N T, I N C. Do you subscribe to any magazines? Most of us subscribe to one or more magazines such as Cosmopolitan,

More information

Fill-in-the-Blank Equations. Exercises

Fill-in-the-Blank Equations. Exercises Chapter 5 Accounting Systems Study Guide Solutions 1. Revenue journal; accounts receivable 2. Cash receipts; accounts receivable 3. Purchases; accounts payable 4. Cash payments; accounts payable Fill-in-the-Blank

More information

Graded Project. Lesson 1: Business Accounting and You OVERVIEW INSTRUCTIONS

Graded Project. Lesson 1: Business Accounting and You OVERVIEW INSTRUCTIONS Lesson 1: Business Accounting and You OVERVIEW The focus of this project is for the student to keep a set of books through an accounting period to perform the following functions: Set up the books of accounting

More information

ANSWER ALL MULTIPLE CHOICE ON YOUR SCANTRON AND WRITE YOUR TEST COLOR ON THE SCANTRON.

ANSWER ALL MULTIPLE CHOICE ON YOUR SCANTRON AND WRITE YOUR TEST COLOR ON THE SCANTRON. Name: Perm # TEST VERSION: A Class: Date: ANSWER ALL MULTIPLE CHOICE ON YOUR SCANTRON AND WRITE YOUR TEST COLOR ON THE SCANTRON. THERE IS ONLY ONE PROBLEM-- ANSWER IT IN THE SPACE PROVIDED ON THIS EXAM.

More information

Chapter 2. Recording Business Transactions

Chapter 2. Recording Business Transactions Chapter 2 Recording Business Transactions Questions 1. The basic shortcut device of accounting is the T-account. It resembles the letter T, and its left side is called the debit side and its right side

More information

Composed & Solved Hafiz Salman Majeed

Composed & Solved Hafiz Salman Majeed FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 4) Question No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an): Asset

More information

Chapter 3 The Adjusting Process

Chapter 3 The Adjusting Process Instant download and all chapters Solution Manual Horngren s Financial Managerial Accounting 4th Edition Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura https://testbankdata.com/download/solution-manual-horngrens-financialmanagerial-accounting-4th-edition-tracie-l-nobles-brenda-l-mattison-ella-maematsumura/

More information

Accounting 1A Class Notes Chapter 2 Analyzing Transactions. Chart of Accounts 1. Assets. Liabilities. 3. Owners Equity. Revenue. 5.

Accounting 1A Class Notes Chapter 2 Analyzing Transactions. Chart of Accounts 1. Assets. Liabilities. 3. Owners Equity. Revenue. 5. Chart of Accounts 1. Assets 2. Liabilities 3. Owners Equity 4. Revenue 5. Expense T- ACCOUNTS Title, Debit on the Left and Credit on the right Foot both sides (if more than one entry) Balance on the side

More information

COMSATS Institute of Information Technology Abbottabad

COMSATS Institute of Information Technology Abbottabad COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A: Spring 2017 Class: BBA 2 Date: 21-07-2017 Subject: Accounting I Instructor: Zaheer Swati Time

More information

Chapter 6 Accounting Adjustments and Working papers

Chapter 6 Accounting Adjustments and Working papers Chapter 6 Accounting Adjustments and Working papers Topics 1. Cash basis vs. Accrual Basis 2. Accrued Income 3. Accrued Expenses 4. Prepaid Expenses 5. Unearned Income 6. Depreciation 7. Supply Expenses

More information

CHAPTER 2 Solutions MEASUREMENT CONCEPTS: RECORDING BUSINESS TRANSACTIONS

CHAPTER 2 Solutions MEASUREMENT CONCEPTS: RECORDING BUSINESS TRANSACTIONS CHAPTER 2 Solutions MEASUREMENT CONCEPTS: RECORDING BUSINESS TRANSACTIONS Discussion Questions DQ1. DQ2. DQ3. DQ4. DQ5. DQ6. DQ7. DQ8. All equipment needs normal repairs. These are considered an ongoing

More information

COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS

COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS Susquehanna Equipment Rentals A mini-practice set illustrating the complete accounting cycle for a service-type business. Includes computation of income taxes expense (as a percentage of income before

More information

Analyzing and Recording Transactions QUESTIONS

Analyzing and Recording Transactions QUESTIONS Chapter 2 Analyzing and Recording Transactions QUESTIONS 1. a. Common asset accounts: cash, accounts receivable, notes receivable, prepaid expenses (rent, insurance, etc.), office supplies, store supplies,

More information

Management & Principles of Accounting Date: 08/11/2017 Recording transactions in the journal book and in the ledger book

Management & Principles of Accounting Date: 08/11/2017 Recording transactions in the journal book and in the ledger book Management & Principles of Accounting Date: 08/11/2017 Recording transactions in the journal book and in the ledger book Patrizia Tettamanzi Sophie Goodman Source: Kimmel/Weygandt/Kieso Financial Accounting

More information

XI - ACCOUNTING REGULAR / PRIVATE

XI - ACCOUNTING REGULAR / PRIVATE The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

2. SCIATIC CO. Statement of Owner s Equity For the Year Ended July 31, 2006 Gary McNiven, capital, August 1, $376,600 Net income for the

2. SCIATIC CO. Statement of Owner s Equity For the Year Ended July 31, 2006 Gary McNiven, capital, August 1, $376,600 Net income for the Prob. 6 1B 1. SCIATIC CO. Income Statement For the Year Ended July 31, 2006 Revenue from sales: Sales... $1,028,000 Less: Sales returns and allowances... $ 18,480 Sales discounts... 17,520 36,000 Net sales...

More information

PE 3 1A Page 131 Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusted entry.

PE 3 1A Page 131 Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusted entry. PE 3 1A Page 131 Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusted entry. A. Accumulated Depreciation yes B. Albert Stucky, Drawings No C. Office equipment

More information

Demonstration Problems

Demonstration Problems Demonstration Problems Chapter 3 Problem #1: Solution A GENERAL JOURNAL J1 Date Account Title Debit Credit Oct. 31 Insurance Expense 3,600 Prepaid Expense 3,600 300 12 = $3,600 31 Supplies Expense 3,000

More information

Unit five: Adjusting the accounts Accruals and Prepayments

Unit five: Adjusting the accounts Accruals and Prepayments Unit five: Adjusting the accounts Accruals and Prepayments اسم الطالب:... رقم الطالب:... الصف:... المدرسة:... الرقم التسلسلي Uploaded By: Ayman Ayyad (Danger3) Prepare by T. Abdul Jalil Alaiwi Uploaded

More information

FINANCIAL STATEMENTS OF SOLE PROPRIETORSHIP

FINANCIAL STATEMENTS OF SOLE PROPRIETORSHIP CHAPTER-9 FINANCIAL STATEMENTS OF SOLE PROPRIETORSHIP Learning Objectives After studying this lesson you will be able to; State the nature of the financial statements; Distinguish between the capital and

More information

2014 Mar. 31 Balance 30, Adjusting 26 22,500 7, Mar. 31 Balance 3, Adjusting 26 1,800 1,800

2014 Mar. 31 Balance 30, Adjusting 26 22,500 7, Mar. 31 Balance 3, Adjusting 26 1,800 1,800 Prob. 4 4A 1., 3., and 6. Cash Account No. 11 Mar. 31 12,000 Supplies Account No. 13 Mar. 31 30,000 31 Adjusting 26 22,500 7,500 Prepaid Insurance Account No. 14 Mar. 31 3,600 31 Adjusting 26 1,800 1,800

More information

Chapter 2 The Accounting Information System

Chapter 2 The Accounting Information System Financial Accounting Making the Connection 1st Edition by Spiceland Chapter 2 The Accounting Information System REVIEW QUESTIONS Question 2-1 External transactions are transactions between the company

More information

INDIAN SCHOOL MUSCAT DEPARTMENT OF COMMERCE & HUMANITIES CLASS :11 ACCOUNTANCY Financial Statements of Sole proprietorship

INDIAN SCHOOL MUSCAT DEPARTMENT OF COMMERCE & HUMANITIES CLASS :11 ACCOUNTANCY Financial Statements of Sole proprietorship Worksheet No:12 INDIAN SCHOOL MUSCAT DEPARTMENT OF COMMERCE & HUMANITIES CLASS :11 ACCOUNTANCY Financial Statements of Sole proprietorship Issued on : ------------------------- Date of submission:------------------------

More information

- A resource - Controlled by the entity - As a result of a past event - From economic benefits are expected to flow to the entity.

- A resource - Controlled by the entity - As a result of a past event - From economic benefits are expected to flow to the entity. Elements and recognition criteria 1. Identify the definition for each of these elements: a. Assets b. Liabilities c. Equity d. Income e. Expenses - A resource - Controlled by the entity - As a result of

More information

The General Journal and the General Ledger Instructor: Michael Booth

The General Journal and the General Ledger Instructor: Michael Booth Week 5, Chap 4 The General Journal and the General Ledger Instructor: Michael Booth McGraw-Hill 2007 The McGraw-Hill Companies, Inc. All rights reserved. The General Journal and the General Ledger The

More information

The General Journal and the General Ledger Instructor: Michael Booth

The General Journal and the General Ledger Instructor: Michael Booth Week 5, Chap 4 The General Journal and the General Ledger Instructor: Michael Booth McGraw-Hill 2007 The McGraw-Hill Companies, Inc. All rights reserved. The General Journal and the General Ledger The

More information

Chapter 8. Recording Adjusting and Closing Entries

Chapter 8. Recording Adjusting and Closing Entries Chapter 8 Recording Adjusting and Closing Entries Adjusting Entries Adjusting Entries - journal entries recorded to update general ledger accounts at the end of a fiscal period (Supplies & Prepaid Insurance).

More information

Week 4/5, Chap 4. The General Journal and the General Ledger. Instructor: Michael Booth

Week 4/5, Chap 4. The General Journal and the General Ledger. Instructor: Michael Booth Week 4/5, Chap 4 The General Journal and the General Ledger Instructor: Michael Booth Complete the trial balance 1. Enter the trial balance heading showing the company name, report title, and closing date

More information

Kafa Sweaters, CS Solution

Kafa Sweaters, CS Solution Dec 31, 2018 J1 Dec-Adj-1, Estimated Bank Service Fees per N. Kafa 5510 Bank Charges Expense 33.00-1100 Bank Chequing Account - 33.00 Dec 31, 2018 J2 Dec-Adj-2, 5260 Office Supplies Expense 380.00-1270

More information

FAQ: Statement of Cash Flows

FAQ: Statement of Cash Flows Question 1: What sources are used when the statement of cash flows is being prepared, and what information does each source provide? Answer 1: The statement of cash flows is prepared differently from the

More information

Principles of Accounting II

Principles of Accounting II Principles of Accounting II Lecture 1 Adjusting the Accounts Basic Accounting Equation What the business owns = What the business owes Assets = Liabilities (owed to creditors)+ Owners Equity (residual

More information