SOLUTIONS TO EXERCISES SET B
|
|
|
- Jewel Horn
- 6 years ago
- Views:
Transcription
1 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 equity item has a separate account. 4. True. 5. False. A simple form of an account consisting of just the account title, the left side, and the right side, is called a t-account For Instructor Use Only 2-1
2 EXERCISE 2-2B 2008 For Instructor Use Only 2-2 Account Debited Account Credited Transaction (a) Basic Type (b) Specific Account (c) Effect (d) Normal Balance (a) Basic Type (b) Specific Account (c) Effect (d) Normal Balance Jan. 2 Asset Cash Increase Debit Stockholders Equity Common Stock Increase Credit 3 Stockholders Equity Advertising Expense Increase Debit Asset Cash Decrease Debit 9 Asset Equipment Increase Debit Asset Cash Decrease Debit 11 Asset Accounts Receivable Increase Debit Stockholders Equity Service Revenue Increase Credit 16 Asset Supplies Increase Debit Liability Accounts Payable Increase Credit 20 Asset Cash Increase Debit Asset Accounts Receivable Decrease Debit 23 Liability Accounts Payable Decrease Credit Asset Cash Decrease Debit 28 Stockholders Equity Dividends Increase Debit Asset Cash Decrease Debit
3 EXERCISE 2-3B General Journal J1 Date Account Titles and Explanation Ref. Debit Credit Jan. 2 Cash... 20,000 Common Stock... 20,000 3 Advertising Expense Cash Equipment... 7,000 Cash... 7, Accounts Receivable... 2,300 Service Revenue... 2, Supplies Accounts Payable Cash... 1,100 Accounts Receivable... 1, Accounts Payable Cash Dividends... 1,200 Cash... 1,200 EXERCISE 2-4B Oct. 1 Debits increase assets: debit Cash $22,000. Credits increase stockholders equity: credit Common Stock $22, Debits increase expenses: debit Rent Expense, $700. Credits decrease assets: credit Cash $ Debits increase assets: debit Office Furniture $2,800. Credits increase liabilities: credit Accounts Payable $2, For Instructor Use Only 2-3
4 EXERCISE 2-4B (Continued) Oct. 6 Debits increase assets: debit Accounts Receivable $4,400. Credits increase revenues: credit Service Revenue $4, Debits decrease liabilities: debit Accounts Payable $1,100. Credits decrease assets: credit Cash $1, Debits increase expenses: debit Utilities Expense $120. Credits increase liabilities: credit Accounts Payable $120. EXERCISE 2-5B General Journal Date Account Titles and Explanation Ref. Debits Credit Oct. 1 Cash... 22,000 Common Stock... 22,000 2 Rent Expense Cash Office Furniture... 2,800 Accounts Payable... 2,800 6 Accounts Receivable... 4,400 Service Revenue... 4, Accounts Payable... Cash... 1,100 1, Utilities Expense Accounts Payable For Instructor Use Only 2-4
5 EXERCISE 2-6B (a) 1. Increase the asset Cash, increase the liability Notes Payable. 2. Increase the asset Computer, decrease the asset Cash. 3. Increase the expense Rent Expense, decrease the asset Cash. (b) 1. Cash... 10,000 Notes Payable... 10, Computer... 3,100 Cash... 3, Rent Expense Cash EXERCISE 2-7B (a) Assets = Liabilities + Stockholders Equity (Investment) (Revenue) 4. (Dividends) (b) 1. Cash... 6,000 Common Stock... 6, Supplies... 1,100 Accounts Payable... 1, Accounts Receivable... 4,500 Consulting Revenue... 4, Dividends... 1,200 Cash... 1,200 EXERCISE 2-8B 1. False. The general ledger contains all the asset, liability, and stockholders equity accounts. 2. False The general ledger is sometimes referred to as the ledger. 3. False. The accounts in the general ledger are arranged in financial statement order: first the assets, then the liabilities, stockholders equity accounts, revenues, and expenses. 4. True. 5. True For Instructor Use Only 2-5
6 EXERCISE 2-9B (a) Cash Aug. 1 6,000 Aug. 12 1, , ,500 Bal. 8,200 Accounts Receivable Aug. 25 2,500 Aug. 31 1,500 Bal. 1,000 Office Equipment Aug. 12 4,000 Notes Payable Aug. 12 3,000 Common Stock Aug. 1 6,000 Service Revenue Aug. 10 1, ,500 Bal. 4,200 (b) MARIETTA HERNANDEZ, INVESTMENT BROKER Trial Balance August 31, 2008 Debit Credit Cash... $ 8,200 Accounts Receivable... 1,000 Office Equipment... 4,000 Notes Payable... $ 3,000 Common Stock... 6,000 Service Revenue... 4,200 $13,200 $13, For Instructor Use Only 2-6
7 EXERCISE 2-10B (a) General Journal Date Account Titles and Explanation Ref. Debit Credit Apr. 1 Cash... 10,000 Common Stock... 10,000 (Investment of cash for stock) 4 Supplies... Accounts Payable... (Purchased supplies on account) 7 Accounts Receivable... Service Revenue... (Recorded revenue for services provided) 12 Cash... Service Revenue... (Received cash for services provided) 15 Salaries Expense... Cash... (Paid salaries to date) 25 Accounts Payable... Cash... (Paid creditors on account) 29 Cash... Accounts Receivable... (Received cash in payment of account) 30 Cash... Unearned Revenue... (Received cash for future services) 1,900 2,900 1, , ,400 1,900 2,900 1, , , For Instructor Use Only 2-7
8 EXERCISE 2-10B (Continued) (b) RACHEL S LANDSCAPING COMPANY Trial Balance April 30, 2008 Debit Credit Cash... $11,200 Accounts Receivable... 2,000 Supplies... 1,900 Accounts Payable... $ 300 Unearned Revenue... 1,400 Common Stock... 10,000 Service Revenue... 4,100 Salaries Expense $15,800 $15,800 EXERCISE 2-11B (a) Oct. 1 Cash... 6,500 Common Stock... 6,500 (Investment of cash for stock) 10 Cash Service Revenue (Received cash for services provided) 10 Cash... 3,000 Notes Payable... 3,000 (Obtained loan from bank) 20 Cash Accounts Receivable (Received cash in payment of account) 20 Accounts Receivable... 1,070 Service Revenue... 1,070 (Billed clients for services provided) 2008 For Instructor Use Only 2-8
9 EXERCISE 2-11B (Continued) (b) HURLEY CO. Trial Balance October 31, 2008 Debit Credit Cash... $ 9,800 Accounts Receivable... 1,420 Supplies Furniture... 2,000 Notes Payable... $ 3,000 Accounts Payable Common Stock... 8,500 Dividends Service Revenue... 2,670 Store Wages Expense Rent Expense $14,670 $14,670 EXERCISE 2-12B (a) General Journal J1 Date Account Titles and Explanation Ref. Debit Credit Sept. 1 Cash ,000 Common Stock ,000 5 Equipment... Cash... Accounts Payable ,000 7,500 12, Accounts Payable... Cash ,000 9, Dividends... Cash ,000 1, For Instructor Use Only 2-9
10 EXERCISE 2-12B (Continued) (b) Cash No. 101 Sept. 1 J1 18,000 18,000 5 J1 7,500 10, J1 9,000 1, J1 1, Equipment No. 157 Sept. 5 J1 20,000 20,000 Accounts Payable No. 201 Sept. 5 J1 12,500 12, J1 9,000 3,500 Common Stock No. 311 Sept. 1 J1 18,000 18,000 Dividends No. 332 Sept. 30 J1 1,000 1, For Instructor Use Only 2-10
11 EXERCISE 2-13B Error (a) In Balance (b) Difference (c) Larger Column 1. No $500 Debit 2. Yes 3. No 400 Debit 4. No 400 Debit 5. Yes 6. No 45 Credit EXERCISE 2-14B SAGET DELIVERY SERVICE Trial Balance July 31, 2008 Debit Credit Cash ($49,740 Debit total without Cash $39,830)... $9,910 Accounts Receivable... 4,220 Prepaid Insurance... 1,190 Delivery Equipment... 30,000 Notes Payable... $11,000 Accounts Payable... 5,110 Salaries Payable Common Stock... 20,000 Retained Earnings... 6,780 Dividends Service Revenue... 6,360 Salaries Expense... 2,660 Repair Expense Gas and Oil Expense Insurance Expense $49,740 $49, For Instructor Use Only 2-11
12 SOLUTIONS TO PROBLEMS PROBLEM 2-1C J1 Date Account Titles and Explanation Ref. Debit Credit Mar. 1 Cash... 20,000 Common Stock... 20,000 (Investment of cash in business in exchange for stock) 3 Land... 12,000 Buildings... 2,000 Equipment... 1,000 Cash... 15,000 (Purchased Heeren s Golf Land) 5 Advertising Expense Cash (Paid for advertising) 6 Prepaid Insurance Cash (Paid for one-year insurance policy) 10 Equipment... 1,050 Accounts Payable... 1,050 (Purchased equipment on account) 18 Cash Golf Revenue (Received cash for services provided) 19 Cash... 1,000 Unearned Revenue... 1,000 (Received cash for coupon books sold) 2008 For Instructor Use Only 2-12
13 PROBLEM 2-1C (Continued) Date Account Titles and Explanation Ref. Debit Credit Mar. 25 Dividends Cash... (Payment of cash dividends) Salaries Expense... Cash... (Paid salaries) 30 Accounts Payable... Cash... (Paid creditor on account) 31 Cash... Golf Revenue... (Received cash for services provided) 250 1, , For Instructor Use Only 2-13
14 PROBLEM 2-2C (a) J1 Date Account Titles and Explanation Ref. Debit Credit Apr. 1 Cash ,000 Common Stock ,000 (Investment of cash in business in exchange for stock) 1 No entry not a transaction. 2 Rent Expense ,000 Cash ,000 (Paid monthly office rent) 3 Supplies ,000 Accounts Payable ,000 (Purchased supplies on account from Smile Company) 10 Accounts Receivable ,100 Service Revenue ,100 (Billed clients for services provided) 11 Cash ,000 Unearned Revenue ,000 (Received cash for future service) 20 Cash ,100 Service Revenue ,100 (Received cash for services provided) 30 Salaries Expense ,400 Cash ,400 (Paid monthly salary) 2008 For Instructor Use Only 2-14
15 PROBLEM 2-2C (Continued) Date Account Titles and Explanation Ref. Debits Credit Apr. 30 Accounts Payable ,600 Cash ,600 (Paid Smile Company on account) (b) Cash No. 101 Apr. 1 J1 40,000 40,000 2 J1 1,000 39, J1 1,000 40, J1 2,100 42, J1 2,400 39, J1 1,600 38,100 Accounts Receivable No. 112 Apr. 10 J1 5,100 5,100 Supplies No. 126 Apr. 3 J1 4,000 4,000 Accounts Payable No. 201 Apr. 3 J1 4,000 4, J1 1,600 2,400 Unearned Revenue No. 205 Apr. 11 J1 1,000 1, For Instructor Use Only 2-15
16 PROBLEM 2-2C (Continued) Common Stock No. 311 Apr. 1 J1 40,000 40,000 Service Revenue No. 400 Apr. 10 J1 5,100 5, J1 2,100 7,200 Salaries Expense No. 726 Apr. 30 J1 2,400 2,400 Rent Expense No. 729 Apr. 2 J1 1,000 1,000 (c) MARIA JUAREZ, DENTIST Trial Balance April 30, 2008 Debit Credit Cash... $38,100 Accounts Receivable... 5,100 Supplies... 4,000 Accounts Payable... $ 2,400 Unearned Revenue... 1,000 Common Stock... 40,000 Service Revenue... 7,200 Salaries Expense... 2,400 Rent Expense... 1,000 $50,600 $50, For Instructor Use Only 2-16
17 PROBLEM 2-3C (a) Trans. Account Titles and Explanation Debit Credit 1. Cash... 50,000 Common Stock... 50, No entry Not a transaction. 3. Prepaid Rent... 24,000 Cash... 24, Furniture & Equipment... 30,000 Cash... 10,000 Accounts Payable... 20, Prepaid Insurance... 1,800 Cash... 1, Office Supplies Cash Office Supplies... 1,500 Accounts Payable... 1, Cash... 8,000 Accounts Receivable... 12,000 Service Revenue... 20, Accounts Payable Cash Cash... 3,000 Accounts Receivable... 3, Utility Expense Accounts Payable For Instructor Use Only 2-17
18 PROBLEM 2-3C (Continued) Trans. Account Titles and Explanation Debit Credit 12. Salaries Expense... 5,600 Cash... 5,600 (b) Cash (1) 50,000 (3) 24,000 (4) 10,000 (5) 1,800 (6) 500 (8) 8,000 (9) 400 (10) 3,000 (12) 5,600 18,700 Furniture & Equipment (4) 30,000 30,000 Accounts Payable (4) 20,000 (7) 1,500 (9) 400 (11) ,300 Accounts Receivable (8) 12,000 (10) 3,000 9,000 Office Supplies (6) 500 (7) 1,500 2,000 Prepaid Insurance (5) 1,800 1,800 Prepaid Rent (3) 24,000 24,000 Common Stock (1) 50,000 50,000 Service Revenue (8) 20,000 20,000 Salaries Expense (12) 5,600 5,600 Utility Expense (11) For Instructor Use Only 2-18
19 PROBLEM 2-3C (Continued) (c) SLOWHAND SERVICES Trial Balance May 31, 2008 Debit Credit Cash... $18,700 Accounts Receivable... 9,000 Office Supplies... 2,000 Prepaid Insurance... 1,800 Prepaid Rent... 24,000 Furniture & Equipment... 30,000 Accounts Payable... $21,300 Common Stock... 50,000 Service Revenue... 20,000 Salaries Expense... 5,600 Utility Expense $91,300 $91, For Instructor Use Only 2-19
20 PROBLEM 2-4C SYED MOIZ CO. Trial Balance June 30, 2008 Debit Credit Cash ($3,340 + $360)... $ 3,700 Accounts Receivable ($2,731 $360)... 2,371 Supplies ($1,200 $620) Equipment ($2,600 + $620)... 3,220 Accounts Payable ($3,666 $306 $360)... $ 3,000 Unearned Revenue... 1,100 Common Stock... 8,000 Dividends ($800 + $600)... 1,400 Service Revenue ($2,480 + $801)... 3,281 Salaries Expense ($3,200 + $700 $600)... 3,300 Office Expense $15,381 $15, For Instructor Use Only 2-20
21 PROBLEM 2-5C (a) & (c) Cash No. 101 Mar. 1 Balance 9,000 2 J1 1,500 7,500 9 J1 4,000 11, J1 4,100 7, J , J1 5,000 11, J1 2,000 9, J1 2,500 7, J , J1 9,000 16,900 Accounts Receivable No. 112 Mar. 31 J Land No. 140 Mar. 1 Balance 24,000 Buildings No. 145 Mar. 1 Balance 10,000 Equipment No. 157 Mar. 1 Balance 10, For Instructor Use Only 2-21
22 PROBLEM 2-5C (Continued) Accounts Payable No. 201 Mar. 1 Balance 7,000 2 J1 2,000 9, J1 4,100 4,900 Common Stock No. 311 Mar. 1 Balance 46,000 Admission Revenue No. 405 Mar. 9 J1 4,000 4, J1 5,000 9, J1 9,000 18,000 Concession Revenue No. 406 Mar.31 J Advertising Expense No. 610 Mar.12 J Film Rental Expense No. 632 Mar. 2 J1 3,500 3, J1 2,000 5, For Instructor Use Only 2-22
23 PROBLEM 2-5C (Continued) Salaries Expense No. 726 Mar. 31 J1 2,500 2,500 (b) J1 Date Account Titles and Explanation Ref. Debit Credit Mar. 2 Film Rental Expense ,500 Accounts Payable ,000 Cash ,500 (Rented films for cash and on account) 3 No entry. 9 Cash ,000 Admission Revenue ,000 (Received cash for services provided) 10 Accounts Payable ($2,000 + $2,100) ,100 Cash ,100 (Paid creditors on account) 11 No entry. 12 Advertising Expense Cash (Paid advertising expense) 20 Cash ,000 Admission Revenue ,000 (Received cash for services provided) 20 Film Rental Expense ,000 Cash ,000 (Paid film rental) 2008 For Instructor Use Only 2-23
24 PROBLEM 2-5C (Continued) Date Account Titles and Explanation Ref. Debit Credit Mar.31 Salaries Expense ,500 Cash ,500 (Paid salaries expense) 31 Cash Accounts Receivable Concession Revenue (15% X $6,000) (Received cash and balance on account for concession revenue) 31 Cash ,000 Admission Revenue ,000 (Received cash for services provided) (d) JOSIE THEATER Trial Balance March 31, 2008 Debit Credit Cash... $16,900 Accounts Receivable Land... 24,000 Buildings... 10,000 Equipment... 10,000 Accounts Payable... $ 4,900 Common Stock... 46,000 Admission Revenue... 18,000 Concession Revenue Advertising Expense Film Rental Expense... 5,500 Salaries Expense... 2,500 $69,800 $69, For Instructor Use Only 2-24
Instructions Identify each statement as true or false. If false, indicate how to correct the statement.
EXERCISES: SET B E2-1B Jake Chinley has prepared the following list of statements about accounts. 1. An account is an accounting record of either a specific asset or a specific stockholders equity item.
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
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
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
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
Solution Manual. Accounting Principles 11th Ed. by Weygandt
Solution Manual Accounting Principles 11th Ed by Weygandt This is a sample chapter CHAPTER 2 The Recording Process ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises
Problems: Set C. 8 chapter 3 The Accounting Information System
8 chapter 3 The Accounting Information System compute net income. (b) Net income $4,910 prepare financial statements. (a) Cash $12,680 Problems: Set C P3-1C New Dawn Window Washing Inc. was started on
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
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.
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
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
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
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
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
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
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.
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,
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
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
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
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
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
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,
CHAPTER 2 ANALYZING TRANSACTIONS DISCUSSION QUESTIONS
Financial and Managerial Accounting 14th Edition Warren SOLUTIONS MANUAL Full clear download (no formatting errors) at: https://testbankreal.com/download/financial-managerial-accounting-14thedition-warren-solutions-manual/
Accounting for Business Transactions QUESTIONS
Financial and Managerial Accounting 7th Edition Wild Solutions Manual Full Download: http://testbanklive.com/download/financial-and-managerial-accounting-7th-edition-wild-solutions-manual/ Chapter 2 Accounting
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.!
Chapter 2. Ex a. debit g. debit b. credit h. credit c. credit i. debit d. credit j. credit e. debit k. debit f. credit l. debit. Ex.
Chapter 2 Ex. 2 4 a. debit g. debit b. credit h. credit c. credit i. debit d. credit j. credit e. debit k. debit f. credit l. debit Ex. 2 5 1. debit and credit entries (c) 2. debit and credit entries (c)
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
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
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
Name Brief Exercises 3-1 to 3-4 Section Date BE3-1 BE3-2 BE
Name Brief Exercises 3-1 to 3-4 BE3-1 BE3-2 BE3-3 3-1 Name Brief Exercises 3-4 to 3-6 BE3-4 BE3-5 BE3-6 3-2 Name Brief Exercises 3-7 to 3-10 BE3-7 BE3-8 BE3-9 BE3-10 3-3 Name Brief Exercises 3-11 to 3-14
> DO IT! Chapter 2 The Recording Process. Recording Business Activities D-7
Chapter 2 The Recording Process Normal Balances Kate Browne has just rented space in a shopping mall. In this space, she will open a hair salon to be called Hair It Is. A friend has advised Kate to set
Chapter 3 Question Review 1
Chapter 3 Question Review 1 Chapter 3 Questions Multiple Choice 1. If services are rendered on account, then a. assets will decrease. b. liabilities will increase. c. stockholders equity will increase.
Analyzing Transactions
C H A P T E R 2 Analyzing Transactions QUIZ AND TEST HINTS The following hints may be helpful to you in preparing for a quiz or a test over the material covered in Chapter 2. 1. Terminology is important
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
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,
Business Background Management is responsible for preparing...
Business Background Management is responsible for preparing... Financial Statements High Quality = Relevance + Reliability... Are useful to investors and creditors. Business Background Revenues are recorded
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
CHAPTER 2 Solutions ANALYZING AND RECORDING BUSINESS TRANSACTIONS
Principles of Financial Accounting 12th Edition Needles Solutions Manual Full Download: http://testbanklive.com/download/principles-of-financial-accounting-12th-edition-needles-solutions-manual/ CHAPTER
The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
1-1 2012 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 4 1 The Accounting Cycle Step 1 Analyze and transactions classify transactions Step 2 Journalize the transactions data about
Week 5, Chap 4 Part 2
Slide 1 Week 5, Chap 4 Part 2 The General Journal and the General Ledger Instructor: Michael Booth Slide 2 The General Journal Objective Prepare compound journal entries. McGraw-Hill 2007 The McGraw-Hill
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
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,
CHAPTER 2 ANALYZING TRANSACTIONS
CHAPTER 2 ANALYZING TRANSACTIONS EYE OPENERS 1. An account is a form designed to record changes in a particular asset, liability, owner s equity, revenue, or expense. A ledger is a group of related accounts.
FINANCIAL STATEMENTS: INCOME STATEMENT & ASSET DISPOSAL 08 AUGUST 2013
FINANCIAL STATEMENTS: INCOME STATEMENT & ASSET DISPOSAL 08 AUGUST 2013 Lesson Description In this lesson we: Focus on income statement adjustments and calculating profit/loss on sale of asset. Questions
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
The General Ledger. The 4 th step of the accounting cycle is to post to the ledger.
The General Ledger 4 Post to the ledger The 4 th step of the accounting cycle is to post to the ledger. The General Ledger is a book containing a separate page for each business account. The General Ledger
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
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).
The transaction had a financial impact on the business and should be recorded. The payment for the computer was not an expense.
Chapter 2 Recording Business Transactions Short Exercises (5 min.) S 2-1 The transaction had a financial impact on the business and should be recorded. The payment for the computer was not an expense.
Accounting 40S Exam Study Guide. Sole Proprietorship. Partnership. Corporation. Bank Reconciliation. Periodicity Concept. Business Entity Concept
Accounting 40S Exam Study Guide Sole Proprietorship Partnership Corporation Bank Reconciliation Periodicity Concept Business Entity Concept Going Concern Monetary Unit Concept Debit Credit Permanent Accounts
THE ACCOUNTING INFORMATION SYSTEM
2 THE ACCOUNTING INFORMATION SYSTEM DISCUSSION QUESTIONS 1. The conceptual framework of accounting is the collection of general concepts that logically flow from the objective of financial reporting to
CHAPTER4. The Recording Process. PreviewofCHAPTER4. Using a Worksheet. Steps in Preparing a Worksheet
CHAPTER4 The Recording Process 4-1 4-2 PreviewofCHAPTER4 Using a Worksheet Steps in Preparing a Worksheet Multiple-column form used in preparing financial statements. Not a permanent accounting record.
Enter account titles and their unadjusted balances in the Trial Balance columns Total the amounts
Process by which companies produce their financial statements Chapter 4 Copyright 2009 Prentice Hall. All rights reserved 2 Journalize Transaction Post to Accounts Adjust Accounts Prepare an accounting
On October 1, 2010, Cody Doerr established Banyan Realty, which completed the following transaction during the month:
Pr 2-2 A page 91 On October 1, 2010, Cody Doerr established Banyan Realty, which completed the following transaction during the month: A. Cody Doerr transferred cash from a personal bank account to an
Accounting Principles (203) Dr. Mishari Alfraih
1. Which of the following will cause owner's equity to increase? A. Expenses B. Owner s drawings D. loss 2. XYZ Co. provided the following information about its balance sheet: Cash K.D. 1,000 Account receivable
Learning Objectives. LO1 Journalize and post closing entries for a service business organized as a proprietorship.
Learning Objectives LO1 Journalize and post closing entries for a service business organized as a proprietorship. Lesson 8-1 Need for Permanent and Temporary Accounts Accounts used to accumulate 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 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
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,
Exercise 2-1. Exercise 2-2. Exercise 2-3. Name. = Liabilitiy Acounts + Debit Credit. Asset Acounts. Stockholders Equity Acounts Debit. Credit.
Exercise 2-1 Debit Asset Acounts Credit = Liabilitiy Acounts + Debit Credit Stockholders Equity Acounts Debit Credit Expense Accounts and Dividends Account Debit Credit Revenue Accounts Debit Credit Exercise
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,
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
Learning Objectives. LO1 Prepare the heading of a work sheet. LO2 Prepare the trial balance section of a work sheet.
Learning Objectives LO1 Prepare the heading of a work sheet. LO2 Prepare the trial balance section of a work sheet. Lesson 6-1 Consistent Reporting The accounting concept Consistent Reporting is applied
The General Journal and the General Ledger
chapter College Accounting The General Journal and the General Ledger 11 th Edition 3 1 Learning Objectives After you have completed this chapter, you will be able to do the following: 3 2 The General
Recording Business Transactions
Chapter 2 Recording Business Transactions Short Exercises (5 min.) S 2-1 The transaction had a financial impact on the business and should be recorded. The payment for the computer was not an expense.
Recording Business Transactions
Financial Accounting Canadian 6th Edition Harrison Solutions Manual Full download at: https://testbankreal.com/download/financial-accounting-canadian-6th-editionharrison-solutions-manual/ Financial Accounting
a) Post-closing trial balance c) Income statement d) Statement of retained earnings
Note: The formatting of financial statements is important. They follow Generally Accepted Accounting Principles (GAAP), which creates a uniformity of financial statements for analyzing. This allows for
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)
New Horizons Balance Sheet as at December 31, 1997
Balance Sheet as at December 31, 1997 CURRENT ASSETS: Cash $152,350 Accounts Receivable 74,000 Office Supplies 800 Total Current Assets $227,150 CAPITAL ASSETS: Office Furniture $5,000 Less: Accumulated
RECORDING TRANSACTIONS
RECORDING TRANSACTIONS Instructions: 1. Use page 1 of the general journal. Journalize the following transactions completed during September of the current year. September 1 September 2 No. 1. Received
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
Accounting Self Study Guide for Staff of Micro Finance Institutions Accounting Case Study ANSWERS
Accounting Self Study Guide for Staff of Micro Finance Institutions Accounting Case Study ANSWERS Calmeadow 1 General Journal Date Account Title and Explanation Ref Debit Credit 1 Jan 6 Travel 524 500
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
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
Chapter 4 Question Review 1
Chapter 4 Question Review 1 Chapter 4 Questions Multiple Choice 1. The final step in the accounting cycle is to prepare: a. closing entries. b. financial statements. c. a post-closing trial balance. d.
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
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
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.
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
Full file at
CHAPTER 2 QUESTIONS 1. The accounting system generates a variety of reports for use by various decision makers. Among the most common are generalpurpose financial statements, management reports, tax returns,
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
Learning Objective. LO1 Prepare an income statement for a merchandising business organized as a corporation.
Learning Objective LO1 Prepare an income statement for a merchandising business organized as a corporation. Lesson 16-1 Uses of Financial Statements LO1 A corporation prepares an income statement and a
Fundamental Accounting Principles
SOLUTIONS MANUAL to accompany Fundamental Accounting Principles 14 th Canadian Edition by Larson/Jensen Prepared by: Tilly Jensen, Athabasca University Wendy Popowich, Northern Alberta Institute of Technology
CHAPTER 2 QUESTIONS. revenue, and expense accounts of the
CHAPTER 2 QUESTIONS 1. The accounting system generates a variety of reports for use by various decision makers. Among the most common are generalpurpose financial statements, management reports, tax returns,
THE TRAINING PLACE OF EXCELLENCE Control accounts, Journals & the Banking system Practice Assessment: Answers
THE TRAINING PLACE OF EXCELLENCE Control accounts, Journals & the Banking system Practice Assessment: Answers 1. (a) Wages expense 114,866 Wages control 114,866 (b) PAYE/ NI 23,349 Bank 23,349 (c) Wages
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
Accounting for. Sole Proprietorship. 1 Identify the differences in equity accounts between a corporation and a sole proprietorship.
appendix F Accounting for Sole Proprietorships study objectives After studying this appendix, you should be able to: 1 Identify the differences in equity accounts between a corporation and a sole proprietorship.
Analyzing Transactions
Question 1: What is the relationship between a transaction, a journal, a ledger, and a chart of accounts? A transaction is the record used to reflect the activity of a business. These transactions are
Commecs College Macro Plan ( )
Commecs College Macro Plan (-) Subject: Accounting Class: XI Sections: AZIZ TABBA, BUKHARI Unit No. Start Date 1 Aug 01, End Date Aug 03, Number Of Periods Topic/Chapter Contents Objectives By the end
ACCOUNTING 201. PRACTICE MIDTERM - (Covering Chapters 1-5)
Problem - I Multiple Choice (20 points) ACCOUNTING 201 PRACTICE MIDTERM - (Covering Chapters 1-5) 1. A private organization which establishes broad accounting principles as well as specific accounting
Module 3 Exhibits and Key Terms. Table of Contents. 1 Principles of Accounting Adjustments for Financial Reporting
Table of Contents Exhibit 14: Cash basis and accrual basis of accounting compared... 2 Exhibit 15: Summary fiscal year ending by Month... 2 Exhibit 16: Two classes and four types of adjusting entries...
Accounting Principles
Accounting Principles Second Canadian Edition Weygandt Kieso Kimmel Trenholm Prepared by: Carole Bowman, Sheridan College CHAPTER 2 THE RECORDING PROCESS THE ACCOUNT An account is an individual accounting
Financial Accounting, 6Ce (Harrison) Chapter 2 Recording Business Transactions. 2.1 Describe common types of accounts
Financial Accounting, 6Ce (Harrison) Chapter 2 Recording Business Transactions 2.1 Describe common types of accounts 1) Interest payable, income tax payable and salary payable are all examples of: A) accrued
Current liability Creditors mark each
.. Jacintha Trading and Profit and Loss Account for the year ended 3 December 200 $ $ $ Opening stock 60000 Sales 63000 Purchases 26500 Less sales returns 550 Less purchases returns 475 62450 26025 Add:
Not For Sale CHECK FIGURES. Chapter 1. Chapter 3. Chapter 2
CHECK FIGURES 796 Check figures are given for selected problems here. For the complete Check Figures for all applicable Cornerstone Exercises, Exercises, Problems, and Cases, please visit the companion
Solution manual for Accounting 26th Edition by Warren CHAPTER 2 ANALYZING TRANSACTIONS
Solution manual for Accounting 26th Edition by Warren Link full download: http://testbankcollection.com/download/solution-manual-for-accounting-26thedition-by-warren CHAPTER 2 ANALYZING TRANSACTIONS DISCUSSION
Full file at
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) A journal entry is a record of an event that has a financial impact on the business that can be reliably measured. 1)
1. Which of the following elements are found on the income statement?
ACCT 301 Pre-Course Assignment for Extra Credit (15 questions -15 Extra Credit Points) Please submit your answers (a Word file with one answer highlighted for each question) to the assignment submission
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
Fundamental Accounting Principles
Last revised: January 23, 2016. SOLUTIONS MANUAL to accompany Fundamental Accounting Principles 15 th Canadian Edition by Larson/Jensen/Dieckmann Revised for the 15 th Edition by: Praise Ma, Kwantlen Polytechnic