Analyzing and Recording Transactions
|
|
|
- Myron Davidson
- 7 years ago
- Views:
Transcription
1 Chapter 2 Quick Study Analyzing and Recording Transactions Quick Study 2-1 Answer Answer Detail Account A Asset 1. Buildings E Expenses (Equity) 2. Building Repair Expense E Expenses (Equity) 3. Wages Expense L Liability 4. Wages Payable A Asset 5. Notes Receivable L Liability 6. Notes Payable A Asset 7. Prepaid Advertising E Expenses (Equity) 8. Advertising Expense L Liability 9. Advertising Payable L Liability 10. Unearned Advertising R Revenues (Equity) 11. Advertising Revenue R Revenues (Equity) 12. Interest income E Expenses (Equity) 13. Interest Expense L Liability 14. Interest Payable R Revenues (Equity) 15. Subscription Revenue L Liability 16. Unearned Subscription Revenue A Asset 17. Prepaid Subscription Fees A Asset 18. Supplies E Expenses (Equity) 19. Supplies Expense R Revenues (Equity) 20. Rent Revenue L Liability 21. Unearned Rent Revenue A Asset 22. Prepaid Rent L Liability 23. Rent Payable R Revenues (Equity) 24. Service Revenue W Owner s Withdrawals (Equity) 25. Jessica Vuong, Withdrawals OE Owner s Capital (Equity) 26. Jessican Vuong, Capital E Expenses (Equity) 27. Salaries Expense L Liability 28. Salaries Payable A Asset 29. Furniture A Asset 30. Equipment
2 Quick Study 2-2 a. Equipment... Debit b. Land... Debit c. Amrit Sandhu, Withdrawals.. Debit d. Rent Expense... Debit e. Interest income... Credit f. Prepaid Rent... Debit g. Accounts Receivable... Debit h. Office Supplies... Debit i. Notes Receivable... Debit j. Notes Payable... Credit k. Amrit Sandhu, Capital... Credit l. Rent Revenue... Credit m. Rent Payable... Credit n. Interest Expense... Debit o. Interest Payable... Credit Quick Study 2-3 a. Credit f. Credit k. Debit b. Credit g. Debit l. Credit c. Credit h. Credit m. Debit d. Debit i. Debit n. Debit e. Credit j. Debit o. Debit Quick Study 2-4 a. Credit f. Debit k. Credit b. Debit g. Credit l. Debit c. Credit h. Credit m. Debit d. Debit i. Credit n. Credit e. Credit j. Debit o. Credit Quick Study 2-5 Note: Students could choose any account number within the specified range. a. 173 f. 203 k. 629 b. 409 g. 106 l. 219 c. 302 h. 622 m. 222 d. 301 i. 124 n. 170 e. 128 j. 403 o. 115
3 Quick Study 2-6 a. Analysis Assets increase. Assets decrease. Journal entry Debit the furniture account for $400. Credit the cash account for $400. b. Analysis No transaction required. Journal entry c. Analysis Assets increase. Equity increases. Journal entry Debit the Accounts Receivable account for $600. Credit the Revenue account for $600. d. Analysis Liabilities increase. Equity decreases. Journal entry Debit the Cleaning Expense account for $300. Credit the Accounts Payable account for $300. e. Analysis Assets increase. Equity increases. Journal entry Debit the Cash account for $25,000. Credit the Douglas Malone, Capital account for $25,000.
4 Quick Study 2-7 a. Aug. 1 Furniture Cash Purchase of furniture for cash.... b. Aug. 7 No transaction required. c. Aug. 13 Accounts Receivable Revenue Provided services on credit.... d. Aug. 14 Cleaning Expense Accounts Payable Purchased cleaning services on credit.... e. Aug. 31 Cash... 25,000 Douglas Malone, Capital... 25,000 Investment by owner...
5 Quick Study & 2. Cash Accounts Receivable Furniture Accounts Payable Jul 31 25, Aug 1 Jul 31 1,500 Jul 31 5, Jul 31 Aug 31 25,000 Aug Aug Aug 14 Bal. 49,600 Bal. 2,100 Bal. 5, Bal. Douglas Malone, Capital Revenue Cleaning Expense 28,000 Jul 3` 4,500 Jul 31 Jul 31 1,500 25,000 Aug Aug 13 Aug ,000 Bal. 5,100 Bal. Bal. 1, The account balance for each T-account is shown above. The accounting equation (Assets = Liabilities + Equity) is proved as follows: $57,100 = $800 + $56,300
6 Quick Study 2-9 May 2 Analysis Assets increase. Equity increases. Journal entry Journal Entry Debit the Car account for $8,000. Credit the Dee Bell, Capital account for $8,000. May 2 Car 8,000 Dee Bell, Capital 8,000 Investment by owner. May 10 Analysis Assets increase. Equity increases. Journal entry Journal Entry Debit the Accounts receivable account for $4,000. Credit the Revenue account for $4,000. May 10 Accounts receivable 4,000 Revenue 4,000 Billed customer for work performed. May 12 Analysis Assets increase. Liabilities increase. Journal entry Journal Entry Debit the Cash account by $10,000. Credit the Unearned Revenue account by $10,000. May 12 Cash 10,000 Unearned Revenue 10,000 Collected cash for future services.
7 Quick Study 2-9 (Continued) May 15 Analysis Assets decrease. Equity decreases. Journal entry Journal Entry Debit the Wages Expense account for $6,000. Credit the Cash account for $6,000. May 15 Wages Expense 6,000 Cash 6,000 Paid for wages. May 16 Analysis Assets increase. Assets decrease. Journal entry Journal Entry Debit the Cash account for $4,000. Credit the Accounts Receivable account for $4,000. May 16 Cash 4,000 Accounts Receivable 4,000 Collection of cash from customer. May 22 Analysis Assets decrease. Liabilities decrease. Journal entry Journal Entry Debit the Accounts Payable account by $3,000. Credit the Cash account by $3,000. May 22 Accounts Payable 3,000 Cash 3,000 Paid for outstanding accounts payable.
8 Quick Study & 2. Cash 101 Accounts Receivable 106 Car 150 Accounts Payable 202 Apr 30 15,000 6,000 May 15 Apr 30 3,200 4,000 May 16 May 2 8,000 May 22 3,000 6,000 Apr 30 May 12 10,000 3,000 May 22 May 10 4,000 Bal. 8,000 3,000 Bal. May 16 4,000 Bal. 3,200 Bal. 20,000 Unearned Revenue 205 Dee Bell, Capital 301 Revenue 410 Wages Expense 650 1,800 Apr 30 8,900 Apr 30 3,000 Apr 30 Apr 30 1,500 10,000 May 12 8,000 May 2 4,000 May 10 May 15 6,000 11,800 Bal. 16,900 Bal. 7,000 Bal. Bal. 7, The account balance for each T-account is shown above. The accounting equation (Assets = Liabilities + Equity) is proved as follows: $31,200 = $14,800 + $16,400
9 Quick Study 2-11 Accounts Receivable Accounts Payable Service Revenue 1, , ,800 2, , , , ,500 Bal. 2,250 2,300 Bal. 19,810 Bal. Utilities Expense Cash Notes Payable 610 3,900 2,400 4,000 50, ,800 3,900 8, ,500 21,800 38,000 Bal Bal. 1,795 Bal. 8,440 Quick Study 2-12 General Journal Page 1 May 1 Equipment Accounts Payable Purchased equipment on account. 2 Accounts Payable Cash Paid for the equipment purchased May 1. 3 Supplies Cash Purchased supplies for cash. 4 Wages Expense... 2,000 Cash... 2,000 Paid wages to employees. 5 Cash Service Revenue Performed services for a client for cash. 6 Accounts Receivable... 2,500 Service Revenue... 2,500 Did work for a customer on credit. 7 Cash... 2,500 Accounts Receivable... 2,500 Collected May 6 customer account.
10 Quick Study 2-13 General Journal Page 1 Jan. 3 Cash... 60,000 Equipment... 40,000 Stan Adams, Capital ,000 Investment by owner. 4 Office Supplies Accounts Payable Purchased office supplies on credit. 6 Cash... 5,200 Landscaping Services Revenue... 5,200 Received cash for landscaping services. 15 Accounts Payable Cash Paid part of the January 4 credit purchase. 16 Office Supplies Accounts Payable Purchased supplies on account. 30 Accounts Payable Cash Paid the balance owing re January 4 credit purchase; paid on Jan. 15 = 140.
11 Quick Study 2-14 Cash Account No. 101 Date Explanation PR Debit Credit Balance Jan. 3 60,000 60, ,200 65, , ,860 Office Supplies Account No. 124 Date Explanation PR Debit Credit Balance Jan ,040 Equipment Account No. 163 Date Explanation PR Debit Credit Balance Jan. 3 40,000 40,000 Accounts Payable Account No. 201 Date Explanation PR Debit Credit Balance Jan Stan Adams, Capital Account No. 301 Date Explanation PR Debit Credit Balance Jan , ,000 Landscaping Services Revenue Account No. 403 Date Explanation PR Debit Credit Balance Jan. 6 5,200 5,200
12 Quick Study 2-15 Vahn Landscaping Trial Balance January 31, Acct. Account Debit Credit No. 101 Cash... $ 7, Equipment... 9, Unearned revenue... $ 2, Brea Vahn, capital... 14, Brea Vahn, withdrawals... 1, Revenue... 11, Rent expense... 6, Utilities expense... 4,000 Totals... $27,000 $27,000 Quick Study 2-16 The correct answer is c. If a $2,250 debit to Rent Expense is incorrectly posted as a credit, the effect is to understate the Rent Expense debit balance by $4,500. This causes the Debit column total on the trial balance to be $4,500 less than the Credit column total. Quick Study Subtract total debits in the trial balance from total credits 24,250-21,550 = 2, Divide the difference by 9 2,700 9 = The quotient equals the difference between the two transposed numbers. 300 is the difference between the two transposed numbers. 4. The number of digits in the quotient tells us the location of the transposition Look for a difference of 3 between the third number from the right and the fourth number from the right. Through a process of elimination, the incorrect value is Rent Expense for $4,100. The correct value must be $1,400. Proof: Recalculate the trial balance replacing $1,400 for the incorrect $4,100 and the trial balance now balances at $21,550.
13 Quick Study Subtract total debits in the trial balance from total credits = Divide the difference by = 25 The quotient equals the incorrect number. Through a review of the values in the trial balance, the incorrect value is Notes Payable for $25. The correct value must be $250. Proof: Recalculate the trial balance replacing $250 for the incorrect $25 and the trial balance now balances at $728.
Vol. 1, Chapter 3 - Accounting Adjustments
Vol. 1, Chapter 3 - Accounting Adjustments Problem 1 1. ($20,000 2,000) 48 = $375 per month 2. Jan. 31 Depreciation Expense $375 Accumulated Depreciation Van $375 To record depreciation expense for January
CHAPTER 3. BE3-2 Advertising. Dec. 31 Advertising Supplies Expense 7200 Advertising Supplies 7200 to adjust. BE3-3 Bere Co.
CHAPTER 3 BE3-2 Advertising Advertising Supplies Supplies Expense 8700 7200 7200 1500 7200 Dec. Advertising Supplies Expense 7200 Advertising Supplies 7200 BE3-3 Bere Co. Prepaid Insurance Insurance Expense
SOLUTIONS. Learning Goal 16
Learning Goal 16: Prepare Closing Entries S1 Learning Goal 16 Multiple Choice 1. d 2. a 3. b 4. d Because drawing is closed directly into the capital account, not into income summary. 5. c 6. b This a
T Accounts, Debits and Credits, Trial Balance, and Financial Statements
2 T Accounts, Debits and Credits, Trial Balance, and Financial Statements DEMONSTRATION PROBLEM maintains an office for the practice of veterinary medicine. The account balances as of September 1 are given
Accounting Cycle. Matching Principle
CHAPTER 3 Accounting Cycle Analyze and record the transactions Post the transactions and prepare trial balance Adjust the accounts and prepare trial balance Prepare the financial statements Close the accounts
Accounting Notes. Cash - includes money and any medium of exchange that a bank accepts at face value
Asset Accounts: Cash - includes money and any medium of exchange that a bank accepts at face value Accounts Receivable - a record of an oral or implied promise of future cash receipts in exchange for goods
Accumulated Depreciation Equipment
Chapter 4 Completing the Accounting Cycle > DO IT! Worksheet Balance sheet: Extend assets to debit column. Extend liabilities to credit column. Extend contra assets to credit column. Extend drawings account
b. Do not recognize revenue until steel is shipped. c. Do not recognize revenue until next year after the games are played.
CHAPTER FOUR SE4-2 Revenue recognition a. Recognize revenue from car sales for 12,000. Notes receivable $12,000 Sales revenue $12,000 b. Do not recognize revenue until steel is shipped. c. Do not recognize
EXERCISES. Does not normally require adjustment. Normally requires adjustment (AE).
EXERCISES Ex. 3 1 1. Prepaid expense 2. Accrued revenue 3. Unearned revenue 4. Accrued expense 5. Unearned revenue 6. Prepaid expense 7. Accrued expense 8. Accrued expense Ex. 3 2 Account Accounts Receivable...
The worksheet for Hancock Company shows the following in the financial statement
Chapter 4 Do it! Susan Elbe is preparing a worksheet. Explain to Susan how she should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet. Cash Accumulated
Chapter 4. Completing the accounting cycle
1 Chapter 4 Completing the accounting cycle 2 Learning objectives 1. Prepare an accounting worksheet and describe its purpose 2. Prepare a classified balance sheet and explain the major headings 3. Explain
Chapter 2. Analyzing transactions
1 Chapter 2 Analyzing transactions 2 Learning objectives 1. Explain the steps in the accounting cycle and each step s supporting documentation 2. Explain the purpose of source documents 3. Describe an
COMPLETION OF THE ACCOUNTING CYCLE - Closing Entries -
COMPLETION OF THE ACCOUNTING CYCLE - Closing Entries - Worksheet Overview Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Debit Credit Debit Credit Debit
Accounting Self Study Guide for Staff of Micro Finance Institutions
Accounting Self Study Guide for Staff of Micro Finance Institutions LESSON 5 Summarizing Changes in Financial Position OBJECTIVES The purpose of this lesson is to show how to summarize the transactions
CHAPTER 2 ACCOUNTING FOR TRANSACTIONS
CHAPTER 2 ACCOUNTING FOR TRANSACTIONS Key Terms and Concepts to Know Double entry accounting: Debits and Credits Total debits must always equal total credits Accounting Books: Accounts General Journal
ACCT1115. Review Package - Midterm SOLUTION Fall 2013
ACCT1115 Review Package - Midterm SOLUTION Fall 2013 Part I Multiple Choice 1) How should you record the purchase of an expensive automobile? a) Decrease cash, increase assets b) Decrease cash, increase
How To Account For Revenue Under Accrual Accounting
BAT 4M: Chapter 3 ANSWERS TO QUESTIONS 01. (a) Under the time period assumption, an accountant is required to determine the relevance of each business transaction to specific accounting periods, and its
1. If the assets owned by a business total $100,000 and liabilities total $70,000, stockholders' equity totals $30,000.
Rallis Page 1 Name: _ Date: 1. If the assets owned by a business total $100,000 and liabilities total $70,000, stockholders' equity totals $30,000. A) True B) False 2. If total liabilities decreased by
Time Period Assumption
ILLUSTRATION 3-1 GUIDELINES TO REPORT REVENUE AND EXPENSES Time Period Assumption Economic life of business can be divided into artificial time periods Revenue Recognition Principle Revenue recognized
Closing Entries and the Postclosing Trial Balance
6-1 McGraw-Hill 2009 The McGraw-Hill Companies, Inc. All rights reserved. Chapter Closing Entries and the Postclosing Trial Balance 6 Section 1: Closing Entries Section Objectives 1. Journalize and post
> DO IT! Chapter 3 Adjusting the Accounts. Timing Concepts. Adjusting Entries for Deferrals D-12. Solution
Chapter 3 Adjusting the Accounts Timing Concepts Review the glossary terms. Study carefully the revenue recognition principle, the expense recognition principle, and the time period assumption. Several
Chapter 1. Introduction to Accounting and Business
1 Chapter 1 Introduction to Accounting and Business Learning Objective 1 Describe the nature of a business, the role of accounting, and ethics in business. Nature of Business and Accounting A business
CHAPTER 4. Adjusting the accounts and preparing financial statements CONTENTS
CHAPTER 4 Adjusting the accounts and preparing financial statements CONTENTS Demonstration problem 4.1 Adjusting entries and corrections 4.2 Adjusting centries and effect on financial statements 4.3 Adjusting
Assignment 6: Adjusting Journal Entries and
Name: Due Date: December 12, 2011 Score: out of a possible 47 Course value: 7.5% Assignment 6: Adjusting Journal Entries and Worksheets A series of transactions are presented and their journal entries
Student Solutions Manual to Accompany. Introduction to Financial Accounting. David Annand. Based on International Financial Reporting Standards
Student Solutions Manual to Accompany Introduction to Financial Accounting Based on International Financial Reporting Standards David Annand Copyright 2014 David Annand Published by David Annand 4910C
Adjusting Entries and the Work Sheet
Heintz & Parry th Edition Chapter 5 th Edition College Accounting Adjusting Entries and the Work Sheet 1 Prepare end-of-period adjustments. END-OF-PERIOD ADJUSTMENTS Changes occur that affect the business
Chapter 4. Completing the accounting cycle. Appendix 4A: Reversing entries
1 Chapter 4 Completing the accounting cycle Appendix 4A: Reversing entries 2 Learning objective 1. Prepare reversing entries and describe their purpose 3 Reversing entries Reversing entries are optional
Analyzing Business Transactions Using T Accounts
pri639_ch03_053-088.qxd 9/7/3 4:54 PM Page 53 Analyzing Business Transactions Using T Accounts Chapter 3 When Alexander Graham Bell invented the telephone in 876, and gave birth to www.att.com the company
Rebecca Van Lieu, Withdrawals. 10,000 (a) 800 12,000 (c) 2,000 (b) 500 (c) 2,000 (d) 1,000 (h) 300 14,000 (f) 1,000 (j) 100 (i) 400 (k) 500
CHAPTER 5 FIVE The Trial Balance OBJECTIVES Upon completion of this chapter, you should be able to: 1. Prepare a trial balance. 2. Locate errors in the trial balance and ledger accounts. 3. Correct errors
ACC 211/212: Double Entry Logs
ACC 211/212: Double Entry Logs Journal Entries: o Credits are always indented (account name and value). o The sum of debits will always equal the sum of credits. o The month name is required only for the
Accrual Accounting Process
Accrual Accounting Process 15.501 Accounting Spring 2004 Professor S. Roychowdhury Sloan School of Management Massachusetts Institute of Technology Feb 17/18, 2004 1 An accountant s functions include Classifying
CHAPTER 3 ADJUSTING THE ACCOUNTS
CHAPTER 3 ADJUSTING THE ACCOUNTS TIME PERIOD ASSUMPTION The time period (or periodicity) assumption assumes that the economic life of a business can be divided into artificial time periods generally a
Bookkeeping Tips & T Accounts Prepared by Accomp Services (www.accompservices.ca)
Bookkeeping Tips & T Accounts Prepared by Accomp Services (www.accompservices.ca) Further valuable accounting and bookkeeping website resources are listed at the end of this document. A business is one
Accounting Skills Assessment Practice Exam Page 1 of 10
NAU ACCOUNTING SKILLS ASSESSMENT PRACTICE EXAM & KEY 1. A company received cash and issued common stock. What was the effect on the accounting equation? Assets Liabilities Stockholders Equity A. + NE +
Unit 2 The Basic Accounting Cycle
Unit 2 The Basic Accounting Cycle Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Business Transactions and the Accounting Equation Transactions That Affect Assets, Liabilities, and
Supplement to CHAPTER 3 CLOSING ENTRIES AND THE WORK SHEET
Supplement to CHAPTER 3 CLOSING ENTRIES AND THE WORK SHEET Answers to Review Questions 1. No, the work sheet cannot be used as a substitute for the financial statements. It is a tool used in preparing
The General Journal and the General Ledger
3 The General Journal and the General Ledger DEMONSTRATION PROBLEM G. Bell, a fitness enthusiast, buys an existing exercise center, Body Firm. The following chart of accounts now applies: Assets Revenue
Authored for ENMU Tutoring Services. By Jessica Huff
By Jessica Huff The standard accounting equation is Assets=Liabilities + Stockholders Equity. Depending on which item someone is looking at will determine what the normal balance is. The normal balance
Baseline Assessment. Date Accounting 1
Name Baseline Assessment Date Accounting 1 Part 1: Instructions: Place a check mark under the column for each account to determine which Financial the accounts belongs on. Financial Information 1. Cash
CHAPTER 2 THE RECORDING PROCESS SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY. True-False Statements. Multiple Choice Questions
CHAPTER 2 THE RECORDING PROCESS sg st SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 K 9. 2 K 17. 3 K 25.
The General Journal and the General Ledger
4-1 McGraw-Hill 2009 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 4 The General Journal and the General Ledger Section 1: The General Journal Section Objectives 1. Record transactions in
SOLUTIONS. Learning Goal 15
Learning Goal 15: Prepare a Classified S1 Learning Goal 15 Multiple Choice 1. b 2. c 3. a 4. b 5. d 6. a 7. c Their importance in paying current liabilities is the main reason current assets are shown
THE ACCOUNTING INFORMATION SYSTEM
CHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM OVERVIEW Accounting information must be accumulated and summarized before it can be communicated and analysed. In this chapter, we will discuss the steps involved
The Work Sheet and the Closing Process
C H A P T E R 4 The Work Sheet and the Closing Process A systematic approach is essential for efficient and accurate processing of large amounts of information. Whether work sheets are on paper or computerized,
Accounting II Second Semester Final
Name: Class: Date: Accounting II Second Semester Final Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. Profit is the difference between:
TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations:
TRANSACTIONS ANALYSIS EXAMPLE Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: 1. Billings to clients for services provided: $350,000
Business Start Up Basics III
Business Start Up Basics III Intro to Accounting Presented by: Suzie Dills SBDC Business Consultant Agenda Key Objectives of the Course Brief History & Definition of Accounting General Ledger Double Entry
How To Adjust For The Year End
ACCOUNTING 30S WORKSHEET ON ADJUSTING ENTRIES Put on your thinking caps and sharpen your pencils boys and girls it's time to practice with adjusting entries! 1. Give in general journal form the year-end
The Accounting Cycle Completed
5 The Accounting Cycle Completed Adjusting, Closing, and Post-Closing Trial Balance THE BIG PICTURE You are planning your school schedule for next term. Your goal is to take a full course load and find
Chapter 5 Accounting for Merchandising Operations
Chapter 5 Accounting for Merchandising Operations Purchase Transactions Purchaser records goods at cost. When goods are returned, purchaser reduces Inventory. On September 5, De La Hoya Company buys merchandise
Chapter 4: Transactions to General Ledger Chapter Review Solutions
Introductory Accounting - Accounting to Trial Balance Chapter 4: Transactions to General Ledger Chapter Review Solutions 2. Invoice: A bill charging a customer for goods supplied or service provided on
Principles of Accounting I ACCT-1104
Principles of Accounting I ACCT-1104 Adjusting Entries Review Click Here to Proceed How to Use this Reivew For each transaction you are given, write your answer on a piece of paper. Once you have answered
CHAPTER 3 Solutions MEASURING BUSINESS INCOME
CHAPTER 3 Solutions MEASURING BUSINESS INCOME Chapter 3, SE 1. 1. 2. 3. 4. c b d a Chapter 3, SE 2. Dec. 31 Insurance Expense 800 Prepaid Insurance To record insurance expired during the year $460 + $1,040
Classifying assets, liabilities, and owner s equity
Drill 1-D1 Classifying assets, liabilities, and owner s equity Classify each item listed below as an asset, liability, or owner s equity by placing a check mark in the Asset, Liability, or Owner s Equity
BUS312A/612A Financial Reporting I. Homework 9.10.2014 & 9.15.2014 The Accounting Cycle Review Chapter 3
BUS312A/612A Financial Reporting I Homework 9.10.2014 & 9.15.2014 The Accounting Cycle Review Chapter 3 E3-1 (Transaction Analysis-Service Company) During the first month of operations of her business
Accg100 Accounting 1A. Lecture Notes
Accg100 Accounting 1A Lecture Notes Semester 2, 2012 1 Table of Contents Lecture Notes Page Week 1: Introduction to Accounting, Ethics, 3 Business Entities, Financial Statements Week 2: Accounting for
CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION)
CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION) BATCH: SEMESTER: NAME: ROLL NO: ASSIGNMENT 1 & 2 FOR BUSINESS ACCOUNTING BBCF 131 UNIVERSITY OF PETROLEUM & ENERGY STUDIES Assignment-1 Note: All
PROFIT & LOSS BEFORE. INCOME Fleet Income 10 cars $ 75,000 Recommended tip $ 15,000 TOTAL. $ 90,000 PERSONNEL Gross Admin/accounting salaries $ 16,200
PROFIT & LOSS BEFORE INCOME Fleet Income 10 cars $ 75,000 Recommended tip $ 15,000 TOTAL $ 90,000 PERSONNEL Gross Admin/accounting salaries $ 16,200 Payroll taxes benefits processing $ 3,000 CHAUFFEURS
Chapter 6 Homework BRIEF EXERCISE 6-6
Chapter 6 Homework BRIEF EXERCISE 6-6 Dec. 31 Sales... 630,000 Merchandise Inventory (December 31)... 90,000 Purchase Returns and Allowances... 11,000 Capital... 731,000 Dec. 31 Capital... 476,000 Merchandise
Learning Goal 20. Cash Dean Jones, Capital Supplies Notes Payable Wages Payable. Equipment Accounts Receivable Accounts Payable Notes Receivable Land
Learning Goal 20: Explain the Use of Accounts S1 Learning Goal 20 Reinforcement Problems LG 20-1. Dean Jones, Capital Supplies Notes Payable Wages Payable + + + + + Equipment Accounts Receivable Accounts
Module 6 Intro to Adjusting Entries
Module 6 Intro to Adjusting Entries Entries required at the end of each accounting period to recognize on accrual basis: Revenues earned for the period Expenses that match the revenue earned And to report
CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY. True-False Statements
CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 K 9. 2 K 17. 4
UNIVERSITY OF WATERLOO School of Accounting and Finance
UNIVERSITY OF WATERLOO School of Accounting and Finance AFM 101 Professor Shari Mann Professor Donna Psutka Professor Mindy Wolfe Mid-Term Examination Fall 2010 Date and Time: October 21, 2010, 6:30 8:00pm
ANSWERS TO QUESTIONS FOR GROUP LEARNING
Accounting for a 5 Merchandising Business ANSWERS TO QUESTIONS FOR GROUP LEARNING Q5-1 A merchandising business has a major revenue reduction called cost of goods sold. The computation of cost of goods
Adjusting the Accounts
HOSP 1210 (Financial Acct) Learning Centre Adjusting the Accounts Anytime we prepare financial statements or reach the end of an accounting period, there are account adjustments that need to be made to
Accounting 300A-10A The Operating Cycle: Worksheet/Closing Entries Page 1
Accounting 3A-1A The Operating Cycle: Worksheet/Closing Entries Page 1 THE WORKSHEET and CLOSING ENTRIES I. Review of Key Concepts and Terms: A. The purpose of the worksheet 1. To show that the accounts
Basic Accounting Principles
Basic Accounting Principles Basic Accounting Model The basic accounting model represents the relationship between assets (what the company owns), liabilities (what the company owes), and owner s equity
SMART TOUCH LEARNING Balance Sheet May 31, 2013 $ 4,800. $ 48,700 Accounts receivable 2,600. 900 Inventory 30,500. 100 Supplies.
3 The Adjusting Process Are these balances correctly showing everything the company OWNS? SMART TOUCH LEARNING ance Sheet May 31, 2013 Are these balances correctly showing everything the company OWES?
Accrual accounting ACCRUAL VERSUS CASH BASIS OF ACCOUNTING. ACCRUAL VERSUS CASH BASIS OF ACCOUNTING continued. Chapter 3
Chapter 3 Accrual accounting concepts PowerPoint presentation by Anne Abraham University of Wollongong 2009 John Wiley & Sons Australia, Ltd ACCRUAL VERSUS CASH BASIS OF ACCOUNTING Accrual-based accounting
Learning Module 3 Journal Entries
Learning Module 3 Journal Entries The Accounting Equation Balance Sheet Income Statement = + + - Assets Liabilities Owners' Equity Revenue Expenses Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Recording journal
When to Debit and Credit in Accounting
When to Debit and Credit in Accounting Journal entries show a firm s transactions throughout a period of time; for example, when a company purchases supplies a journal entry will show the amount of supplies
Chapter 3: Double-Entry Bookkeeping
Chapter 3: Double-Entry Bookkeeping Double-entry bookkeeping underpins accounting A way of systematically recording the financial transactions of a company so that each transaction is recorded twice. Basic
CHAPTER 12 ACCRUALS, DEFERRALS, AND THE WORKSHEET
CHAPTER 12 ACCRUALS, DEFERRALS, AND THE WORKSHEET Chapter Opener: Thinking Critically Students may assess that an unexpected decline in sales would mean surplus inventory which would have to be reduced
In the event of a tie, the score on the last ten questions will be used as a tie-breaker.
NEW YORK STATE ASSOCIATION FUTURE BUSINESS LEADERS OF AMERICA SPRING DISTRICT MEETING ACCOUNTING I 2010 TEST DIRECTIONS 1. Complete the information requested on the answer sheet. PRINT your name on the
Debits and Credits CHAPTER
3 CHAPTER Debits and Credits As you learned in the last chapter, accountants use the accounting equation to analyze a firm s transactions and determine the effects of those transactions on the firm s assets,
Statement of Change in Working Capital & Inflows/Outflows of Working Capital
HOSP 2110 (Management Acct) Learning Centre Statement of Change in Working Capital & Inflows/Outflows of Working Capital The statement of changes in working capital shows the net change in working capital
The Matching Concept and the Adjusting Process
The Matching Concept and the Adjusting Process o b j e c t i v e s After studying this chapter, you should be able to: 4 Explain how the matching concept relates to the accrual basis of accounting. Explain
Completing the Accounting Cycle
C H A P T E R 4 Completing the Accounting Cycle Financial Accounting 14e Warren Reeve Duchac human/istock/360/getty Images Flow of Accounting Information (slide 1 of 5) End-of-Period Spreadsheet (Work
Assessment Schedule 2013 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176)
NCEA Level 2 Accounting (91176) 2013 Page 1 of 7 Assessment Schedule 2013 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176) Evidence Part A Question One
SECTION 8.1 REVIEW QUESTIONS (page 275)
CHAPTER 8 Completing the Accounting Cycle SECTION 8.1 REVIEW QUESTIONS (page 275) 1. Year-end financial statements are superior to interim financial statements because all accounts are brought up to date,
Transaction Analysis SPOTLIGHT. 2 Chapter 40878 Page 53 09/25/07 jhr APPLE COMPUTER, INC.
2 Chapter 40878 9/25/07 3:18 PM Page 53 2 Transaction Analysis 2 Chapter 40878 Page 53 09/25/07 jhr SPOTLIGHT APPLE COMPUTER, INC. How do you manage your music library? You may use Apple Computer s itunes,
(a) (i) Marking Scheme: 1 mark for definition and 1 mark for example.
T A S M A N I A N Accounting C E R T I F I C A T E Subject Code ACC5C O F E D U C A T I O N Question 1 T A S M A N I A N Q U A L I F I C A T I O N S A U T H O R I T Y (a) (i) Marking Scheme: 1 mark for
Analyzing Business Transactions
Analyzing Business Transactions Chapter 2 www.southwest.com Rollin King and Herb Kelleher had a simple notion when they got into the airline business: If you get your passengers to their destinations when
The Basics of Accounting ACCT 201
The Basics of Accounting ACCT 201 Content Accounting definition Accounting equation Accounting elements Asset, Liabilities, & Equity Transactions Accounts Receivable vs Accounts Payable Retained Earnings
Statement of Cash Flows
HOSP 2110 (Management Acct) Learning Centre Statement of Cash Flows The Statement of Cash Flows (or cash flow statement) is one of the main financial statements used by investors. It shows the cash generated
The Accounting Equation & Transaction Analysis
HOSP 1860 (Financial Acct) Learning Centre The Accounting Equation & Transaction Analysis A business must always have a balance between what it owns and what it owes. This is shown by the basic accounting
Debits and Credits: Analyzing and Recording Business Transactions
63802_02_ch2_p039-076 2/26/09 11:30 AM Page 39 2 Debits and Credits: Analyzing and Recording Business Transactions DID YOU KNOW? In 2006 20% of sales came from Staples brands. The company plans to increase
SAMPLE QUESTION PAPER IN ACCOUNTANCY. Time: Three Hours Maximum Marks: 100
SAMPLE QUESTION PAPER IN ACCOUNTANCY Time: Three Hours Maximum Marks: 100 Note: The question paper is divided into two sections A and B. Attempt all questions of Section A and any one question of Section
CONTENTS. Kevin O Riordan 2000 ISBN 1841 31 3750. Folens Publishers, Hibernian Industrial Estate, Greenhills Road. Tallaght, Dublin 24.
CONTENTS Chapter 2: Double-Entry Book-keeping and the Trial Balance... 1 Chapter 3: Profit Measurement and Balance Sheet Preparation... 5 Chapter 4: Value Added Tax and Statutory Deductions... 8 Chapter
Chapter 4 Adjustments, Financial Statements, and the Quality of Earnings
Chapter 4 Adjustments, Financial Statements, and the Quality of Earnings ANSWERS TO QUESTIONS 1. Adjusting entries are made at the end of the accounting period to record all revenues and expenses that
Financial Statement Consolidation
Financial Statement Consolidation We will consolidate the previously completed worksheets in this financial plan. In order to complete this section of the plan, you must have already completed all of the
Module 3: Adjusting the accounts, preparing the statements, and completing the accounting cycle
Page 1 of 27 Module 3: Adjusting the accounts, preparing the statements, and completing the accounting cycle Overview In Module 2 you studied the fundamental steps in recording accounting information by
Review of Accounting Principles
Appendix A Review of Accounting Principles Appendix A is a review of basic accounting principles and procedures. Standard accounting procedures are based on the double-entry system. This means that each
SOLUTIONS. Learning Goal 5
Learning Goal 5: Prepare Adjusting Entries for s S1 Learning Goal 5 Multiple Choice 1. b To record the supplies used up. 2. d To record the amount of revenue earned as time passes. 3. d 4. d Debit an expense,
2 Transaction Analysis
29366_06_ch2_p053-110 12/12/07 5:50 PM Page 53 2 Transaction Analysis SPOTLIGHT A P P L E C O M P U T E R, I N C. How do you manage your music library? You may use Apple Computer s itunes, which along
How To Account For A Company
Institution: Great Bay Community College Course: Introduction to Accounting and Financial Reporting I, ACCT 113 Required Text: Fundamentals of Accounting Principles, Latest edition; Larson Packet Contents:
Objective Evidence. Unit of Measurement. Accounting Period Cycle. Business Entity. Going Concern. Adequate Disclosure. Matching Expenses with Revenue
Accounting Concept: A source document is prepared for each transaction Objective Evidence Accounting Concept: Business transactions are stated in numbers that have common values; that is, using a common