P 3-10LO4recorded amounts are correFrom Transactions to Financial StatementsSnow White started a laundry service, Shinny Laundry, on July 1, 2017. The following transactionsoccurred during the month of July.JulyJuly2 Shareholders invested NT$60,000 cash in the business in exchange for shares.4 Purchased washing machines for NT$36,000. Snow White paid NT$5,000 in cash andsigned a 60-day notes payable for the remaining balance.Paid NT$6,000 for office rent for the month.57Purchased NT$7,000 of supplies on account.Paid NT$1,000 to a local newspaper for advertising.Performed NT$80,000 of service on account.Received NT$30,000 cash for service provided.18Paid for supplies purchased on July 7.23Received cash payment of NT$50,000 for service provided on account on July 14.Paid NT$40,000 for employee salaries.2729 Paid NTS2,000 for utilities.31 Declared and paid cash dividends of NT$10,000.121416 US1.The Accounting Cycle: The Mechanics of Accounting2.3.Required:Show the effects of the previous transactions on the accounting equation using the followingformat. Include marginanalysis.explanations for any changesthe Retained Earnings account in yourPrepare a statement of comprehensive income for July.Prepare a balance sheet at July 31, 2017.Relationships of Account Items in the Trial BalanceMDChapter 3Mayday127FIYERUnits: NT cSHE

Accounting equation is one of the fundamental concept in accounting, which says that total assets…

1. The Accounting Cycle: The Mechanics of Accounting Required: Show the effects of the previous transactions on the accounting equation using the following format. Include margin explanations for any changes in the Retained Earnings account in your analysis. Prepare a statement of comprehensive income for July. Prepare a balance sheet at July 31, 2017. Relationships of Account Items in the Trial Balance 2. 3. Chapter 3 Units: NT

1. The Accounting Cycle: The Mechanics of Accounting Required: Show the effects of the previous transactions on the accounting equation using the following format. Include margin explanations for any changes in the Retained Earnings account in your analysis. Prepare a statement of comprehensive income for July. Prepare a balance sheet at July 31, 2017. Relationships of Account Items in the Trial Balance 2. 3. Chapter 3 Units: NT

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What is the Balance for December 31?
Q#17: Continue with Zeal Company above. Consider the $12 of interest income reported on the June bank statement as well as the following categories discussed in class for adjusting journal entries. Select the true statement below. (i) Accrued Revenue (ii) Adjustment of an existing deferred revenue (iii) Error Correcting. A. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (i) above. B. Zeal would make a June AJE: debit Interest Receivable $12 and credit Interest Income $12. Classification: (i) above. C. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (iii) above. D. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (ii) above. E. Zeal would make a June AJE: debit Interest Receivable $12 and credit Interest Income $12. Classification: (iii) above.
Subject- accounting
5. Which financial information is found in a company's annual report? A. Employee salaries B. Marketing strategies • C. Financial statements • D. All of the above
2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00
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10. LO 4.3 Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). A. March 1, paid interest due on note, $2,500 B. December 31, interest accrued on note payable, $4,250
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Comparing cash and accrual basis accounting and applying the revenue recognition principle and the matching principle Chet’s Catering completed the following selected transactions during May 2018: Requirements Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the following table. (Expenses should be shown in parentheses.) Also, indicate the dollar amount of the revenue or expense. The May 1 transaction has been completed as an example. After completing the table, calculate the amount of net income or net loss for Chef’s Catering under the accrual basis and cash basis accounting systems for May. Considering your results from Requirement 2, which method gives the best picture of the true earnings of Chef’s Catering? Why?
Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901. View transaction list Journal entry worksheet View general Journal
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Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts. Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June. General Journal Date Description Post Ref. Debit Credit June 3 Inventory 116 50,400 Accounts Payable 210 50,400 June 6 Accounts Receivable 111 17,400 Sales 410 17,400 Costs Of Goods Sold 510 12,000 Inventory 116 12,000 June 8 Notes Receivable 114 500 Bad Debt Expense 522 500 June 10 Cash 104 40,000 Salaries Payable 211 40,000 Cash 104 26,000 Office Salaries Expense…