13. Complete the chart below. Permanent/ Temporary Classification Statement Normal Account Balance Advertising Expense Fees Earned Cash J. Doe, Capital Accumulated Depreciation J. Doe, Drawing Notes Payable (due in 5 years) Unearned Revenue Accounts Receivable Office Salaries Expense Rent Revenue Land Store Supplies Expense Salaries Payable Sales Mortgage Payable Interest Expense Merchandise Inventory Depreciation Expense - Office Equipment Accounts Payable Sales Tax Payable 14. Prepare journal entries for the following transactions. a. Sold $5,000 in services for cash, Date Description Post. Debit Credit Ref.

13. Complete the chart below. Permanent/ Temporary Classification Statement Normal Account Balance Advertising Expense Fees Earned Cash J. Doe, Capital Accumulated Depreciation J. Doe, Drawing Notes Payable (due in 5 years) Unearned Revenue Accounts Receivable Office Salaries Expense Rent Revenue Land Store Supplies Expense Salaries Payable Sales Mortgage Payable Interest Expense Merchandise Inventory Depreciation Expense - Office Equipment Accounts Payable Sales Tax Payable 14. Prepare journal entries for the following transactions. a. Sold $5,000 in services for cash, Date Description Post. Debit Credit Ref.

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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You have been engaged to review the financial statements of Swifty Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a good job. You notice a number of irregularities as follows. 1. 2. 3. 4. Year-end wages payable of $3,590 were not recorded because the bookkeeper thought that "they were immaterial." Accrued vacation pay for the year of $29,600 was not recorded because the bookkeeper "never heard that you had to do it." Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $2.664 because the amount of the check is about the same every year" Reported sales revenue for the year is $2,178,300. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax is forwarded to the state's Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper thought that "the sales tax is a selling expense. At…
hh. Subject:- Accounting On December 31, the company purchases equipment for $10,000 and pays for the purchase in cash.Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
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Activity 1. Prepare an CFI/SCF Instruction: Show you solution in a sheet of paper with a complete report with proper heading using your own company name: Solve for the cash flow at the end of the quarter. Net Earnings Depreciation Decrease in account receivables Increase in accounts payable Increase in inventory Equipment Notes Payable 25,000.00 1,000.00 250.00 1,000.00 (5,000.00) (7,500.00) 1,000.00
ABC Company has the following T Account at the end of the year: Post to T-Acct (aka Ledger) Asset Cash Liability + C/ stock - Dividend + Acct Payable Commonstah Dividend Revenue 30,000 1,000 500 Common stah Dividend Service Revenue 30,000 480 Expense Rent expense 41000 500 15,000 4,000 5,000 15,000 480 Travel expense 1,000 Insurance expense 5,000
1. The balance sheet of Ysabel coffee shop for selected years is presented below: Cash Accounts Receivables, net Inventories Prepaid Rent Total Current Assets Equipment and Fixtures Less: Accumulated Depreciation Total Fixed Assets TOTAL ASSETS Accounts Payable Notes Payable Accruals Total Current Liabilities Long-term Debt Owner's Capital TOTAL LIABILITIES AND CAPITAL .Year 2 299,896 ? 500,009 44 Page 1,894,559 220,000 1.280,961 406,728 409,000 631,980 1,905,966 808,000 Year 1 219,000 aft 66,094 227,713 400,000 1,287,157 281,581 gibt sich seat 540,000 671,870 2,002,624 889,000 REQUIRED: a..Complete the balance sheet. b. Prepare a common-size balance sheet for each year. c. Prepare a trend analysis using Year 1 as a base. d. Discuss orally in front of the class, in what can you say about the coffee shop's performance based on your assessment. Individual presentation
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3. II 1. Show the impact (with amounts) of each of the following items on the horizontal C. equation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. Study guide - Chapter 5 (with solutions).docx iv. In the following year, an account worth $6,000 is determined to be uncollectible, what is the entry? V. A receivable for $3,500 that was previously written off is collected. What is the 2 step entry? Cash + Stockholders' Equity Assets = Liabilities Revenues Expenses Net Income Flow 2. Te
A credit records financial informati. A. January 22, purchased, an asset, merchandise inventory on account for $2,800. EA7. Prepare journal entries to record the following transactions. will increase and the other side will- the terms debit and credit representedi- by calculating the difference between ectively. Depending on the acc 1. January 22, purchased, an asset merchandise inventory on account for $2,800. B. February 10, paid creditor for part of January 22 purchase, $1,600 C. July 1, issued common stock for cash, $15,000 D. July 15, purchased supplies, on account, $1,800 E. July 25, billed customer for accounting services provided, $950 BAT. Prepare journal entries to record the following transactions.
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Accounts receivable Building and equipment Cash Interest receivable. Inventory Land Notes receivable (long-term) Prepaid rent Supplies Trademark Accounts payable Accumulated depreciation Additional paid-in capital Divide Dividends payable Common stock (at par) Income tax payable Notes payable (long-term) Retained earnings Deferred revenue. TOTALS Multiple Choice $792 million O $819 million $1,635 million Debit $846 million $ 666 938 54 38 38 26 26 170 What would Symphony report as total shareholders' equity? 474 26 12 59 $ 2,463 Credit $ 647 77 475 27 16 15 48 816 329 29 $ 2,463
The following selected transactions for Kingbird, Inc. are presented in journal form. Date May 5 12 15 5/12 5/15 5/5 Accounts Receivable 5/5 Service Revenue (Billed for services performed) 5/15 Account Titles and Explanation Cash Accounts Receivable (Received cash in payment of account) Ending Bal. Cash Service Revenue (Received cash for services performed) Ending Bal. Post the transactions to T-accounts. Make one T-account for each item and determine each account's ending balance. (Post entries in the order displayed in the problem.) Ending Bal. 2120 3000 5120 Cash 5080 Accounts Receivable 3680 Ref. Debit 5,080 5080 3000 Service Revenue 8080 2,120 5/12 3,000 J1 Credit 5,080 2,120 JUML 3,000 1590