A B C D E F G H 1 J Question 1: Match the descriptions to the related terms below. Write the corresponding letter in the blank. 1. Requires companies to record all transactions that can be expressed in terms of money 2. Unearned revenues are this type of account 3. A business owned by one individual 4. Revenues, expenses, dividends, retained earnings and common stock are all this type of accou 5. This report proves that debits equal credits after posting is completed 6. This term indicates the buyer must pay the shipping charges 7. This account tracks the total amount of depreciation recorded since the asset was acquired 8. During the closing process, revenues are closed into this account 9. This inventory system updates inventory account for each inventory purchase and sale 10. Accounts receivable is this type of asset Accumulated depreciation Asset Balance sheet Current asset Depreciation expense Economic entity assumption FOB destination FOB shipping point Income statement Income summary K L M N O P Q R S T calculations. Longterm investment Monetary unit assumption Partnership Periodic Perpetual Property, plant and equipment Proprietorship Retained earnings Stockholders' equity Trial balance

A B C D E F G H 1 J Question 1: Match the descriptions to the related terms below. Write the corresponding letter in the blank. 1. Requires companies to record all transactions that can be expressed in terms of money 2. Unearned revenues are this type of account 3. A business owned by one individual 4. Revenues, expenses, dividends, retained earnings and common stock are all this type of accou 5. This report proves that debits equal credits after posting is completed 6. This term indicates the buyer must pay the shipping charges 7. This account tracks the total amount of depreciation recorded since the asset was acquired 8. During the closing process, revenues are closed into this account 9. This inventory system updates inventory account for each inventory purchase and sale 10. Accounts receivable is this type of asset Accumulated depreciation Asset Balance sheet Current asset Depreciation expense Economic entity assumption FOB destination FOB shipping point Income statement Income summary K L M N O P Q R S T calculations. Longterm investment Monetary unit assumption Partnership Periodic Perpetual Property, plant and equipment Proprietorship Retained earnings Stockholders' equity Trial balance

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.1KTQ: Read each definition below and write the number of the definition in the blank beside the...

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Required information [The following information applies to the questions displayed below) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…
Identify which type of major accounts will cover the following and in what type of organization will such be applicable. Write your answers on the blanks. 1. Property, plant, and equipment 2. Notes payable 3. Cash 4. Accounts payable 5. Accrued expenses 6. Salaries and benefits 7. Sales 8. Inventories 9. Service income 10. Rent 11. Retained earnings 12. Accounts receivable 13. Prepaid supplies 14. Notes receivable 15. Shareholders' equity
1.The chart of accounts is a listing of the accounts presently having balances in the general ledger. True or false? 2.. Revenue is the amount of money your business brings in by selling it's products or services to clients. True or false?
1. Please see the attached photo. 2. The chart of accounts is a listing of the accounts presently having balances in the general ledger. True or false? 3. Revenue is the amount of money your business brings in by selling it's products or services to clients.
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True or false Please see the attached photo.
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Problem #1: State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance. Accounts Receivable2. Commissions Earned3. Notes Payable4. Patricia Mayer, Capital5. Rent Revenue6. Wages Expense In addition, explain what each of these categories means for the financial statements by explaining their impact
action Analysis: Debit and Credit Rules Chap APPLY WHAT YOU HAVE LEARNED 2-1. Accounting equation. Use the following table to show the effects of transactions 1-10. Use+ or – and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and -. The transactions describe events for Copymaster Corporation, a photocopying business. Assets Liabilities 1. 000 Equity t 5060 2. 5. 6. 7. 8. 9. 10. 1. Shareholders invested $5,000 cash to begin the business. 2. Copymaster bought a copying machine for $1,500 cash. 3. Copymaster sold copies to customers for $500 cash. 4. Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month. bloe 5. Copymaster paid employees $600. 6. Copymaster bought supplies for $300. 7. Copymaster paid rent of $700. 8. Copymaster paid utilities of $200. 9. Copymaster bought office furniture for $500. 10.…
Hello, can you help me with questions 13,14 and 15 please, thanks!
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0. The journal in which invoices for services provided are recorded is the revenue journal0. ____ 1. The ledger which contains all of the financial statement accounts is called th 1. ____ 2. Each transaction in the cash receipts journal will have an amountentered in the debit column entitled2. ____ 3. Each subsidiary ledger is represented by a summarized account in thegeneral ledger, called a(n)3. ____ 4. The accounts in the accounts payable ledger have a normal balance of(debit or credit)4. ____ 5. E-commerce performs transactions over the 5. ____ 6. The special journal designed for recording sales on account is the 7. The special journal designed for recording cash receipts is the 6. ____ 8. The subsidiary ledger containing information on the amounts due from individual customers is the 7. ____ 9. Entries to adjust depreciation expense at…