Account TitleCurrentNon-TangibleIntangibleAssetயாணிAsset1Account Receivable2.BuildingCash4Computer Equipment5.CopyrightsDelivery truckFurniture & FixturesStore Supplies9.Inventory10 Land11 Notes receivable12 Office supplies13Accrued income14 Prepaid insurance15 Prepaid rent

Asset: It can be defined as any resource or anything that is controlled and owned by the business.

Account Title Current Non- Tangible Intangible Asset current Asset Account Receivable 2. Building Cash 4. Computer Equipment Copyrights 6. Delivery truck Furniture & Fixtures 8. Store Supplies 6. Inventory 10 Land 11 Notes receivable 12 Office supplies 13 Accrued income 14 Prepaid insurance 15 Prepaid rent

Account Title Current Non- Tangible Intangible Asset current Asset Account Receivable 2. Building Cash 4. Computer Equipment Copyrights 6. Delivery truck Furniture & Fixtures 8. Store Supplies 6. Inventory 10 Land 11 Notes receivable 12 Office supplies 13 Accrued income 14 Prepaid insurance 15 Prepaid rent

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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Data table (Click on the icon in order to copy its contents into a spreadsheet.) Inventory Common stock Cash Operating expenses Short-term notes payable Interest expense Depreciation expense Sales Accounts receivable Accounts payable Long-term debt Cost of goods sold Buildings and equipment Accumulated depreciation Taxes General and administrative expense Retained earnings 6,470 45,070 16,570 1,380 600 870 540 12,740 9,560 4,750 54,860 5,710 122,330 33,960 1,400 870 ? I X
Cash $38,100; Short-term investments $4,100; Accounts receivable $48,500; Supplies $6,100; Long-term notes receivable $2,100; Equipment $96,500; Factory Building $181,000; Intangible assets $6,100; Accounts payable $29,900; Accrued liabilities payable $3,950; Short-term notes payable $14,200; Long-term notes payable $92,500; Common stock $181,000; Retained earnings $60,950. Prepare Total Assets Section
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Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
what the effect to asset, liability and owner's equity if the company purchases office equipment by cash
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CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling…