III. For each transaction listed below for 2022 and 2023: · Indicate the net effect of the transaction on: A (Assets), L (Liabilities), SE (Stockholders' Equity), and NI (Net Income). Use: + for increase, - for decrease, or 0 for no net effect. Support the above work with entries for transactions (without numbers). · Transactions: a) Collected customer's account (before had billed for services); no cash discount b) Bought equipment; gave down payment and long-term note for the rest c) Recorded depreciation on equipment d) Declared and paid dividends e) Issued company's own common stock at more than par value f) Sold merchandise on account (on credit) g) Recorded the cost of merchandise sold-use perpetual system h) Accrued estimated assurance warranty obligation i) Bought supplies on account (on credit) - used "real" (balance sheet) account j) Bought land by issuing own stock; included stockbroker fees k) Sold building at less than acquisition cost; received cash 1) Paid salaries: 1/4/23. Had accrued some salaries: 12/31/22. Fiscal year end: 12/31. m) Paid for previous credit purchase of merchandise after discount period n) Collected monies in advance for future services; used nominal (I/S) account A L SE NI

III. For each transaction listed below for 2022 and 2023: · Indicate the net effect of the transaction on: A (Assets), L (Liabilities), SE (Stockholders' Equity), and NI (Net Income). Use: + for increase, - for decrease, or 0 for no net effect. Support the above work with entries for transactions (without numbers). · Transactions: a) Collected customer's account (before had billed for services); no cash discount b) Bought equipment; gave down payment and long-term note for the rest c) Recorded depreciation on equipment d) Declared and paid dividends e) Issued company's own common stock at more than par value f) Sold merchandise on account (on credit) g) Recorded the cost of merchandise sold-use perpetual system h) Accrued estimated assurance warranty obligation i) Bought supplies on account (on credit) - used "real" (balance sheet) account j) Bought land by issuing own stock; included stockbroker fees k) Sold building at less than acquisition cost; received cash 1) Paid salaries: 1/4/23. Had accrued some salaries: 12/31/22. Fiscal year end: 12/31. m) Paid for previous credit purchase of merchandise after discount period n) Collected monies in advance for future services; used nominal (I/S) account A L SE NI

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Identify the missing information from the accounting equation. Signify increases as Incr. and decreases as Decr. In each box you have the options: -Assets -Credit -Debit -Decr. -Equity -Incr. -Liabilities -Owner, Withdrawals
For each transaction, indicate whether each account would be classified in the balance sheet as (a) an asset, (b) a liability, or (c) stockholders’ equity; in the income statement as (d) a revenue or (e) an expense; or in the statement of stockholders’ equity as (f) a dividend. Account Classifications Accounts Related Transactions 1. _________ Rent expense Cost of rent. 2. __________ Interest revenue Interest earned on savings account. 3. __________ Dividends Cash payments to stockholders. 4. __________ Land Land used for operations. 5. ___________ Accounts payable Amounts owed to suppliers.
Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner? Select one: O A. Service Revenue and Equipment O B. Common Stock and Sales Revenue OC. Utilities Expense and Notes Payable D. Dividends Payable and Rent Expense
Indicate in the space provided by each item whether it would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RE): a. Prepaid Rent g. --- Accounts Receivable b. Cash h. ----- Building C. --Dividends Common Stock d. Accounts Payable Patents е. Supplies Expense k. Service Revenue f. Salaries and Wages Payable Notes Payable
Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. а. Cash b. Prepaid Rent c. Office Supplies d. Prepaid Insurance e. Office Equipment f. Owner, Capital g. Accounts Payable h. Unearned Rent Revenue i. Owner, Withdrawals
Can someone help me the analysis of income summary. Answed the following questions: - The income summary account is normally seen during . . - What do the figures in the account represent? (debit and credit side) -Performance of the entity based on Income summary - Prepare a closing entry to close the Income summary account
"Identify each of the following accounts of Kaiser Services Co. as asset, liability, stockholders’ equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit:A.Accounts PayableB.Accounts ReceivableC.CashD.Common StockE.DividendsF.Fees EarnedG.Office EquipmentH.Rent ExpenseI.SuppliesJ.Wages Expense
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. 1. 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.
Post the transactions to t- account ( post entries in the order of information presented in the question cash, account receivable, equipment, account payable, common stock, service revenue, sales and wages expenses)
Determine whether the balance in each of the following accounts increases with a debit or a credit. A. Cash B. Common Stock C. Equipment D. Accounts Payable E. Fees Earned F. Electricity Expense
Kindly indicate the impact of each transaction on balance sheet items i.e., Assets, Liabilities and Owner’s Equity in Table 1 Given Below………………………………. Use the Following signs for each transaction under the relevant item + The item is increased due to the transaction. – The item is decreased due to the transaction. + /- One item is increased and another is decreased due to the transaction. Table 1 S. No Transaction Assets Liabilities Equity 1 Investment made by the owner 2 Equipment purchased on account 3 Office equipment purchased with cash 4 1. A bank loan was received in cash by the firm 5 Equipment Sold 6 More Equipment were purchased with Cash 7 The loan lent by the bank was repaid by the firm 8 Cash Withdrawals by the owner 9 Cash received from an account customer 10 Purchased Land, paid half in…
Identify the item that best completes each of the descriptions below. a. A(n) contains a record of decreases and increases in a specific revenue, expense, asset, liability, or equity. describes transactions entering an accounting system, such as a purchase order. b. A(n). c. The d. A(n) e. A list of all ledger accounts and identification numbers, not including account balances, is called a(n). is a record containing all accounts used by a company, including account balances. has a complete record of every transaction recorded. of accounts. general ledger Check