Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets (A), liabilities (L), and owner's equity (OE)inserting "+" for increase, "-" for decrease, and "NE" for no effect in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a coALOEReceived cash from owner as an(a)additional investment(b)Purchased supplies on account(c)Paid rent for the current month(d)Received cash for services sold tocustomersReturned some defective supplies(e)purchased in (b)(f)Paid insurance premiums in advance(g)Paid cash to creditor for purchases in (b)(h)Charged customers for services sold onасcountPaid cash to a customer as a refund for(i)an overchargeReceived cash on account from customers(j)(k)Owner withdrew cash for personal use Recorded the cost of supplies used during(I)the year(m)Received invoice for electricity used(n)Paid wages(o)Purchased a truck for cash

Rules of Debit and Credit: Debit an increase in asset account, increase in expense account,…

Answered: Selected transactions completed by a…

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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I need to complete the balance sheet
how to make a journal entry with this information A. Supplies on hand at March 31 are $7,500. B. Insurance premiums expired during year are $1,800. C. Depreciation of equipment during year is $8,350. D. Depreciation of trucks during year is $6,200. E. Wages accrued but not paid at March 31 are $600.
Identify the letter for the principle or assumption from A through F in the blank space next to situation that it best explains or justifies: _________In December of this year, Chavez Landscaping received a customer’s order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year.
John purchased a truck to be used in the business for its market value or $35,000. Which fundamentals require John to record the truck at the price to buy it? A. Monetary unit assumption B. Revenue principle C. Historical cost principle D. Separate entity assumption
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Applying the matching principle Suppose on January 1, Andrew’s Tavern prepaid rent of $16,800 for the full year. On November 30, how much rent expense should be recorded for the period January 1 through November 30?
Executive Lawn provides $100 of landscape maintenance to Peterson Law on April 10. Consider three scenarios: a. Peterson pays for the lawn service in advance on March 28. b. Peterson pays for the lawn service on April 10, the day of service. c. Peterson pays for the lawn service the following month on May 2. If Executive Lawn uses accrual-basis accounting, on which date would Executive Lawn record the $100 revenue for each scenario?
Which of the following transactions is recorded in the revenue journal? a. sale of excess office equipment for cash b. rendering services for cash c. rendering services on account d. sale of excess office equipment on account
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Peterson Law asks Executive Lawn to provide $100 of landscape maintenance. Executive Lawn provides the service on April 10. Consider three scenarios:a. Peterson pays for the lawn service in advance on March 28.b. Peterson pays for the lawn service on April 10, the day of service.c. Peterson pays for the lawn service the following month on May 2. If Peterson Law uses accrual-basis accounting, on which date would Peterson Law record the $100 expense for each scenario?
Which of the following best describes an application of historical cost? A.Property is exchanged with another business for services received. B.Transactions are valued in terms of the currency of the business’ country. C.An owner uses their personal cheque account to buy milk at the grocery store. D.A transaction is recorded based on the dollars exchanged at the time of the transaction. E.A sales transaction is recorded from the customer sales order.
Income statement information for Einsworth Corporation follows: Sales $442,000 Cost of goods sold 150,280 Gross profit 291,720 Prepare a vertical analysis of the income statement for Einsworth Corporation. If required, round percentage answers to the nearest whole number. Einsworth Corporation Vertical Analysis of the Income Statement Amount Percentage Sales $442,000 % Cost of goods sold 150,280 % Gross profit $291,720 %

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