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The following are independent situations. a. A company orders and receives 10 personal computers for office use for which it signs a note promising to pay $20,000 within three months. b. A company purchases for $30,000 cash a new delivery truck that has a list (sticker") price of $33,000. c. A women's clothing retailer orders 30 new display stands for $390 each for future delivery. d. A new company is formed and issues 100 shares of stock for $14 per share to investors. e. A company purchases a piece of land for $59,000 cash. An appraiser for the buyer valued the land at $63,300. The owner of a local company uses a personal check to buy a $14,500 car for personal use. Answer from the company's point of view. g. A company borrows $6,500 from a local bank and signs a six-month note for the loan. h. A company pays $2,400 owed on its 10-year notes payable (ignore interest).

The following are independent situations. a. A company orders and receives 10 personal computers for office use for which it signs a note promising to pay $20,000 within three months. b. A company purchases for $30,000 cash a new delivery truck that has a list (sticker") price of $33,000. c. A women's clothing retailer orders 30 new display stands for $390 each for future delivery. d. A new company is formed and issues 100 shares of stock for $14 per share to investors. e. A company purchases a piece of land for $59,000 cash. An appraiser for the buyer valued the land at $63,300. The owner of a local company uses a personal check to buy a $14,500 car for personal use. Answer from the company's point of view. g. A company borrows $6,500 from a local bank and signs a six-month note for the loan. h. A company pays $2,400 owed on its 10-year notes payable (ignore interest).

FINANCIAL ACCOUNTING
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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The following are independent situations. a. A company orders and receives 10 personal computers for office use for which it signs a note promising to pay $20,000 within three months. b. A company purchases for $30,000 cash a new delivery truck that has a list ("sticker") price of $33,000. c. A women's clothing retailer orders 30 new display stands for $390 each for future delivery. d. A new company is formed and issues 100 shares of stock for $14 per share to investors. e. A company purchases a piece of land for $59,000 cash. An appraiser for the buyer valued the land at $63,300. The owner of a local company uses a personal check to buy a $14,500 car for personal use. Answer from the company's point of view. 9. A company borrows $6,500 from a local bank and signs a six-month note for the loan. h. A company pays $2,400 owed on its 10-year notes payable (ignore interest). Required: 1. Indicate titles of the appropriate accounts, if any, affected in each of the preceding events. 2-a. At what amount would you record the delivery truck in (b)? 2-b. At what amount would you record the piece of land in (e)? 2-c. What measurement principle are you applying? 3-a. What reasoning did you apply in (c) 3-b. For (7), what accounting concept did you apply? Complete this question by entering your answers in the tabs below. 32099 Reg 1 Reg 2A Reg 28 Reg 2C Indicate titles of the appropriate accounts, if any, affected in each of the preceding events. (If no entry is required for a transaction/event select "No transaction in the first account field.) Given (0)| (b) (c) (d) (e) ( (9) (h) Req 3A Received Req 38 Req 2A > Prev 1 of 17 Next >
Transcribed Image Text:The following are independent situations. a. A company orders and receives 10 personal computers for office use for which it signs a note promising to pay $20,000 within three months. b. A company purchases for $30,000 cash a new delivery truck that has a list ("sticker") price of $33,000. c. A women's clothing retailer orders 30 new display stands for $390 each for future delivery. d. A new company is formed and issues 100 shares of stock for $14 per share to investors. e. A company purchases a piece of land for $59,000 cash. An appraiser for the buyer valued the land at $63,300. The owner of a local company uses a personal check to buy a $14,500 car for personal use. Answer from the company's point of view. 9. A company borrows $6,500 from a local bank and signs a six-month note for the loan. h. A company pays $2,400 owed on its 10-year notes payable (ignore interest). Required: 1. Indicate titles of the appropriate accounts, if any, affected in each of the preceding events. 2-a. At what amount would you record the delivery truck in (b)? 2-b. At what amount would you record the piece of land in (e)? 2-c. What measurement principle are you applying? 3-a. What reasoning did you apply in (c) 3-b. For (7), what accounting concept did you apply? Complete this question by entering your answers in the tabs below. 32099 Reg 1 Reg 2A Reg 28 Reg 2C Indicate titles of the appropriate accounts, if any, affected in each of the preceding events. (If no entry is required for a transaction/event select "No transaction in the first account field.) Given (0)| (b) (c) (d) (e) ( (9) (h) Req 3A Received Req 38 Req 2A > Prev 1 of 17 Next >
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