Financial Accounting (5th Edition) (What's New in Accounting)
Financial Accounting (5th Edition) (What's New in Accounting)
5th Edition
ISBN: 9780134727790
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 1, Problem 13SE

Transaction analysis (Learning Objective 5) 5-10 min.

Presented here are nine transactions and the analysis used to account for them. Evaluate each of the suggested accounting treatments, and indicate whether it is true or false.

  1. 1. Received cash of $41,000 from the stockholders, who bought stock in the business

    Answer. Increase asset, increase stockholders' equity. ______ True ______ False

  2. 2. Paid $600 cash to purchase supplies

    Answer. Increase asset, increase stockholders' equity. ______ True ______ False

  3. 3. Earned service revenue on account, $1,200

    Answer. Increase asset, increase retained earnings. ______ True ______ False

  4. 4. Purchased office furniture on account at a cost of $450

    Answer. Increase asset, increase liability. _____ True _____ False

  5. 5. Received cash on account, $1,500

    Answer. Increase asset, decrease asset. _____ True _____ False

  6. 6. Paid cash on account, $175

    Answer. Increase asset, increase liability. _____ True _____ False

  7. 7. Sold land for $68,000 cash, which was the cost of the land.

    Answer Increase asset, decrease asset. _____ True _____ False

  8. 8. Performed services and received cash of $825

    Answer Increase asset, increase revenue. _____ True _____ False

  9. 9. Paid monthly office rent of $1,500

    Answer Decrease asset, increase stockholders' equity. _____ True _____ False

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Chapter 1 Solutions

Financial Accounting (5th Edition) (What's New in Accounting)

Ch. 1 - Prob. 1SCCh. 1 - Prob. 2SCCh. 1 - Which accounting principle specifically states...Ch. 1 - Wave Rider is famous for custom skateboards. At...Ch. 1 - Assume that Wave Rider sold skateboards to a...Ch. 1 - Assume that Wave Rider sold skateboards to another...Ch. 1 - Assume that Wave Rider paid expenses totaling...Ch. 1 - Consider the overall effects of the transactions...Ch. 1 - The balance sheet reports a. a businesss financial...Ch. 1 - The income statement reports a. a business's...Ch. 1 - Prob. 11SCCh. 1 - Prob. 12SCCh. 1 - Accounting principles (Learning Objective 4) 5-10...Ch. 1 - Accounting principles (Learning Objective 4) 5-10...Ch. 1 - Prob. 3SECh. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Prob. 5SECh. 1 - Prob. 6SECh. 1 - Prob. 7SECh. 1 - Entering transactions in the accounting equation...Ch. 1 - Prob. 9SECh. 1 - Prob. 10SECh. 1 - Entering transactions in the accounting equation...Ch. 1 - Transaction analysis (Learning Objective 5) 5-10...Ch. 1 - Transaction analysis (Learning Objective 5) 5-10...Ch. 1 - Prob. 14SECh. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Prob. 17AECh. 1 - Using the accounting equation to determine net...Ch. 1 - Transaction analysis (Learning Objective 5) 15-20...Ch. 1 - Types of business organizations and balance sheet...Ch. 1 - Types of accounts and income statement preparation...Ch. 1 - Using the accounting equation to determine net...Ch. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Prob. 24BECh. 1 - Prob. 25BECh. 1 - Prob. 26BECh. 1 - Transaction analysis (Learning Objective 5) 15-20...Ch. 1 - Prob. 28BECh. 1 - Prob. 29BECh. 1 - Prob. 30BECh. 1 - Transaction analysis and the calculation of net...Ch. 1 - Prob. 32APCh. 1 - A Preparing the income statement, statement of...Ch. 1 - Preparing the income statement and balance sheet;...Ch. 1 - Prob. 35APCh. 1 - Transaction analysis and the calculation of net...Ch. 1 - Prob. 37BPCh. 1 - Prob. 38BPCh. 1 - Preparing the income statement and balance sheet;...Ch. 1 - Prob. 40BPCh. 1 - Prob. 1CECh. 1 - This problem is the first problem in a sequence...Ch. 1 - Prob. 1CFSAPCh. 1 - Prob. 1EIACh. 1 - Prob. 2EIACh. 1 - Prob. 1FACh. 1 - Industry Analysis Purpose: To help you understand...Ch. 1 - Prob. 1SBACh. 1 - Prob. 1WC
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License