College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 1, Problem 1PB
1.
To determine
Indicate the names of owner above the Capital and Drawing accounts.
2.
To determine
Record the figures in the given transactions for the respective accounts, and balance the figures after recording every transaction.
3.
To determine
Sum the balances of accounts to verify whether the balances on left side and on the right side in the
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On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:
a. Opened a business bank account with a deposit of $30,000 from personal funds.
b. Purchased office supplies on account, $3,010.
c. Paid creditor on account, $1,900.
d. Earned sales commissions, receiving cash, $30,690.
Joel Feliciano has started his own business, Property Appraisals. He inspects property
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assistant to answer the phone and to help with inspections. The transactions for the
month of September are as follows:
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Feliciano invested cash by making a deposit in a bank account for the business,
P150,000.
b.
Paid rent for the month, P3,000.
C. Bought a second-hand service vehicle for cash, P80,000.
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e.
Paid electricity bill, P500.
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g.
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Paid a one-year insurance premium on the service vehicle, P6,000.
Received cash from clients for service performed, P20,000.
Paid salaries to assistant for first half of the month, P2,000.
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m. Paid salaries to…
On July 1, 20Y7, Pat Glenn established Half
Moon Realty. Pat completed the following
transactions during the month of July:
A. Opened a business bank account with a
deposit of $20,000 from personal funds.
B.
C.
D.
E.
பட்
H.
Purchased office supplies on account,
$1,800.
Paid creditor on account, $1,350.
Earned sales commissions, receiving
cash, $40,000.
G. Paid automobile expenses (including
rental charge) for month, $3,050, and
miscellaneous expenses, $1,600.
Paid office salaries, $3,500.
Determined that the cost of supplies on
hand was $850; therefore, the cost of
supplies used was $950.
I.
Paid rent on office and equipment for the
month, $3,300.
Withdrew cash for personal use, $3,600.
Need Accounting equation grid
income statement
statement of owners equity
balance sheet
Chapter 1 Solutions
College Accounting (Book Only): A Career Approach
Ch. 1 - Prob. 1QYCh. 1 - Prob. 2QYCh. 1 - Which of the following accounts would increase...Ch. 1 - Which of the following statements is true? a....Ch. 1 - M. Parish purchased supplies on credit. What is...Ch. 1 - Define assets, liabilities, owners equity,...Ch. 1 - Prob. 2DQCh. 1 - How do Accounts Payable and Accounts Receivable...Ch. 1 - Describe two ways to increase owners equity and...Ch. 1 - What is the effect on the fundamental accounting...
Ch. 1 - When an owner withdraws cash or goods from the...Ch. 1 - Define chart of accounts and identify the...Ch. 1 - What account titles would you suggest for the...Ch. 1 - Prob. 1ECh. 1 - Determine the following amounts: a. The amount of...Ch. 1 - Dr. L. M. Patton is an ophthalmologist. As of...Ch. 1 - Describe a business transaction that will do the...Ch. 1 - Describe a transaction that resulted in each of...Ch. 1 - Label each of the following accounts as asset (A),...Ch. 1 - Describe a transaction that resulted in the...Ch. 1 - Describe the transactions that are recorded in the...Ch. 1 - On June 1 of this year, J. Larkin, Optometrist,...Ch. 1 - On July 1 of this year, R. Green established the...Ch. 1 - S. Davis, a graphic artist, opened a studio for...Ch. 1 - On March 1 of this year, B. Gervais established...Ch. 1 - In April, J. Rodriguez established an apartment...Ch. 1 - Prob. 1PBCh. 1 - In March, K. Haas, M.D., established the Haas...Ch. 1 - Prob. 3PBCh. 1 - In March, T. Carter established Carter Delivery...Ch. 1 - In October, A. Nguyen established an apartment...Ch. 1 - Why Does It Matter? MACS CUSTOM CATERING, Eugene,...Ch. 1 - What Would You Say? A friend of yours wants to...Ch. 1 - Prob. 3A
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