Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 1, Problem 3E
Exercise 1-3A Identifying the reporting entities
Karen White helped organize a charity fund to help cover the medical expenses of her friend, Vicky Hill, who was seriously injured in a bicycle accident. The fund was named the Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public about Vicky’s predicament. The campaign resulted in the collection of $20,000 cash, and VHRF paid $12,000 to Mercy Hospital to cover Vicky’s outstanding hospital cost. The remaining $8,000 was donated to the National Cyclist Fund.
Required
Identify the entities mentioned in the scenario and explain what happened to the cash accounts of each entity you identify.
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Problem 3 - The American Cancer Society, a not for profit entity, had the following transactions; 1/1/20 Received a $50,000 donation for general operations, however the donor stipulated that the money could not be spent until after 6/30/20. 1/4/20 Received a $20,000 donation to specifically used to create anti smoking campaigns for teenagers. The donor also stipulated that the money could be spent until after 6/30/20. 8/1/20 Spent $50,000 of the 1/1/20 donation on general operations 9/1/20 Spent $20,000 of the 1/4/20 donation creating the anti smoking campaign Required; Prepare the journal entries for the above transactions. Remember to note whether the involved are restricted or unrestricted.
Karen White helped organize a charity fund to help cover the medical expenses of a friend of hers who was seriously injured in a
bicycle accident. The fund was named Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The
$1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public as to the need
for help. The campaign resulted in the collection of $20,000 cash. VHRF paid $12,000 to Mercy Hospital to cover Vicky's outstanding
hospital cost. The remaining $8,000 was contributed to the National Cyclist Fund.
Required
Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you
identify.
Entities Mentioned
Vicky Hill Recovery Fund
Karen White
WKUX
Public
Mercy Hospital
National Cyclist Fund
Increase
Decrease
Effect On Cash
for cash contributions, $21,000
for payment of advertising, $1,000
ayment for hospital bills, $12,000
or…
Karen White helped organize a charity fund to help cover the medical expenses of a friend of hers who was seriously injured in a
bicycle accident. The fund was named Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The
$1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public as to the need
for help. The campaign resulted in the collection of $20,000 cash. VHRF paid $12,000 to Mercy Hospital to cover Vicky's outstanding
hospital cost. The remaining $8,000 was contributed to the National Cyclist Fund.
Required
Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you
identify.
Entities Mentioned
Vicky Hill Recovery Fu
Karen White
Effect On Cash
for cash contributions, $21,000
for payment of advertising, $1,000
payment for hospital bills, $12,000
for donation to National Cyclist Fund, $8,000
by contribution, $1,000
Chapter 1 Solutions
Survey Of Accounting
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - 4. In a business context, what does the term...Ch. 1 - 5. What market trilogy components are involved in...Ch. 1 - 6. Give an example of a financial resource, a...Ch. 1 - Prob. 7QCh. 1 - 8. How do financial and managerial accounting...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - 12. Distinguish between elements of financial...Ch. 1 - Prob. 13QCh. 1 - 14. To whom do the assets of a business belong?Ch. 1 - 15. Describe the differences between creditors and...Ch. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - 19. What does a double-entry bookkeeping system...Ch. 1 - 22. How does acquiring capital from owners affect...Ch. 1 - Prob. 21QCh. 1 - Prob. 22QCh. 1 - 25. What are the three primary sources of assets?Ch. 1 - 26. What is the source of retained earnings?Ch. 1 - 27. How does distributing assets (paying...Ch. 1 - 28. What are the similarities and differences...Ch. 1 - Prob. 27QCh. 1 - 30. Which of the general-purpose financial...Ch. 1 - 31. What causes a net loss?Ch. 1 - 35. What three categories of cash receipts and...Ch. 1 - Prob. 31QCh. 1 - 37. Discuss the term articulation as it relates to...Ch. 1 - 38. How do temporary accounts differ from...Ch. 1 - Prob. 34QCh. 1 - 41. Identify the three types of accounting...Ch. 1 - Prob. 36QCh. 1 - Prob. 37QCh. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Exercise 1-3A Identifying the reporting entities...Ch. 1 - Exercise 1-4A Define Terms and Identify Missing...Ch. 1 - Exercise 1-5 Effect of events on the accounting...Ch. 1 - Exercise 1-6 Effect of transactions on general...Ch. 1 - Exercise 1-7 Missing information and recording...Ch. 1 - Prob. 8ECh. 1 - Exercise 1-9A Record events and interpret...Ch. 1 - Exercise 1-10 Interpreting the accounting equation...Ch. 1 - Prob. 11ECh. 1 - Exercise 1-12A Differences between interest and...Ch. 1 - Exercise 1-13A Classifying events as asset source,...Ch. 1 - Prob. 14ECh. 1 - Exercise 1-15 Preparing an income statement and a...Ch. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Riley Company paid 60,000 cash to purchase land...Ch. 1 - Prob. 21ECh. 1 - As of January 1, 2018, Room Designs, Inc. had a...Ch. 1 - As of December 31, 2018, Flowers Company had total...Ch. 1 - Prob. 24ECh. 1 - Critz Company was started on January 1, 2018....Ch. 1 - The Candle Shop experienced the following events...Ch. 1 - Prob. 27ECh. 1 - Prob. 28PCh. 1 - Prob. 29PCh. 1 - Match the terms (identified as a through r) with...Ch. 1 - Problem 1-30A Classifying events as asset source,...Ch. 1 - Problem 1-31A Relating titles and accounts to...Ch. 1 - Marks Consulting experienced the following...Ch. 1 - Prat Corp. started the 2018 accounting period with...Ch. 1 - Maben Company was started on January 1, 2018, and...Ch. 1 - Required Use the Target Corporations Form 10-K to...Ch. 1 - ATC 1-5 Writing Assignment Elements of financial...
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