Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Textbook Question
Chapter 1, Problem 53PB
Analyze business transactions using the
- a. Xavier Bostic started the business by depositing $3,350 in a business checking account on November 1 in exchange for common stock.
- b. The company purchased a vacuum cleaner for $1,145 cash.
- c. The company borrowed $1,575 from the bank for the business by signing a note.
- d. The company provided services to clients and received $5,705 in cash.
- e. The company paid $535 of operating expenses.
- f. The company declared and made a distribution of $200 to the owner.
Requirements
- 1. Enter the transactions into the accounting equation.
- 2. What are the total assets of the company at November 30, 2012?
- 3. Prepare a statement of
cash flows for the month ended November 30, 2012. - 4. What was net income for the month ended November 30, 2012?
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Students have asked these similar questions
In order to produce a set of accounts for a business, the total sales and purchases must be known.
A business can often provide details of cash sales and purchases.
In order to find the total credit sales and credit purchases, control accounts can be used.
Elizabeth Berry provided the following information:
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During the year receipts from debtors amounted to £69,630.
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Windsor, Inc. had the following transactions.
1.
Borrowed $ 6,184 from the bank by signing a note.
2.
Paid $ 3,092 cash for a computer.
3.
Purchased $ 557 of supplies on account.
(a)
Indicate what accounts are increased and decreased by each transaction.
Debit Analysis
Account Names
Credit Analysis
Account Names
1.
select an effect on a basic account type
enter a debit account title to record the first transaction
select an effect on a basic account type
enter a credit account title to record the first transaction
2.
select an effect on a basic account type
enter a debit account title to record the second transaction
select an effect on a basic account type
enter a credit account title to record the second transaction
3.
select an effect on a basic account type
enter a debit account title to record the third transaction
select an effect on a basic…
Mr. Tristan Siy III established Siy Bookkeeping
Services and had the following transactions for the
month of February:
4
19
15
18
19
Received P35,000 cash from customers in
payment of their account.
Paid in cash and received an official receipt
20 from the supplier for payment of accounts,
21
28
28
Investment of P150,000 cash fund by Mr. Siy
into the business.
28
Received a Charge Invoice from a supplier for
the purchase of a desktop computer
amounting to P32,500. The computer is
estimated to be useful for five years and have
a salvage value of P2,500 thereafter.
Purchased supplies amounting to P18,000 in
cash.
Paid P6,000 insurance for six months.
Issued a Service Invoice for an amount of
P50,000 to a customer for services rendered
on account.
P20,000.
Rendered services to customers billed for
P30,000.
Cash payment of P15,000 for the salary of an
employee.
Mr. Siy withdrew P12,000 cash from the
business.
Paid the telephone bill for February
amounting to P3,000.
Chapter 1 Solutions
Financial Accounting
Ch. 1 - 1. What is the main purpose of a business? 2....Ch. 1 - Prob. 2YTCh. 1 - 1. What are the two sources of financing for a...Ch. 1 - 1. What are revenues and expenses? 2. What are the...Ch. 1 - 1. What are the two parts of shareholders equity?...Ch. 1 - Prob. 6YTCh. 1 - Prob. 7YTCh. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3Q
Ch. 1 - Prob. 4QCh. 1 - What are the advantages of the corporate form of...Ch. 1 - What are the disadvantages of the corporate form...Ch. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - What are the basic financial statements? Describe...Ch. 1 - What makes the income statement different from the...Ch. 1 - Prob. 11QCh. 1 - What type of activities relate to what the firm is...Ch. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Online Pharmacy Company borrowed 5,000 cash from...Ch. 1 - Prob. 7MCQCh. 1 - During its first year of business, West Company...Ch. 1 - Interest is the cost of a. purchasing inventory....Ch. 1 - Prob. 10MCQCh. 1 - Classify business transactions. (LO 2). For each...Ch. 1 - Identify balance sheet items. (LO 4). Classify the...Ch. 1 - Calculate owners equity. (LO 4). Doughnut Company...Ch. 1 - Prob. 4SEACh. 1 - Prob. 5SEACh. 1 - Calculate owners equity. (LO 4). Pasta Enterprises...Ch. 1 - Super Shop had a retained earnings balance of...Ch. 1 - Prob. 8SEBCh. 1 - Prob. 9SEBCh. 1 - Breck Company shows 80,000 worth of assets on its...Ch. 1 - Prob. 11SEBCh. 1 - For each of the following, calculate the missing...Ch. 1 - Prob. 13SEBCh. 1 - M Company had a retained earnings balance of 4,200...Ch. 1 - Prob. 15EACh. 1 - Analyze business transactions using the accounting...Ch. 1 - Prob. 17EACh. 1 - Prob. 18EACh. 1 - Enter each transaction below into the accounting...Ch. 1 - Prob. 20EACh. 1 - For each of the transactions given, tell whether...Ch. 1 - Prob. 22EACh. 1 - Enter each transaction into the accounting...Ch. 1 - Prob. 24EACh. 1 - Relationship between income statement and balance...Ch. 1 - Bob started a pool cleaning business on the first...Ch. 1 - Prob. 27EACh. 1 - Retained earnings and cash. (LO 4). Checkmate...Ch. 1 - Prob. 29EACh. 1 - Prob. 30EBCh. 1 - Prob. 31EBCh. 1 - Prob. 32EBCh. 1 - Prob. 33EBCh. 1 - Prob. 34EBCh. 1 - Classify business transactions. (LO 2). For each...Ch. 1 - Prob. 36EBCh. 1 - Prob. 37EBCh. 1 - Enter each transaction into the accounting...Ch. 1 - Prob. 39EBCh. 1 - Prob. 40EBCh. 1 - Frank Frock started a consulting business on the...Ch. 1 - Prob. 42EBCh. 1 - Prob. 43EBCh. 1 - Prob. 44EBCh. 1 - Prob. 45PACh. 1 - Prob. 46PACh. 1 - Prob. 47PACh. 1 - Analyze business transactions and the effect on...Ch. 1 - Prob. 49PACh. 1 - Analyze business transactions and prepare the...Ch. 1 - Prob. 51PACh. 1 - Prob. 52PBCh. 1 - Analyze business transactions using the accounting...Ch. 1 - Prob. 54PBCh. 1 - Prob. 55PBCh. 1 - Prob. 56PBCh. 1 - Prob. 57PBCh. 1 - Prob. 58PBCh. 1 - Prob. 1FSACh. 1 - Prob. 2FSACh. 1 - Prob. 3FSACh. 1 - What is the Walt Disney Companys key objective? Go...
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