College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 1, Problem 7E
Describe a transaction that resulted in the following changes in accounts:
- a. Rent Expense is increased by $1,050, and Cash is decreased by $1,050.
- b. Advertising Expense is increased by $835, and Accounts Payable is increased by $835.
- c.
Accounts Receivable is increased by $372, and Service Income is increased by $372. - d. Cash is decreased by $410, and C. Tryon, Drawing, is increased by $410.
- e. Equipment is increased by $1,850, Cash is decreased by $850, and Accounts Payable is increased by $1,000.
- f. Cash is increased by $1,650, and Accounts Receivable is decreased by $1,650.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Ivanhoe Ltd. reported the following for the fiscal year 2021:
Sales
Cost of goods sold
Gross profit
Operating expenses
Depreciation expense
Gain on sale of land
Profit before income tax
Income tax expense
Profit
IVANHOE LTD.
Income Statement
Year Ended September 30, 2021
Additional information:
1.
2.
$ 100,000
25,000
(35,000 )
$574,000
329,000
245,000
90,000
155,000
38,750
$116,250
Accounts receivable decreased by $15.400 during the year.
Inventory increased by $6900 duri
Cash is increased by $1,650 and accounts receivable is decreased by $1,650
Barga Company's net sales for Year 1 and Year 2 are $665,000 and $743,000, respectively. Its year-end balances of accounts
receivable follow: Year 1, $57,000; and Year 2, $97,000.
a. Complete the below table to calculate the days' sales uncollected at the end of each year.
b. Did days' sales uncollected improve or worsen in Year 2 versus Year 1?
Complete this question by entering your answers in the tabs below.
Required A
Required B
Complete the below table to calculate the days' sales uncollected at the end of each year.
Note: Do not round intermediate calculations. Round your "Days" Sales Uncollected" answers to 1 decimal place.
Year 1:
Year 2:
Choose Numerator:
Days' Sales Uncollected
Choose Denominator:
X
Days
=
Days' Sales Uncollected
X
==
Days' sales uncollected
X
days
X
days
Required A
Required
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
Additional Business Textbook Solutions
Find more solutions based on key concepts
List five asset accounts, three liability accounts, and five expense accounts included in the acquisition and p...
Auditing and Assurance Services (16th Edition)
Plantwide and Departmental Overhead Allocation; Activity-Based Costing; Segmented Income Statements Koontz Comp...
Introduction To Managerial Accounting
Bank loan; accrued interest LO132 On October 1, Eder Fabrication borrowed 60 million and issued a nine-month, ...
Intermediate Accounting
Dave Nelson recently retired at age 48, courtesy of the numerous stock options he had been granted while presid...
Managerial Accounting: Creating Value in a Dynamic Business Environment
What are assets limited as to use and how do they differ from restricted assets?
Accounting for Governmental & Nonprofit Entities
For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash...
Principles of Accounting Volume 1
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 1. As a result of the changes in collection procedures, average accounts receivable balance will increase or (decrease) by a. (900,000) b. 90,000 c. 900,000 d. 32,400,000 2. To make the changes in collection procedures cost beneficial, the minimum savings in collection costs for the coming year should be a. 8,100 b. 81,000 c. 90,000 d. 900,000arrow_forwardI need help with using the direct method in E23.4. Plus, I'll add additional info in E23.3 to type. Accounts Receiv. decreased $360,000 during the year. Prepaid expenses increased $170,000 during the year. Accounts Pay. to suppliers of merchandise decreased $275,000 during the year. Accrued expenses payable decreased $100,000 during the year. Administrative expenses include Deprec. Exp. of $60,000.arrow_forwardBarga Company's net sales for Year 1 and Year 2 are $663,000 and $749,000, respectively. Its year-end balances of accounts receivable follow: Year 1, $61,000; and Year 2, $98,000. a. Complete the below table to calculate the days' sales uncollected at the end of each year. b. Did days' sales uncollected improve or worsen in Year 2 versus Year 1? Complete this question by entering your answers in the tabs below. Required A Required B Complete the below table to calculate the days' sales uncollected at the end of each year. Note: Do not round intermediate calculations. Round your "Days' Sales Uncollected" answers to 1 decimal place. Year 1: Year 2: Choose Numerator: Accounts receivable $ $ Days' Sales Uncollected 1 Choose Denominator: X /Net sales X 61,000 x 98,000 x 663,000/ $ 749,000/ $arrow_forward
- Rent Expense is increased by $1,050, and Cash is decreased by $1,050. Advertising Expense is increased by $835, and Accounts Payable is increased by $835. Accounts Receivable is increased by $372, and Service Income is increased by $372. Cash is decreased by $410, and C. Tryon, Drawing, is increased by $410. Equipment is increased by $1,850, Cash is decreased by $850, and Accounts Payable is increased by $1,000. Cash is increased by $1,650, and Accounts Receivable is decreased by $1,650.arrow_forwardSales reported on the income statement were $112,000. The accounts receivable balance decreased $10,500 over the year. Determine the amount of cash received from customers.arrow_forwardAt year-end, a trial balance showed total credits exceeding total debits by $6,050. This difference could have been caused by: Multiple Choice An error in the general journal where a $6,050 increase in Accounts Receivable was recorded an increase in Cash. A net income of $6,050. The belance of $60,500 in Accounts Payable being entered in the trial balance as $6,050. The balance of $6,820 in the Office Equipment account being entered on the trial balance as a debi: of $770. An error in the general journal where a $6,050 increase in Accounts Payable was recorded as a decrease in Accounts Payable.arrow_forward
- Barga Company's net sales for Year 1 and Year 2 are $666,000 and $747,000, respectively. Its year-end balances of accounts receivable follow: Year 1, $62,000; and Year 2, $95,000. a. Complete the below table to calculate the days' sales uncollected at the end of each year. b. Did days' sales uncollected improve or worsen in Year 2 versus Year 1? Complete this question by entering your answers In the tabs below. Required A Required B Complete the below table to calculate the days' sales uncollected at the end of each year. (Do not round intermediate calculations. Round your "Da Sales Uncollected" answers to 1 decimal place.) Days' Sales Uncollected Choose Denominator: Days Days' Sales Uncollected %3D Choose Numerator: Days' sales uncollected !! days Year 1: days Year 2: Required B >arrow_forwardIn June, Widgets, Inc. makes on account sales to Customs Motors of $800 and receives a payment of $500 from them. How would this affect the Accounts Receivable control account? O A. The AR total would be decreased by $300. O B. The AR total would be decreased by $500. O C. The AR total would be increased by $800. O D. The AR total would be increased by $300.arrow_forwardBleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet 'Debit Credit Debit Credit Cash 12,300 Accounts Receivable 25,000 Merchandise Inventory 16,000 Store Supplies 1,100 Office Supplies 600 Prepaid Insurance 1,500 Store Equipment 66,000 Accumulated Depreciation-Store Equipment 38,000 Office Equipment 18,000 Accumulated Depreciation-Office Equipment 10,000 Accounts Payable 22,300 Salaries Payable 400 Long-Term Notes Payable 36,000 Carlo Perez, Capital 50,600 Carlo Perez, Drawing 32,000 Income Summary 17,000 16,000 Sales 61,500 Sales Returns and Allowances 500 Purchases 23,000 700 Purchases Returns and Allowancesarrow_forward
- Changes in the company's balance sheet accounts over the year are summarized as follows: Accounts receivable decreased by $85,000. Accrued Interest Receivable increased by $15,000. Inventory decreased by $280,000. Accounts payable related to suppliers of merchandise decreased by $240,000. Short-term prepayments of operating expenses decreased by $18,000. Accrued liabilities for operating expenses increased by $35,000. Liability for accrued interest payable decreased by $16,000. Liability for accrued income taxes payable increased by $25,000.9. As an investment, $120,000 of marketable securities were purchased during the year. Marketable securities with a book value of $210,000 were sold. $250,000 was invested as a loan to another company. $190,000 of loan given before were collected. $3,800,000 of plant assets were purchased for cash. Plant assets with a book value of $360,000 were sold during the year. $740,000 were borrowed as notes payable (long term). $620,000 of notes payable…arrow_forwardWhat is a meaning of decrease in accounts receivable of $16,000 for the year ?arrow_forward4. Assume a business sold a total of $839,500 during the current year and its accounts receivable balance at the end of the year was $73,600. What is the number of days' sales in receivables?|arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY