Horngren's Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134642932
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 1, Problem P1.40APGA
Using the
Meg McKinney opened a public relations firm called Solid Gold on August 1,2018. The following amounts summarize her business on August 31,2018:
Learning Objective 4
Cash $13,600
During September 2018, the business completed the following transactions:
a. Meg McKinney contributed $17,000 cash in exchange for capital.
b. Performed service for a client and received cash of $800.
c. Paid off the beginning balance of accounts payable.
d. Purchased office supplies from OfficeMax on account, $1,200.
e. Collected cash from a customer on account, $2,000.
f. McKinney withdrew $1,600.
g. Consulted for a new band and billed the client for services rendered, $4,500.
h. Recorded the following business expenses for the month:
Paid office rent: $1,000.
Paid advertising: $500.
Analyze the effects of the transactions on the accounting equation of Solid Gold using the format presented in Exhibit 1-5.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
i hope you will can solve it quickly
Assume that you are going to start a Business after graduation. Describe 10 transactions that thebusiness might undertake by using your own idea with the following assumptions:• Started business with cash• Goods purchase for cash• Goods purchased on credit• Any asset purchased and paid cash• Any asset purchase on credit• Sold goods for cash• Sold goods on credit• Paid any bill• Paid salary to staff• Cash withdraw from business for personal useBased on your own 10 transactions, prepare:1. Accounting Equation2. Journal3. Ledger4. Trail Balance5. Financial statement
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Can you show me what the general ledgers would look like. I have them done just want to double check my work
Chapter 1 Solutions
Horngren's Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
Ch. 1 - Prob. 1QCCh. 1 - Which of the following is not an external user of...Ch. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the Learning Objective 5...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - A business purchases an acre of land for $5,000....Ch. 1 - What does the going concern assumption mean for a...Ch. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - What is the accounting equation? Briefly explain...Ch. 1 - What are two ways that equity increases? What are...Ch. 1 - How is net income calculated? Define revenues and...Ch. 1 - What are the steps used when analyzing a business...Ch. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for ROA? Explain what ROA...Ch. 1 - Prob. S1.1SECh. 1 - Determining organizations that govern accounting...Ch. 1 - Identifying types of business organizations...Ch. 1 - Prob. S1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. S1.6SECh. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Identifying accounts Learning Objective 3 Consider...Ch. 1 - Prob. S1.9SECh. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. S1.14SECh. 1 - Preparing the statement of cash flows Learning...Ch. 1 - Calculating ROA Learning Objective 6 Matured Water...Ch. 1 - Prob. E1.17ECh. 1 - Prob. E1.18ECh. 1 - 1. Accounting equation a. An economic resource...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-21 Using the accounting equation Learning...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-24 Using the accounting equation Learning...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Preparing the financial statements Learning...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Prob. E1.32ECh. 1 - Prob. E1.33ECh. 1 - Prob. E1.34ECh. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. E1.36ECh. 1 - Prob. E1.37ECh. 1 - Jan. 1 The owner contributed an additional $5,000...Ch. 1 - Calculating Return on Assets Learning Objective 6...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.41APGACh. 1 - P1-42A Preparing financial statements Learning...Ch. 1 - Preparing financial statements Learning Objective...Ch. 1 - Prob. P1.44APGACh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Preparing financial statements Presented here are...Ch. 1 - Prob. P1.50BPGBCh. 1 - Prob. P1.51BPGBCh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.54CTCh. 1 - P1-55 is the first problem in a continuing problem...Ch. 1 - Prob. 1.1TIATCCh. 1 - Decision Case 1-1 Let’s examine a case using...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1FCCh. 1 - Prob. 1.1FSC
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
- need correct answer with correct and complete working thanksarrow_forwardAnswer the followingarrow_forwardSubject: principle of accounting Question No 2 Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staff Cash withdraw from business for personal use Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1: Accounting Equation 2. Trail Balance 3. Financial statementarrow_forward
- Learning Objectives 4, 5: Journalize and post transactions; construct and use atrial balance) Olivia Matthews, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the first part of May 2018:May Received $12,000 cash from Matthews, and issued common stock to her.Paid monthly oce rent, $500.Paid cash for a desktop computer, $1,800, with the computer expected toremain in service for five years.Purchased oce furniture on account, $6,000, with the furniture projectedto last for five years.Purchased supplies on account, $900.Performed tax services for a client and received cash for the full amountof $600.Received bill and paid utility expenses, $750.Performed consulting services for a client on account, $3,100.2234591218Requirements1. Journalize the transactions for Olivia Matthews, Certified Public Accountant. Explanationsare not required.2. Post to the T-accounts. Key all items by date and determine the ending balance…arrow_forwardFinancial Statements Activity Title: Learning Target: Demonstrate an understanding in preparing financial statement. Differentiate income statement from balance sheet. Prepare income statements and balance sheet. 1. Acer Computer Services is owned by Pepito Manoloto. Prepare the Balance Sheet of the business. The following are provided as of December 31, 2017. Cash Php 40,000.00 Service Vehicle Accounts Payable 50,000.00 66,350.00 Furniture & fixtures 25, 200,⁰⁰ 28,500,00 Office Equipment Accounts Receivable Notes Payable 45,000,00 10,000.00 2. Looking Glass Photography is owned by Cymon Ken. Prepare the Income Statement of the business based on the following data provided as of December 31, 2017. Advertising Expense Php 5,000.00 Miscellaneous Expenses Rent Expense 999.00 17,525.00 Salaries Expense 20, 200,00 Supplies Expense 25,300.00 Utilities Expense 4,500.00 Service Income 95, 850.00⁰arrow_forward(Learning Objective 4: Account for accounts receivable) Perform the followingaccounting tasks for the receivables of Able and Bowman, a law firm, at December 31, 2018.Requirements1. Set up T-accounts for Cash, Accounts Receivable, and Service Revenue. Start with thebeginning balances as follows: Cash $28,000; Accounts Receivable $103,000; and ServiceRevenue $0. Post the following 2018 transactions to the T-accounts:a. Service revenue of $705,000, all on accountb. Collections on account, $713,0002. What are the ending balances of Cash, Accounts Receivable, and Service Revenue?arrow_forward
- (Learning Objective 4: Journalize transactions) After operating for several months,architect Donovan Freeman completed the following transactions during the latter part of July:Borrowed $64,000 from the bank, signing a note payable.Performed services on account for clients totaling $17,300.Received $16,000 cash on account from clients.Received and paid a utility bill of $1,800.Paid monthly salaries of $10,000 to employees.Jul 1522282931Journalize the transactions of Donovan Freeman, Architect. Include an explanation with eachjournal entry.arrow_forwardP1-64A. (Learning Objectives 2, 3, 4: Apply underlying accounting concepts; evaluatebusiness operations; construct a balance sheet) Brandon Hilton is a realtor. He organized hisbusiness as a corporation on June 16, 2019. The business received $65,000 cash from Hiltonand issued common stock. Consider the following facts as of June 30, 2019:a. Hilton has $15,000 in his personal bank account and $55,000 in the business bank account.b. Hilton owes $3,400 on a personal charge account at a local department store.c. Hilton acquired business furniture for $30,000 on June 24. Of this amount, the businessowes $16,000 on accounts payable at June 30.d. Office supplies on hand at the real estate office total $8,000.e. Hilton’s business owes $112,000 on a note payable for some land acquired for a totalprice of $165,000.f. Hilton’s business spent $20,000 for a Realty Universe franchise, which entitles him torepresent himself as an agent. Realty Universe is a national affiliation of independentreal…arrow_forwardP1-70B. (Learning Objectives 2, 3, 4: Apply underlying accounting concepts; evaluatebusiness operations; construct a balance sheet) Hudson Alvarez is a realtor. He organizedhis business as a corporation on June 16, 2019. The business received $75,000 from Alvarezand issued common stock. Consider these facts as of June 30, 2019.a. Alvarez has $17,000 in his personal bank account and $44,000 in the business bankaccount.b. Alvarez owes $6,500 on a personal charge account with a local department store.c. Alvarez acquired business furniture for $17,600 on June 24. Of this amount, the business owes $9,000 on accounts payable at June 30.d. Office supplies on hand at the real estate office total $4,000.e. Alvarez’s business owes $102,000 on a note payable for some land acquired for a totalprice of $162,000.f. Alvarez’s business spent $16,000 for a Realty Experience franchise, which entitles himto represent himself as an agent. Realty Experience is a national affiliation of independent real…arrow_forward
- Pass the necessary journal entry and post them to ledger accounts 2020 – Mr. X commenced business and have furnished the following-arrow_forwardSmart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution. Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30 Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1. Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30 Paid $400 cash for office supplies on December 4. Paid $400 cash for…arrow_forward(Learning Objective 4: Journalize and post transactions) Consultant Mary Gervaispurchased supplies on account for $4,300. Later Gervais paid $3,450 on account.1. Journalize the two transactions on the books of Mary Gervais, Consultant. Include anexplanation for each transaction.2. Open a T-account for Accounts Payable and post to Accounts Payable. Compute thebalance and denote it as Bal.3. How much does the business owe after both transactions? In which account does thisamount appear?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License