Using Financial Accounting Information
10th Edition
ISBN: 9781337276337
Author: Porter, Gary A.
Publisher: Cengage Learning,
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Chapter 3, Problem 3.3.1AAP
To determine
Introduction: Each financial transaction or economic event will affect either assets, liabilities, or owners’ equity. Thus, the basis for recording the transaction in the accounting system depends on the
The Preparation of summary table showing the effect of each transaction on the accounting equation.
Expert Solution & Answer
Answer to Problem 3.3.1AAP
According to
Explanation of Solution
The table is prepared as follows:
| Assets = | Liabilities + | Stockholders’ equity | ||||||
| Date/Balance | Cash | Receivables | Supplies | Computer Equipment | Accounts payable | Notes payable | Capital Stock | |
| 3/2 | $20,000 | $20,000 | ||||||
| Bal. | $20,000 | $20,000 | ||||||
| 3/7 | $7,500 | $7,500 | ||||||
| Bal. | $27,500 | $7,500 | $20,000 | |||||
| 3/12 | $350 | $350 | ||||||
| Bal. | $27,500 | $350 | $350 | $7,500 | $20,000 | |||
| 3/19 | $2,000 | $2,000 | ||||||
| Bal. | $27,500 | $2,000 | $350 | $350 | $7,500 | $20,000 | $2,000 | |
| 3/20 | -$650 | -$650 | ||||||
| Bal. | $26,850 | $2,000 | $350 | $350 | $7,500 | $20,000 | $1,350 | |
| 3/22 | $500 | -$500 | ||||||
| Bal. | $27,350 | $1,500 | $350 | $350 | $7,500 | $20,000 | $1,350 | |
| 3/26 | $1,400 | $1,400 | ||||||
| Bal. | $28,750 | $1,500 | $350 | $350 | $7,500 | $20,000 | $2,750 | |
| 3/29 | -$4,000 | $4,000 | ||||||
| Bal. | $24,750 | $1,500 | $350 | $4,000 | $350 | $7,500 | $20,000 | $2,750 |
| 3/30 | -1,650 | -$1,650 | ||||||
| Bal. | $23,100 | $1,500 | $350 | $4,000 | $350 | $7,500 | $20,000 | $1,100 |
| 3/31 | $700 | -$700 | ||||||
| -$700 | -$700 | |||||||
| Bal. | $22,400 | $1,500 | $350 | $4,000 | $350 | $7,500 | $20,000 | $400 |
Total Assets = $28,250Total Liability and Capital = $28,250
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Debit
Credit
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rrent Attempt in Progress
n providing accounting services to small businesses, you encounter the following situations.
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Lily Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax
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Chapter 3 Solutions
Using Financial Accounting Information
Ch. 3 - Prob. 3.1ECh. 3 - Prob. 3.2ECh. 3 - Prob. 3.3ECh. 3 - Prob. 3.4ECh. 3 - Prob. 3.5ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10E
Ch. 3 - Prob. 3.11MCECh. 3 - Prob. 3.12MCECh. 3 - Prob. 3.13MCECh. 3 - Prob. 3.14MCECh. 3 - Prob. 3.15MCECh. 3 - Prob. 3.16MCECh. 3 - Prob. 3.17MCECh. 3 - Prob. 3.18MCECh. 3 - Prob. 3.1PCh. 3 - Prob. 3.2.1PCh. 3 - Prob. 3.2.2PCh. 3 - Prob. 3.2.3PCh. 3 - Prob. 3.2.4PCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.2PCh. 3 - Prob. 3.3.3PCh. 3 - Prob. 3.3.4PCh. 3 - Prob. 3.4PCh. 3 - Prob. 3.5.1MCPCh. 3 - Prob. 3.5.2MCPCh. 3 - Prob. 3.5.3MCPCh. 3 - Prob. 3.6.1MCPCh. 3 - Transaction Analysis and Financial Statements Blue...Ch. 3 - Prob. 3.6.3MCPCh. 3 - Prob. 3.6.4MCPCh. 3 - Prob. 3.7.1MCPCh. 3 - Prob. 3.7.2MCPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.8MCPCh. 3 - Prob. 3.9.1MCPCh. 3 - Problem 3-9 Transaction Analysis and Journal...Ch. 3 - Prob. 3.10.1MCPCh. 3 - Prob. 3.10.2MCPCh. 3 - Prob. 3.10.3MCPCh. 3 - Prob. 3.10.4MCPCh. 3 - Prob. 3.11MCPCh. 3 - Prob. 3.12.1MCPCh. 3 - Prob. 3.12.2MCPCh. 3 - Prob. 3.13.1MCPCh. 3 - Prob. 3.13.2MCPCh. 3 - Prob. 3.14.1MCPCh. 3 - Prob. 3.14.2MCPCh. 3 - Prob. 3.14.3MCPCh. 3 - Prob. 3.14.4MCPCh. 3 - Prob. 3.14.5MCPCh. 3 - Prob. 3.15.1MCPCh. 3 - Prob. 3.15.2MCPCh. 3 - Prob. 3.15.3MCPCh. 3 - Prob. 3.15.4MCPCh. 3 - Prob. 3.1AAPCh. 3 - Prob. 3.2.1AAPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.1AAPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.4AAPCh. 3 - Prob. 3.4AAPCh. 3 - Prob. 3.5.1AAMCPCh. 3 - Prob. 3.5.2AAMCPCh. 3 - Prob. 3.5.3AAMCPCh. 3 - Prob. 3.6.1AAMCPCh. 3 - Prob. 3.6.2AAMCPCh. 3 - Prob. 3.7.1AAMCPCh. 3 - Prob. 3.7.2AAMCPCh. 3 - Prob. 3.8AAMCPCh. 3 - Prob. 3.9.1AAMCPCh. 3 - Prob. 3.9.2AAMCPCh. 3 - Prob. 3.10.1AAMCPCh. 3 - Prob. 3.10.2AAMCPCh. 3 - Prob. 3.10.3AAMCPCh. 3 - Prob. 3.10.4AAMCPCh. 3 - Prob. 3.11AAMCPCh. 3 - Prob. 3.12.1AAMCPCh. 3 - Prob. 3.12.2AAMCPCh. 3 - Prob. 3.13.1AAMCPCh. 3 - Prob. 3.13.2AAMCPCh. 3 - Prob. 3.14.1AAMCPCh. 3 - Prob. 3.14.2AAMCPCh. 3 - Prob. 3.15.1AAMCPCh. 3 - Prob. 3.15.2AAMCP
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