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Chapter_02.pdf

Chapter_02.pdf

上传者: bluebreeze 2011-09-11 评分 0 0 0 0 0 0 暂无简介 简介 举报

简介:本文档为《Chapter_02pdf》,可适用于财会税务领域,主题内容包含ChapterAnalyzingandRecordingTransactionsQUICKSTUDIESQuickStudy(minutes)The符等。

ChapterAnalyzingandRecordingTransactionsQUICKSTUDIESQuickStudy(minutes)Thelikelysourcedocumentsinclude:bTelephonebillcSalesticketfInvoicefromsupplierhBankstatementQuickStudy(minutes)aIIncomestatementbEStatementofowner’sequitycBBalancesheetdBBalancesheeteBBalancesheetfIIncomestatementgBBalancesheethBBalancesheetiBBalancesheetQuickStudy(minutes)aDebitdDebitgCreditbDebiteDebithDebitcCreditfDebitiCreditQuickStudy(minutes)McGrawHillCompanies,SolutionsManual,ChapteraDebiteDebitiCreditbDebitfCreditjDebitcCreditgCreditkDebitdCredithDebitlCreditQuickStudy(minutes)aDebiteDebitiCreditbCreditfCreditjDebitcDebitgCreditdCredithCreditQuickStudy(minutes)JanCash,Equipment,DTyler,Capital,OwnerinvestscashandequipmentOfficeSuppliesAccountsPayablePurchasedofficesuppliesoncreditCash,LandscapingServicesRevenue,ReceivedcashforlandscapingservicesCash,UnearnedLandscapingServicesRevenue,ReceivedcashinadvanceforlandscapingservicesQuickStudy(minutes)ThecorrectansweriscExplanation:Ifa$,debittoRentExpenseisincorrectlypostedasacredit,theeffectistounderstatetheRentExpensedebitbalanceby$,ThiscausestheDebitcolumntotalonthetrialbalancetobe$,lessthantheCreditcolumntotalQuickStudy(minutes)aIeBiBbIfIjIMcGrawHillCompanies,FundamentalAccountingPrinciples,thEditioncIgBkEdBhBlBMcGrawHillCompanies,SolutionsManual,ChapterEXERCISESExercise(minutes)TypeofIncreaseNormalAccountAccount(DrorCr)BalanceaOwnerCapitalequitycreditcreditbAccountsReceivableassetdebitdebitcOwnerWithdrawalsequitydebitdebitdCashassetdebitdebiteEquipmentassetdebitdebitfFeesEarnedrevenuecreditcreditgWagesExpenseexpensedebitdebithUnearnedRevenueliabilitycreditcreditiAccountsPayableliabilitycreditcreditjPostageExpenseexpensedebitdebitkPrepaidInsuranceassetdebitdebitlLandassetdebitdebitExercise(minutes)aBeginningcashbalance(debit)$CashreceivedinOctober(debits),CashdisbursedinOctober(credits)(,)Endingcashbalance(debit)$,Beginningcashbalance(debit)$,bBeginningaccountsreceivable(debit)$,SalesonaccountinOctober(debits)CollectionsonaccountinOctober(credits)(,)Endingaccountsreceivable(debit)$,SalesonaccountinOctober(debits)$,cBeginningaccountspayable(credit)$,PurchasesonaccountinOctober(credits),PaymentsonaccountsinOctober(debits)()Endingaccountspayable(credit)$,PaymentsonaccountsinOctober(debits)$,McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)Thecompanywouldmakethefollowingentry(notrequiredforanswer):Cash,ComputerEquipment,NotePayable,ServicesRevenue,Acceptedcash,equipmentandnoteforservicesThus,oftheathroughfitemslisted,thefollowingeffectsshouldbeincluded:a$,increaseinaliabilityaccountb$,increaseintheCashaccounte$,increaseinarevenueaccountExplanation:Thistransactionreflects$,inrevenue,whichisthevalueoftheserviceprovidedPaymentisreceivedintheformofa$,increaseincash,an$,increaseincomputerequipment,anda$,increaseinitsliabilitiesThenetvaluereceivedbythecompanyis$,Exercise(minutes)AugCash,PhotographyEquipment,MHarris,Capital,OwnerinvestmentinbusinessPrepaidInsurance,Cash,AcquiredmonthsofinsurancecoverageOfficeSupplies,Cash,PurchasedofficesuppliesCash,PhotographyFeesEarned,CollectedphotographyfeesUtilitiesExpenseCashPaidforAugustutilitiesMcGrawHillCompanies,SolutionsManual,ChapterExercise(minutes)CashPhotographyEquipmentAug,Aug,Aug,,,MHarris,CapitalBalance,Aug,OfficeSuppliesPhotographyFeesEarnedAug,Aug,PrepaidInsuranceUtilitiesExpenseAug,AugSPECIALPICSTrialBalanceAugustDebitCreditCash$,Officesupplies,Prepaidinsurance,Photographyequipment,MHarris,Capital$,Photographyfeesearned,UtilitiesexpenseTotals$,$,McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)CashAccountsPayable(a),(b)(e),(c),(d),(e),Balance(h),(g)(i),Balance,SAmena,Capital(a),Balance,AccountsReceivableSAmena,Withdrawals(f),(h),(i),Balance,Balance,OfficeSuppliesFeesEarned(b)(d),Balance(f),Balance,OfficeEquipmentRentExpense(c),(g)Balance,BalanceExercise(minutes)AMENACOMPANYTrialBalanceMay,DebitCreditCash$,Accountsreceivable,OfficesuppliesOfficeequipment,Accountspayable$SAmena,Capital,SAmena,Withdrawals,Feesearned,RentexpenseTotals$,$,McGrawHillCompanies,SolutionsManual,ChapterExercise(minutes)Transactionsthatcreatedexpenses:bSalariesExpense,Cash,PaidsalaryofreceptionistdUtilitiesExpenseCashPaidutilitiesfortheofficeNote:Expensesareolowsorusingupofassets(orthecreationofliabilities)thatoccurintheprocessofprovidinggoodsorservicestocustomersTransactionsa,c,andearenotexpensesforthefollowingreasons:aThistransactiondecreasedassetsinsettlementofapreviouslyexistingliability,andequitydidnotchangeCashpaymentdoesnotmeanthesameasusingupofassets(expensewasrecordedwhenthesupplieswereused)cThistransactioninvolvesthepurchaseofanassetTheformofthecompany’sassetschanged,buttotalassetsdidnotchange,andtheequitydidnotdecreaseeThistransactionisadistributionofcashtotheownerEventhoughequitydecreased,thedecreasedidnotoccurintheprocessofprovidinggoodsorservicestocustomersMcGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)TECHTALKIncomeStatementForMonthEndedOctoberRevenuesConsultingfeesearned$,ExpensesSalariesexpense$,Rentexpense,TelephoneexpenseMiscellaneousexpensesTotalexpenses,Netincome$,Exercise(minutes)TECHTALKStatementofOwner’sEquityForMonthEndedOctoberDShabazz,Capital,October$Add:Investmentsbyowner,Netincome(fromExercise),,Less:Withdrawalsbyowner,DShabazz,Capital,October$,Exercise(minutes)TECHTALKBalanceSheetOctoberAssetsLiabilitiesCash$,Accountspayable$,Accountsreceivable,Officesupplies,EquityOfficeequipment,DShabazz,Capital,*Land,Totalassets$,Totalliabilitiesequity$,*ComputationshowninExerciseMcGrawHillCompanies,SolutionsManual,ChapterExercise(minutes)aAssetsLiabilities=EquityBeginningoftheyear$,$,=$,Endoftheyear,,=,Netincreaseinequity$,NetIncome$PlusownerinvestmentsLessownerwithdrawals()Changeinequity$,Therefore,incomemustequal$,bNetincome$PlusownerinvestmentsLessownerwithdrawals($moxmo)(,)Changeinequity$,Therefore,netincomemustequal($,$,)=$,cNetincome$Plusownerinvestments,Lessownerwithdrawals()Changeinequity$,Therefore,thenetlossmustequal($,$,)=$(,)dNetincome$Plusownerinvestments,Lessownerwithdrawals($moxmo)(,)Changeinequity$,Therefore,incomemustequal($,$,$,)=$,McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)(a)(b)(c)(d)Answers$(,)$,$,$(,)Computations:Equity,Dec,$$$$Ownerinvestments,,,,Ownerwithdrawals(,)(,)(,)(,)Netincome(loss),,(,)(,)Equity,Dec,$,$,$,$,Exercise(minutes)aBellecreatedanewbusinessandinvested$,cash,$,ofequipment,and$,inautomobilesbPaid$,cashinadvanceforinsurancecoveragecPaid$,cashforofficesuppliesdPurchased$ofofficesuppliesand$,ofequipmentoncrediteReceived$,cashfordeliveryservicesprovidedfPaid$,cashtowardsaccountspayablegPaid$cashforgasandoilexpensesExercise(minutes)aCash,Equipment,Automobiles,DBelle,Capital,OwnerinvestedinbusinessbPrepaidInsurance,Cash,PurchasedinsurancecoverageMcGrawHillCompanies,SolutionsManual,ChaptercOfficeSupplies,Cash,PurchasedsupplieswithcashdOfficeSuppliesEquipment,AccountsPayable,PurchasedsuppliesandequipmentoncrediteCash,DeliveryServicesRevenue,ReceivedcashfromcustomerfAccountsPayable,Cash,MadepaymentonpayablesgGasandOilExpenseCashPaidforgasandoilMcGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)Description()DifferencebetweenDebitandCreditColumns()ColumnwiththeLargerTotal()Identifyaccount(s)incorrectlystated()Amountthataccount(s)isoverstatedorunderstateda$,debittoRentExpenseispostedasa$,debit$creditRentExpenseRentExpenseisunderstatedby$b$,credittoCashispostedtwiceastwocreditstoCash$,creditCashCashisunderstatedby$,c$,debittotheWithdrawalsaccountisdebitedtoOwner’sCapital$––Owner,CapitalOwner,WithdrawalsOwner,Capitalisunderstatedby$,Owner,Withdrawalsisunderstatedby$,d$,debittoPrepaidInsuranceispostedasadebittoInsuranceExpense$––PrepaidInsuranceInsuranceExpensePrepaidInsuranceisunderstatedby$,InsuranceExpenseisoverstatedby$,e$,debittoMachineryispostedasadebittoAccountsPayable$––MachineryAccountsPayableMachineryisunderstatedby$,AccountsPayableisunderstatedby$,f$,credittoServicesRevenueispostedasa$credit$,debitServicesRevenueServicesRevenueisunderstatedby$,g$debittoStoreSuppliesisnotposted$creditStoreSuppliesStoreSuppliesisunderstatedby$McGrawHillCompanies,SolutionsManual,ChapterPROBLEMSETAProblemA(minutes)PartaCash,OfficeEquipment,DraftingEquipment,JLancet,Capital,OwnerinvestedcashandequipmentbLand,Cash,NotePayable,PurchasedlandwithcashandnotepayablecBuilding,Cash,PurchasedbuildingdPrepaidInsurance,Cash,PurchasedmonthinsurancepolicyeCash,EngineeringFeesEarned,Collectedcashforco

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