# BWeek One Exercise AssignmentBasic Accounting Equations1.docx

H

BWeek One Exercise Assignment Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. Amounts paid to a mall for rent. b. Amounts to be paid in 10 days to suppliers. c. A new fax machine purchased for office use. d. Land held as an investment. e. Amounts due from customers. f. Daily sales of merchandise sold. g. Promotional costs to publicize a concert. h. A long-term loan owed to Citizens Bank. i. The albums, tapes, and CDs held for sale to customers. 2. Basic journal entries The following transactions pertain to the Jennifer Royall Company: May 1 Jennifer Royall invested cash of \$25,000 and land valued at \$15,000 into the business. 5 Provided \$1,000 of services to Jason Ratchford, a client, on account. 9 Paid \$1,250 of salaries to an employee. 14 Acquired a new computer for \$4,200, on account. 20 Collected \$800 from Jason Ratchford for services provided on May 5. 24 Borrowed \$2,500 from BestBanc by securing a six-month loan. Prepare journal entries (and explanations) to record the preceding transactions and events. 3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX: Building \$40,000 Accounts receivable \$24,000 Cash 21,000 Loan payable 30,000 J. Preston, Capital 65,000 Land 21,000 Accounts payable ? Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4) 4. Basic transaction processing. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month: 1: Simmons invested \$32,000 into the business for \$32,000 in common stock. 2: Paid \$5,000 to acquire a used minivan. 3: Purchased \$1,800 of office furniture on account. 4: Performed \$2,100 of consulting services on account. 5: Paid \$300 of repair expenses. 6: Received \$800 from clients who were previously billed in item 4. 7: Paid \$500 on account to the supplier of office furniture in item 3. 8: Received a \$150 electric bill, to be paid next month. 9: Simmons withdrew \$800 from the business. 10: Received \$250 in cash from clients for consulting services rendered. Instructions a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5) b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items. c. Answer the following questions for Simmons. (1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? ( ...

1. Recognition of normal balances The following items appeared i.docx von
1. Recognition of normal balances The following items appeared i.docxmansonagnus
2 views10 Folien
Basic Accounting Equations1. Recognition of normal balance.docx von
Basic Accounting Equations1. Recognition of normal balance.docxgarnerangelika
2 views11 Folien
Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx von
Week One Exercise AssignmentBasic Accounting Equations1. Basic.docxalanfhall8953
7 views10 Folien
. Basic transaction processing. On November 1 of the current.docx von
. Basic transaction processing. On November 1 of the current.docxmarilynnhoare
4 views8 Folien
AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docx von
AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docxikirkton
7 views13 Folien
Acc2051 5 von
Acc2051 5courseprofessor
1.6K views10 Folien

## Similar a BWeek One Exercise AssignmentBasic Accounting Equations1.docx

Acc 205 week 4 exercise assignment liability new von
Acc 205 week 4 exercise assignment liability newENTIRE COURSES FINAL EXAM
152 views3 Folien
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx von
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docxikirkton
6 views28 Folien
chapters from 1 - 3.pdf von
chapters from 1 - 3.pdfrabieharoun1
62 views10 Folien
chapters from 1 - 3.doc von
chapters from 1 - 3.docrabieharoun1
179 views7 Folien
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx von
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docxmelbruce90096
2 views19 Folien
Selected transactions for L. Takemoto, an interior decorating firm, .docx von
Selected transactions for L. Takemoto, an interior decorating firm, .docxtcarolyn
28 views2 Folien

### Similar a BWeek One Exercise AssignmentBasic Accounting Equations1.docx(20)

AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx von ikirkton
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
ikirkton6 views
chapters from 1 - 3.doc von rabieharoun1
chapters from 1 - 3.doc
rabieharoun1179 views
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx von melbruce90096
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
melbruce900962 views
Selected transactions for L. Takemoto, an interior decorating firm, .docx von tcarolyn
Selected transactions for L. Takemoto, an interior decorating firm, .docx
tcarolyn28 views
Iransactions On June 1 of the current year- Chris Bates established a.docx von VictorXUQGloverl
Iransactions On June 1 of the current year- Chris Bates established a.docx
VictorXUQGloverl16 views
1. Recognition of concepts. Jim Armstrong operates a small compa.docx von mansonagnus
1. Recognition of concepts. Jim Armstrong operates a small compa.docx
mansonagnus3 views
Exercises1. Classification of activitiesClassify each of the.docx von SANSKAR20
Exercises1. Classification of activitiesClassify each of the.docx
SANSKAR2010 views
Exercise 4-7 (Algo) Record transactions and calculate financial statem.docx von david4410
Exercise 4-7 (Algo) Record transactions and calculate financial statem.docx
david44109 views
ACCT 220 Midterm Review Questions1. JOURNAL ENTRIESJournaliz.docx von annetnash8266
ACCT 220 Midterm Review Questions1. JOURNAL ENTRIESJournaliz.docx
annetnash82669 views
ACC 291 GUIDE T Introduction Education--acc291guide.com von agathachristie253
ACC 291 GUIDE T Introduction Education--acc291guide.com
Practice test 1 acct 201 von Shawn Bray
Practice test 1 acct 201
Shawn Bray1.5K views
Acc 205 Exceptional Education / snaptutorial.com von Davis136
Acc 205 Exceptional Education / snaptutorial.com
Davis13627 views
Acc 205 Exceptional Education - snaptutorial.com von DavisMurphyB23
Acc 205 Exceptional Education - snaptutorial.com
DavisMurphyB2333 views
Individual Assignment Week ThreeKimberly M JohnsonAc.docx von dirkrplav
Individual Assignment Week ThreeKimberly M JohnsonAc.docx
dirkrplav3 views
ACC 205 Education Specialist / snaptutorial.com von McdonaldRyan125
ACC 205 Education Specialist / snaptutorial.com
McdonaldRyan12526 views
NameNAMEDateEx1NAMEProblem 1Recognition of ConceptsTransactionCl.docx von rosemarybdodson23141
NameNAMEDateEx1NAMEProblem 1Recognition of ConceptsTransactionCl.docx
Acc 205 Education Organization / snaptutorial.com von Baileya116
Acc 205 Education Organization / snaptutorial.com
Baileya11620 views

## Más de humphrieskalyn

Evaluate the Strange Situation procedure used in the videos.  Wh.docx von
Evaluate the Strange Situation procedure used in the videos.  Wh.docxhumphrieskalyn
31 views1 Folie
Evaluate the ‘topic’ of your essay according to the following e.docx von
Evaluate the ‘topic’ of your essay according to the following e.docxhumphrieskalyn
14 views1 Folie
Evaluate the various tools techniques available to auditors .docx von
Evaluate the various tools techniques available to auditors .docxhumphrieskalyn
3 views1 Folie
Evaluate the various elements of thought and relate these elements o.docx von
Evaluate the various elements of thought and relate these elements o.docxhumphrieskalyn
4 views1 Folie
Evaluate the use of stand alone valuation methods that help determ.docx von
Evaluate the use of stand alone valuation methods that help determ.docxhumphrieskalyn
5 views1 Folie
Evaluate the situation presented below. Applying the recommendations.docx von
Evaluate the situation presented below. Applying the recommendations.docxhumphrieskalyn
3 views2 Folien

### Más de humphrieskalyn(20)

Evaluate the Strange Situation procedure used in the videos.  Wh.docx von humphrieskalyn
Evaluate the Strange Situation procedure used in the videos.  Wh.docx
humphrieskalyn31 views
Evaluate the ‘topic’ of your essay according to the following e.docx von humphrieskalyn
Evaluate the ‘topic’ of your essay according to the following e.docx
humphrieskalyn14 views
Evaluate the various tools techniques available to auditors .docx von humphrieskalyn
Evaluate the various tools techniques available to auditors .docx
humphrieskalyn3 views
Evaluate the various elements of thought and relate these elements o.docx von humphrieskalyn
Evaluate the various elements of thought and relate these elements o.docx
humphrieskalyn4 views
Evaluate the use of stand alone valuation methods that help determ.docx von humphrieskalyn
Evaluate the use of stand alone valuation methods that help determ.docx
humphrieskalyn5 views
Evaluate the situation presented below. Applying the recommendations.docx von humphrieskalyn
Evaluate the situation presented below. Applying the recommendations.docx
humphrieskalyn3 views
Evaluate the role of leadership on organizational behaviorProv.docx von humphrieskalyn
Evaluate the role of leadership on organizational behaviorProv.docx
humphrieskalyn4 views
Evaluate the role that PKI plays in cryptography.Ensure that you.docx von humphrieskalyn
Evaluate the role that PKI plays in cryptography.Ensure that you.docx
humphrieskalyn5 views
Evaluate the sites prior to purchase from a risk and compliance stan.docx von humphrieskalyn
Evaluate the sites prior to purchase from a risk and compliance stan.docx
humphrieskalyn3 views
Evaluate the responses of the motor carrier industry following the a.docx von humphrieskalyn
Evaluate the responses of the motor carrier industry following the a.docx
humphrieskalyn3 views
Evaluate the purpose of student performance standards and develo.docx von humphrieskalyn
Evaluate the purpose of student performance standards and develo.docx
humphrieskalyn3 views
Evaluate the role of a digital certificate in cryptography.  How doe.docx von humphrieskalyn
Evaluate the role of a digital certificate in cryptography.  How doe.docx
humphrieskalyn4 views
evaluate the overall importance of the National Labor Relation.docx von humphrieskalyn
evaluate the overall importance of the National Labor Relation.docx
humphrieskalyn4 views
Evaluate the questionnaire provided to measure the attitude of hospi.docx von humphrieskalyn
Evaluate the questionnaire provided to measure the attitude of hospi.docx
humphrieskalyn6 views
Evaluate the National disaster recovery effectiveness based on.docx von humphrieskalyn
Evaluate the National disaster recovery effectiveness based on.docx
humphrieskalyn4 views
Evaluate the merits of Piaget’s stage theory for explaining cognitiv.docx von humphrieskalyn
Evaluate the merits of Piaget’s stage theory for explaining cognitiv.docx
humphrieskalyn4 views
Evaluate the notion that white collar offenders are intrinsically di.docx von humphrieskalyn
Evaluate the notion that white collar offenders are intrinsically di.docx
humphrieskalyn8 views
Evaluate the National disaster recovery effectiveness based on case .docx von humphrieskalyn
Evaluate the National disaster recovery effectiveness based on case .docx
humphrieskalyn2 views
Evaluate the information and prepare little financial plan maxim.docx von humphrieskalyn
Evaluate the information and prepare little financial plan maxim.docx
humphrieskalyn3 views
Evaluate the integrated control theory model presented by Klein (198.docx von humphrieskalyn
Evaluate the integrated control theory model presented by Klein (198.docx
humphrieskalyn4 views

## Último

Class 10 English notes 23-24.pptx von
Class 10 English notes 23-24.pptxTARIQ KHAN
131 views53 Folien
Narration lesson plan.docx von
Narration lesson plan.docxTARIQ KHAN
112 views11 Folien
REPRESENTATION - GAUNTLET.pptx von
REPRESENTATION - GAUNTLET.pptxiammrhaywood
100 views26 Folien
Sociology KS5 von
Sociology KS5WestHatch
70 views23 Folien
MIXING OF PHARMACEUTICALS.pptx von
MIXING OF PHARMACEUTICALS.pptxAnupkumar Sharma
77 views35 Folien
2022 CAPE Merit List 2023 von
2022 CAPE Merit List 2023 Caribbean Examinations Council
5K views76 Folien

### Último(20)

Class 10 English notes 23-24.pptx von TARIQ KHAN
Class 10 English notes 23-24.pptx
TARIQ KHAN131 views
Narration lesson plan.docx von TARIQ KHAN
Narration lesson plan.docx
TARIQ KHAN112 views
REPRESENTATION - GAUNTLET.pptx von iammrhaywood
REPRESENTATION - GAUNTLET.pptx
iammrhaywood100 views
Sociology KS5 von WestHatch
Sociology KS5
WestHatch70 views
Scope of Biochemistry.pptx von shoba shoba
Scope of Biochemistry.pptx
shoba shoba133 views
Community-led Open Access Publishing webinar.pptx von Jisc
Community-led Open Access Publishing webinar.pptx
Jisc93 views
Create a Structure in VBNet.pptx von Breach_P
Create a Structure in VBNet.pptx
Breach_P75 views
Classification of crude drugs.pptx von GayatriPatra14
Classification of crude drugs.pptx
GayatriPatra1486 views
Education and Diversity.pptx von DrHafizKosar
Education and Diversity.pptx
DrHafizKosar173 views
EIT-Digital_Spohrer_AI_Intro 20231128 v1.pptx von ISSIP
EIT-Digital_Spohrer_AI_Intro 20231128 v1.pptx
ISSIP369 views
11.30.23 Poverty and Inequality in America.pptx von mary850239
11.30.23 Poverty and Inequality in America.pptx
mary850239160 views

### BWeek One Exercise AssignmentBasic Accounting Equations1.docx

• 1. BWeek One Exercise Assignment Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. Amounts paid to a mall for rent. b. Amounts to be paid in 10 days to suppliers. c. A new fax machine purchased for office use. d. Land held as an investment. e. Amounts due from customers. f. Daily sales of merchandise sold. g. Promotional costs to publicize a concert. h. A long-term loan owed to Citizens Bank. i. The albums, tapes, and CDs held for sale to customers. 2. Basic journal entries The following transactions pertain to the Jennifer Royall Company: May 1 Jennifer Royall invested cash of \$25,000 and land valued at \$15,000 into the business. 5 Provided \$1,000 of services to Jason Ratchford, a client, on account. 9 Paid \$1,250 of salaries to an employee.
• 2. 14 Acquired a new computer for \$4,200, on account. 20 Collected \$800 from Jason Ratchford for services provided on May 5. 24 Borrowed \$2,500 from BestBanc by securing a six-month loan. Prepare journal entries (and explanations) to record the preceding transactions and events. 3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX: Building \$40,000 Accounts receivable \$24,000 Cash 21,000 Loan payable 30,000 J. Preston, Capital 65,000 Land 21,000 Accounts payable ? Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4) 4. Basic transaction processing. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month: 1: Simmons invested \$32,000 into the business for \$32,000 in common stock. 2: Paid \$5,000 to acquire a used minivan. 3: Purchased \$1,800 of office furniture on account. 4: Performed \$2,100 of consulting services on account. 5: Paid \$300 of repair expenses. 6: Received \$800 from clients who were previously billed in item 4.
• 3. 7: Paid \$500 on account to the supplier of office furniture in item 3. 8: Received a \$150 electric bill, to be paid next month. 9: Simmons withdrew \$800 from the business. 10: Received \$250 in cash from clients for consulting services rendered. Instructions a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5) b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items. c. Answer the following questions for Simmons. (1) How much does the company owe to its creditors at month- end? On which financial statement(s) would this information be found? (2) Did the company have a “good” month from an accounting viewpoint? Briefly explain. 5. Transaction analysis and statement preparation. The transactions that follow relate to Burton Enterprises for March 20X1, the company’s first month of activity. 3/1 Joanne Burton, the owner, invested \$20,000 cash into the business. 3/4 Performed \$2,400 of services on account. 3/7 Acquired a small parcel of land by paying \$6,000 cash 3/12
• 4. Received \$500 from a client who was billed previously on March 4. 3/15 Paid \$200 to the Journal Herald for advertising expense. 3/18 Acquired 9,000 of equipment from Park Central Outfitters by Paying \$7,000 down and agreeing to remit the balance owed within two weeks (A/P). 3/22 Received \$300 cash from clients for services. 3/24 Paid \$1,500 on account to Park Central Outfitters in partial settlement of the balance due from the transaction on March 18. 3/28 Rented a car from United Car Rental for use on March 28. Total charges amounted to \$125, with United billing Burton for the amount due. 3/31 Paid \$600 for March wages 3/31 Processed a \$600 cash withdrawal (dividend) from the business for Joanne Burton Instructions a. Determine the impact of each of the preceding transactions on Burton’s assets, liabilities, and owner’s equity. See exhibit 1.5. Use the following format:
• 5. Assets = Liabilities + Owner’s Equity Cash, Accounts Receivable, Land, Equipment Accounts Payable (+)Common Stock (+) Revenues (-) Dividends (-) Expenses a. Record each transaction on a separate line. Calculate balances only after the last transaction has been recorded. b. Prepare an income statement, a statement of retained earnings, and a balance sheet, (See Exhibit 1.2, 1.3 and 1.4) 6. Entry and trial balance preparation. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31. Account number Account name Debit Credit 110 Cash \$ 2,700 120 Accounts Receivable 12,100 130 Equipment and Supplies 2,800 140 Studio 45,000 210
• 6. Accounts Payable \$2,600 310 Lee Adkins, Capital 57,400 320 Lee Adkins, Drawing 30,000 410 Professional Fee Revenue 39,000 510 Advertising Expense 2,300 520 Salaries Expense 2,100 540 Utilities Expense 2,000 \$99,000 \$99,000 The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June: 6/2 Collected \$3,000 on account from customers
• 7. 6/7 Sold 25% of the equipment and supplies to a young artist for \$700 cash 6/10 Received a \$300 invoice from the accountant for preparing last quarter's financial Statements. 6/15 Paid \$1,900 to creditors on account. 6/27 Adkins withdrew \$2,000 cash for personal use. 6/30 Billed a customer \$3,000 for a portrait painted this month. a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6) b. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4) c. Post the journal entries to the “T” accounts. d. Prepare a trial balance as of June 30. (See exhibit 2.9) 7. Journal entry preparation. On January 1 of the current year, Peter Houston invested \$80,000 cash into his company MuniServ. The cash was obtained from an owner investment by Peter Houston of \$50,000 and a \$30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land (\$10,000), a building (\$40,000), and vehicles (\$10,000). MuniServ paid \$45,000 at the time of the transaction and agreed to remit the remaining balance due of \$15,000 (an account payable) by February 15.
• 8. During January, the company had additional cash outlays for the following items: Purchases of store equipment \$4,600 Note payment 500 Salaries expense 2,300 Advertising expense 700 The January utility bill of \$200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to \$9,400. All customers have been billed; by month end, \$3,700 had been received in settlement of account balances. Instructions a. Present journal entries that reflect MuniServ's January transactions, including the \$80,000 raised from the owner investment and loan. (See exhibit 2.6) b. Compute the total debits, total credits, and ending balance that would be found in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4) c. Determine the amount that would be shown on the January 31 trial balance for Accounts Payable. Is the balance a debit or a credit?
Aktuelle SpracheEnglish
Español
Portugues
Français
Deutsche