Homework Answers
Following is the answer for the questions (with required explanations) :
| a | Assets (Cash) Increased |
| Liabilities (Notes Payable) Increased | |
| b | Assets (Furniture) Increased |
| Assets (Cash) Decreased | |
| c | Assets (Supplies) Increased |
| Liabilities (Account Payable) Increased | |
| d | Owners' Equity (Reserves) Increased |
| Assets (Cash) Increased | |
| Note : Income needs to be credited in the statement of profit and loss, so it will have effect on Reserves in Balance Sheet. | |
| e | Owners' Equity (Reserves) Increased |
| Assets (Account Receivables) Increased | |
| Note : Income needs to be credited in the statement of profit and loss, so it will have effect on Reserves in Balance Sheet. | |
| f | Owners' Equity (Reserves) Decreased |
| Assets (Cash) Decreased | |
| Note : Expenses needs to be debited in the statement of profit and loss, so it will have effect on Reserves in Balance Sheet. | |
| g | Assets (Cash) Increased |
| Assets (Account Receivables) Decreased | |
| h | Liabilities (Account Payable) Decreased |
| Assets (Cash) Decreased | |
| i | Owners' Equity (Reserves) Decreased |
| Assets (Cash) Decreased | |
| Note : Expenses needs to be debited in the statement of profit and loss, so it will have effect on Reserves in Balance Sheet. | |
| j | Liabilities (Dividend Payable) Decreased |
| Assets (Cash) Decreased | |
| k | Liabilities (Notes Payable) Decreased |
| Assets (Cash) Decreased | |
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1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events...
1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events...
1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events for the APRIL Company. Example: Investors purchased common stock in APRIL for $1,000 cash. Answer: Assets (cash) increased Owners' equity (common stock) increased a. b. é osobis APRIL borrowed $6,400 from the bank on a note. APRIL purchased a desk and two chairs for $1,600 cash. APRIL purchased supplies on account for $700. APRIL provided services to others for $8,300 cash. APRIL provided services...
Determine which accounts increase and/or decrease for each of the transactions. 1B-6. (Similar to problem 1B-2)...
Determine which accounts increase and/or decrease for each of
the transactions.
1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events for the APRIL Company. Example: Investors purchased common stock in APRIL for $1,000 cash. Answer: Assets (cash) increased Owners' equity (common stock) increased APRIL borrowed $8,000 from the bank on a note. a. b. APRIL purchased a desk and two chairs for $1,500 cash. C. APRIL purchased supplies on account for $700. d....
I just need to fill out the chart for IB-7 but IB-6 is the information provided...
I just need to fill out the chart for IB-7 but IB-6 is the
information provided to solve IB-7
We were unable to transcribe this imageWe were unable to transcribe this image1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events for the APRIL Company. Example: Investors purchased common stock in APRIL for $1,000 cash. Answer: Assets (cash) increased Owners' equity (common stock) increased APRIL borrowed $8,000 from the bank on a note. a....
1B-8. LEAH Inc. purchases a parcel of land for $100,000. Sometime later a freeway is built...
1B-8. LEAH Inc. purchases a parcel of land for $100,000. Sometime later a freeway is built near the property. According to many experts the freeway increases the value of the land to $7,000,000. Required: 1. What would be the value of LEAH's property according to an accountant using US GAAP? 2. What would be the value of LEAH's property according to an accountant using mark-to-market? 1. Explain the difference between historical cost and current cost. 1B-6. (Similar to problem 1B-2)...
2B-3. (Similar to problem 2B-1) Show the journal entries for these transactions. a. Investors purchase common...
2B-3. (Similar to problem 2B-1) Show the journal entries for these transactions. a. Investors purchase common stock in a corporation for $64,000. b. The purchase of supplies for $8,000 cash. c. Providing $39,000 of services for $21,000 cash and $18,000 on account. d. Purchase of equipment for $18,000 on account e. Payment of employee salaries in the amount of $27,000 cash. f. Borrowing $39,000 from the bank on a note. g. Payment of $8,000 toward the equipment purchased in d....
2A-3. (Similar to problem 2A-1) Show the T-account entries for each of the following transactions: Investors...
2A-3. (Similar to problem 2A-1) Show the T-account entries for each of the following transactions: Investors purchase common stock in a corporation for $46,000. The purchase of supplies for $880. Providing services for $32,000 cash. Providing services for $36,000 on account. Payment of employee salaries in the amount of $16,000 cash. Purchased land for $33,000. The company paid a $14,000 down payment and signed a note for the remaining $19,000. Purchase of an advertisement for $1,400 cash Collection of $26,000...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
Required For each of the following independent events, identify the account that would be debited and...
Required For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example, Account Debited Cash Account Credited Common stock Event a. Received cash by issuing common stock b. Received cash for services to be performed in the future. c. Paid salaries payable. d. Provided services on account. e. Pald cash for operating expenses. 1. Purchased supplies on account. 9....
Exercise 156 Analyze the following transactions in terms of their effect on the basic accounting equation....
Exercise 156 Analyze the following transactions in terms of their effect on the basic accounting equation. (1) Issued stock to investors for $20,000 in cash. (2) Purchased supplies on credit for $700. (3) Billed customers $1,000 for services provided. (4) Paid for supplies purchased in transaction 2. (5) Paid dividends of $300 cash to stockholders. (6) Received half of amount due from customers billed in transaction 3. (7) Received and paid utility bill for $100. Record each transaction by increasing...
1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events for the APRIL Company. Example: Investors purchased common stock in APRIL for $1,000 cash. Answer: Assets (cash) increased Owners' equity (common stock) increased a. b. é osobis APRIL borrowed $6,400 from the bank on a note. APRIL purchased a desk and two chairs for $1,600 cash. APRIL purchased supplies on account for $700. APRIL provided services to others for $8,300 cash. APRIL provided services...
Determine which accounts increase and/or decrease for each of
the transactions.
1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events for the APRIL Company. Example: Investors purchased common stock in APRIL for $1,000 cash. Answer: Assets (cash) increased Owners' equity (common stock) increased APRIL borrowed $8,000 from the bank on a note. a. b. APRIL purchased a desk and two chairs for $1,500 cash. C. APRIL purchased supplies on account for $700. d....
I just need to fill out the chart for IB-7 but IB-6 is the
information provided to solve IB-7
We were unable to transcribe this imageWe were unable to transcribe this image1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events for the APRIL Company. Example: Investors purchased common stock in APRIL for $1,000 cash. Answer: Assets (cash) increased Owners' equity (common stock) increased APRIL borrowed $8,000 from the bank on a note. a....
1B-8. LEAH Inc. purchases a parcel of land for $100,000. Sometime later a freeway is built near the property. According to many experts the freeway increases the value of the land to $7,000,000. Required: 1. What would be the value of LEAH's property according to an accountant using US GAAP? 2. What would be the value of LEAH's property according to an accountant using mark-to-market? 1. Explain the difference between historical cost and current cost. 1B-6. (Similar to problem 1B-2)...
2B-3. (Similar to problem 2B-1) Show the journal entries for these transactions. a. Investors purchase common stock in a corporation for $64,000. b. The purchase of supplies for $8,000 cash. c. Providing $39,000 of services for $21,000 cash and $18,000 on account. d. Purchase of equipment for $18,000 on account e. Payment of employee salaries in the amount of $27,000 cash. f. Borrowing $39,000 from the bank on a note. g. Payment of $8,000 toward the equipment purchased in d....
2A-3. (Similar to problem 2A-1) Show the T-account entries for each of the following transactions: Investors purchase common stock in a corporation for $46,000. The purchase of supplies for $880. Providing services for $32,000 cash. Providing services for $36,000 on account. Payment of employee salaries in the amount of $16,000 cash. Purchased land for $33,000. The company paid a $14,000 down payment and signed a note for the remaining $19,000. Purchase of an advertisement for $1,400 cash Collection of $26,000...
Required For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example, Account Debited Cash Account Credited Common stock Event a. Received cash by issuing common stock b. Received cash for services to be performed in the future. c. Paid salaries payable. d. Provided services on account. e. Pald cash for operating expenses. 1. Purchased supplies on account. 9....
Exercise 156 Analyze the following transactions in terms of their effect on the basic accounting equation. (1) Issued stock to investors for $20,000 in cash. (2) Purchased supplies on credit for $700. (3) Billed customers $1,000 for services provided. (4) Paid for supplies purchased in transaction 2. (5) Paid dividends of $300 cash to stockholders. (6) Received half of amount due from customers billed in transaction 3. (7) Received and paid utility bill for $100. Record each transaction by increasing...
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