Homework Answers
1.d.asset, liability, owner's equity, income and expense accounts.
balance sheet accounts like assets , liabilities and equity accounts are stated first.
income summary accounts like income and expenses are stated later.
2.a. inventory.
Inventory is not subjected to depreciation.
Equipment, furniture and building are subjected to depreciation.
3.a. is recorded on your books with a normal transaction entry.
4.c.for the quarter ended June 30,20xx.
option A is suited for balance sheet.
option B is not used for any financial statement.
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2 hours. U Auswer Sheet. Allow approximately 1. A chart of accounts lists...
Exercise 2-3 Identifying a ledger and chart of accounts LO C3 Select the item that best...
Exercise 2-3 Identifying a ledger and chart of accounts LO C3 Select the item that best completes each of the descriptions below. eBook C a Increases and decreases in a specific asset. liability, equity revenue or expense are recorded in an b. A(n) such as a sales receipt is reable evidence of a transaction and its amount A of accounts is a list of all accounts a company uses not including account balances d Ant has a complete record of...
The 2018 comparative balance sheet and income statement of Allen Group, Inc. follow. Allen disposed of...
The 2018 comparative balance sheet and income statement of Allen
Group, Inc. follow. Allen disposed of a plant asset at book value
during 2018
.Prepare the spreadsheet for the 2018 statement of cash flows.
Format cash flows from operating activities by the indirect method.
A plant asset was disposed of for $0. The cost and accumulated
depreciation of the disposed asset was $ 12,600.
There were no sales of land, no retirement of common stock,
and no treasury stock transactions....
Quality Service Inc. has the following account balances in their Chart of accounts as at June...
Quality Service Inc. has the following account balances in their Chart of accounts as at June 1, 2018: o Cash - $138,000 o Accounts receivable - $0 o Land - $30,000 o Building - $0 • Supplies - $0 Salary expense - $0 Notes payable - $0 Accounts payable - $0 Quality, capital - $70,000 Service revenue - $98,000 Utilities - $0 The company also presented the following transactions for the month: June 1 Purchased supplies for $1000 on account...
Year 1 Transactions for Adomain Date January 1 Purchased a patent for $32,000 in cash March...
Year 1 Transactions for Adomain Date January 1 Purchased a patent for $32,000 in cash March 15 Paid $18.500 in cash for long-term assets April 1 Prepaid $36,000 for rent for the next 12 months and recorded the transaction as an asset. April 1 Issued 1000 common shares to investors for $60,000 April 1 Sold inventory on account for $120,000. The cost of the inventory was $16,000. Also, paid a sales commission on this sale of $10,000. April 5 Paid...
Give an example of a real account. Give an example of a nominal account. Why are...
Give an example of a real account. Give an example of a nominal account. Why are balance sheet accounts considered real and permanent? Why are income statement accounts considered nominal and temporary? Which account are dividends closed into? How would the proceeds received from the advance sale of nonrefundable tickets for a theatrical performance be reported in the seller’s financial statements before the performance? A. Revenue for the entire proceeds. B. Revenue to the extent of related costs expended. C....
QS 2-3 Reading a chart of accounts LO C3 A chart of accounts is a list...
QS 2-3 Reading a chart of accounts LO C3 A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R), or expense (E) account. a. Advertising Expense b. Bills Payable c. Buildings d. Commissions Earned ces e. Common Stock 1. Concessions Expense 9. Delivery Expense h. Equipment LFood Drink Expense
See the Chart of Accounts in exhibit 2 in the book. It lists 16 accounts. From...
See the Chart of Accounts in exhibit 2 in the book. It lists 16 accounts. From that chart of accounts, select an account, other than cash (try to pick one that has not been discussed yet). In the subject box of the discussion, put the account title you selected. Answer the following questions: 1. Assets, Liabilities, Owner's Equity, Revenues, and Expenses are the five categories (account types) that an account can be classified as. Which category is the account you...
JUUSTIVE See the Chart of Accounts in exhibit 2 in the book. It lists 16 accounts....
JUUSTIVE See the Chart of Accounts in exhibit 2 in the book. It lists 16 accounts. From that chart of accounts, select an account, other than cash (try to pick one that has not been discussed yet). In the subject box of the discussion, put the account title you selected. Answer the following questions: 1. Assets, Liabilities, Owner's Equity, Revenues, and Expenses are the five categories (account types) that an account can be classified as. Which category is the account...
1-7. Which of the following statements about the trail balance is NOT true? Debit balances must...
1-7. Which of the following statements about the trail balance is NOT true? Debit balances must equal credit balances It includes only assets, liability and equity accounts c) It is useful for detecting errors it is an important step in the accounting cycle. 1-B. An example of a contra asset account is a) Accumulated depreciation b) Depreciation expense e) Discount on Bonds Payable. d) Prepaid expenses 1-9. Which of the following would cause the trial balance to be out of...
Year 1 Transactions for Adomain Transaction # Date Event 1 January 1 Purchased a patent for...
Year 1 Transactions for Adomain
Transaction #
Date
Event
1
January
1
Purchased a patent for $32,000 in cash
2
March
15
Paid $18,500 in cash for long-term assets
3
April
1
Prepaid
$36,000 for rent for the next 12 months and recorded the
transaction as an asset.
4
April
1
Issued
1000 common shares to investors for $60,000
5
April
1
Sold inventory
on account for $120,000 (a). The cost of the inventory was $16,000
(b). Also, paid a...
Exercise 2-3 Identifying a ledger and chart of accounts LO C3 Select the item that best completes each of the descriptions below. eBook C a Increases and decreases in a specific asset. liability, equity revenue or expense are recorded in an b. A(n) such as a sales receipt is reable evidence of a transaction and its amount A of accounts is a list of all accounts a company uses not including account balances d Ant has a complete record of...
The 2018 comparative balance sheet and income statement of Allen
Group, Inc. follow. Allen disposed of a plant asset at book value
during 2018
.Prepare the spreadsheet for the 2018 statement of cash flows.
Format cash flows from operating activities by the indirect method.
A plant asset was disposed of for $0. The cost and accumulated
depreciation of the disposed asset was $ 12,600.
There were no sales of land, no retirement of common stock,
and no treasury stock transactions....
Quality Service Inc. has the following account balances in their Chart of accounts as at June 1, 2018: o Cash - $138,000 o Accounts receivable - $0 o Land - $30,000 o Building - $0 • Supplies - $0 Salary expense - $0 Notes payable - $0 Accounts payable - $0 Quality, capital - $70,000 Service revenue - $98,000 Utilities - $0 The company also presented the following transactions for the month: June 1 Purchased supplies for $1000 on account...
Year 1 Transactions for Adomain Date January 1 Purchased a patent for $32,000 in cash March 15 Paid $18.500 in cash for long-term assets April 1 Prepaid $36,000 for rent for the next 12 months and recorded the transaction as an asset. April 1 Issued 1000 common shares to investors for $60,000 April 1 Sold inventory on account for $120,000. The cost of the inventory was $16,000. Also, paid a sales commission on this sale of $10,000. April 5 Paid...
QS 2-3 Reading a chart of accounts LO C3 A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R), or expense (E) account. a. Advertising Expense b. Bills Payable c. Buildings d. Commissions Earned ces e. Common Stock 1. Concessions Expense 9. Delivery Expense h. Equipment LFood Drink Expense
JUUSTIVE See the Chart of Accounts in exhibit 2 in the book. It lists 16 accounts. From that chart of accounts, select an account, other than cash (try to pick one that has not been discussed yet). In the subject box of the discussion, put the account title you selected. Answer the following questions: 1. Assets, Liabilities, Owner's Equity, Revenues, and Expenses are the five categories (account types) that an account can be classified as. Which category is the account...
1-7. Which of the following statements about the trail balance is NOT true? Debit balances must equal credit balances It includes only assets, liability and equity accounts c) It is useful for detecting errors it is an important step in the accounting cycle. 1-B. An example of a contra asset account is a) Accumulated depreciation b) Depreciation expense e) Discount on Bonds Payable. d) Prepaid expenses 1-9. Which of the following would cause the trial balance to be out of...
Year 1 Transactions for Adomain
Transaction #
Date
Event
1
January
1
Purchased a patent for $32,000 in cash
2
March
15
Paid $18,500 in cash for long-term assets
3
April
1
Prepaid
$36,000 for rent for the next 12 months and recorded the
transaction as an asset.
4
April
1
Issued
1000 common shares to investors for $60,000
5
April
1
Sold inventory
on account for $120,000 (a). The cost of the inventory was $16,000
(b). Also, paid a...
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