Exercise 3-11BHomework Answers
| Part a | Cash Account | |||||
| Date | Particulars | Amount | Date | Particulars | Amount | |
| 1-Mar | Unearned Service Reveue | $ 90,000.00 | 31-Dec | Balance carried forward | $ 90,000.00 | |
| $ 90,000.00 | $ 90,000.00 | |||||
| Part b | ||||||
| Unearned Service Revenue | ||||||
| Date | Particulars | Amount | Date | Particulars | Amount | |
| 31-Dec | Service Revenue | $ 75,000.00 | 1-Mar | Cash | $ 90,000.00 | |
| (90000/12*10) | ||||||
| 31-Dec | Balance carried forward | $ 15,000.00 | ||||
| $ 90,000.00 | $ 90,000.00 | |||||
| Service Revenue | ||||||
| Date | Particulars | Amount | Date | Particulars | Amount | |
| 31-Dec | Balance carried forward | $ 75,000.00 | 31-Dec | Unearned Service Revenue | $ 75,000.00 | |
| $ 75,000.00 | $ 75,000.00 |
Part C
| Asset (cash) | = | Liab (unearned service Rev) | + | Equity (Service Rev) | ||
| $ 90,000.00 | = | $ 15,000.00 | + | $ 75,000.00 | ||
| Rev | - | Exp | = | Net Income | ||
| $ 75,000.00 | - | $ - | = | $ 75,000.00 | ||
| Cash Flow | ||||||
| Cash Flow From Operating Activites | $ 90,000.00 |
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Exercise 3-11B
W caps lock A S shift Z Х 193 The Double-Entry Accounting System d....
Exercise 3-10B James Jones received a $90,000 cash advance on March 1, Year 1. for legal...
Exercise 3-10B
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Exercise 3-18B.
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Exercise 3-17B
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on financial statements The following events apply to Lewis and Harper, a public accounting firm, for...
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Home insert Design Univers Copy Format Painter Br Edmonds_JFAB_16.CHOZ, Working Papers (1) - Compatibility Mode -...
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Exercise 3-9 Davos Company performed services on account for $160,000 in 2016. Davos collected $120,000 cash...
Exercise 3-9
Davos Company performed services on account for $160,000 in
2016. Davos collected $120,000 cash from accounts receivable during
2016, and the remaining $40,000 was collected in cash dur- ing
2017.
Required
a. Record the 2016 transactions in T-accounts. b. Record the
2016 transactions in a horizontal statements model like the
following one:
c. Determine the amount of revenue Davos would report on the
2016 income statement. d. Determine the amount of cash flow from
operating activities Davos would...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1,...
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Exercise 3-10B
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Exercise 3-18B.
shift Z 195 sh Flow The Double-Entry Accounting System Exercise 3-18B Recording events in T-accounts and preparing a trial balance LO 3-1, 3-3 The following events apply to Perry Carpet Cleaners in Year 1, its first year of operations: 1. Received $45,000 cash from the issue of common stock. 2. Earned $37,500 of service revenue on account. 3. Incurred $15,000 of operating expenses on account. 4. Received $30,000 cash for performing services. 5. Paid $12,000 cash to purchase...
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Exercise 3-17B
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on financial statements The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $70,000 of services for clients on account. 2. Performed $40,000 of services for cash. 3. Incurred $36,000 of other operating expenses on account. Page 103 4. Paid $10,000 cash to an employee for salary. 5. Collected $47,000 cash from accounts receivable. 6. Paid $16,000 cash on accounts payable. 7. Paid an $8,000 cash dividend to the stockholders....
Home insert Design Univers Copy Format Painter Br Edmonds_JFAB_16.CHOZ, Working Papers (1) - Compatibility Mode - Saved - Gecer, lado Layout References Mailings Review ww Help 1 A A A A E E 7 AaB Col. AaBbc AaBbc AaBbcc AaBbc Bbc ab X, * A-D-A- E 12- - Emphasis T Heading 1 Heading 2 Heading 3 T Heading 4 T Headings Styles Paragraph Font LO 2-1, 2-2,2-3, 2-4 Exercise 2-9B Effect of accounts receivable and accounts payable transactions on financial...
Exercise 3-9
Davos Company performed services on account for $160,000 in
2016. Davos collected $120,000 cash from accounts receivable during
2016, and the remaining $40,000 was collected in cash dur- ing
2017.
Required
a. Record the 2016 transactions in T-accounts. b. Record the
2016 transactions in a horizontal statements model like the
following one:
c. Determine the amount of revenue Davos would report on the
2016 income statement. d. Determine the amount of cash flow from
operating activities Davos would...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1, 2-3 Holloway Company eamed $4,900 of service revenue on account during Year 1. The company collected $4,165 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) a. The...
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