Homework Answers
a.
(Note- The amount due is transferred from cash to accounts receivable )
b. Recognition of the NSF check on Han's books is an asset exchange transaction as only two accounts (i.e. Cash and accounts receivable) are affected and the total of assets remain unchanged.
c. 
d. $270 are referenced as asset Exchange while the additional $20 are referenced as asset source as it is earning from operations (Revenue).
e. 
(Note- The $20 service fee is recorded as miscllaneous income)
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Exercise 6-7A Treatment of NSF check Han's Supplies' bank statement contained a $270 NSF check that...
Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written...
Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written to pay for supplies purchased. Required a. Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal statements model like the following one: (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NA to indicate the element is not affected by...
1 Han's Supplies' bank statement contained a $270 NSF check that one of its customers had...
1 Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written to pay for supplies purchased. Required a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check, (c) Customer redeems the check by giving Hans $290 cash in exchange for the bad check. The additional $ was a service fee charged by Hans. In the Cash Flow column, use OA...
Han's Supplies' bank statement contained a $410 NSF check that one of its customers had written...
Han's Supplies' bank statement contained a $410 NSF check that one of its customers had written to pay for supplies purchased. Required a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check. (c) Customer redeems the check by giving Hans $430 cash in exchange for the bad check. The additional $20 was a service fee charged by Hans. In the Cash Flow column, use OA to...
Han's Supplies' bank statement contained a $440 NSF check that one of its customers had written...
Han's Supplies' bank statement contained a $440 NSF check that one of its customers had written to pay for supplies purchased. Required a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check, (c) Customer redeems the check by giving Hans $460 cash in exchange for the bad check. The additional $20 was a service fee charged by Hans. In the Cash Flow column, use OA to...
Check my work Han's Supplies' bank statement contained a $270 NSF check that one of its...
Check my work Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written to pay for supplies purchased. Required a. Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal statements model like the following one: (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NA to indicate the element is...
Han’s Supplies’ bank statement contained a $260 NSF check that one of its customers had written...
Han’s Supplies’ bank statement contained a $260 NSF check that one of its customers had written to pay for supplies purchased. Required a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check, (c) Customer redeems the check by giving Hans $280 cash in exchange for the bad check. The additional $20 was a service fee charged by Hans. In the Cash Flow column, use OA to...
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty...
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund disclosed $13 in currency and coins, vouchers authoriz- ing meal allowances totaling $120, vouchers authorizing purchase of postage stamps of $21, and vouchers for payment of delivery charges of $93. Required a. Prepare all general journal entries...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balan...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balance accounting events apply to Parks Co. for the year 2011 ations when the business acquired $20,000 cash from the issue of common stock 2. Performed services and collected cash of $1,000. . Collected $4,500 of cash in advance for services to be provided over the next 12 months...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1 Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Used to Decrease This Account Used to Increase This Account Account Titles Credit Debit Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts Payable...
Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written to pay for supplies purchased. Required a. Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal statements model like the following one: (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NA to indicate the element is not affected by...
1 Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written to pay for supplies purchased. Required a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check, (c) Customer redeems the check by giving Hans $290 cash in exchange for the bad check. The additional $ was a service fee charged by Hans. In the Cash Flow column, use OA...
Han's Supplies' bank statement contained a $410 NSF check that one of its customers had written to pay for supplies purchased. Required a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check. (c) Customer redeems the check by giving Hans $430 cash in exchange for the bad check. The additional $20 was a service fee charged by Hans. In the Cash Flow column, use OA to...
Han's Supplies' bank statement contained a $440 NSF check that one of its customers had written to pay for supplies purchased. Required a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check, (c) Customer redeems the check by giving Hans $460 cash in exchange for the bad check. The additional $20 was a service fee charged by Hans. In the Cash Flow column, use OA to...
Check my work Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written to pay for supplies purchased. Required a. Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal statements model like the following one: (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NA to indicate the element is...
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund disclosed $13 in currency and coins, vouchers authoriz- ing meal allowances totaling $120, vouchers authorizing purchase of postage stamps of $21, and vouchers for payment of delivery charges of $93. Required a. Prepare all general journal entries...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balance accounting events apply to Parks Co. for the year 2011 ations when the business acquired $20,000 cash from the issue of common stock 2. Performed services and collected cash of $1,000. . Collected $4,500 of cash in advance for services to be provided over the next 12 months...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1 Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Used to Decrease This Account Used to Increase This Account Account Titles Credit Debit Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts Payable...
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