АСTIVITY NO. 2-4NAME :YR. &SEC.COURSE :DATEPROBLEM #1 Identifying the effects of a transactionInstruction: Indicate the following sign in the appropriate column; (+) forincreases, (-) for decreases, and (+/-) for both increase and decrease.Owner'sAssetsLiabilitiesEquityCash1.(investment)2. Payment forexpense3. Repair and maintenance of office4. payment of rent expensePurchase of office suppliespaymentbytheownertaxesand licenses5.onaccount6. Purchase of office supplies forcash7. Payment of accounts payable8. Provide services for cashoffurniture for cashPurchase9.Purchaseequipmentand10.andfurniture giving a 30day promissoryofequipmentnote11. Payment of salaries of employees12.withdrawal of the ownerPersonaltransactionlike13. Provide services on account14. Provide services for cash15.Collectionofaccountfromacustomer16. Payment of utility bills17.Provideservicesreceivinga30day promissory note18. Payment for other expenses19. Bought supplies paying 50%cash, and the remaining on account.20.partial paymentremaining on account.onRenderedservicereceivingoncashandthe

АСTIVITY NO. 2-4 NAME : YR. GSEC. COURSE : DATE PROBLEM #1 Identifying the effects of a transaction Instruction: Indicate the following sign in the appropriate column; (+) for increases, (-) for decreases, and (+/-) for both increase and decrease. Owner's Assets Liabilities Equity 1. Cash раyment by the owner (investment) 2. Payment for taxes and licenses expense 3. Repair and maintenance of office 4. payment of rent expense Purchase of office supplies on 5. account 6. Purchase of office supplies for cash 7. Payment of accounts payable 8. Provide services for cash 9. Purchase furniture for cash of equipment and equipment furniture giving a 30day promissory 10. Purchase of and note 11. Payment of salaries of employees like 12. withdrawal of the owner Personal transaction 13. Provide services on account 14. Provide services for cash Collection of 15. account from a customer 16. Payment of utility bills Provide 30day promissory note 18. Payment for other expenses 19. Bought supplies paying 50% cash, and the remaining on account. 20. 17. services receiving a on Rendered partial payment remaining on account. service receiving on cash and the

АСTIVITY NO. 2-4 NAME : YR. GSEC. COURSE : DATE PROBLEM #1 Identifying the effects of a transaction Instruction: Indicate the following sign in the appropriate column; (+) for increases, (-) for decreases, and (+/-) for both increase and decrease. Owner's Assets Liabilities Equity 1. Cash раyment by the owner (investment) 2. Payment for taxes and licenses expense 3. Repair and maintenance of office 4. payment of rent expense Purchase of office supplies on 5. account 6. Purchase of office supplies for cash 7. Payment of accounts payable 8. Provide services for cash 9. Purchase furniture for cash of equipment and equipment furniture giving a 30day promissory 10. Purchase of and note 11. Payment of salaries of employees like 12. withdrawal of the owner Personal transaction 13. Provide services on account 14. Provide services for cash Collection of 15. account from a customer 16. Payment of utility bills Provide 30day promissory note 18. Payment for other expenses 19. Bought supplies paying 50% cash, and the remaining on account. 20. 17. services receiving a on Rendered partial payment remaining on account. service receiving on cash and the

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 57APSA: Problem 2-57A Inferring Transactions from T-Accounts The following T-accounts summarize the...

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Missing amounts from Financial statements The financial statements at the end of Network Realty, Inc.’s first month of operations are shown below. 11y analyzing the interrelationships among the financial statements, fill in the proper amounts for (a) through (s).
Directions: Choose the letter corresponding to the correct answer for each of the questionsprovided below.1. Accounts receivable or the amount to be received when a customer orders on accountis an example of what account?a. Asset c. Equityb. Liability d. All of the above2. Expenses incurred on paying utilities belong to what type of account?a. Asset c. Equityb. Liability d. All of the above3. If Company A borrows money from company B, the transaction results toa. Increase in asset of A and increase in asset in Bb. Increase in asset of A and decrease in equity of Bc. Increase in asset of A and no effect on assets of Bd. Both B and C4. Equity means assets minus liabilities. Other terms that can be used synonymously withequity are the following except :a. Capital c. Net worthb. Net assets d. Profit5. Sources of legal obligation are the following excepta. The law c. Debtsb. Contracts d. Other operation by law
CClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, Capital
Complete and correct the table of requirement 2. Abbreviations explanation: AR= account receivable Computers & AD= accumulated depreciation AP= account payable NP=Note payable IP= interest payable Cshares= common shares RE=retained earnings
Required:A. On the transaction summary table, indicate the effect of each transaction on eachaccount. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account.B. Construct T-accounts for the account titles used with the normal balances.C. Prepare the journal entries of Kaizen Consultancy Services for the month of March, 2019.
fast Classify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, Capital
1.1 In column (1), indicate inwhich statement income statement (IS) or balance sheet (BS) the accountbelongs. 1.2 In column (2), indicatewhether the account is a current asset (CA), current liability (CL), expense(E), non-current asset (NCA), non-current liability (NCL), revenue (R) orsharehold equity (SE). The type of account must be in terms of IS and BSentries and not the basic accounting equation (BAE). (1) (2) Account name Statement Type of account Trade and other payables(Creditors) Trade receivables (Debtors) Accumulated depreciation Administrative expense Buildings Cash Ordinary share capital (atpar) Cost of goods sold Depreciation Equipment General expense Finance cost Inventories Land Long-term debt Machinery Short-term borrowings Operating expense Preference share capital Redeemable preference sharedividends Retained earnings Sales revenue Selling expense Taxation on profits Vehicle QUESTION 2 The following pre-adjusted balances have been extracted fromthe general ledger…
Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Llabilities and Stockhoiders' Equity with a minus sign.) Required 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "n Required" in the first account field.) Required 3. Prepare the stockholders' equity section of the balance sheet at December 31 . (Amounts to be deducted minus sign.) Please avoid solution in image format thank you
NOTE: These are MCQS:MCQS 21Adjusting entries are prepared:a)Before financial statements and after a trial balance has been prepared.b)After a trial balance has been prepared and after financial statements are prepared.c)After posting but before a trial balance is prepared.d)Anytime an accountant sees fit to prepare the entries.MCQS 22Which of the following statements is incorrect?(a) Liabilities + Assets = Capital(b) Assets – Liabilities = Capital(c) Liabilities + Capital = Assets(d) Assets - Capital = LiabilitiesMCQS 23Each of the following are particularly interested in the statement of cash flows excepta)creditors.b)employees.c)shareholders.d)government agencies.MCQS 24The amount calculated by subtracting total liabilities from total assets is called ___a)Equityb)Revenuec)Expenses d)None of above MCQS 25 Which of the following forms of business does not protect owners from business creditors?(a) Partnership(b) Sole proprietorship(c) Limited liability company(d) Both a and bMCQS…
QA)Choose the correct answer: 2. Which is a shareholders' equity account in the statement of financial position? Select one: a. Dividends payable. b. Marketable securities c. Issued capital. d. Accumulated depreciation. 3. Making insurance payments in advance is an example of: Select one: A. An accrued receivable transaction. B. An accrued liability transaction. C. An unearned revenue transaction. D. A prepaid expense transaction 4. Cost of goods sold is: Select one: a. An asset account. b. A permanent equity account. c. An expense account. d. A revenue account.
Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a. Accounts Payable e. Equipment b. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns.
Problem 2-57A Inferring Transactions from T-Accounts The following T-accounts summarize the operations of Chen Construction Company for July, 2019. Required: CONCEPTUAL CONNECTION Assuming that only one transaction occurred on each day (beginning on July 2) and that no dividends were paid, describe the transactions that most liker took place. Prepare a trial balance at July 31, 2019.