8:29a. The lawc. Debts• Source: Ferrer R.C. et.al. (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin. Enterprise,(Publishing and Printing) Bakakeng Sur, Baguio Cityb. Contractd. Other operation by lawII. For each transaction indicate whether the assets, liabilities, or owners equityLiabilities Owner'sEquityAssetsPurchase of supplies on credit21Paid utility expenseReceived a loan granted by bankWithdraws cash from the businessPaid salaries and wages346Received cash from customers as salesReceived promissory notebusinessPaid advertising expense7fromrental89Paid P1,000 to creditors10 | Billed customer for video rental• Source: Ferrer RC. etal (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise,(Publishing and Printing) Bakakeng Sur, Baguio CityIII. BASIC ACCOUNTING EQUATIONDirection: Fill up the missing amounts for each case.Case 1P100,00045,000Case 3P120,000Case 2AssetsLiabilitiesOwner's Equity• Source: Ferrer R.C. etal (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise,(Publishing and Printing) Bakakeng Sur, Baguio City35,00035,00065,000IV. EXPANDED ACCOUNTING EQUATIONDirection: Fill up the missing amounts for each case.Case 1P100,00035,000Case 3P120,000Case 2RevenueExpensesProfit / Loss• Source: Ferrer R.C. etal (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise,(Publishing and Printing) Bakakeng. Sur, Baguio City35,00045.00025,00014POST-TESTA. Critical Thinking:II

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Description: 8:29a. The lawc. Debts• Source: Ferrer R.C. et.al. (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin. Enterprise,(Publishing and Printing) Bakakeng Sur, Baguio Cityb. Contractd. Other operation by lawII. For each transact

Assets, liabilities and Owner's equity are three important elements of accounting equation. After…

Business

Accounting

II. For each transaction indicate whether the assets, liabilities, or owners equity Liabilities Owner's Equity Assets 1 Purchase of supplies on credit 2 Paid utility expense 3 Received a loan granted by bank Withdraws cash from the business Paid salaries and wages 4 5 Received cash from customers as sales Received promissory note from rental business 7 Paid advertising expense Paid P1,000 to creditors 10 Billed customer for video rental

II. For each transaction indicate whether the assets, liabilities, or owners equity Liabilities Owner's Equity Assets 1 Purchase of supplies on credit 2 Paid utility expense 3 Received a loan granted by bank Withdraws cash from the business Paid salaries and wages 4 5 Received cash from customers as sales Received promissory note from rental business 7 Paid advertising expense Paid P1,000 to creditors 10 Billed customer for video rental

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Listed below are balance sheet accounts for Elf’s Gift Shop. Mark currentaccounts with “C” and noncurrent accounts with “NC”_____ (a) Long-term debt._____ (b) Inventories._____ (c) Accounts payable._____ (d) Prepaid expenses._____ (e) Equipment._____ (f) Accrued liabilities._____ (g) Accounts receivable._____ (h) Cash._____ (i) Bonds payable._____ (j) Patents.
11. The following accounts are being maintained in the books of Blue Ocean Enterprises. Classifythem into Assets, Liabilities, Equity, Revenue and Expenses. Accounts1 Plant and Machinery2 Bank Loan3 Sales Revenue4 Rent Expenses5 Accounts Payable6 Wages and Salaries Expenses7 Office Equipment8. Land and Buildings9. Accounts Receivable10. Interest payable
Question 1 The following is a list of balances relating to Phiri Properties Ltd during 2010. The company maintains a memorandum debtors and creditors ledger in which the individual account of customers and suppliers are maintained.These were as follows: $Debit balance in debtors account 01/01/10 66,300Credit balance in creditors account 01/01/10 50,600Sunday credit balance on debtors ledger 724Goods purchased on credit 257,919Goods sold on credit 323,614Cash received from debtors 299,149Cash paid to suppliers…
Falcon Incorporated has the following transactions with Wildcat Corporation. Transactions Falcon’s Related Account 1. Falcon purchases common stock of Wildcat. 2. Falcon borrows from Wildcat by signing a note. 3. Falcon provides services to Wildcat. 4. Falcon pays interest to Wildcat on borrowing. Investment Notes payable Service revenue Interest expense Required:1. For each transaction, indicate whether Falcon would report the related account in the balance sheet or income statement.2. For accounts in the balance sheet, indicate whether it would be classified as an asset, liability, or stockholders’ equity. For accounts in the income statement, indicate whether it would be classified as a revenue or an expense.3. Indicate whether each transaction is classified as operating, investing, or financing activity.
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Africa Traders, on 28 February 2020, received a cash amount of R1 560 from Mr. A South, a trade receivable whose account was previously written off as irrecoverable by Africa Traders as Mr. A South was previously declared insolvent. Africa Traders is not a registered VAT vendor. What will the effect be of the above transaction in the accounting equation of Africa Traders? Select one: a. ACCOUNT DEBITED ACCOUNT CREDITED EQUITY = ASSETS - LIABILITIES Bank Credit loss recovered - R1 560 - R1 560 R0 b. ACCOUNT DEBITED ACCOUNT CREDITED EQUITY = ASSETS - LIABILITIES Bank Trade receivables R0 + R1 560 - R1 560 R0 c. ACCOUNT DEBITED ACCOUNT CREDITED EQUITY = ASSETS - LIABILITIES Bank Credit loss recovered + R1 560 + R1 560 R0 d. ACCOUNT DEBITED ACCOUNT CREDITED EQUITY = ASSETS - LIABILITIES Credit loss recovered Bank + R1 560 - R1 560 R0
I have to label the following accounts. I have to specify what type of account they are -Asset, Liability, Equity, Revenue or Expense. Then I have to classify them as Real or Nominal. Here they are1) Accounts Payable2) Service Fees Revenue3) Tax Expense4) Cash5) Accounts Receivable6) Smith, Drawings7) Interest Receivable8) Retained Earnings9) Depreciation Expense10) Interest Income11) Invemtory12) Bonds Payable13) Common Stock14) Prepaid Insurance15) Sales16) Cost of Goods Sold17) Supplies Expense18) Supplies on Hand19) Wages Payable20) Mortgage Payable
Q: The management determined that the amount due from a customer, MYTOM Limited, $50,000 is uncollectible as the company has closed down. Is it allowance for doubtful debts or bad debts?
The transactions in this problem are identical to those in E1–2, but now with a focus on Wildcat. Transactions Wildcat’s Related Account1. Wildcat issues common stock of Falcon. Common stock2. Wildcat lends to Falcon by accepting a note. Notes receivable3. Wildcat receives services from Falcon. Service fee expense4. Wildcat receives interest from Falcon on lending. Interest revenueRequired:1. For each transaction, indicate whether Wildcat would report the related account in the balance sheet or income statement.2. For accounts in the balance sheet, indicate whether it would be classified as an asset, liability, or stockholders’ equity. For accounts in the income statement, indicate whether it would be classified as a revenue or an expense.3. Indicate whether each transaction is classified as operating, investing, or financing activity.
4 Broadway, Incorporated’s trial balance was in balance at the end of the period and showed the following accounts: Account Balance Accounts Payable $ 20,800 Cash 41,600 Common Stock 20,100 Equipment 9,100 Land 30,700 Notes Payable 40,500 What is the balance of the credit column on Broadway's trial balance? rev: 03_16_2018_QC_CS-121922 Multiple Choice $81,400. $163,100. $60,600. $61,300.