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Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.7DC
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23 Below is the chart of accounts: 24 25 110 Cash Berry Long, Capital Berry Long, Withdrawals Income Summary 310 320 120 130 26 Accounts receivable Supplies Prepaid Rent Prepaid Subscription Equipment Accumulated Depreciation - Equipment 520 Furniture and fixtures 27 330 140 150 28 Consulting Revenues Salaries and Other Employee Benefits Expense Supplies Expense Rent Expense Periodicals Expense Depreciation Expense Interest Expense Utilities Expense Association Dues Expense Other Expenses 410 29 160 165 510 30 170 175 210 220 530 540 550 31 Accumulated Depreciation - Furniture Accounts Payable Note Payable Unearned Consulting Revenue Salaries Payable Interest Payable 32 33 560 34 230 570 580 35 240 36 250 590 27
Transcribed Image Text:23 Below is the chart of accounts: 24 25 110 Cash Berry Long, Capital Berry Long, Withdrawals Income Summary 310 320 120 130 26 Accounts receivable Supplies Prepaid Rent Prepaid Subscription Equipment Accumulated Depreciation - Equipment 520 Furniture and fixtures 27 330 140 150 28 Consulting Revenues Salaries and Other Employee Benefits Expense Supplies Expense Rent Expense Periodicals Expense Depreciation Expense Interest Expense Utilities Expense Association Dues Expense Other Expenses 410 29 160 165 510 30 170 175 210 220 530 540 550 31 Accumulated Depreciation - Furniture Accounts Payable Note Payable Unearned Consulting Revenue Salaries Payable Interest Payable 32 33 560 34 230 570 580 35 240 36 250 590 27
3 Long invested P200,000 in the firm. Paid rent for three months to Lee Sodd. P90,000 Purchased supplies on account, P28,200. Acquired computer worth P25,000. Made P7,000 down and the balance is due in 30 days. Hired an assistant with a monthly salary of P12,000 Bought furniture and fixture, P90,000. Made P10,000 down payment and issued a six-month 4 Dec. 1 2 2 3 7 8 4 9 promissory note for the balance with 12% interest. Perform consulting service for cash, P25,000 Partially paid supplies purchased on account last December 2; P4,000. Paid for telephone and internet connection expenses, P2,000 Paid for one-year magazine and newspaper subscription, P5,400 Paid assistant's salaries for two weeks, P6,000 Billed clients for December consulting services, P28,000. Received advance payment for three months consulting service from a client, P60,000. Performed consulting service for cash, P20,000 Partially paid supplies purchased on account last December 2; P4,200. Paid for Christmas party expenses with clients, P10,000 Paid Christmas bonus to assistant, P5,000 Received light and water bill, P4,500. Paid assistant's salaries in two weeks, P5,000 Paid association dues, P5,000. Long withdrew P32,000 from the business. 10 11 12 10 16 17 13 14 18 20 15 16 21 23 17 24 26 28 18 19 20 29 31 21
Transcribed Image Text:3 Long invested P200,000 in the firm. Paid rent for three months to Lee Sodd. P90,000 Purchased supplies on account, P28,200. Acquired computer worth P25,000. Made P7,000 down and the balance is due in 30 days. Hired an assistant with a monthly salary of P12,000 Bought furniture and fixture, P90,000. Made P10,000 down payment and issued a six-month 4 Dec. 1 2 2 3 7 8 4 9 promissory note for the balance with 12% interest. Perform consulting service for cash, P25,000 Partially paid supplies purchased on account last December 2; P4,000. Paid for telephone and internet connection expenses, P2,000 Paid for one-year magazine and newspaper subscription, P5,400 Paid assistant's salaries for two weeks, P6,000 Billed clients for December consulting services, P28,000. Received advance payment for three months consulting service from a client, P60,000. Performed consulting service for cash, P20,000 Partially paid supplies purchased on account last December 2; P4,200. Paid for Christmas party expenses with clients, P10,000 Paid Christmas bonus to assistant, P5,000 Received light and water bill, P4,500. Paid assistant's salaries in two weeks, P5,000 Paid association dues, P5,000. Long withdrew P32,000 from the business. 10 11 12 10 16 17 13 14 18 20 15 16 21 23 17 24 26 28 18 19 20 29 31 21
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