Question E2.11 (LO 3, 4), AP Selected transactions from the journal of Kati Tillman, investment broker, are presented as follows. Date Account Titles and Explanation Ref. Debit Credit Aug. 1 Cash 6,000 Common Stock 6,000 (Issued common stock for cash) 10 Cash 2,700 Service Revenue 2,700 (Received cash for services performed) 12 Equipment 5,000 Cash 80 Notes Payable 4,200 (Purchased office equipment for cash and notes payable) 25 Account Receivable 1,600 Service Revenue 1,600 (Billed clients for services performed) 31 Cash 880 Accounts Receivable 880 (Receipt of cash on account) Instructions a. Post the transactions to T-accounts. b. Prepare a trial balance at August 31, 2022. Answer а. Cash Accounts Receivable Equipment Notes Payable Common Stock Service Revenue b. Kati Tillman Trial Balance August 31, 2022 Account Debit Credit Totale

Question E2.11 (LO 3, 4), AP Selected transactions from the journal of Kati Tillman, investment broker, are presented as follows. Date Account Titles and Explanation Ref. Debit Credit Aug. 1 Cash 6,000 Common Stock 6,000 (Issued common stock for cash) 10 Cash 2,700 Service Revenue 2,700 (Received cash for services performed) 12 Equipment 5,000 Cash 80 Notes Payable 4,200 (Purchased office equipment for cash and notes payable) 25 Account Receivable 1,600 Service Revenue 1,600 (Billed clients for services performed) 31 Cash 880 Accounts Receivable 880 (Receipt of cash on account) Instructions a. Post the transactions to T-accounts. b. Prepare a trial balance at August 31, 2022. Answer а. Cash Accounts Receivable Equipment Notes Payable Common Stock Service Revenue b. Kati Tillman Trial Balance August 31, 2022 Account Debit Credit Totale

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.9E: Effects of transactions on stockholders’ equity Indicate whether each of the following types of...

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Effects of transactions on stockholders’ equity Indicate whether each of the following types of transactions will (a) increase stockholders’ equity or (b) decrease stockholders’ equity. a. Issued common stock for cash. l. Received cash for fees earned. c. Paid cash for utilities expense. d. Paid cash for rent expense. e. Paid cash dividends.
E5.2B (L0 1,2) (Classification of Balance Sheet Accounts) Presented below are the captions of Chan Company’s balance sheet. (a) Current assets. (f) Current liabilities. (b) Investments. (g) Non-current liabilities. (c) Property, plant, and equipment. (h) Capital stock. (d) Intangible assets. (i) Additional paid-in capital. (e) Other assets. (j) Retained earnings. Instructions Indicate by letter where each of the following items would be classified. 1. Cash surrender value of life insurance. 11. Trading securities. 2. Prepaid insurance. 12. Preferred stock. 3. Taxes payable. 13. Allowance for doubtful accounts. 4. Bonds payable. 14. Accounts receivable. 5. Notes payable (due next year). 15. Goodwill. 6. Bond sinking fund. 16. Current portion of long-term debt. 7. Common stock. 17. Wages payable. 8. Merchandise inventory. 18. Buildings. 9. Office supplies. 19.…
E5-2 (L02,3) (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk Company’s balancesheet.(a) Current assets.(b) Investments.(c) Property, plant, and equipment.(d) Intangible assets.(e) Other assets.Instructions(f) Current liabilities.(g) Noncurrent liabilities.(h) Capital stock.(i) Additional paid-in capital.(j) Retained earnings.Indicate by letter where each of the following items would be classified.1. Preferred stock.2. Goodwill.3. Salaries and wages payable.4. Accounts payable.5. Buildings.6. Equity investments (trading).7. Current maturity of long-term debt.8. Premium on bonds payable.9. Allowance for doubtful accounts.10. Accounts receivable.11. Cash surrender value of life insurance.12. Notes payable (due next year).13. Supplies.14. Common stock.15. Land.16. Bond sinking fund.17. Inventory.18. Prepaid insurance.19. Bonds payable.20. Income taxes payable.
What statements do the following items go on?1) Treasury Stock2) Amortization Expense3) Preferred Stock4) Trucks5) Gain on Sale of Equipment6) Accounts Receivable7) Unearned Revenue
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1. Which can qualify as cash equivalent? a. One-year BSP treasury bill b. Six-month money market placement c. Equity securities d. Preference shares with specified redemption date and acquired three months before redemption date 2. According to PAS 7, which of the following statement is incorrect? * a. Statement of Cash Flows requires an entity to present a statement of cash flows as an integral part of its primary financial statements b. Investing and financing transactions which do not require the use of cash should be excluded from the statement of cash flows, but they should be separately disclosed elsewhere in the financial statements c. Cash flows under operating activities are classified and presented either using the 'direct' or 'indirect' method d. None. All of the above statements are correct 3. The aggregate cash flows arising from obtaining or losing control of subsidiaries or other…
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he information below relates to questions 1 – 16. The following information pertains to Honey Limited. Extract from ledger account balances as at 30 September: 2022 2021 R R Share capital: Ordinary shares 380 500 338 300 Share capital: Preference shares 291 000 264 700 Retained earnings 66 200 48 400 Long-term loan - ABC Bank 88 000 120 000 Land and buildings at cost 623 000 401 000 Machinery and equipment at carrying amount 262 300 222 700 Inventory 83 500 73 000 Trade receivables control 92 700 83 300 Listed investments 110 000 0 Bank 25 200 46 300 Trade payables control 66 500 52 600 SARS (income tax) 63 400 48 700 Dividends payable 46 200 62 000 Dividends receivable 0 0 Accrued expenses (wages) 0 11 400 Prepaid expenses 11 200 4 200 Revenue 805 800 Cost of sales 392 400 Administrative, distribution and other expenses 160 200 Fair value gain on listed investments 8 600 Dividends income 20 800 Loss on sale of machinery…