X Cut- 11A A= = =Wrap TextArialED CopyPasteConditional Format as4.BIU-田,.A-川A.三三言園Merge & Center▼$ - % ,60 .00.00 .0Format PainterFormatting TableNumberStylesClipboardFontAlignmentC2fxName:Section:#:Problem 1-1 -- The Coffee Can Accounting System%3D++CashDr.Cr.Beg. BalanceEnding BalanceEnding BalanceEnding BalanceEnding BalanceTrial BalanceAccount NameTotalRIKINGeneral Ledger. Trial Rl Screen 1 D$0$0Start OverAssetsLlabilitiesOwners' EquityI Put$200 Cashinto theOrganizationNoteMyDrBeginning BalanceCashCrDrPayableCrDrEquityCrBeginning BalanceBeginning BalanceCurrent BalanceSister Puts$150 Cashinto theOrganizationCurrent BalanceCurrent BalanceSister'sSister Takes$20 Cash outof theDrEquityCrBeginning BalanceOrganizationCurrent BalanceI Take$15 Cash out.of theOrganizationBalance SheetTrial BalanceDad Loans$100 Cash toOrganizationon a NoteAssets:CashAccount NameCashDebitCreditTotal AssetsNote PayableMy EquitySister's Equity$25 Paymentmade to Dadon the NotePayableLiabilities:Note PayableTotalTotal LiabilitiesOwners' Equity:My EquitySister's EquityTotal Owners' EquityPrepare theTrial BalancePrepare theBalance SheetTotal Liabilities & EquityStuff&claimsStuffaciaimsDad s InAccounting TermsDebits & Credits

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Description: X Cut- 11A A= = =Wrap TextArialED CopyPasteConditional Format as4.BIU-田,.A-川A.三三言 園Merge & Center▼$ - % ,60 .00.00 .0Format PainterFormatting TableNumberStylesClipboardFontAlignmentC2fxName:Section:#:Problem 1-1 -- The Coffee Can Accounting System%3

The balance sheet is statement of financial position of the business.

Business

Accounting

Screen 1D $0 Assets $0 Start Over %3D Llabilities Owners' Equity I Put $200 Cash into the Note My Equity Dr Cash Cr Dr Payable Cr Beginning Balance Dr Cr Beginning Balance Beginning Balance Organization Current Balance Sister Puts $150 Cash into the Organization Curent Balance Current Balançe Sister's Equity Sister Takes $20 Cash out of the Organization Dr Beginning Balance Cr Current Balance ITake $15 Cash out of the Organization Balance Sheet Trial Balance Dad Loans $100 Cash to Organization on a Note Assets: Cash Account Name Cash Debit Credit Total Assets Note Payable My Equity Sister's Equity $25 Payment made to Dad on the Note Payable Liabilities: Note Payable Total Total Liabilities Owners' Equity: My Equity Sister's Equity Total Owners' Equity Total Liabilities & Equity Prepare the Trial Balance Prepare the Balance Sheet

Screen 1D $0 Assets $0 Start Over %3D Llabilities Owners' Equity I Put $200 Cash into the Note My Equity Dr Cash Cr Dr Payable Cr Beginning Balance Dr Cr Beginning Balance Beginning Balance Organization Current Balance Sister Puts $150 Cash into the Organization Curent Balance Current Balançe Sister's Equity Sister Takes $20 Cash out of the Organization Dr Beginning Balance Cr Current Balance ITake $15 Cash out of the Organization Balance Sheet Trial Balance Dad Loans $100 Cash to Organization on a Note Assets: Cash Account Name Cash Debit Credit Total Assets Note Payable My Equity Sister's Equity $25 Payment made to Dad on the Note Payable Liabilities: Note Payable Total Total Liabilities Owners' Equity: My Equity Sister's Equity Total Owners' Equity Total Liabilities & Equity Prepare the Trial Balance Prepare the Balance Sheet

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 68.2C

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Chapter 1 Additional ProblemProblem 1-3 The Cash Bucket Accounting SystemThis problem repeats the Cash Bucket transactions from Chapter 1. Print the forms on the next page and use them to complete this problem.Requirement 1A. You will utilize the following four accounts: My Equity, Note Payable, Sister’s Equity, and Cash. Label the four “T” accounts using these account names.B. Put Dr and Cr Labels at the top of each “T” account. Also put “+” and “-“signs above the Dr and Cr Labels.C. Because you are just starting your Cash Bucket system, put a beginning balance of zero in each account. Label these amounts as “Beg. Bal.”Requirement 2For each of the following transactions make the required entries in the “T” accounts:(The description of the transaction that you write in the “T” account should be very brief. For example the description for transaction A. could be “I put in cash.” There are no right or wrong descriptions for the transactions.)A. You put $200 into the Cash Bucket.B.…
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