FINANCIAL ACCOUNTING>IC<
15th Edition
ISBN: 9781119344988
Author: Kimmel
Publisher: WILEY C
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Chapter 1, Problem 1.3E
To determine
Introduction:
Accounting Equation
Figure (1)
To Identify: The given items as assets (A), liabilities (L), Expense (E), Stockholders’ equity (SE) and Revenue (R).
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Directions: Record the transactions directly into the T-accounts. The transactions are independent of one another.
Use the following account titles:
CashOwner’s WithdrawalsAccounts ReceivableProfessional FeesOffice EquipmentSalaries ExpenseOffice FurnitureRent ExpenseAccounts PayableUtility ExpenseOwner’s CapitalMiscellaneous Expense
a. The owner deposited P280,000 in the name of his business.b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the account.c. He bought chairs and tables for the office for P12,300 cash.d. He purchased furniture from Orion Company for P2,750 in cash.e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.f. He billed his customers P12,940 for services on account.g. He paid P1,850 for the electric bill from BEBECO.h. He paid P3,500 for the membership fee.i. He received P17,650 in cash for services rendered.j. He paid P1,000 to partially settle accounts with Orion Company.k. He…
Prepare general journal entries for the following transactions of Sustain Company. Use the following (partial) chart of accounts: Cash; Prepaid Insurance; Accounts Receivable; Furniture; Accounts Payable; Unearned Revenue; Fees Earned; and T. James, Capital.
Indicate the QBO Account Type for each of the following accounts appearing in Mookie The Beagle Concierge’s Chart of Accounts.
Account QBO Account Type
Checking
Accounts Receivable(A/R) Asset
Inventory
Prepaid Expenses
Prepaid Expenses; Insurance
Prepaid Expenses: Rent
Prepaid Expenses: Supplies
Account Payable (A/P)
VISA Credit Card
Unearned Revenue
Owner Distributions
Owner’s Investment
Retained Earrings Equity
Sales
Advertising & Marketing
Bank Charges & Fees
Contractors
Insurance: Liability Insurance Expense
Insurance: Renter Insurance Expense
Interest Paid
Legal & Professional Services
Meals & Entertainment
Office Supplies Asset
Rent & Lease
Repairs & Maintenance
Travel
Utilities
Chapter 1 Solutions
FINANCIAL ACCOUNTING>IC<
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Accounting is ingrained in our society and is...Ch. 1 - Prob. 5QCh. 1 - Prob. 6QCh. 1 - What are the three main types of business...Ch. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - What are the three main categories of the...Ch. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Which of these items are liabilities of White...Ch. 1 - How are each of the following financial statements...Ch. 1 - What is the purpose of the management discussion...Ch. 1 - Prob. 19QCh. 1 - Prob. 20QCh. 1 - Prob. 21QCh. 1 - Prob. 1.1BECh. 1 - Match each of the following types of evaluation...Ch. 1 - Indicate in which part of the statement of cash...Ch. 1 - Prob. 1.4BECh. 1 - Prob. 1.5BECh. 1 - Prob. 1.6BECh. 1 - Indicate which statement you would examine to find...Ch. 1 - Prob. 1.8BECh. 1 - Prob. 1.9BECh. 1 - Prob. 1.10BECh. 1 - Prob. 1.11BECh. 1 - Prob. 1.1DIECh. 1 - Prob. 1.2DIECh. 1 - Prob. 1.3ADIECh. 1 - Prob. 1.3BDIECh. 1 - Here is a list of words or phi uses discussed in...Ch. 1 - Prob. 1.3ECh. 1 - Prob. 1.4ECh. 1 - Prob. 1.5ECh. 1 - Prob. 1.6ECh. 1 - Prob. 1.7ECh. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10ECh. 1 - Prob. 1.11ECh. 1 - Prob. 1.12ECh. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15ECh. 1 - Prob. 1.16ECh. 1 - Prob. 1.17ECh. 1 - Prob. 1.1APCh. 1 - Financial decisions often place heavier emphasis...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.4APCh. 1 - Prob. 1.5APCh. 1 - Prob. 1.1EYCTCh. 1 - Prob. 1.2EYCTCh. 1 - Prob. 1.3EYCTCh. 1 - INTERPRETING FINANCIAL STATEMENTS Xerox was not...Ch. 1 - Prob. 1.5EYCTCh. 1 - Prob. 1.6EYCTCh. 1 - Prob. 1.7EYCTCh. 1 - Prob. 1.8EYCTCh. 1 - Prob. 1.9EYCTCh. 1 - Prob. 1.10EYCTCh. 1 - Prob. 1.1IFRSCh. 1 - Prob. 1.2IFRSCh. 1 - Prob. 1.3IFRS
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