FUND OF ACCOUNTING PRIN W/ACC <CUSTOM>
25th Edition
ISBN: 9781264725403
Author: Wild
Publisher: MCG CUSTOM
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Question
Chapter 1, Problem 13E
To determine
Introduction: The financial statements of a company include a
To identify: The transaction that best suits the explanation.
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Students have asked these similar questions
Activity: Following are the accounting transactions relating to Mr. P’s business. Use the accounting equation to show their effect on his assets, liabilities and capital.
Purchased goods from A on credit 5,000
Sold goods for cash 10,000
Paid to A 2,000
Sold goods to B on credit 3,000
Paid into Bank 6,000
Paid to A by cheque 1,000
Received from B a cheque for 2,000
The following table shows the effects of transactions through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each
transaction with its probable description.
1.
2.
3.
4.
5.
Cash
$ 28,000
4,700
0
0
1,070
2,250
$ 24,480
Transaction
1.
2₁
3.
4.
+
Assets
Accounts
Receivable
$ 0
0
0
2,250
0
2,250
$0
+
Supplies +
$ 3,700
+
+
0
1,070
0
0
0
$ 4,770
Description
Land
$ 22,500
4,700
0
0
0
0
$ 27,200
Liabilities
Accounts Payable +
$0
0
+
1,070
0
1,070
0
$0
Mulan,
Capital
Equity
CHE
$ 54,200
0
0
D
0
$ 54,200
Revenues
$0
0
0
2,250
0
0
$ 2,250
action Analysis: Debit and Credit Rules
Chap
APPLY WHAT YOU HAVE LEARNED
2-1. Accounting equation.
Use the following table to show the effects of transactions 1-10. Use+ or – and the dollar
amount to show the effects. If a transaction affects only one cell, show the dollar amount and
both + and -. The transactions describe events for Copymaster Corporation, a photocopying
business.
Assets
Liabilities
1. 000
Equity
t 5060
2.
5.
6.
7.
8.
9.
10.
1. Shareholders invested $5,000 cash to begin the business.
2. Copymaster bought a copying machine for $1,500 cash.
3. Copymaster sold copies to customers for $500 cash.
4. Copymaster produced copies for Fellows Corporation, its customer. The total sale
amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the
month.
bloe
5. Copymaster paid employees $600.
6. Copymaster bought supplies for $300.
7. Copymaster paid rent of $700.
8. Copymaster paid utilities of $200.
9. Copymaster bought office furniture for $500.
10.…
Chapter 1 Solutions
FUND OF ACCOUNTING PRIN W/ACC <CUSTOM>
Ch. 1 - Prob. 1QSCh. 1 - Prob. 2QSCh. 1 - Prob. 3QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - This icon highlights assignments that enhance...Ch. 1 - Prob. 8QSCh. 1 - Prob. 9QSCh. 1 - Prob. 10QS
Ch. 1 - Prob. 11QSCh. 1 - Identifying items with financial statements P2...Ch. 1 - P2
Classify each of the following items as...Ch. 1 - P2
Classify each of the following items as assets...Ch. 1 - Preparing an income statement P2...Ch. 1 - Prob. 16QSCh. 1 - Prob. 17QSCh. 1 - Prob. 18QSCh. 1 - Prob. 19QSCh. 1 - Prob. 20QSCh. 1 - Prob. 21QSCh. 1 - Prob. 1ECh. 1 - Exercise 1-2 Identifying accounting users and uses...Ch. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Prob. 9ECh. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Prob. 14ECh. 1 - Prob. 15ECh. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Prob. 23ECh. 1 - Prob. 24ECh. 1 - Prob. 25ECh. 1 - Prob. 1PSACh. 1 - Prob. 2PSACh. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - Prob. 5PSACh. 1 - Prob. 6PSACh. 1 - Prob. 7PSACh. 1 - Prob. 8PSACh. 1 - Prob. 9PSACh. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 1PSBCh. 1 - Prob. 2PSBCh. 1 - Prob. 3PSBCh. 1 - Prob. 4PSBCh. 1 - Prob. 5PSBCh. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Prob. 8PSBCh. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - On October 1. 2019, Santana Rev launched a...Ch. 1 - Prob. 1AACh. 1 - Prob. 2AACh. 1 - Prob. 3AACh. 1 - Prob. 1DQCh. 1 - Technology is increasingly used to process...Ch. 1 - Prob. 3DQCh. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three type of services typically offered...Ch. 1 - Prob. 8DQCh. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - A business reports its own office stationary on...Ch. 1 - Why is the revenue recognition principle needed?...Ch. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - What events or transactions change equity?Ch. 1 - Prob. 19DQCh. 1 - What do accountants mean by the term revenue?Ch. 1 - 21. Define net income and explain its...Ch. 1 - Identify the four basics financial statements of a...Ch. 1 - Prob. 23DQCh. 1 - 24. Give two examples of expenses a business might...Ch. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Prob. 28DQCh. 1 - Prob. 1BTNCh. 1 - Prob. 2BTNCh. 1 - Visit the EDGAR database at SEC.gov. Access the...Ch. 1 - Prob. 4BTN
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