Fundamental Accounting Principles
24th Edition
ISBN: 9781259916960
Author: Wild, John J., Shaw, Ken W.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 1, Problem 17E
Exercise 1−17
Preparing 1−17
P2
Use the information in Exercise 1−15 to prepare an October 31 balance sheet for Ernst Consulting. Hint: The solution to Exercise 1−16 can help.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Problem #10 Transactions in a Completed Worksheet Nine transactions are reflected in the October transaction worksheet of the Teresit Galang Financial Planner presented below: Teresita Galang Financial Planner Financial Transaction Worksheet Month of October 2021 OE Galang, Capital Cash Accounts Supplies Office Accounts + Receivable Equipment Payable P 15,000 7,000 (5,000) Bal. P 17,500 P 4,500 P 153,000 P 60,000 P 130,000 %3D 1 n (7,000) 5,000 3 25,000 25,000 24,500 24,500 (16,000) 5 16,000 (6,500) 3,700 6. (6,500) %3D 3,700 8 %3D (2,500) (5,000) P 3,000 9. (2,500) (5,000) P 131,000 P 35,000 P 13,200 P 178,000 P 98,200 %3D P 229,200 P 229,200 Required: 1. Describe each of the above transactions. The last transaction is the only transaction affecting the capital account that does not affect profit. 2. What was the change in the Cash account for the month? In Galang, Capital?
Problem 3-01A a-c
Linda Williams started her own consulting firm, Williams Consulting, on May 1, 2020. The trial balance at May 31 is as follows.
WILLIAMS CONSULTINGTrial BalanceMay 31, 2020
Account Number
Debit
Credit
101
Cash
$ 4,500
112
Accounts Receivable
6,100
126
Supplies
2,300
130
Prepaid Insurance
4,800
149
Equipment
10,800
201
Accounts Payable
$ 4,700
209
Unearned Service Revenue
2,100
301
Owner’s Capital
18,200
400
Service Revenue
8,300
726
Salaries and Wages Expense
3,400
729
Rent Expense
1,400
$33,300
$33,300
In addition to those accounts listed on the trial balance, the chart of accounts for Williams Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and…
Problem 3-01A a-c
Linda Williams started her own consulting firm, Williams Consulting, on May 1, 2020. The trial balance at May 31 is as follows.
WILLIAMS CONSULTINGTrial BalanceMay 31, 2020
Account Number
Debit
Credit
101
Cash
$ 4,500
112
Accounts Receivable
6,100
126
Supplies
2,300
130
Prepaid Insurance
4,800
149
Equipment
10,800
201
Accounts Payable
$ 4,700
209
Unearned Service Revenue
2,100
301
Owner’s Capital
18,200
400
Service Revenue
8,300
726
Salaries and Wages Expense
3,400
729
Rent Expense
1,400
$33,300
$33,300
In addition to those accounts listed on the trial balance, the chart of accounts for Williams Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and…
Chapter 1 Solutions
Fundamental Accounting Principles
Ch. 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. 29DQCh. 1 - Prob. 30DQCh. 1 - B Explain why investing (assets) and financing...Ch. 1 - Prob. 32DQCh. 1 - Prob. 33DQCh. 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. 10QSCh. 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. 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 - Exercise 1-14 Analyzing return on assets A2 Swiss...Ch. 1 - Prob. 15ECh. 1 - Prob. 16ECh. 1 - Exercise 117 Preparing 117 P2 Use the information...Ch. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Exercise 1-22 Preparing an income statement for a...Ch. 1 - Exercise 1-23 Using the accounting equation A1...Ch. 1 - Problem 1-1A Identifying effects of transactions...Ch. 1 - Prob. 2APSACh. 1 - Problem 1-3A Preparing an income statement P2 As...Ch. 1 - Problem 1-4A Preparing a statement of owner's...Ch. 1 - Problem 1-5A Preparing a balance sheet P2 Use the...Ch. 1 - Problem 1-6A Preparing a statement of cash flows...Ch. 1 - Prob. 7APSACh. 1 - Prob. 8APSACh. 1 - Prob. 9APSACh. 1 - Prob. 10APSACh. 1 - Prob. 11APSACh. 1 - Prob. 12APSACh. 1 - Prob. 13APSACh. 1 - Prob. 14APSACh. 1 - Problem 1-1B Identifying effects of transactions...Ch. 1 - Prob. 2BPSBCh. 1 - Prob. 3BPSBCh. 1 - Problem 1-4B Preparing a statement of owner's...Ch. 1 - Prob. 5BPSBCh. 1 - Prob. 6BPSBCh. 1 - Prob. 7BPSBCh. 1 - Prob. 8BPSBCh. 1 - Prob. 9BPSBCh. 1 - Prob. 10BPSBCh. 1 - Prob. 11BPSBCh. 1 - Problem 112BA Identifying risk and return A3 All...Ch. 1 - Prob. 13BPSBCh. 1 - Prob. 14BPSBCh. 1 - On October 1. 2019, Santana Rev launched a...Ch. 1 - Prob. 1AACh. 1 - Prob. 2AACh. 1 - Prob. 3AACh. 1 - Prob. 1BTNCh. 1 - Prob. 2BTNCh. 1 - Visit the EDGAR database at SEC.gov. Access the...Ch. 1 - Prob. 4BTNCh. 1 - Prob. 5BTNCh. 1 - Prob. 6BTN
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Balance sheet Using the following data for Sentinel Travel Service as well as the statement of owner's equity shown in Practice Exercise 15B, prepare a report form balance sheet as of August 31, 2019: Accounts payable 44,600 Accounts receivable 75,000 Cash 45,000 Land 310,000 supplies 4,700arrow_forwardComprehensive Problem 1 8 Net income. 31,425 Kelly Pitney began her consulting business. Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter During May, Kelly Consulting entered into the following transactions: May 3.Received cash from clients as an advance payment for services to be provided and recorded it as unearned tree 4,500 5.Received cash from clients on account 2,450. 9.Paid cash for a newspaper advertisement 225. 13.Raid Office Station Co for part of the debt incurred on April , 640. 15.Recorded services provided on account for the period May 1-15, 9,180. 16 Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 17.Recorded cash from cash clients for fees earned during the period May 116, 8,360. Record the following transactions on Page 6 of the Journal 20.Purchased support on account 735. 21.Recorded services provided on account for the period May 1620. 4,820 25.Recorded cash from cash clients for fees earned for the period May 1723, 7,900 27.Received cash from clients on account 9,520. 28.Paid part-time receptionist for two weeks salary. 7S0. 30.Raid telephone bill for May. 260 31.Paid electricity bill for May, 810. 31.Recorded cash from cash clients tor lees earned for the period May 2031. 3,300. 31.Recorded services provided on account for the remainder of May, 2,650. 31.Paid dividends 10,500 Instructions 1.The chart of accounts foe Kelly Consulting is shown us Exhibit 9. and the post-closing trial balance as of April 30, 20Y8, is shown in Exhibit 17. for each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1. 20Y8. and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting cm Page of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2.Post the journal to a ledger of four-column accounts. 5.Prepare an unadjusted trial balance. 4.At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). (a)Insurance expired during May is 275. (b)Supplies on hand on May II are 715. (c)Depreciation of office equipment for May is 330. (d)Accrued receptionist salary on May 31 is 325. (e)Rent expired during May is 1600. (f)Unearned fees on May 31 are 3,210 5.(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet 6.Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of stockholders equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.arrow_forwardCompleting an end-of-period spreadsheet Alert Security Services Co. offers security- services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.: EX 426 Financial statements from an end-of-period spreadsheet Based on the data in Exercise 4-25, prepare an income statement, retained earnings statement, and balance sheet for Alert Security Services Co.arrow_forward
- Balance sheet Using the following data for Ousel Travel Service as well as the retained earnings statement shown in Practice Exercise 1-5A, prepare a balance sheet as of November 30, 2016: Accounts payable 62,500 Accounts receivable 186,000 Cash 308,000 Land 480,000 Supplies 16,500arrow_forwardExercise 2-37 Events and Transactions Several events are listed below Common stock is issued to investors. An agreement is signed with a janitorial service to provide cleaning services over the next 12 months. Inventory is purchased. Inventory is sold to customers. Two investors sell their common stock to another investor. A 2-year insurance policy is purchased Required: CONCEPTUAL CONNECTION For each of the events1 identify which ones qualify for recognition in the financial statements. CONCEPTUAL CONNECTION For events that do not qualify for recognition, explain your reasoning.arrow_forwardProblem #9Journalizing, Posting and Preparing a Trial Balance Maurice Sabio is a financial planning consultant. She completed transactions during themonth of December of the current year: Dec. 1 Sabio invested cash in the business, P200,000.3 Paid December office rent, P10,000.4 Received P25,000 from a client, Rowena Carpio, for services rendered.7 Received P20,000 from Olive Oabel, a client, for services rendered.12 Paid cash to Shell Super Service for gasoline purchases, P600.14 Paid cash to Tulungan Manpower Services in payment for contractualsecretarial services during the past two weeks, P6,000.17 Bought office supplies on account, P2,800.20 Paid telephone bills, P1,000.21 Sabio withdrew cash for personal use, P11,000.24 Donated cash to the Phil. National Red Cross, P1,000.27 Received P20,000 from Vivian De Guzman, a client, for servicesrendered.28 Paid cash to Tulungan Manpower Services in payment for contractualsecretarial services during the past two weeks, P6,000.28 Paid…arrow_forward
- need detailed answer for question number 5 Accounting Cycle Tutorial Step:1 Account Balances 4 Balancing the Expanded Accounting EquationCalculator Glossary Activity 4.b - Using the Expanded Accounting EquationUsing the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions.Assets LiabilitiesBeginning of Year: $25,000 $18,000End of Year: $62,000 $25,000 n1) What is the equity at the beginning of the year?Beginning Equity 7,000 2) What is the equity at the end of the year?Ending Equity 37,000 3) If the owner contributes $7,000 and the owner withdraws $38,400, how much is net income (loss)?Net Income (Loss) 4) If net income is $1,000 and owner withdrawals are $9,400, how much did the owner contribute (owner, capital)?Owner, Capital 5) If the owner contributes $18,400 and net income is $16,400, how much did the owner withdraw (owner,…arrow_forwardChapter 4: Exercise 3 page 87 Warren King formed a business called Global Consultancy Services. The following are the 000. The transactions for May, the first month of operation of the business: Required: a) Analyze the transactions by putting the title of the account in each of the money columns to represent the accounting elements. Place the amounts and the effects (+ or -) of the transactions. Use the following accounts: Cash, Accounts Receivable, Equipment, Deposit for Rent, Supplies, Accounts Payable and King, Capital. Use the following temporary accounts to analyze the changes in the owner's equity: King. Drawings, Professional Income, Advertising Expense, Membership Fee Expenses, Rent Expense, Salaries Expense, Seminar Fee Expense, Supplies Expense and Utilities Expense. b) Prepare an income statement for May. c) Prepare a statement of changes in owner's equity for May. d) Prepare a properly classified report form of statement of financial position as of May 31. Rent…arrow_forwardNeed answer for 3,4 and 6 Accounting Cycle Tutorial Step:1 Account Balances 4 Balancing the Expanded Accounting EquationCalculator Glossary Activity 4.b - Using the Expanded Accounting EquationUsing the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions.Assets LiabilitiesBeginning of Year: $25,000 $18,000End of Year: $62,000 $25,000 n1) What is the equity at the beginning of the year?Beginning Equity 7,000 2) What is the equity at the end of the year?Ending Equity 37,000 3) If the owner contributes $7,000 and the owner withdraws $38,400, how much is net income (loss)?Net Income (Loss) 4) If net income is $1,000 and owner withdrawals are $9,400, how much did the owner contribute (owner, capital)?Owner, Capital 5) If the owner contributes $18,400 and net income is $16,400, how much did the owner withdraw (owner, withdrawals)?Owner,…arrow_forward
- Question 3. Prepare a March 31, 2023 balance sheet (in the proper format) for Wood Shinning Vending Service from the following alphabetical list of the accounts at March 31, 2023: Accounts receivable $ 17,000 Accounts payable 28,000 Building 42,000 Cash 15,000 Notes payable 71,000 Office equipment 18,000 Woods, Capital ? Trucks 85,000arrow_forwardPart A The basic accounting equation is Assets = Liabilities + Owner’s equity. Replacing the words in that equation with rupee amounts, what is Honda Atlas & Toyota Indus (a) Accounting equation for the year ended June 30,2020. (b) Cash, Accounts Payable, and Interest Expense for the year ended June 30,2020. Which one is better & Why? Comment on each item separately (Min. 10 lines) Part B You are accounting manager of XYZ limited. While reviewing your junior’s work, you found the following error. • The bookkeeper debited Cash for $600 and credited Salaries and Wages Expense for $600 for payment of wages. Does this error would prevent the trial balance from balancing? Give reasons for your answerarrow_forwardComprehensive Problem 1Part 1: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly Consulting is shown below: 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 31 Common Stock The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly ConsultingPost-Closing Trial BalanceApril 30, 20Y8 Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 Supplies 14…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Financial & Managerial AccountingAccountingISBN:9781285866307Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Accounting (Text Only)AccountingISBN:9781285743615Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Corporate Financial AccountingAccountingISBN:9781305653535Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Financial & Managerial Accounting
Accounting
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Accounting (Text Only)
Accounting
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License