Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 1, Problem 3E
Exercise 1-3A Identifying the reporting entities
Karen White helped organize a charity fund to help cover the medical expenses of her friend, Vicky Hill, who was seriously injured in a bicycle accident. The fund was named the Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public about Vicky’s predicament. The campaign resulted in the collection of $20,000 cash, and VHRF paid $12,000 to Mercy Hospital to cover Vicky’s outstanding hospital cost. The remaining $8,000 was donated to the National Cyclist Fund.
Required
Identify the entities mentioned in the scenario and explain what happened to the cash accounts of each entity you identify.
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which public charity has unrelated business income?(1) wear it proud , a charity which operates a retail store in which they sell donated merchandise. (2) Vets for pets, a charity which operates a snack bar on site forthe use of members.(3)spirit Boosters, a charity which raises funds by charging for parking during sporting events At thenearby stadium.(4)Operation Wilderness, a charity which operates a summer day camp that is staffed entirely by volunteers.
Q4)
A) Journalize the following transactions in the books of AHMED for the month of March. 2020
B) Post the transactions given in Section – D to the proper ledger accounts.
2020
March. 1
Introduced cash as capital OMR 50,000.
March. 5
Goods purchased on cash for OMR 10,000.
March. 8
Purchased furniture on credit for OMR 10,000.
March. 10
Paid OMR 2,000 as charity in COVID-19 fund.
March. 15
Paid tuition fee for owner’s children from the business bank account OMR 200.
March. 18
Paid electricity bill OMR 100.
March. 20
Purchased goods from Rashid for OMR 8,000 and paid only 4,000 to him.
March. 22
Purchased an extra machine for cash OMR 10,000
March. 25
Paid salaries OMR 500 from the bank account
March. 28
Cash sales to Mohammed OMR 1,000.
MCQS 31In the general ledger, a separate "account" is maintained for each:Type of asset and liability and for each element of owners' equity.Business transaction.Business day.Journal entry.
MCQS 32
The cost of a new windshield wiper on a delivery vehicle would be classified as:A. A capital expenditure.B. A revenue expenditure.C. Part of the cost of goods sold.D. An unusual and infrequent expense
MCQS 33
The cash effects of transactions that create revenues and expenses arefinancing activities.investing activities.operating activities.processing activities.
MCQS 34
Harvard Company purchased equipment having an invoice price of $11,500. The terms of sale were 2/10, n/30, and Harvard paid within the discount period. In addition, Harvard paid a $160 delivery charge, $185 installation charge, and $931 sales tax. The amount recorded as the cost of this equipment is:A. $11,845.B. $12,776.C. $11,615.D. $12,546.
MCQS 35
Immaterial items may be accounted for in the most convenient manner,…
Chapter 1 Solutions
Survey Of Accounting
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - 4. In a business context, what does the term...Ch. 1 - 5. What market trilogy components are involved in...Ch. 1 - 6. Give an example of a financial resource, a...Ch. 1 - Prob. 7QCh. 1 - 8. How do financial and managerial accounting...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - 12. Distinguish between elements of financial...Ch. 1 - Prob. 13QCh. 1 - 14. To whom do the assets of a business belong?Ch. 1 - 15. Describe the differences between creditors and...Ch. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - 19. What does a double-entry bookkeeping system...Ch. 1 - 22. How does acquiring capital from owners affect...Ch. 1 - Prob. 21QCh. 1 - Prob. 22QCh. 1 - 25. What are the three primary sources of assets?Ch. 1 - 26. What is the source of retained earnings?Ch. 1 - 27. How does distributing assets (paying...Ch. 1 - 28. What are the similarities and differences...Ch. 1 - Prob. 27QCh. 1 - 30. Which of the general-purpose financial...Ch. 1 - 31. What causes a net loss?Ch. 1 - 35. What three categories of cash receipts and...Ch. 1 - Prob. 31QCh. 1 - 37. Discuss the term articulation as it relates to...Ch. 1 - 38. How do temporary accounts differ from...Ch. 1 - Prob. 34QCh. 1 - 41. Identify the three types of accounting...Ch. 1 - Prob. 36QCh. 1 - Prob. 37QCh. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Exercise 1-3A Identifying the reporting entities...Ch. 1 - Exercise 1-4A Define Terms and Identify Missing...Ch. 1 - Exercise 1-5 Effect of events on the accounting...Ch. 1 - Exercise 1-6 Effect of transactions on general...Ch. 1 - Exercise 1-7 Missing information and recording...Ch. 1 - Prob. 8ECh. 1 - Exercise 1-9A Record events and interpret...Ch. 1 - Exercise 1-10 Interpreting the accounting equation...Ch. 1 - Prob. 11ECh. 1 - Exercise 1-12A Differences between interest and...Ch. 1 - Exercise 1-13A Classifying events as asset source,...Ch. 1 - Prob. 14ECh. 1 - Exercise 1-15 Preparing an income statement and a...Ch. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Riley Company paid 60,000 cash to purchase land...Ch. 1 - Prob. 21ECh. 1 - As of January 1, 2018, Room Designs, Inc. had a...Ch. 1 - As of December 31, 2018, Flowers Company had total...Ch. 1 - Prob. 24ECh. 1 - Critz Company was started on January 1, 2018....Ch. 1 - The Candle Shop experienced the following events...Ch. 1 - Prob. 27ECh. 1 - Prob. 28PCh. 1 - Prob. 29PCh. 1 - Match the terms (identified as a through r) with...Ch. 1 - Problem 1-30A Classifying events as asset source,...Ch. 1 - Problem 1-31A Relating titles and accounts to...Ch. 1 - Marks Consulting experienced the following...Ch. 1 - Prat Corp. started the 2018 accounting period with...Ch. 1 - Maben Company was started on January 1, 2018, and...Ch. 1 - Required Use the Target Corporations Form 10-K to...Ch. 1 - ATC 1-5 Writing Assignment Elements of financial...
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