Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 2, Problem 6PB
Mateo’s Maple Syrup had the following transactions during the month of February, its first month in business.
Complete the chart to determine the ending balances. As an example, the first transaction has been completed. Note: negative amounts should be indicated with minus signs .
(Hints: 1. each transaction will involve two financial statement elements; 2. the net impact of the transaction may be $0.)
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Mateo’s Maple Syrup had the following transactions during the month of February, its first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. Note: negative amounts should be indicated with minus signs (–).
(Hints: 1. each transaction will involve two financial statement elements; 2. the net impact of the transaction may be $0.)
Below are transactions for Lobos, Inc., during the month of December. Calculate the amount of revenue to recognize in December. If the transaction does not require the company to recognize a revenue, indicate how it would report the transaction. a. Receive $1,200 cash from customers for services to be provided next month. b. Perform $900 of services during the month and bill customers. Customers are expected to pay next month. c. Perform $2,300 of services during the month and receive full cash payment from customers at the time of service.
If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
May 1: Prepaid rent for three months, $2,400
May 5: Received and paid electricity bill, $160
May 9: Received cash for meals served to customers, $3,820
May 14: Paid cash for kitchen equipment, $3,580
May 23: Served a banquet on account, $2,750
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $1,590
May 31: Recorded depreciation for May on kitchen equipment, $140
Chapter 2 Solutions
Principles of Accounting Volume 1
Ch. 2 - Which of these statements is not one of the...Ch. 2 - Stakeholders are less likely to include which of...Ch. 2 - Identify the correct components of the income...Ch. 2 - The balance sheet lists which of the following? A....Ch. 2 - Assume a company has a $350 credit (not cash)...Ch. 2 - Which of the following statements is true? A....Ch. 2 - Owners have no personal liability under which...Ch. 2 - The accounting equation is expressed as ________....Ch. 2 - Which of the following decreases owners equity? A....Ch. 2 - Exchanges of assets for assets have what effect on...
Ch. 2 - All of the following increase owners equity except...Ch. 2 - Which of the following is not an element of the...Ch. 2 - Which of the following is the correct order of...Ch. 2 - The three heading lines of financial statements...Ch. 2 - Which financial statement shows the financial...Ch. 2 - Which financial statement shows the financial...Ch. 2 - Working capital is an indication of the firms...Ch. 2 - Identify the four financial statements and...Ch. 2 - Define the term stakeholders. Identify two...Ch. 2 - Identify one similarity and one difference between...Ch. 2 - Identify one similarity and one difference between...Ch. 2 - Explain the concept of equity, and identify some...Ch. 2 - Explain the difference between current and...Ch. 2 - Identify/discuss one similarity and one difference...Ch. 2 - Name the three types of legal business structure....Ch. 2 - What is the accounting equation? List two examples...Ch. 2 - Identify the order in which the four financial...Ch. 2 - Explain how the following items affect equity:...Ch. 2 - Explain the purpose of the statement of cash flows...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, place an (X)...Ch. 2 - For each of the following items, identify whether...Ch. 2 - For the items listed below, indicate how the item...Ch. 2 - Forest Company had the following transactions...Ch. 2 - Here are facts for the Hudson Roofing Company for...Ch. 2 - Prepare an income statement using the following...Ch. 2 - Prepare a statement of owners equity using the...Ch. 2 - Prepare a balance sheet using the following...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each of the following independent situations,...Ch. 2 - For each of the following items, identify whether...Ch. 2 - For the items listed below, indicate how the item...Ch. 2 - Gumbo Company had the following transactions...Ch. 2 - Here are facts for Haileys Collision Service for...Ch. 2 - Prepare an income statement using the following...Ch. 2 - Prepare a statement of owners equity using the...Ch. 2 - Prepare a balance sheet using the following...Ch. 2 - The following information is taken from the...Ch. 2 - Each situation below relates to an independent...Ch. 2 - The following information is from a new business....Ch. 2 - Each of the following situations relates to a...Ch. 2 - For each of the following independent...Ch. 2 - Olivias Apple Orchard had the following...Ch. 2 - Using the information in PA6, determine the amount...Ch. 2 - The following ten transactions occurred during the...Ch. 2 - The following information is taken from the...Ch. 2 - Each situation below relates to an independent...Ch. 2 - The following information is from a new business....Ch. 2 - Each of the following situations relates to a...Ch. 2 - For each of the following independent...Ch. 2 - Mateos Maple Syrup had the following transactions...Ch. 2 - Using the information in PB6, determine the amount...Ch. 2 - Choose three stakeholders (or stakeholder groups)...Ch. 2 - Assume you purchased ten shares of Roku during the...Ch. 2 - A trademark is an intangible asset that has value...Ch. 2 - For each of the following ten independent...Ch. 2 - The following historical information is from...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Compare and contrast low-rigor versus high-rigor cross-cultural training. Provide some examples of each type of...
Principles of Management
When calculating a ratio with numbers from the balance sheet and income statement, why must you use the balance...
Construction Accounting And Financial Management (4th Edition)
Discussion Questions 1. What characteristics of the product or manufacturing process would lead a company to us...
Managerial Accounting (4th Edition)
Wallace Industries has total contribution margin of $58,560 and net income of $24,400 for the month of April. W...
Principles of Accounting Volume 2
E6-14 Using accounting vocabulary
Learning Objective 1, 2
Match the accounting terms with the corresponding d...
Horngren's Accounting (12th Edition)
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
- Olivias Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. Note: Negative amounts should be indicated with minus signs and unaffected should be noted as $0. (Hints: 1. each transaction will involve two financial statement elements; 2. the net impact of the transaction may be $0.)arrow_forwardAfter all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of 45,550 and a credit of 36,520. On the same date, D. Mau, Drawing has a debit balance of 12,000 and D. Mau, Capital had a beginning credit balance of 63,410. a. Journalize the entries to close the remaining temporary accounts. b. What is the new balance of D. Mau, Capital after closing the remaining temporary accounts? Show your calculations.arrow_forwardGlobal Services Company had the following transactions during the month of August: a. Record the August revenue transactions for Global Services Company into the following revenue journal format: b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for August? c. What is the August 31 balance of the Morgan Corp. customer account assuming a zero balance on August 1?arrow_forward
- Horizon Consulting Company had the following transactions during the month of October: a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format: b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October? c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?arrow_forwardConsidering the following events, determine which month the revenue or expenses would be recorded using the accounting method specified. a. Gerber Company uses the cash basis of accounting. Gerber prepays cash in May for insurance that only covers the following month, (June). b. Matthews and Dudley Attorneys uses the accrual basis of accounting. Matthews and Dudley Attorneys receives cash from customers in June for services to be performed in July. c. Eckstein Company uses the accrual basis of accounting. Eckstein prepays cash in October for rent that covers the following month, (October). d. Gerbino Company uses the cash basis of accounting. Gerbino makes a sale to a customer in February but does not expect payment until March.arrow_forwardPost the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts. A. on first day of the month, sold products to customers for cash, $13,660 B. on fifth day of month, sold products to customers on account, $22,100 C. on tenth day of month, collected cash from customer accounts, $18,500arrow_forward
- As of January 1, Terrace Waters, Capital had a credit balance of $500,000. During the year, withdrawals totaled $10,000, and the business incurred a net loss of $320,000.a. Compute the balance of Terrace Waters, Capital as of the end of the year.b. Assuming that there have been no recording errors, will the balance sheetprepared at December 31 balance? Explain.arrow_forwardOlivia’s Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has beencompleted. Note: Negative amounts should be indicated with minus signs (–) and unaffected should be notedas $0.(Hints: 1. each transaction will involve two financial statement elements; 2. the net impact of the transactionmay be $0.)arrow_forwardAt the beginning of January, the first month of the accounting year, the supplies account had a debit balance of $825. During January, purchases of $260 worth of supplies were debited to the account. Although only $630 of supplies were still available at the end of January, the necessary adjusting entry was omitted. How will the omission affect (a) the income statement for January, and (b) the balance sheet prepared at January 31?arrow_forward
- After all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of \$45,550 and a credit of \$36.520 On the same date, Mau, Drawing has a debit balance or \$12,000 and D. Mau, Capital had a beginning credit balance of $63,410arrow_forwardDuring April, Grass is Greener Company mows 100 lawns a week and is paid in May by those customers. The company uses accrual basis accounting. How will these events affect the company’s financial statements? Group of answer choices A. The income statement shows the effects of the transactions in May. B. The balance sheet shows no effect from the transactions in April. C. The transactions have no effect on the balance sheet. D. The income statement shows the effects of the transactions in April.arrow_forwardFor each of the following transactions for New Idea Corporation, give the accounting equation effects of the adjustments required at the end of the month on July 31: (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Received a $700 utility bill for electricity usage in July to be paid in August. Owed wages to 15 employees who worked two days at $150 each per day at the end of July. The company will pay employees at the end of the first week of August. On July 1, loaned money to an employee who agreed to repay the loan in one year along with $1,800 for one full year of interest. No interest has been recorded yet.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeFinancial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage LearningFinancial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY