Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Textbook Question
Chapter 1, Problem 53PB
Analyze business transactions using the
- a. Xavier Bostic started the business by depositing $3,350 in a business checking account on November 1 in exchange for common stock.
- b. The company purchased a vacuum cleaner for $1,145 cash.
- c. The company borrowed $1,575 from the bank for the business by signing a note.
- d. The company provided services to clients and received $5,705 in cash.
- e. The company paid $535 of operating expenses.
- f. The company declared and made a distribution of $200 to the owner.
Requirements
- 1. Enter the transactions into the accounting equation.
- 2. What are the total assets of the company at November 30, 2012?
- 3. Prepare a statement of
cash flows for the month ended November 30, 2012. - 4. What was net income for the month ended November 30, 2012?
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Students have asked these similar questions
Mr. Tristan Siy III established Siy Bookkeeping
Services and had the following transactions for the
month of February:
4
19
15
18
19
Received P35,000 cash from customers in
payment of their account.
Paid in cash and received an official receipt
20 from the supplier for payment of accounts,
21
28
28
Investment of P150,000 cash fund by Mr. Siy
into the business.
28
Received a Charge Invoice from a supplier for
the purchase of a desktop computer
amounting to P32,500. The computer is
estimated to be useful for five years and have
a salvage value of P2,500 thereafter.
Purchased supplies amounting to P18,000 in
cash.
Paid P6,000 insurance for six months.
Issued a Service Invoice for an amount of
P50,000 to a customer for services rendered
on account.
P20,000.
Rendered services to customers billed for
P30,000.
Cash payment of P15,000 for the salary of an
employee.
Mr. Siy withdrew P12,000 cash from the
business.
Paid the telephone bill for February
amounting to P3,000.
Windsor, Inc. had the following transactions.
1.
Borrowed $ 6,184 from the bank by signing a note.
2.
Paid $ 3,092 cash for a computer.
3.
Purchased $ 557 of supplies on account.
(a)
Indicate what accounts are increased and decreased by each transaction.
Debit Analysis
Account Names
Credit Analysis
Account Names
1.
select an effect on a basic account type
enter a debit account title to record the first transaction
select an effect on a basic account type
enter a credit account title to record the first transaction
2.
select an effect on a basic account type
enter a debit account title to record the second transaction
select an effect on a basic account type
enter a credit account title to record the second transaction
3.
select an effect on a basic account type
enter a debit account title to record the third transaction
select an effect on a basic…
n 1. Enter the following transactions in T accounts. Label each debit and credit with the letter identifying the transaction. Prepare a trial balance at June 30.
On June 8, Lynne Jones opened a bank account in the name of her new business, Bluegrass company, by making a bank deposit of $82,000 cash.
On June 12, Purchase a small office building located on a large lot for a total price of $91,200, of which $48,000 was applicable to the land and $43,200 to the building. A cash payment of $18,240 was made and a note payable was issued for the balance of the purchase price.
On June 14, office equipment was purchased at a cost of $7,100. A cash down payment of $1,100 was made, and it was agreed that the balance should be paid within 30 days.
On June 20, withdrew $1,100 cash from the business for personal use.
On June 25, paid $450 for publication of newspaper advertising.
On June 26, paid salaries $6,500 to employees for services rendered.
Chapter 1 Solutions
Financial Accounting
Ch. 1 - 1. What is the main purpose of a business? 2....Ch. 1 - Prob. 2YTCh. 1 - 1. What are the two sources of financing for a...Ch. 1 - 1. What are revenues and expenses? 2. What are the...Ch. 1 - 1. What are the two parts of shareholders equity?...Ch. 1 - Prob. 6YTCh. 1 - Prob. 7YTCh. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3Q
Ch. 1 - Prob. 4QCh. 1 - What are the advantages of the corporate form of...Ch. 1 - What are the disadvantages of the corporate form...Ch. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - What are the basic financial statements? Describe...Ch. 1 - What makes the income statement different from the...Ch. 1 - Prob. 11QCh. 1 - What type of activities relate to what the firm is...Ch. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Online Pharmacy Company borrowed 5,000 cash from...Ch. 1 - Prob. 7MCQCh. 1 - During its first year of business, West Company...Ch. 1 - Interest is the cost of a. purchasing inventory....Ch. 1 - Prob. 10MCQCh. 1 - Classify business transactions. (LO 2). For each...Ch. 1 - Identify balance sheet items. (LO 4). Classify the...Ch. 1 - Calculate owners equity. (LO 4). Doughnut Company...Ch. 1 - Prob. 4SEACh. 1 - Prob. 5SEACh. 1 - Calculate owners equity. (LO 4). Pasta Enterprises...Ch. 1 - Super Shop had a retained earnings balance of...Ch. 1 - Prob. 8SEBCh. 1 - Prob. 9SEBCh. 1 - Breck Company shows 80,000 worth of assets on its...Ch. 1 - Prob. 11SEBCh. 1 - For each of the following, calculate the missing...Ch. 1 - Prob. 13SEBCh. 1 - M Company had a retained earnings balance of 4,200...Ch. 1 - Prob. 15EACh. 1 - Analyze business transactions using the accounting...Ch. 1 - Prob. 17EACh. 1 - Prob. 18EACh. 1 - Enter each transaction below into the accounting...Ch. 1 - Prob. 20EACh. 1 - For each of the transactions given, tell whether...Ch. 1 - Prob. 22EACh. 1 - Enter each transaction into the accounting...Ch. 1 - Prob. 24EACh. 1 - Relationship between income statement and balance...Ch. 1 - Bob started a pool cleaning business on the first...Ch. 1 - Prob. 27EACh. 1 - Retained earnings and cash. (LO 4). Checkmate...Ch. 1 - Prob. 29EACh. 1 - Prob. 30EBCh. 1 - Prob. 31EBCh. 1 - Prob. 32EBCh. 1 - Prob. 33EBCh. 1 - Prob. 34EBCh. 1 - Classify business transactions. (LO 2). For each...Ch. 1 - Prob. 36EBCh. 1 - Prob. 37EBCh. 1 - Enter each transaction into the accounting...Ch. 1 - Prob. 39EBCh. 1 - Prob. 40EBCh. 1 - Frank Frock started a consulting business on the...Ch. 1 - Prob. 42EBCh. 1 - Prob. 43EBCh. 1 - Prob. 44EBCh. 1 - Prob. 45PACh. 1 - Prob. 46PACh. 1 - Prob. 47PACh. 1 - Analyze business transactions and the effect on...Ch. 1 - Prob. 49PACh. 1 - Analyze business transactions and prepare the...Ch. 1 - Prob. 51PACh. 1 - Prob. 52PBCh. 1 - Analyze business transactions using the accounting...Ch. 1 - Prob. 54PBCh. 1 - Prob. 55PBCh. 1 - Prob. 56PBCh. 1 - Prob. 57PBCh. 1 - Prob. 58PBCh. 1 - Prob. 1FSACh. 1 - Prob. 2FSACh. 1 - Prob. 3FSACh. 1 - What is the Walt Disney Companys key objective? Go...
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