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Accounting Principles 9th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso - Solutions
The adjusted trial balance for Apachi Company is presented in E4-8.Instructions(a) Prepare an income statement and an owner’s equity statement for the year. Apachi did not make any capital investments during the year.(b) Prepare a classified balance sheet at July 31.
Josh Borke has prepared the following list of statements about the accounting cycle.1. “Journalize the transactions” is the first step in the accounting cycle.2. Reversing entries are a required step in the accounting cycle.3. Correcting entries do not have to be part of the accounting cycle.4.
Selected accounts for Nina??s Salon are presented below. All June 30 postings are from closing entries. Instructions(a) Prepare the closing entries that were made.(b) Post the closing entries to IncomeSummary.
Max Weinberg Company discovered the following errors made in January 2010.1. A payment of Salaries Expense of $600 was debited to Equipment and credited to Cash, both for $600.2. A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue $100.3. The
Mason Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.1. A payment on account of $630 to a creditor was debited to Accounts Payable $360 and credited to Cash $360.2.
The adjusted trial balance for Karr Bowling Alley at December 31, 2010, contains the following accounts. Instructions(a) Prepare a classified balance sheet; assume that $13,900 of the note payable will be paid in 2011.(b) Comment on the liquidity of thecompany.
The following are the major balance sheet classifications.Current assets (CA)......... Current liabilities (CL)Long-term investments (LTI)..... Long-term liabilities (LTL)Property, plant, and equipment (PPE)... Owner’s equity (OE)Intangible assets (IA)InstructionsClassify each of the following
The following items were taken from the financial statements of R. Stevens Company. (All dollars are in thousands.) InstructionsPrepare a classified balance sheet in good form as of December 31,2010.
These financial statement items are for B. Snyder Company at year-end, July 31, 2010. Instructions(a) Prepare an income statement and an owner??s equity statement for the year. The owner did not make any new investments during the year.(b) Prepare a classified balance sheet at July31.
LaBamba Company pays salaries of $10,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so LaBamba’s employes have worked 2 days without being paid.Instructions(a) Assume the company does not use reversing entries. Prepare the December 31
On December 31, the adjusted trial balance of Oslo Employment Agency shows the following selected data. Analysis shows that adjusting entries were made to (1) accrue $4,500 of commission revenue and (2) accrue $1,500 interest expense.Instructions(a) Prepare the closing entries for the temporary
Thomas Magnum began operations as a private investigator on January 1, 2010. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows. Other data:1. Supplies on hand total $380.2. Depreciation is $1,000 per quarter.3. Interest accrued on 6-month note payable,
The adjusted trial balance columns of the worksheet for Porter Company are as follows.Instructions(a) Complete the worksheet by extending the balances to the financial statement columns.(b) Prepare an income statement, owner’s equity statement, and a classified balance sheet. $10,000 of the notes
The completed financial statement columns of the worksheet for Woods Company are shown below. Instructions(a) Prepare an income statement, owner??s equity statement, and a classified balance sheet.S. Woods made an additional investment in the business of $4,000 during 2010.(b) Prepare the closing
Disney Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below. Instructions(a) Prepare a complete worksheet.(b) Prepare a classified balance sheet. (Note: $10,000 of the mortgage note payable is due for payment in the next fiscal
Laura Eddy opened Eddy’s Carpet Cleaners on March 1. During March, the following transactions were completed.Mar. 1 Invested $10,000 cash in the business.1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account.3 Purchased cleaning supplies for $1,200 on account.5 Paid
Joe Edmonds, CPA, was retained by Fox Cable to prepare financial statements for April 2010. Edmonds accumulated all the ledger balances per Fox's records and found the following Joe Edmonds reviewed the records and found the following errors.1. Cash received from a customer on account was
The trial balance columns of the worksheet for Sasse Roofing at March 31, 2010, are as follows. Other data:1. A physical count reveals only $650 of roofing supplies on hand.2. Depreciation for March is $250.3. Unearned revenue amounted to $170 at March 31.4. Accrued salaries are
The adjusted trial balance columns of the worksheet for Rachel Company, owned by Toni Rachel, are as follows.Instructions(a) Complete the worksheet by extending the balances to the financial statement columns.(b) Prepare an income statement, owner’s equity statement, and a classified balance
The completed financial statement columns of the worksheet for Muddy Company are shown below. Instructions(a) Prepare an income statement, an owner??s equity statement, and a classified balance sheet.(b) Prepare the closing entries. Melissa did not make any additional investments during the
Rockford Management Services began business on January 1, 2010, with a capital investment of $120,000.The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the
Lee Chang opened Chang’s Cleaning Service on July 1, 2010. During July the following transactions were completed.July 1 Chang invested $20,000 cash in the business.1 Purchased used truck for $9,000, paying $4,000 cash and the balance on account.3 Purchased cleaning supplies for $2,100 on
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook.InstructionsAnswer the questions on the following page using the Consolidated Balance Sheet and the Notes to Consolidated Financial Statements section.(a) What were PepsiCo’s total current assets
PepsiCo’s financial statements are presented in Appendix A. Financial statements for The Coca-Cola Company are presented in Appendix B.Instructions(a) Based on the information contained in these financial statements, determine each of the following for PepsiCo at December 29, 2007, and for
White gloves Janitorial Service was started 2 years ago by Nancy Kohl. Because business has been exceptionally good, Nancy decided on July 1, 2010, to expand operations by acquiring an additional truck and hiring two more assistants. To finance the expansion, Nancy obtained on July 1, 2010, a
The accounting cycle is important in understanding the accounting process.InstructionsWrite a memo to your instructor that lists the steps of the accounting cycle in the order they should be completed. End with a paragraph that explains the optional steps in the cycle.
As the controller of Breathless Perfume Company, you discover a misstatement that overstated net income in the prior year’s financial statements. The misleading financial statements appear in the company’s annual report which was issued to banks and other creditors less than a month ago.
Describe the parts of a T account.
Maria Alvarez, a beginning accounting student, believes debit balances are favorable and credit balances are unfavorable. Is Maria correct? Discuss.
State the rules of debit and credit as applied to (a) Asset accounts, (b) Liability accounts, and (c) The owner’s equity accounts (revenue, expenses, owner’s drawing, and owner’s capital).
What is the normal balance for each of the following accounts? (a) Accounts Receivable. (b) Cash. (c) Owner’s Drawing. (d) Accounts Payable. (e) Service Revenue.(f) Salaries Expense. (g) Owner’s Capital.
Indicate whether each of the following accounts is an asset, a liability, or an owner’s equity account and whether it has a normal debit or credit balance: (a) Accounts Receivable, (b) Accounts Payable, (c) Equipment,(d) Owner’s Drawing, (e) Supplies.
For the following transactions, indicate the account debited and the account credited.(a) Supplies are purchased on account.(b) Cash is received on signing a note payable.(c) Employees are paid salaries in cash.
Indicate whether the following accounts generally will have (a) Debit entries only, (b) Credit entries only, or (c) Both debit and credit entries.(1) Cash.(2) Accounts Receivable. (3) Owner’s Drawing. (4) Accounts Payable.(5) Salaries Expense.(6) Service Revenue.
What are the basic steps in the recording process?
What are the advantages of using a journal in the recording process?
(a) When entering a transaction in the journal, should the debit or credit be written first?(b) Which should be indented, the debit or credit?
Describe a compound entry, and provide an example.
(a) Should business transaction debits and credits be recorded directly in the ledger accounts?(b) What are the advantages of first recording transactions in the journal and then posting to the ledger?
Journalize the following business transactions.(a) Hector Molina invests $9,000 cash in the business.(b) Insurance of $800 is paid for the year.(c) Supplies of $2,000 are purchased on account.(d) Cash of $7,500 is received for services rendered.
(a) What is a ledger?(b) What is a chart of accounts and why is it important?
What is a trial balance and what are its purposes?
Jim Benes is confused about how accounting information flows through the accounting system. He believes the flow of information is as follows.(a) Debits and credits posted to the ledger.(b) Business transaction occurs.(c) Information entered in the journal.(d) Financial statements are prepared.(e)
Two students are discussing the use of a trial balance. They wonder whether the following errors, each considered separately, would prevent the trial balance from balancing.(a) The bookkeeper debited Cash for $600 and credited Wages Expense for $600 for payment of wages.(b) Cash collected on
For each of the following accounts indicate the effects of (a) A debit and (b) A credit on the accounts and (c) The normal balance of the account.1. Accounts Payable.2. Advertising Expense.3. Service Revenue.4. Accounts Receivable.5. A. J. Ritter, Capital.6. A. J. Ritter, Drawing.
Transactions for the Hank Norris Company for the month of June are presented below. Identify the accounts to be debited and credited for each transaction. June 1 Hank Norris invests $5,000 cash in a small welding business of which he is the sole proprietor.2 Purchases equipment on account for
Using the data in BE2-2, journalize the transactions. (You may omit explanations.)
Tom Oslow, a fellow student, is unclear about the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.
T. J. Carlin has the following transactions during August of the current year. Indicate(a) The effect on the accounting equation and (b) The debit-credit analysis illustrated on pages 61–66 of the text.Aug. 1 Opens an office as a financial advisor, investing $8,000 in cash.4 Pays insurance in
Using the data in BE2-5, journalize the transactions. (You may omit explanations.)
Selected transactions for the Finney Company are presented in journal form below. Post the transactions to T accounts. Make one T account for each item and determine each account’s ending balance.
Selected journal entries for the Finney Company are presented in BE2-7. Post the transactions using the standard form of account.
From the ledger balances given below, prepare a trial balance for the Cleland Company at June 30, 2010. List the accounts in the order shown on page 61 of the text. All account balances are normal. Accounts Payable $9,000, Cash $8,800, Cleland, Capital $20,000; Cleland, Drawing $1,200; Equipment
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances arenormal.
Josh Borke has just rented space in a strip mall. In this space, he will open a photography studio, to be called “Picture this!” A friend has advised Josh to set up a double-entry set of accounting records in which to record all of his business transactions. Identify the balance sheet accounts
Josh Borke engaged in the following activities in establishing his photography studio, Picture This!:1. Opened a bank account in the name of Picture This! and deposited $8,000 of his own money into this account as his initial investment.2. Purchased photography supplies at a total cost of
Josh Borke recorded the following transactions during the month of April. Post these entries to the Cash T-account of the general ledger to determine the ending balance in cash. The beginning balance in cash on April 1 was$1,600.
The following accounts are taken from the ledger of Boardin?? Company at December 31, 2010. Prepare a trial balance in goodform.
Josh Cephus has prepared the following list of statements about accounts.1. An account is an accounting record of either a specific asset or a specific liability.2. An account shows only increases, not decreases, in the item it relates to.3. Some items, such as Cash and Accounts Receivable, are
Selected transactions for D. Reyes, an interior decorator, in her first month of business, are as follows.Jan. 2 Invested $10,000 cash in business.3 Purchased used car for $4,000 cash for use in business.9 Purchased supplies on account for $500.11 Billed customers $1,800 for services performed.16
Data for D. Reyes, interior decorator, are presented in E2-2.InstructionsJournalize the transactions using journal page J1. (You may omit explanations.)
Presented below is information related to Hanshew Real Estate Agency.Oct. 1 Pete Hanshew begins business as a real estate agent with a cash investment of $15,000.2 Hires an administrative assistant.3 Purchases office furniture for $1,900, on account.6 Sells a house and lot for B. Kidman; bills B.
Transaction data for Hanshew Real Estate Agency are presented in E2-4. InstructionsJournalize the transactions. (You may omit explanations.)
Konerko Industries had the following transactions.1. Borrowed $5,000 from the bank by signing a note.2. Paid $2,500 cash for a computer.3. Purchased $700 of supplies on account.Instructions(a) Indicate what accounts are increased and decreased by each transaction.(b) Journalize each transaction.
Rowand Enterprises had the following selected transactions.1. Aaron Rowand invested $4,000 cash in the business.2. Paid office rent of $1,100.3. Performed consulting services and billed a client $5,200.4. Aaron Rowand withdrew $700 cash for personal use.Instructions(a) Indicate the effect each
Josie Feeney has prepared the following list of statements about the general ledger. 1. The general ledger contains all the asset and liability accounts, but no owner’s equity accounts.2. The general ledger is sometimes referred to as simply the ledger.3. The accounts in the general ledger are
Selected transactions from the journal of Teresa Gonzalez, investment broker, are presented below. Instructions(a) Post the transactions to T accounts.(b) Prepare a trial balance at August 31,2010.
The T accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations. Instructions(a) Prepare the complete general journal (including explanations) from which the postings to Cash were made.(b) Prepare a trial balance at April 30,2010.
Presented below and on the next page is the ledger for Heerey Co. Instructions(a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.(b) Determine the October 31 balance for each of the accounts above, and prepare a trial
Selected transactions for Tina Cordero Company during its first month in business are presented below.Sept. 1 Invested $10,000 cash in the business.5 Purchased equipment for $12,000 paying $5,000 in cash and the balance on account.25 Paid $3,000 cash on balance owed for equipment.30 Withdrew $500
The bookkeeper for Sam Kaplin Equipment Repair made a number of errors in journalizing and posting, as described below.1. A credit posting of $400 to Accounts Receivable was omitted.2. A debit posting of $750 for Prepaid Insurance was debited to Insurance Expense.3. A collection from a customer of
The accounts in the ledger of Sanford Delivery Service contain the following balances on July 31, 2010. InstructionsPrepare a trial balance with the accounts arranged as illustrated in the chapter and fill in the missing amount forCash.
Frontier Park was started on April 1 by C. J. Mendez. The following selected events and transactions occurred during April.Apr. 1 Mendez invested $40,000 cash in the business.4 Purchased land costing $30,000 for cash.8 Incurred advertising expense of $1,800 on account.11 Paid salaries to employees
Jane Kent is a licensed CPA. During the first month of operations of her business, the following events and transactions occurred.May 1 Kent invested $25,000 cash.2 Hired a secretary-receptionist at a salary of $2,000 per month.3 Purchased $2,500 of supplies on account from Read Supply Company.7
Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2009 (the end of its fiscal year). Summarized transactions for January 2010 were as follows:1. Advertising costs, paid in cash, $1,000.2. Additional repair parts inventory acquired on
The trial balance of the Sterling Company shown below does not balance. Your review of the ledger reveals that each account has a normal balance. You also discover the following errors (shown on page 85).1. The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Property Tax
The Lake Theater is owned by Tony Carpino. All facilities were completed on March 31. At this time, the ledger showed: No. 101 Cash $6,000, No. 140 Land $10,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $8,000, No. 157 Equipment $6,000, No. 201 Accounts
Hyzer Disc Golf Course was opened on March 1 by Barry Schultz. The following selected events and transactions occurred during March:Mar. 1 Invested $20,000 cash in the business.3 Purchased Heeren’s Golf Land for $15,000 cash. The price consists of land $12,000,shed $2,000, and equipment $1,000.
Maria Juarez is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.April 1 Invested $40,000 cash.1 Hired a secretary-receptionist at a salary of $600 per week payable monthly.2 Paid office rent for the month $1,000.3 Purchased
Slowhand Services was formed on May 1, 2010. The following transactions took place during the first month.Transactions on May 1:1. Eric Clapton invested $50,000 cash in the company, as its sole owner.2. Hired two employees to work in the warehouse. They will each be paid a salary of $2,800 per
The trial balance of Syed Moiz Co. shown below does not balance. Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.1. Cash received from a customer in payment of its account was debited for $480, and
The Josie Theater, owned by Josie Micheals, will begin operations in March. The Josie will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Josie showed: No. 101 Cash $9,000, No. 140 Land $24,000, No. 145 Buildings (concession stand,
The financial statements of PepsiCo, Inc. are presented in Appendix A. The notes accompanying the statements contain the following selected accounts, stated in millions of dollars.Accounts Payable.......... Income Taxes PayableAccounts Receivable........ Interest ExpenseProperty, Plant, and
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions(a) Based on the information contained in the financial statements, determine the normal balance of the listed accounts for each company.Pepsi
Lisa Ortega operates Ortega Riding Academy. The academy??s primary sources of revenue are riding fees and lesson fees, which are paid on a cash basis. Lisa also boards horses for owners, who are billed monthly for boarding fees. In a few cases, boarders pay in advance of expected use. For its
Woderson’s Maid Company offers home cleaning service. Two recurring transactions for the company are billing customers for services rendered and paying employee salaries. For example, on March 15, bills totaling $6,000 were sent to customers and $2,000 was paid in salaries to employees.
Mary Jansen is the assistant chief accountant at Casey Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first quarter. Mary is hurriedly trying to prepare a general ledger trial balance so that quarterly
Every company needs to plan in order to move forward. Its top management must consider where it wants the company to be in three to five years. Like a company, you need to think about where you want to be three to five years from now, and you need to start taking steps now in order to get there.
(a) How does the time period assumption affect an accountant’s analysis of business transactions?(b) Explain the terms fiscal year, calendar year, and interim periods.
State two generally accepted accounting principles that relate to adjusting the accounts.
Why do accrual-basis financial statements provide more useful information than cash-basis statements?
Why may a trial balance not contain up-to-date and complete financial information?
Depreciation is a valuation process that results in the reporting of the fair market value of the asset. Do you agree? Explain.
Explain the differences between depreciation expense and accumulated depreciation.
Shinn Company purchased equipment for $18,000. By the current balance sheet date, $6,000 had been depreciated. Indicate the balance sheet presentation of the data.
On January 9, a company pays $5,000 for salaries, of which $2,000 was reported as Salaries Payable on December 31. Make the entry to record the payment.
For each of the following items before adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, and accrued expense) that is needed to correct the misstatement. If an item could result in more than one type of adjusting entry, indicate each of the
One-half of the adjusting entry is given below. Indicate the account title for the other half of the entry.(a) Salaries Expense is debited.(b) Depreciation Expense is debited.(c) Interest Payable is credited.(d) Supplies is credited.(e) Accounts Receivable is debited.(f) Unearned Service Revenue
Why is it possible to prepare financial statements directly from an adjusted trial balance?
Adel Company debits Supplies Expense for all purchases of supplies and credits Rent Revenue for all advanced rentals. For each type of adjustment, give the adjusting entry.
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