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college accounting
College Accounting A Practical Approach 13th Canadian edition Jeffrey Slater, Debra Good - Solutions
From the following information, prepare a general journal entry to record the employee benefits expense for Jones Company for the weekly payroll of July 9. Deductions Total Salary Net Pay Employee Troy Ness Jay Young Tim Wyatt Income Tax СРР EI 980 215 45 18 702 700 120 31 13 536 850 168
From the following transactions for Lowe Company for the month of July,(a) Prepare journal entries (assume that it is page 1 of the journal),(b) Post to the ledger (use three-column account style),(c) Prepare a trial balance.2020July 4 Joan Lowe invested $6,000 in the business.7 Bought equipment on
Maquoketa Services was formed on May 1, 2022. The following transactions took place during the first month.Transactions on May 1:1. Jay Bradford invested $40,000 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 $3,050 per
The T-accounts below summarize the ledger of Daggett Landscaping Company at the end of the first month of operations. Instructionsa. Prepare the complete general journal (including explanations) from which the postings to Cash were made.b. Determine the April 30 balance for each account and
The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2022. Accounts Receivable Accounts Payable Cash Prepaid Insurance Maintenance and Repairs Expense Service Revenue Owner's Drawings Owner's Capital Salaries and Wages Expense Salaries and Wages
Selected transactions from the journal of June Feldman, investment broker, are presented below. Instructions a. Post the transactions to T-accounts. b. Prepare a trial balance at August 31, 2022. General Journal J1 Account Titles and Explanation Ref. Debit Credit Date Cash 5,000 Aug. 1 Owner's
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal. Cappshaw Company Trial Balance December 31, 2022 Debit Credit Cash $10,800 $ 3,500 Prepaid Insurance Notes Payable Accounts Payable Owner's Capital Owner's
From the following ledger balances, prepare a trial balance for the Amaro Company at June 30, 2022. Accounts Payable $8,100, Cash $5,800, Owner’s Capital $15,000, Owner’s Drawings $1,200, Equipment $17,000, Service Revenue $10,000, Accounts Receivable $3,000, Salaries and Wages Expense
Companies record transactions in journals and then post to the ledger. How do you keep track of your personal finances? Do you record your everyday transactions in a journal? Or, do you have an app to help you track your finances?InstructionsExplore various personal finance apps and briefly
Mallory Rice owns a small dog-walking service. Because she has taken an accounting class, she understands the importance of maintaining accounting records. She has been recording transactions in the journal and posting them to the ledger. After one year, her business really grows and she determines
Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.April 1 Invested $20,000 cash in her business.1 Hired a secretary-receptionist at a salary of $700 per week payable monthly.2 Paid office rent for the month
Marc Industries had the following transactions.1. Borrowed $5,000 from the bank by signing a note.2. Paid $3,100 cash for a computer.3. Purchased $850 of supplies on account.InstructionsJournalize each transaction. (Omit explanations.)
M. Williams has the following transactions during February of the current year. Journalize the transactions. (You may omit explanations.)Feb. 2 Begins a business as a tennis coach with a cash investment of $5,000.3 Purchases supplies (tennis balls and baskets), $700 cash.20 Provides coaching
M. Gonzales has the following transactions during August. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis as shown in the chapter.Aug. 1 Opens an office as a financial advisor, investing $8,000 in cash.2 Purchases a one-year insurance policy for $2,000.4 Pays
Tom Rasta engaged in the following activities in establishing his photography studio, Picture This! Indicate the accounts to be debited and credited for each transaction.1. Opened a bank account in the name of Picture This! and deposited $6,300 of his own money into this account as his initial
Complete the following chart. The first row has been completed for you. Equation Element: Asset, Liability, Owner's Equity, Liabilities Asset Company Pays Effect on Owner's Equity: Increase, Decrease, or NA Company Owns? Y or N to Someone Else? Revenue, or Y or N Account Expense Cash NA asset
Selected transactions for Allie Mane, 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 $3,000 cash for use in business.4 Purchased a one-year insurance policy for $1,200.9 Purchased supplies on account for
The following accounts are from Cortland Company. Prepare a chart of accounts. List the accounts in the order shown in the chapter. Do not include account numbers.Notes Payable .................................................. CashOwner’s Capital
The accounts of Overnite Delivery Service are presented below.Accounts Receivable .......................................................... CashAccounts Payable ............................................................... Insurance ExpenseService Revenue
Describe some examples of business documents.
Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.April 1 Invested $20,000 cash in her business.1 Hired an administrative assistant at a salary of $700 per week payable monthly.2 Paid offi ce rent for the
Ancelmo Molina just opened Mo’s Repairs, a home repairs service company. A friend has advised Ancelmo to set up a double-entry set of accounting records in which to record all of his business transactions. Identify the balance sheet and income statement accounts that Ancelmo will likely use to
Trixie Maye started her own consulting firm, Matrix Consulting, on May 1, 2022. The following transactions occurred during the month of May.May 1 Trixie invested $7,000 cash in the business.2 Paid $900 for office rent for the month.3 Purchased $600 of supplies on account.5 Paid $125 to advertise in
The following accounts come from the ledger of Sports to Go at May 31, 2022. Prepare a trial balance in good form. Account title Acct # Balance $ 5,200 157 306 201 732 400 101 Equipment Owner's Drawings Accounts Payable 4,750 Utilities Expense Service Revenue Cash 100 2,500 10,950 10,000 Owner's
DeQuan Matthews of Sports to Go recorded the following transactions in a general journal during the month of May. Post these entries to the Cash account of the general ledger (three-column format) to determine its ending balance. The beginning balance of Cash on May 1 was $10,000. Explanations are
DeQuan Matthews started a sports travel business to help college students travel to out of town sporting events. He engaged in the following activities to establish Sports to Go.1. Deposited $10,000 of his own money into the business as the initial investment.2. Purchased computer equipment on
Complete the following chart. In this transaction: In this transaction: In this transaction: Does it increase or increase or increase or decrease Cash? Does it Does it Transaction A Does it Does it increase or increase or decrease decrease owner's decrease expense? revenue? decrease money
Match the following terms with their respective definition.a. Chart of accounts.b. Credit.c. Credit balance.d. Crediting.e. Debit.f. Debit balance.g. Debiting.h. Double-entry system.i. Normal balance.j. T-account.1. Entering an amount on the right side of an account.2. The left side of an
Tom Rasta 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 Tom to set up a double-entry set of accounting records in which to record all of his business transactions. Identify the balance sheet accounts
Companies should have a chart of accounts that accurately reflects the business. Your friend has started his own landscaping business and developed a chart of accounts. He told you that his chart of accounts does not need to include the Cash account since he just deposits the cash into the bank
Maquoketa Services was formed on May 1, 2022. The following transactions took place during the first month. 1. Jay Bradford invested $40,000 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 $3,050 per month.3. Paid
Kay Marie opened her interior design firm, KM Designs. Transactions made by KM Designs for the month of August are shown below.1. The owner invested $10,000 cash in the business.2. The company purchased $4,000 of office equipment on credit.3. The company received $3,000 cash in exchange for
For the accounts listed below, prepare a chart of accounts for Amaro Company at June 30, 2022. List the accounts in the order shown in the chapter. Do not include account numbers.Accounts Payable, Cash, Owner’s Capital, Owner’s Drawings, Equipment, Service Revenue, Accounts Receivable, Salaries
Presented below are three business transactions. List the letters (a), (b), and (c) with columns for assets, liabilities, and owner’s equity. For each column, indicate whether the transactions increased (1), decreased (2), or had no effect (NE) on assets, liabilities, and owner’s equity.a.
Presented below is information related to the cybersecurity consulting firm of Erica Thompson. Instructionsa. Calculate the balance in owner?s equity for Erica Thompson?s cybersecurity consulting firm as of January 1, 2022, and as of December 31, 2022.b. Calculate the amount of drawings that must
Presented below is financial information related to the 2022 operations of Elliott Auto Repair. InstructionsCompute net income in 2022 for Elliott Auto Repair. Maintenance and repairs expense Utilities expense Salaries and wages expense Advertising expense Service revenue $ 85,000 185,000 10,000
Indicate the following items as an asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E).________ a. Notes Payable.________ b. Advertising Expense.________ c. Owner’s Capital.________ d. Cash.________ e. Service Revenue.
At Mead National Recreation Area, Loren has compiled the following financial information as of December 31, 2022. Instructionsa. Determine Mead?s net income for 2022.b. Determine Mead?s total assets as of December 31, 2022.c. Determine Mead?s total liabilities as of December 31, 2022. Notes
Two items are omitted from each of the following summaries of accounting equation data for the year 2022 for two businesses, Greene?s Goods and Solar Enterprises. InstructionsDetermine the missing amounts. Greene's Solar Enterprises Goods Beginning of year: $129,000 (c) 80,000 Total assets
Finch Company had the following assets and liabilities on the dates indicated. Finch began business on January 1, 2022, with an investment of $100,000. InstructionsFrom an analysis of the change in owner?s equity during the year, compute the revenues for:a. 2022, assuming Finch?s drawings were
Falske Computer Timeshare Company entered into the following transactions during May 2022.1. Purchased computers for $20,000 from Digital Equipment on account.2. Paid $4,000 cash for May rent on storage space.3. Received $17,000 cash from customers for contracts billed in April.4. Performed
Julia Rollins started her own business, Coach Julia, on September 1, 2022, to coach young children in basketball. The following transactions occurred during the month of September.Sept. 1 Julia invested $4,000 cash in the business.2 Purchased $400 of basketball equipment.3 Purchased $150 of
Accounting transactions happen all around you, every day. Meet with one classmate somewhere that provides good opportunities for some casual “people watching” (e.g., the mall, the coffee shop, etc.).Think about what you are observing from the viewpoint of seeing accounting transactions in
Classify the following items as investment by owner (I), owner’s drawings (D), revenues (R), or expenses (E). Then indicate whether each item increases or decreases owner’s equity.a. Drawings.b. Rent Revenue.c. Advertising Expense.d. Owner puts personal assets into the business.e. Service
Selected transactions for Erin’s Events, a conference-planning business, are listed below.1. Made a cash investment in the business.2. Purchased a one-year insurance policy.3. Purchased computer equipment using cash with the remainder on account.4. Purchased supplies on
Sandi Alcon, the bookkeeper for New York Company, has been trying to determine the correct ?assets, liabilities, and owner?s equity for the company. Her calculations are shown below. InstructionsExplain to Sandi Alcon in a memo why her original calculations are incorrect, and what should be done
Transactions made by Haas & Co. for the month of April are shown below. Prepare a tabular summary that shows the effects of these transactions on the basic accounting equation, similar to that shown in Illustration 2.11.1. The owner invested $50,000 cash in the business.2. The company purchased
Paddington’s Cleaning Service experiences the following events. Indicate if each event is considered a business transaction.a. Purchase cleaning supplies on account.b. Visit customer to provide an estimate.c. Pay for phone bill.d. Hire a new employee.
Chase Company has the following accounts.Accounts Payable .......................... Accounts ReceivableCash Notes ..................................... PayableEquipment ...................................... Salaries and Wages PayableSupplies .......................................... Owner’s
Taylor Orlando began Taylor Roofing, his roofing business, on March 1, 2022. On March 31, the balances in the accounts were as follows. Cash $9,000, Accounts Receivable $2,000, Equipment $8,000, Accounts Payable $4,000, and Owner’s Capital $15,000. During April, the following transactions
Judi Salem opened a law office on July 1, 2022. On July 31, the balances in the accounts were as follows: Cash $5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, and Owner’s Capital $8,800. During August, the following transactions occurred.1.
Nick Ramon, a local golf star, opened the Chip-Shot Driving Range on March 1, 2022, by investing $25,000 of his cash savings in the business. A caddy shack was constructed for cash at a cost of $8,000, and $800 was spent on golf balls and golf clubs. Nick leased five acres of land at a cost of
Given the basic accounting equation, answer each of the following independent questions.a. The assets of Harvick Company are $800,000, and the liabilities are $300,000. What is the amount of Harvick Company’s owner’s equity?b. The liabilities of Patrick Company are $220,000, and the owner’s
The statement of owner’s equity calculates only ending withdrawals. True or false? Please explain.
What does an income statement show?
As expenses increase and revenue remains the same, they cause owner’s equity to increase. Defend or reject.
A withdrawal is a business expense. True or false? Please explain.
Into what four categories owner’s equity subdivided?
Revenue is an asset. True or false? Please explain.
A balance sheet tells a company where it is going and how well it will perform. True or false? Please explain.
From the following, calculate the total of assets on the balance sheet.B. Fleese, CapitalComputer Equipment $18,00012,000Accounts Payable 6,000Cash 12,000
Explain the concept of the accounting cycle.
The accounting records of Jordan?s Delivery Service show the following assets and liabilities as of the end of 2018 and 2019. Prepare an income statement and a statement of owner?s equity for the year ended December 31, 2018, and a December 31, 2019, balance sheet. The owner bought land for his
Ryan Bauman opened his Construction Repair Shop in April 2020. The balance sheet at April 30, 2020 was prepared by a friend of his and is shown below. Prepare a corrected balance sheet. Bauman's Construction Repair Shop Balance Sheet April 30, 2020 Liabilities & Equity Construction Supplies Loan
Record the following transaction in the transaction analysis chart: Sandy Pointer bought new computer equipment for $21,000, paying $5,000 down and agreeing to pay the balance in 30 days.
Complete the following: Account Category Normal Balance ↑ A. Accounts Payable B. Taxable Fees Earned C. Accounts Receivable Dr. Cr. Liability Cr. D. M. Blanc, Capital E. M. Blanc, Withdrawals F. Advertising Expense G. Rent Expense
What do we mean when we say that a transaction analysis chart is a teaching device?
Why is the left-hand side of an account called a debit?
Howard McGraw of Windsor opened First City Surveying Service. As his accountant, analyze the transactions listed and present to Howard the following information, in proper form.1. The analysis of the transactions using the expanded accounting equation2. A balance sheet showing the financial
The following are incomplete financial statements for Good Home Hardware.Calculate the missing values and complete the statements. GOOD HOME HARDWARE Income Statement For the Year Ended July 31, 2019 Revenue: Service Revenue $142,000 Repair Revenue Total Revenue 6,000 $148,000 Operating Expenses:
Complete the following table: Owner's Equity Liabilities Assets $ 6,000 a. $15,000 b. $8,000 $11,000 c. $14,000 $5,000 ||
Tony has decided to end the Precision Computer Centre’s first year as of July 31, 2019. Below is an updated chart of accounts. Assignment (Use the Excel templates in MyAccountingLab to complete this question. The adjusting entries have been posted and are reflected in the ledger account
On June 2, 2020, a telephone expense for $210 was debited to Repair Expense. On July 11, 2020, this error was found. Prepare the correcting journal entry. When would a correcting entry not be needed?
A trial balance is a formal report. True or false? Please explain.
From the following trial balance of Hall?s Cleaners, prepare the following:? Income statement? Statement of owner?s equity? Balance sheet HALL'S CLEANERS TRIAL BALANCE JULY 31, 2019 Dr. Cr. 75000 6 4500 Cash Equipment Accounts Payable 52500 J. Hall, Capital J. Hall, Withdrawals Cleaning Fees
From the following trial balance of Hugo?s Cleaners, prepare the following:? Income Statement? Statement of Owner?s Equity? Balance Sheet HUGO’S CLEANERS TRIAL BALANCE JULY 31, 2019 Cr. Dr. 60000 6 9 200 Cash Equipment Accounts Payable 30000 J. Hugo, Capital J. Hugo, Withdrawals Cleaning Fees
For the following trial balance, identify the statement in the following list in which each title will appear (you may have more than 1 answer):? Income Statement (IS)? Statement of Owner?s Equity (OE)? Balance Sheet (BS) Bernie Co. Trial Balance November 20, 2018 Dr. Cr. A. Cash 500 Accounts
Andy Leaf is a careless bookkeeper. He is having a terrible time getting his trial balance to balance. Andy has asked for your assistance in preparing a correct trial balance. The following is the incorrect trial balance. ? Debits to the Cash account were $2,640; credits to the Cash account were
What is the end product of the accounting process?
Holly?s Accounting Services showed the following trial balances for her first month just ended July 31, 2020. Use this information to complete an income statement, a statement of owner?s equity, and a balance sheet. HOLLY'S ACCOUNTING SERVICES TRIAL BALANCE JULY 31, 2020 Dr. Cr. Cash $2,000
From the trial balance of Gretchen Lyman, Barrister and Solicitor, of Winnipeg, prepare? (a) An income statement for the month of May,? (b) A statement of owner?s equity for the month ended May 31, (c) A balance sheet as of May 31, 2020. GRETCHEN LYMAN, BARRISTER AND SOLICITOR TRIAL BALANCE MAY
From the trial balance of Grace Lantz, Barrister and Solicitor, of Winnipeg, prepare? (a) An income statement for the month of May,? (b) A statement of owner?s equity for the month ended May 31, and? (c) A balance sheet as of May 31, 2019. GRACE LANTZ, Barrister and Solicitor TRIAL BALANCE MAY 31,
Footings are used in balancing all accounts. True or false? Please explain.
From the following T accounts of Barry?s Cleaning Service of Yarmouth,(a) Record and foot the balances in the appropriate Excel templates on MyAccountingLab, (b) Prepare a trial balance for May 31, 2019. Cash 111 (A) 10,000 | 4,000 (C) 310 (D) 50 (E) 600 (H) Accounts Receivable 112 (G) 2,000
From the following T accounts of Linda?s Consulting Service of Taber, (a) Record and foot the balances, (b) Prepare a trial balance for October 31, 2020. Equipment 121 (B) 4,000 Cash 111 Accounts Receivable 112 (G) 1,000 (A) 6,000 4,000 (B) 340 (F) 3,500 3,000 (D) (C) 500 150 (E) (G) 600 (H) Linda
From the following T accounts of Barry?s Cleaning Service of Yarmouth,? (a) Record and foot the balances on the appropriate pages in the Workbook or on MyAccountingLab, (b) Prepare a trial balance in proper form for May 31, 2019. Fees Earned 411 Cash 111 Accounts Payable 211 200 | 1,300 (C) | 8,000
The total of the left-hand side of the accounting equation must equal the total of the right-hand side. True or false? Please explain.
Define capital.
From the following account balances for November 2019, prepare in proper form? (a) An income statement,? (b) A statement of owner?s equity, (c) A balance sheet for Frederick Realty. $4,800 S. Frederick, Withdrawals $ 120 Cash Accounts Receivable 3,000 1,230 Professional Fees Office Equipment
While Jon Lune was on a business trip, he asked Abby Slowe, the bookkeeper for Lune Co., to try to complete a balance sheet for the year ended December 31, 2019. Abby, who had been on the job only two months, submitted the following: 1.?Help Abby fix as well as complete the balance sheet.2. What
John Thildore of Regina opened Thildore’s Catering Service. As his accountant, analyze the transactions listed below and present the following information in proper form.1. The analysis of the transactions using the expanded accounting equation2. A balance sheet showing the financial
Jill Martin of Regina opened Martin’s Catering Service. As her accountant, analyze the transactions listed below and present in proper form:1. The analysis of the transactions by utilizing the expanded accounting equation2. A balance sheet showing the position of the firm before opening on
From the following account balances for June 2019, prepare in proper form? (a) An income statement,? (b) A statement of owner?s equity, (c) A balance sheet for French Realty. S. French, Withdrawals Professional Fees Cash $4,650 640 Accounts Receivable 2,600 5,600 800 Office Equipment Accounts
What is the relationship of bookkeeping to accounting?
You have just been hired to prepare, if possible, an income statement for the year ended December 31, 2019, for Roger?s Window Washing Company. The problem is that Roger kept only the following records (on the back of a piece of cardboard).Assume that Roger?s Window Washing Company records all
Jane West, owner of West?s Stencilling Service in Grande Prairie, has requested that you prepare from the following balances? (a) An income statement for June 2020, (b) A statement of owner?s equity for June, (c) A balance sheet as of June 30, 2020. Stencilling Fees Cash Accounts Receivable
Jane West, owner of West?s Stencilling Service in Grande Prairie, has requested that you prepare from the following balances? (a) An income statement for June 2020,? (b) A statement of owner?s equity for June, (c) A balance sheet as of June 30, 2020. Stencilling Fees Advertising Expense Repair
Identify which transaction below results in a shift in assets (S) and which transaction causes an increase in assets (I).a. Jay’s Internet Cafe bought computer equipment on account.b. Eastern Tile Co. bought office equipment for cash.
What type of businesses would you see in industry.
Bill See has asked you to prepare a balance sheet as of September 30, 2020, for See’s Internet Service of Halifax. Assist Bill.B. See, CapitalAccounts Payable $24,00060,000Equipment 40,000Building 28,000Cash 16,000
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