FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
Question
### Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April: a. Opened a business bank account with a deposit of $60,000 in exchange for common stock. b. Purchased office supplies on account, $1,800. c. Received cash from fees earned for managing rental property, $22,300. d. Paid rent on office and equipment for the month, $7,000. e. Paid creditors on account, $1,100. f. Billed customers for fees earned for managing rental property, $3,600. g. Paid automobile expenses for the month, $750, and miscellaneous expenses, $1,000. h. Paid office salaries, $4,000. i. Determined that the cost of supplies on hand was $250; therefore, the cost of supplies used was $1,550. j. Paid dividends, $5,000. ### Required: 1. **Indicate the effect of each transaction and the balances after each transaction**: For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter a subtraction or negative number use a minus sign. (Example: -300). #### Assets | Item | Cash | Accounts Receivable | Supplies | |--------------|------|---------------------|----------| | a. | | | | | Bal. | | | | #### Liabilities & Stockholders' Equity | Accounts Payable | Common Stock | Dividends | Fees Earned | Rent Expense | Salaries Expense | Supplies Expense | Automobile Expense | Miscellaneous Expense | |------------------|--------------|-----------|-------------|--------------|------------------|------------------|-------------------|----------------------| | | | | | | | | | | | | | | | | | | | | This table is intended to help you understand how each transaction impacts the various accounts in a typical balance sheet. Ensure to fill in each transaction as you go along and observe how it affects assets, liabilities, and stockholders' equity. For accounts that increase, simply add the amount; for accounts that decrease, use a minus sign before the amount to indicate subtraction.
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Transcribed Image Text:### Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April: a. Opened a business bank account with a deposit of $60,000 in exchange for common stock. b. Purchased office supplies on account, $1,800. c. Received cash from fees earned for managing rental property, $22,300. d. Paid rent on office and equipment for the month, $7,000. e. Paid creditors on account, $1,100. f. Billed customers for fees earned for managing rental property, $3,600. g. Paid automobile expenses for the month, $750, and miscellaneous expenses, $1,000. h. Paid office salaries, $4,000. i. Determined that the cost of supplies on hand was $250; therefore, the cost of supplies used was $1,550. j. Paid dividends, $5,000. ### Required: 1. **Indicate the effect of each transaction and the balances after each transaction**: For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter a subtraction or negative number use a minus sign. (Example: -300). #### Assets | Item | Cash | Accounts Receivable | Supplies | |--------------|------|---------------------|----------| | a. | | | | | Bal. | | | | #### Liabilities & Stockholders' Equity | Accounts Payable | Common Stock | Dividends | Fees Earned | Rent Expense | Salaries Expense | Supplies Expense | Automobile Expense | Miscellaneous Expense | |------------------|--------------|-----------|-------------|--------------|------------------|------------------|-------------------|----------------------| | | | | | | | | | | | | | | | | | | | | This table is intended to help you understand how each transaction impacts the various accounts in a typical balance sheet. Ensure to fill in each transaction as you go along and observe how it affects assets, liabilities, and stockholders' equity. For accounts that increase, simply add the amount; for accounts that decrease, use a minus sign before the amount to indicate subtraction.
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