HORNGREN'S FINANCIAL & MANAGERIAL ACCO
16th Edition
ISBN: 9781323425084
Author: MILLER-NOBLES
Publisher: PEARSON C
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Chapter 1, Problem 1.29E
Using the
Samantha Stamford opened a medical practice. During July, the first month of operation, the business, titled Samantha Stamford, M.D., experienced the following events:
| July 6 | Stamford contributed $65,000 in the business by opening a bank account in the name of S. Stamford, M.D. The corporation issued common stock to Stamford. |
| 9 | Paid $52,000 cash for land. |
| 12 | Purchased medical supplies for $1,600 on account. |
| 15 | Officially opened for business. |
| 20 | Paid cash expenses: employees’ salaries, $1,500; office rent, $1,300; utilities, $350. |
| 31 | Earned service revenue for the month, $8,000, receiving cash. |
| 31 | Paid $800 on account. |
Analyze the effects of these events on the accounting equation of the medical practice of Samantha Stamford, M.D., using the following format:
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The Dog & Cat Hospital, owned by Kate Miller, a veterinarian, opened for business on December 1 of the current year.
Using the horizontal worksheet below, record the following December transactions. Total the columns to show that assets equal liabilities plus stockholders' equity as of December 31.
1. Miller opened a checking account on December 1 at Biltmore Bank in the name of The Dog & Cat Hospital and deposited $12,500 Miller received common stock for her investment.
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Note: Use negative signs with answers, when appropriate.
Assets
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=
Accounts
Office
Accounts
Common…
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Helen Moynihan, MD, opened a medical practice. The business completed the following transactions:
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CEDO
Begin by posting the transactions, using the date as a posting reference. Then, label and calculate the ending balance, using "Bal" as the posting reference.
Cash
You are the Accountant for Ching Wei Tai, a sole trader business operating downtown,
Kingston. The following transactions occurred during the year.
2021
December
Started Business with capital of $16,000 in the bank and $13,600 in cash.
Bought goods on credit from the following persons: Grant $3,200; Brown $4,800 and Ricketts $3,000
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4.
5
Paid Rent by cash $2,080.
6.
Marvin paid us his account by cheque $2000
Jamie paid us $1,400 by cheque.
10
We paid the following by cheque: Grant S1,600; Brown $2,000.
12
Paid Electricity bill by cash $1000
31
The owner, Ching Wei Tai, took $2,400 from the bank for personal use.
31
Required:
Enter the following transactions in the Ledger Accounts (T-Accounts) of Ching Wei Tai
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I.
II.
II
Chapter 1 Solutions
HORNGREN'S FINANCIAL & MANAGERIAL ACCO
Ch. 1 - Prob. 1QCCh. 1 - Prob. 2QCCh. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the a. financial...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - Prob. 13RQCh. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for return on assets...Ch. 1 - Identifying users of accounting information For...Ch. 1 - Prob. 1.2SECh. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Using the accounting equation Kenmore Handyman...Ch. 1 - Using the accounting equation Joshs Overhead Doors...Ch. 1 - Identifying accounts Consider the following...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - Prob. 1.12SECh. 1 - Use the following injo17nation to answer Short...Ch. 1 - Prob. 1.14SECh. 1 - Prob. 1.15SECh. 1 - Calculating Return on Assets (ROA) Refined Water...Ch. 1 - Prob. 1.17ECh. 1 - Prob. 1.18ECh. 1 - Prob. 1.19ECh. 1 - Using the accounting equation Compute the missing...Ch. 1 - Using the accounting equation Green City Builders...Ch. 1 - Prob. 1.22ECh. 1 - Using the accounting equation During 2016,...Ch. 1 - Using the accounting equation The records of...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. 1.28ECh. 1 - Using the accounting equation to analyze business...Ch. 1 - Preparing the financial statements Estella Osage...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Preparing the statement of cash flows For each...Ch. 1 - Preparing the statement of cash flows Bean Town...Ch. 1 - Calculating return on assets (ROA) Alec Appliance...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Preparing financial statements Presented here are...Ch. 1 - Preparing financial statements Click a Pix...Ch. 1 - Preparing financial statements The bookkeeper of...Ch. 1 - Prob. 1.45APCh. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. 1.47BPCh. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. 1.49BPCh. 1 - Prob. 1.50BPCh. 1 - Preparing financial statements The bookkeeper of...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Lets examine a case using Gregs Tunes and Sals...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1CTFCCh. 1 - This and similar cases in later chapters focus on...
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