FINANCIAL ACCOUNTINGLL W/CONNECT >IC<
4th Edition
ISBN: 9781259934773
Author: SPICELAND
Publisher: MCG
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Textbook Question
Chapter 1, Problem 1.2E
Falcon Incorporated has the following transactions with Wildcat Corporation.
Identify account classifications and business activities (LO1–2)
Flip Side of E1–3
| Transactions | Falcon’s Related Account |
| 1. Falcon purchases common stock of Wildcat. 2. Falcon borrows from Wildcat by signing a note. 3. Wildcat pays dividends to Falcon. 4. Falcon provides services to Wildcat 5. Falcon pays interest to Wildcat on borrowing. |
Investment Notes payable Dividend revenue Service revenue Interest expense |
Required:
1. For each transaction, indicate whether Falcon would classify each account in the
2. Classify the type of activity as financing, investing, or operating.
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Required:
1. Record all journal entries for the sequence of events assuming:
a. The transfer is recorded as a sale/derecognition. (If no…
QUESTION 1
The following debtor control account and debtors list were prepared by the owner of Siyadula Traders. The owner is
unsure if he has correctly prepared it.
REQUIRED:
Jse the following information to prepare the correct account and list:
Debtors control account for January 2021
Debtors list at 31 January 2021.
General Ledger
DEBTORS CONTROL ACCOUNT
Jan 01
Balance
b/d
54 300
Jan 31
Bank and discount
CRJ5
36 200
Sales Returns
SRJ
6 200
Sales
SJ
62 110
Balance c/d
37 810
98 310
98 310
Feb 01
Balance
b/d
37 810
Debtors List as at 31 January 2021
Debit
Credit
B. Afleck
12 525
M. Damon
19 085
J. Peter
18 100
A. Paul
9 200
D. Carter
17 900
76 810
1Which one of the following source documents will be used to make an entry in the debtors journal
(a)Original credit note;
(b)Original credit invoice;
(c)Duplicate credit invoice;
d)Duplicate credit note
.Q.1.2Which oneof the following transactions,listed below,
(a)The business receivesinterest on the bank account;
(b)Money received from a debtor making a payment on his/her account;
(c)The business donates money to underprivileged children;
(d)The business receivesrental money from a tenant.
Q.1.3Which journal will the following transaction be entered , “and paid from petty cash, R85
(a)Cashbook Payments;
(b)Petty Cash Journal
;(c)Cashbook Payments/Petty cash Journal;
(d)GeneralJournal.
Chapter 1 Solutions
FINANCIAL ACCOUNTINGLL W/CONNECT >IC<
Ch. 1 - Explain what it means to say that an accounting...Ch. 1 - Identify some of the people interested in making...Ch. 1 - What is the basic difference between financial...Ch. 1 - What are the two primary functions of financial...Ch. 1 - What are line three basic business activities that...Ch. 1 - Prob. 6RQCh. 1 - What are a few of the typical investing activities...Ch. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Provide the basic definition for each of the...
Ch. 1 - Prob. 11RQCh. 1 - What are the four primary financial statements?...Ch. 1 - What does it mean to say that the income...Ch. 1 - Prob. 14RQCh. 1 - What is the accounting equation? Which financial...Ch. 1 - Prob. 16RQCh. 1 - The retained earnings account is a link between...Ch. 1 - Prob. 18RQCh. 1 - Prob. 19RQCh. 1 - Prob. 20RQCh. 1 - Prob. 21RQCh. 1 - Prob. 22RQCh. 1 - Prob. 23RQCh. 1 - Prob. 24RQCh. 1 - Prob. 25RQCh. 1 - What are the three primary objectives of financial...Ch. 1 - Prob. 27RQCh. 1 - Prob. 28RQCh. 1 - Prob. 29RQCh. 1 - What is meant by the term cost effectiveness in...Ch. 1 - Prob. 31RQCh. 1 - Prob. 1.1BECh. 1 - Match each business activity with its description....Ch. 1 - Prob. 1.3BECh. 1 - Match each account type with its description....Ch. 1 - For each transaction, indicate whether each...Ch. 1 - For each transaction, indicate whether each...Ch. 1 - Describe each financial statement (LO13) Match...Ch. 1 - Determine the location of items in financial...Ch. 1 - Prob. 1.9BECh. 1 - Indicate which of the following are objectives of...Ch. 1 - Prob. 1.11BECh. 1 - Prob. 1.12BECh. 1 - Prob. 1.13BECh. 1 - The following provides a list of transactions and...Ch. 1 - Falcon Incorporated has the following transactions...Ch. 1 - Prob. 1.3ECh. 1 - Eagle Corp. operates magnetic resonance imaging...Ch. 1 - Prob. 1.5ECh. 1 - Below are the account balances for Cowboy Law Firm...Ch. 1 - At the beginning of the year (January 1), Buffalo...Ch. 1 - Wolfpack Construction has the following account...Ch. 1 - Tiger Trade has the following cash transactions...Ch. 1 - Prob. 1.10ECh. 1 - At the beginning of 2018, Artichoke Academy...Ch. 1 - Squirrel Tree Services reports the following...Ch. 1 - Prob. 1.13ECh. 1 - During its first five years of operations, Red...Ch. 1 - Below are approximate amounts related to retained...Ch. 1 - Below are approximate amounts related to balance...Ch. 1 - Below are approximate amounts related to cash flow...Ch. 1 - Prob. 1.18ECh. 1 - Prob. 1.19ECh. 1 - Prob. 1.20ECh. 1 - A Below are typical transactions for...Ch. 1 - Account classifications include assets,...Ch. 1 - Longhorn Corporation provides low-cost food...Ch. 1 - Below are-incomplete financial statements for...Ch. 1 - Cornhusker Company provides the following...Ch. 1 - Prob. 1.6APCh. 1 - Listed below are nine terms and definitions...Ch. 1 - Below are typical transactions for Caterpillar...Ch. 1 - Prob. 1.2BPCh. 1 - Prob. 1.3BPCh. 1 - Prob. 1.4BPCh. 1 - Tar Heel Corporation provides the following...Ch. 1 - Prob. 1.6BPCh. 1 - Prob. 1.7BPCh. 1 - Great Adventures (The Great Adventures problem...Ch. 1 - Financial Analysis American Eagle Outfitters, Inc....Ch. 1 - The Buckle, Inc. Financial Analysis Financial...Ch. 1 - Prob. 1.4APCACh. 1 - Prob. 1.5APECh. 1 - Prob. 1.7APWC
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