FINANCIAL&MANAGERIAL ACCT.-CONNECT ONLY
9th Edition
ISBN: 9781266790539
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 1, Problem 15E
Exercise 1-13 Identifying effects of transactions using the
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions.
- Owner invested $60,000 cash in the company along with equipment that has a $15,000 market value in exchange for its common stock.
- The company paid $1,500 cash for rent of office space for the month.
- The company purchased $10,000 of additional equipment on credit (payment due within 30days)
- The company completed work for a client and immediately collected the $2,500 cash earned.
- The company completed work for a client and sent a bill for $8,000 to be received within 30 days.
- The company purchased additional equipment for $6,000 cash.
- The company paid assistant $3,000 cash as wages for the month.
- The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e.
- The company paid $10,000 cash to settle the liability created in transaction c.
- The company paid $1,000 cash in dividends to the owner (sole shareholder).
Required
Create the following table similar to the one in Exhibit 1.9
| Assets | = | Liabilities | + | Equity | ||||||||||
| Cash | + | Accounts | ||||||||||||
Receivable
Payable
Stock
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ANALYSIS OF TRANSACTIONS
Jona passed the bar exam in April and immediately set up her own law practice. During the first month of operation, she completed the following transactions:
Began the law practice by placing P2,000,000 in a bank account establish for the business
Purchase a Law Library for P290,000 cash
Purchase office supplies for P30,000 on credit
Accepted P50,000 in cash for completing a contract
Billed clients for P39,500 for service rendered during the month
Paid P20,000 of the amount owed for office supplies
Received P30,000 in cash from clients who had been previously billed
Paid rent expense for the month in the amount of P10,000
Withdrew P50,000 for personal use
Paid utilities for P15,000
Office supplies that were consumed for the period is 90%.
REQUIREMENTS:
Analysis of Transaction (increase/decrease)
Statement of Financial Position
Statement of Comprehensive Income
Comprehensive Exercise
7. N.A. James, a public accountant, decided to begin a business of his own on
October 1, 20-. At that time, he invested in the business a bank balance of
$5000 and an automobile worth $18 000. The accounts required are in
your Workbook.
A. Work out the changes for the above transaction. Remember
to include the opening capital. Record these in the T-accounts
provided in your Workbook.
B. For each of the transactions listed below, work out the changes
for the transaction and record these changes in the T-accounts.
N.A. JAMES
CHART OF ACCOUNTS
101
110 A/R- Jenkins and Co.
120 Office Supplies
125 Office Equipment
Bank
302 N.A. James, Drawings
401 Fees Earned
505 Advertising Expense
510 Car Expense
515 Donations Expense
520 Miscellaneous Expense
525 Rent Expense
130 Automobile
201 A/P- Office Equippers
210 Bank Loan
301
N.A. James, Capital
TRANSACTIONS
1. Purchased $300 of office supplies for cash. Issued a cheque in pay-
ment. (For now, when office supplies are…
Chapter 1 Solutions
FINANCIAL&MANAGERIAL ACCT.-CONNECT ONLY
Ch. 1 - Prob. 1QSCh. 1 - Prob. 2QSCh. 1 - Prob. 3QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - Applying the accounting equation A1 Total assets...Ch. 1 - Applying the accounting equation A1 Use the...Ch. 1 - Prob. 9QSCh. 1 - Identifying effects of transactions using...
Ch. 1 - Identifying effects of transactions using...Ch. 1 - Prob. 12QSCh. 1 - Prob. 13QSCh. 1 - Identifying assets, liabilities, and equity P2...Ch. 1 - Prob. 15QSCh. 1 - Prob. 16QSCh. 1 - Prob. 17QSCh. 1 - Prob. 18QSCh. 1 - Prob. 19QSCh. 1 - Prob. 20QSCh. 1 - Prob. 21QSCh. 1 - Prob. 1ECh. 1 - Exercise 1-2 Identifying accounting users and uses...Ch. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Exercise 1-8 Using the accounting equation A1...Ch. 1 - Exercise 1-9 Using the accounting equation...Ch. 1 - Prob. 11ECh. 1 - Exercise 1-10 Analysis using the accounting...Ch. 1 - Exercise 1-11 Identifying effects of transactions...Ch. 1 - Prob. 14ECh. 1 - Exercise 1-13 Identifying effects of transactions...Ch. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Prob. 23ECh. 1 - Prob. 24ECh. 1 - Prob. 25ECh. 1 - Problem 1-1A Identifying effects of transactions...Ch. 1 - Problem 1-2A Computing missing information using...Ch. 1 - Prob. 3PSACh. 1 - Problem 1-4A preparing a statement of retained...Ch. 1 - Problem 1-5A Preparing a balances sheet P2
Use the...Ch. 1 - Problem 1-6A Preparing a statement of cash flows...Ch. 1 - Problem 1-7A Analyzing transactions and preparing...Ch. 1 - Problem 1-8.4 Analyzing effects of transactions C4...Ch. 1 - Prob. 9PSACh. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 1PSBCh. 1 - Problem 1-2B Computing missing information using...Ch. 1 - Prob. 3PSBCh. 1 - Prob. 4PSBCh. 1 - Problem 1-5B Preparing a balance sheet P2 Use the...Ch. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Problem 1-8B Analyzing effects of transactions C4...Ch. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - Prob. 1SPCh. 1 - Prob. 1.1AACh. 1 - Prob. 1.2AACh. 1 - Prob. 1.3AACh. 1 - Prob. 1.4AACh. 1 - Prob. 2.1AACh. 1 - Prob. 2.2AACh. 1 - Prob. 2.3AACh. 1 - Prob. 2.4AACh. 1 - Prob. 2.5AACh. 1 - Prob. 3.1AACh. 1 - Prob. 3.2AACh. 1 - Prob. 3.3AACh. 1 - Prob. 1DQCh. 1 - Technology is increasing used to process...Ch. 1 - Prob. 3DQCh. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - 7. Identify three types of services typically...Ch. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - 10. What are some accounting-related professions?
Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - Prob. 20DQCh. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 23DQCh. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Define and explain return on assets.Ch. 1 - Prob. 1BTNCh. 1 - Prob. 2BTNCh. 1 - Prob. 3BTNCh. 1 - Prob. 4BTN
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