ACCOUNTING PRCINCIPLES (CCCS CUSTOM)
14th Edition
ISBN: 9781119845102
Author: Weygandt
Publisher: WILEY
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Chapter 1, Problem 4PSA
a.
To determine
Introduction: In the
To prepare: A schedule showing the accounting equation.
b.
To determine
Introduction: The income statement is the primary financial statement that reports revenues and expenses. It follows revenue and expense recognition principles. When the revenues exceed the expenses it is called net income, earnings, or net profit and if expenses exceed the revenue then it is called a net loss.
To prepare: An income statement of the company MT for May month.
c.
To determine
Introduction: A
To prepare: The balance sheet of company MT for May month.
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Required: post entries to the relevant accounts in the general ledger and balance the accounts:
On 1/1/2023, Jassim started his commercial business with a capital of $3,735,000 distributed over the following assets:
1500,000 cash, 700,000 cars, 350,000 goods, 1,185,000 bank,
If you know that the following operations took place during January 2023:
1. On 1/3 he bought a building for $950,000 by check, and the costs of registering it amounted to $5200 and the expenses of preparing it for use amounted to $43000, which I paid in cash.
2. On 9/1 he sold his goods on account to Mahmoud for $280,000.
3. On 1/10, he bought goods from Daoud for $324,000, he paid half of them in cash, and wrote the rest as a promissory note due after two months. He also paid the costs of transporting the purchased goods, amounting to $1,800.
4. On 1/12 he sold his goods to Al-Tafa'il stores for the amount of $198,000 in cash, of which $65,000 was deposited in the bank.
5. On 1/15, he sold the most valuable car…
B. Mr. Abdullah formed Al-Noor Enterprises on February 2021. During the month, the following
financial transactions occurred:
Review and find the mistake of the following transactions which is recorded in general journal and
rewrite them.
2021, February
10 Paid the month's rent OR 700
16 Withdrew OR 10,000 for personal use.
23 Collected OR 9,000 from Bahwan Company.
28 Sold goods for cash - OMR 15,000
Al-Noor Enterprises for January
Date
Particulars
Ref.
Debit
Credit
2020 Feb.
11
Rent Expense
700
Cash
700
16
Abdullah, Withdrawal
10,000
Expense
10,000
10,000
Cash
Accounts Payable
23
10,000
30
Sales
15,000
Cash
15,000
Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2020. The following transactions occurred during the month of May.
May 1 Carla invested Tk. 7,000 cash in the business.
2 Paid Tk. 900 for office rent for the month.
3 Purchased Tk. 600 of supplies on account.
5 Paid Tk. 125 to advertise in the County News.
9 Received Tk. 4,000 cash for services provided.
12 Withdrew Tk. 1,000 cash for personal use.
15 Performed Tk. 5,400 of services on account.
17 Paid Tk. 2,500 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
23 Received a cash payment of Tk. 4,000 for services provided on account on May 15. 26 Borrowed Tk. 5,000 from the bank on a note payable.
29 Purchased office equipment for Tk. 4,200 on account.
30 Paid Tk. 275 for utilities.
Instruction:
a) Journalize the transactions.
b) Post to the ledger accounts.
c) Prepare a trial balance.
Chapter 1 Solutions
ACCOUNTING PRCINCIPLES (CCCS CUSTOM)
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - 4. What uses of financial accounting information...Ch. 1 - Prob. 5QCh. 1 - Prob. 6QCh. 1 - 7. What is the monetary unit assumption?
Ch. 1 - 8. What is the economic entity assumption?
Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - 11. What is basic accounting equation?
Ch. 1 - Prob. 12QCh. 1 - 13. Which of the following items are liabilities...Ch. 1 - 14. Can a business enter into a transaction in...Ch. 1 - 15. Are the following events recorded in the...Ch. 1 - 16. Indicate how the following business...Ch. 1 - Prob. 17QCh. 1 - Prob. 19QCh. 1 - Bayler Enterprises had a capital balance of...Ch. 1 - 21. Summarized operations for Bayles Co. for the...Ch. 1 - Prob. 22QCh. 1 - BE1-1 Presented below is the basic accounting...Ch. 1 - BE 1-3 At the beginning of the year, Gilles...Ch. 1 - BE1-4 Use the expanded accounting equation to...Ch. 1 - BE1-5 Indicate whether each of the following items...Ch. 1 - BE1-8 Classify each of the following items as...Ch. 1 - BE1-6 Presented below are three business...Ch. 1 - BE1-7 Follow the same format as in BE1-6....Ch. 1 - BE 1 - 9 Presented below are three transactions....Ch. 1 - BE1-11 Indicate whether the following items would...Ch. 1 - Prob. 1DIECh. 1 - Indicate whether each of the five statements...Ch. 1 - Prob. 3DIECh. 1 - Prob. 4DIECh. 1 - Presented below is selected information related to...Ch. 1 - Prob. 1ECh. 1 - E1-2 (a) The following are users of financial...Ch. 1 - E1-3 Angela Duffy, president of Duffy Company, has...Ch. 1 - E1-4 The following situations involve accounting...Ch. 1 - E1-5 Diehl Cleaners has the following balance...Ch. 1 - E1-6 Selected transactions for Green Valley Lawn...Ch. 1 - E1-8 An analysis of the transactions made by...Ch. 1 - Saira Morrow is the sole owner of Buena Vista...Ch. 1 - P1-1A On April 1, Julie Spengel established...Ch. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - P1-5A Financial statement information about four...Ch. 1 - CC1 Natalie Koebel spent much of her childhood...Ch. 1 - Prob. 1ECCh. 1 - Prob. 1EYCTCh. 1 - Prob. 2EYCTCh. 1 - Prob. 5EYCTCh. 1 - Prob. 1ISTQCh. 1 - Prob. 2ISTQCh. 1 - Prob. 1IFRSPCh. 1 - Prob. 2IFRSP
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