FINANCIAL+MANAG.ACCT - CONNECT ACCESS
9th Edition
ISBN: 9781265318420
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 1, Problem 8PSA
Problem 1-8.4 Analyzing effects of transactions C4 P1 P2 A1
Lila Lope: stalled Biz Consulting; a new business, and completed die following transactions during its fust year of operations.
- Lita Lopez invested S 70.000 cash and office equipment valued at S10,000 in the company in exchange for its common stock,
- The company purchased an office suite lot $40,000 cash.
- The company purchased office equipment for $15,000 cash.
- The company purchased $ 1,200 of office supplies and $ 1,700 of office equipment on credit.
- The company paid a local newspaper $500 cash for printing an announcement of the office’s opening,
- The company completed a financial plan for a client and billed that client $2.800 fin the service.
- The company designed a financial plan to another client and immediately collected a $4,000 cash fee.
- The company paid $3,275 cash in dividends to the owner (sole shareholder).
- The company received S 1,800 cash as partial payment from the client described in transaction/
- The company made a partial payment of $700 cash on the equipment purchased in transaction d.
- The company paid S 1,800 cash for the office secretary 3 wages for this period.
Required
- Create the following table similar to the one in Exhibit 19
| Assets | = Liabilities + |
Equity
Receivable Supplies Equipment suite
Payable Stock
Check (1) Ending balance: Cash, $14,525; Expenses, $2,300; Accounts Payable, $2,200
(2) Net income, $4,500.
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Problem 6: The following are the transactions of NS Company, owned by Norina
Salvador, for the month of September 2017.
Sept. 1
kupor
Кибката
4
сл
7
9
11
15
2/N
Norina invested P550,000 cash and building and land worth
1,000,000 and 750,000 respectively.
Hired an accountant with a monthly salary of P20,000 memo entry
Purchased computer equipment worth 30,000 paying half and the
balance on account. Jacets. Payouble
Purchased supplies on credit, P450.
Paid xent for the whole year P24,000. Whih year (prepaid) ((advenve
Billed client for services on credit, P50,000.
Paid half month salary of the accountant
18 Norina provided services and received cash amounting to P5,750.
21 Paid janitorial expense for the month amounting to P11,435
23 Norina withdrew P10,000 for personal use.
25
27
Received payment from customer previously billed P20,000
Received billing from Meralco amounting to P7,200.
Paid half month salary of the accountant
30
I. Classroom >
docs.google.com
EE
Untitled Section
resented below is information related
to Alrand firm.Oct. 1 Arnold Conan
begins business as a real estate agent
with a cash investment of£18,000 in
exchange for shares. 2 Hires an
administrative assistant. 3 Purchases
office equipment for £1,700, on
account. 6 Sells a house and lot for B.
Clinton; bills B. Clinton £4,200 for realty
services performed. 27 Pays £900 on
the balance related to the transaction
of October 3. 30 Pays the
administrative assistant £2,800 in
salary for October. Instructions 1-
Journalize the transactions. 2-The T-
accounts below summarize the ledger
إضافة ملف
6
Mc
Graw
Required information
[The following information applies to the questions displayed below]
G
d
Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells de-
motivational posters and office products. Down, Incorporated, encountered the following events during its first month of
operations.
e
a. Received $30,000 cash from the investors who organized Down, Incorporated
b. Borrowed $15,000 cash and signed a note due in two years.
Required:
1. Summarize the financial effects of items (a)-(e) in a table. (Enter any decreases to account balances with a minus sign.)
c. Ordered equipment costing $12,000.
d. Purchased $6,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance.
e. Received the equipment ordered in (d). paid for half of it, and put the rest on account.
Beginning
a
b
Ending
Cash
Assets
0
30,000
30,000
Equipment
D
-
18,000
-
18,000Ⓒ-
-
.
.
-
Answer is not complete.
Accounts
Payable
0
6.000 €…
Chapter 1 Solutions
FINANCIAL+MANAG.ACCT - CONNECT ACCESS
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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