Bundle: College Accounting, Chapters 1-27, Loose-leaf Version, 22nd + Cengagenowv2™, 2 Terms Printed Access Card For Heintz/parry's College ... Set For College Accounting, 22nd + Cenga
22nd Edition
ISBN: 9781337381482
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 2, Problem 7SEB
STATEMENT OF OWNER’S EQUITY REPORTING NET LOSS Based on the information provided in Exercise 2-6B, prepare a statement of owner’s equity assuming Lopez had a net loss of $2,000.
STATEMENT OF OWNER’S EQUITY REPORTING NET INCOME Efran Lopez started a financial consulting service on June 1, 20--, by investing $15,000. His net income for the month was $6,000, and he withdrew $7,000 for personal use. Prepare a statement of owner’s equity for the month of June.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Determine John's average monthly investment
balance for the year when he; invested $11,500
in a business on January 1, withdrew $700 on
March 1, reinvested $1800 on August 1, and
withdrew $500 on September 1.
ASSIGNMENT
1.
Helmuth owns a hardware store. His financial year ends 30 June. He provided the follow
information:
His debtors on 1 July 2019 included N$700 owed by Gunter.
On 30 June 2020 Gunter paid half of the amount owing in cash and the balance was written
off as bad debt.
On 15 January 2021 Gunter paid the outstanding amount in cash.
REQUIRED
(a) Make the appropriate entries for the financial year ending 30 June 2020 and 30 June
2021 in the following ledger accounts. The accounts should be balanced or closed off.
(i)
Gunter's Account
[3]
(ii)
Bad Debts Account
[2]
Bad Debts Recovered Account
(ii)
Collection of Amounts Previously Written Off
Hannah purchased a laptop computer from Perry Corp. for $1,500. Hannah's receivable has been outstanding for over 180 days, and Perry determines that the total amount is uncollectible and writes off all of Hannah’s debt. Hannah later receives a windfall and pays the amount of her balance to Perry Corp.
Make the appropriate journal entries (if any) to record the receipt of $450 by Perry Corp. If an amount box does not require an entry, leave it blank.
Reverse portion write off
Chapter 2 Solutions
Bundle: College Accounting, Chapters 1-27, Loose-leaf Version, 22nd + Cengagenowv2™, 2 Terms Printed Access Card For Heintz/parry's College ... Set For College Accounting, 22nd + Cenga
Ch. 2 - Prob. 1TFCh. 2 - Accounts Payable is an example of an asset...Ch. 2 - According to the business entity concept,...Ch. 2 - The accounting equation (Assets = Liabilities +...Ch. 2 - When an asset increases, a liability must also...Ch. 2 - Expenses represent outflows of assets or increases...Ch. 2 - When total revenues exceed total expenses, the...Ch. 2 - An increase to which of these accounts will...Ch. 2 - When delivery revenue is earned in cash, which...Ch. 2 - When delivery revenue is earned on account, which...
Ch. 2 - When payment is made on an existing debt, which...Ch. 2 - Which of the following accounts does not appear on...Ch. 2 - Checkpoint Exercises Label each of the following...Ch. 2 - What is missing from the accounting equation...Ch. 2 - What are the effects of the following transactions...Ch. 2 - Classify the following accounts as assets (A),...Ch. 2 - Name and define the six major elements of the...Ch. 2 - Name and define the six major elements of the...Ch. 2 - List the three basic questions that must be...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - What are the three basic phases of the accounting...Ch. 2 - SERIES A EXERCISES ACCOUNTING ELE MENT S Label...Ch. 2 - Prob. 2SEACh. 2 - Assets following (d): 32,200 EFFECTS OF...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - FINANCIAL STATEMENT ACCOUNTS Label each of the...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - SERIES A PROBLEMS THE ACCOUNTING EQUATION Dr. John...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - ACCOUNTING ELEMENTS Label each of the following...Ch. 2 - THE ACCOUNTING EQUATION Using the accounting...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - FINANCIAL STATEMENT ACCOUNTS Label each of the...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET LOSS...Ch. 2 - SERIES B PROBLEMS THE ACCOUNTING EQUATION Dr....Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION...Ch. 2 - STATEMENT OF OWNERS EQUITY Based on Problem 2-9B,...Ch. 2 - BALANCE SHEET Based on Problem 2-9B, prepare a...Ch. 2 - Prob. 1MYWCh. 2 - Prob. 1MPCh. 2 - CHALLENGE PROBLEM In this chapter, you learned...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Jen Rogers withdrew a total of $29,000 from her business during the current year. The entry needed to close the withdrawals account is: Multiple Choice O O Debit Jen Rogers, Withdrawals and credit Jen Rogers, Capital for $29,000. Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $29,000. Debit Income Summary and credit Jen Rogers, Withdrawals for $29,000. Debit Income Summary and credit Cash for $29,000. Debit Jen Rogers, Withdrawals and credit Cash for $29,000arrow_forwardPrepare all the required Journal entries? 25 Paid utilities expense, P1,750. 26 Paid P20,000 on the bank loan. 27 Received cash from Ms. Ferrer, P10,000. 28 Paid salary of worker, P5,000 29 Paid Delta a portion of the amount owed for equipment, P5,000. 30 Withdrew cash for personal use, P3,500.arrow_forwardUsing the information provided, prepare an income and expense Use a Worksheet. Chuck and Judy Schwartz are about to construct their income and expense statement for the year ending December 31 2014. They have put together the following income and expense information for 2014. Judy's salary. Reimbursement for travel expenses P 37,000 1,950 Interest on: Savings account Bonds of Alpha Corporation. Groceries 110 .70 4,150 .9,600 960 Ren Utilities Gas and auto expenses Chucks tuition, books, and supplies. Books, magazines, and periodicals Clothing and other miscellaneous expenses Cost of photographic equipment purchased with charge card Amount paid to date on photographic equipment Judy's travel expenses. Purchased of a used car (cost) Outstanding loan balance on car Purchase of bonds in Alpha Corporation 650 .3,300 280 ..2,700 . 2,200 1.600 .1,950 .9,750 .7,300 4,900 statement for the Schwartzes for the year ending December 31, 201arrow_forward
- Multiple choice: 1. Net income for Kathryn Company is 25,000 for the current year. The owner withdrew 3,000 per month for personal libing expenses. The owner's capital account will show a net: A. Decrease of 25,000 B. Increase of 61,000 C. Decrease of 11,000 D. Increase of 11,000 2. Owner withdrawals for the current period are closed to: A. The cash account B. The income summary account C. The owner's capital account D. The revenue accountsarrow_forwardCollection of Amounts Previously Written Off Hannah purchased a laptop computer from Perry Corp. for $1,500. Hannahs receivable has been outstanding for over 180 days, and Perry determines that the total amount is uncollectible and writes off all of Hannahs debt. Hannah later receives a windfall and pays the amount of her balance to Perry Corp. Required: Make the appropriate journal entries (if any) to record the receipt of $450 by Perry Corp.arrow_forwardPreparing financial statements. Hugo Garcia is preparing his balance sheet and income and expense statement for the year ending December 31, 2020. He is having difficulty classifying six items and sks for your help. Which, if any, of the following transactions are assets, liabilities, income, or expense items? a. Hugo rents a house for 1,350 a month. b. On June 21, 2020 Hugo bought diamond earrings for his wife and charged them using his Visa card. The earrings cost 900, but he hasnt yet received the bill. c. Hugo borrowed 3,500 from his parents last fall, but so far, he has made no payments to them. d. Hugo makes monthly payments of 225 on an installment loan; about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling 4,500. e. Hugo paid 3,800 in taxes during the year and is due a tax refund of 650, which he hasnt yet received. f. Hugo invested 2,300 in a mutual fund. g. Hugos Aunt Lydia gave him a birthday gift of 300.arrow_forward
- Question eleven: Mr. Amani has been working as a retail trader and his wife was the one who keeps the books of account. Of recent, they decided to hire an accountant. The Financial Statement for the period ended 31st December 2016 and the books of account were handed over to this new accountant. The profit or loss account showed a net profit of TZS.15,667,000. On reviewing the books and the Statement of Profit or Loss, the accountant discovered the following: (i) Drawings of TZS.2,200,000 were included as miscellaneous expenses (ii) Rent expenses included rate for the half year ending 31st May 2017 of TZS.750,000 (iii) Motor van expenses do not include a repair carried out in December 2016 but not yet invoiced. It is expected to cost TZS.258,000 (iv) Stationery purchases of TZS.780,000 were expensed but did not take into consideration stationery stocks at 31st December 2015 of TZS.105,000 and at 31st December 2016 of TZS.143,000 (v) Debtors amounted to TZS.3,450,000 but 10% of them…arrow_forwardB. 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 15,000arrow_forwardPaula owns and operates an apparel store. Examine her current assets and liabilities below and compute her net working capital. Cash — Php 10,000 Accounts Receivable — 5,000 Inventory — 15,000 Accounts Payable — 7,500 Accrued Expense — 2,500 Other Trade Debt — 5,000arrow_forward
- Question: Mr. Rafiq has salary income or Rs. 80,000 per month (gross) he also has invested in business where he got annual profit of Rs. 350,000 a) Identify Mr. Rafiq as Salaried Individual or Non Salaried Individual Mr. Rafiq is Individual b. Give reason to support your answer in part a Write correct reason selecting from below given reasons • Mr Rafiq's Salary income is less than 75% of his total income. • Mr Rafiq's Salary income is more than 75% of his total income. • Mr Rafiq's Salary income is more than 50% of his total income. • Mr Rafiq's Salary income is less than 50% of his total income. • Amount doesnot matter as his claim of salary income will be good enough to be salaried individualarrow_forwardRobbie Nicholls commenced business offering landscaping and tree pruning services to clients. During the 2023 income year, Robbie recorded the following transactions: Cash received from clients $165,000 (incl. GST) Coffee machine received from client valued at $ 1,100 (incl. GST) Fees outstanding from clients as at 30 June 2023 $2,200 (incl. GST) Calculate Robbie's assessable income for the 2023 income year. Question 19Select one: $153, 000 $168, 300 $152, 000 $167, 200arrow_forwardTransactions for Joan Jett CPA for the month of October 2020 are presented below. Journalize each transaction in proper format. You may omit journal explanations. Oct 1 Joan invested $42,000 cash to start her business. Oct 2 Purchased land costing $28,000 for cash. Oct 3 Purchased equipment from Staples costing $18,000 for $4,000 cash and the remainder on credit. Oct 4 Purchased supplies on account from ABC Company for $800. Oct 7 Paid $1,200 for a one-year insurance policy. Oct 8 Billed $4,000 for accounting services provided to M. Mott. Oct 9 Received $3,500 cash for services performed. Oct 13 Received $4,000 for services previously performed for M. Mott. Oct 22 Paid wages to employees for $2,800. Oct 31 Additionally, Joan discovers a mathematical error made in 2016 resulting in the understatement of depreciation expense by $35,000.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Pfin (with Mindtap, 1 Term Printed Access Card) (...FinanceISBN:9780357033609Author:Randall Billingsley, Lawrence J. Gitman, Michael D. JoehnkPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Pfin (with Mindtap, 1 Term Printed Access Card) (...
Finance
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Cengage Learning
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License