FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 3, Problem 21ME
a.
To determine
Record the each of the transactions using financial statement effects template.
b.
To determine
Prepare journal entries.
c.
To determine
Prepare T-accounts.
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The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:
1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.
Lavender Company started its business on April 1, 2019. Using the following accounts, prepare the journal entries below in the General Journal.
PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions.
Cash
Petty Cash
Accounts Receivable
Office Supplies
Computer Equipment
Accounts Payable
Unearned Services Income
Services Income
Lavender, Capital
Dividends
Maintenance Expense
Miscellaneous Expense
Rent Expense
Wages Expense
Cash Short and Over
The following are the transactions that happened during the month of April.
PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
The owner invested $7,500 from their personal account to the business account
DR
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CR
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Paid rent $600 with check #101.
DR
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CR
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Initiated a petty cash fund $250 check #102.
DR
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CR…
The following selected accounts and their current balances appear in the ledger of Maroon Co. for
the fiscal year ended December 31, 2019.
Accounts Payable
32,480
LT Note Payable
44,800
Misc. Administrative
Accounts Receivable
96,800
1,280
Accum Depr - Office Equip
Accum Depr - Store Equip
Advertising Expense
Expense
Misc. Selling Expense
Office Equipment
10,240
1,280
27,360
68,000
%3D
Office Salaries Expense
Office Supplies
Office Supplies Expense
Paid-in Capital
35,040
67,320
Cash
123,000
4,480
Common Stock
75,000
1,040
52,000
Cost of Goods Sold
Customer refunds Payable
Depr'Expense - Office Equip
Depr Expense - Store Equip
Dividends
620,000
2,720
Prepaid Insurance
Rent Expense
Retained Earnings
12,000
10,160
25,080
%3D
301,600
1,920
5,120
%3D
28,000
Salaries Payable
3,120
Sales
992,000
Insurance Expense
Interest Expense
Inventory
Sales salaries Expense
138,560
4,000
Store Equipment
122,400
140,000
Maroon Co. has 10,000 shares of common stock authorized and 7,500 shares issued and…
Chapter 3 Solutions
FINANCIAL ACCOUNTING
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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