Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter 3, Problem 63PA
1 and 2
To determine
Prepare the
3.
To determine
Prepare the financial statements.
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Sanyu Sony started a new business and completed these transactions during December.
1 Sanyu Sony transferred $65,300 cash from a personal savings account to a checking account in the name
of Sony Electric in exchange for its common stock.
2 The company paid $1,800 cash for the December rent.
3 The company purchased $14,200 of electrical equipment by paying $6,000 cash and agreeing to pay the
$8,200 balance in 30 days.
5 The company purchased supplies by paying $1,000 cash.
6 The company completed electrical work and immediately collected $1,800 cash for these services.
8 The company purchased $2,820 of office equipment on credit.
15 The company completed electrical work on credit in the amount of $5,500.
18 The company purchased $450 of supplies on credit.
20 The company paid $2,820 cash for the office equipment purchased on December 8.
24 The company billed a client $900 for electrical work completed; the balance is…
During 2018, its first year of operations as a delivery service, Carla Vista Corp. entered into the following transactions. The fiscal year end for Carla Vista is December 31.
1.
Issued common shares to investors in exchange for $ 90,000 in cash.
2.
Borrowed $ 46,000 cash from the bank, due 2020.
3.
Purchased delivery vehicles for $ 61,000 cash.
4.
Received $ 24,000 from customers for services provided.
5.
Purchased supplies for $ 3,700 on account.
6.
Paid rent of $ 5,500.
7.
Performed services on account for $ 9,000.
8.
Paid salaries of $ 28,000.
9.
Declared and paid a dividend of $ 12,000 to shareholders.
10.
Paid income taxes of $ 200 for the month.
Indicate the effect of each transaction on the accounting equation. Use the following format. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or in parenthesis e.g. (15,000).)
Assets
=
Liabilities
+
Shareholders’ Equity…
During 2018, its first year of operations as a delivery service, Carla Vista Corp. entered into the following transactions. The fiscal year end for Carla Vista is December 31.
1.
Issued common shares to investors in exchange for $ 90,000 in cash.
2.
Borrowed $ 46,000 cash from the bank, due 2020.
3.
Purchased delivery vehicles for $ 61,000 cash.
4.
Received $ 24,000 from customers for services provided.
5.
Purchased supplies for $ 3,700 on account.
6.
Paid rent of $ 5,500.
7.
Performed services on account for $ 9,000.
8.
Paid salaries of $ 28,000.
9.
Declared and paid a dividend of $ 12,000 to shareholders.
10.
Paid income taxes of $ 200 for the month.
Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Sr No
Account Titles and…
Chapter 3 Solutions
Financial Accounting
Ch. 3 - Prob. 1YTCh. 3 - Prob. 2YTCh. 3 - Prob. 3YTCh. 3 - Prob. 4YTCh. 3 - Prob. 5YTCh. 3 - Prob. 6YTCh. 3 - Prob. 7YTCh. 3 - How does accrual basis accounting differ from cash...Ch. 3 - Prob. 2QCh. 3 - Prob. 3Q
Ch. 3 - Prob. 4QCh. 3 - What are accrued expenses?Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Name two common deferred expenses.Ch. 3 - What does it mean to recognize revenue?Ch. 3 - How does matching relate to accruals and...Ch. 3 - What is depreciation?Ch. 3 - Why is depreciation necessary?Ch. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 1MCQCh. 3 - Prob. 2MCQCh. 3 - Prob. 3MCQCh. 3 - Prob. 4MCQCh. 3 - Prob. 5MCQCh. 3 - Prob. 6MCQCh. 3 - Prob. 7MCQCh. 3 - Prob. 8MCQCh. 3 - When prepaid insurance has been used, the...Ch. 3 - Prob. 10MCQCh. 3 - Prob. 1SEACh. 3 - Prob. 2SEACh. 3 - Account for interest expense. (LO 1, 2). UMC...Ch. 3 - Prob. 4SEACh. 3 - Account for insurance expense. (LO 1, 3). Catrina...Ch. 3 - Prob. 6SEACh. 3 - Account for unearned revenue. (LO 1, 3). Able...Ch. 3 - Prob. 8SEACh. 3 - Prob. 9SEACh. 3 - Prob. 10SEACh. 3 - Calculate profit margin on sales ratio. (LO 5)....Ch. 3 - Prob. 12SEBCh. 3 - Prob. 13SEBCh. 3 - Prob. 14SEBCh. 3 - Prob. 15SEBCh. 3 - Prob. 16SEBCh. 3 - Prob. 17SEBCh. 3 - Prob. 18SEBCh. 3 - Prob. 19SEBCh. 3 - Calculate net income. (LO I, 4). Suppose a company...Ch. 3 - Prob. 21SEBCh. 3 - Prob. 22SEBCh. 3 - Prob. 23EACh. 3 - Prob. 24EACh. 3 - Prob. 25EACh. 3 - Prob. 26EACh. 3 - Prob. 27EACh. 3 - Prob. 28EACh. 3 - Account for insurance expense. (LO 1, 3). Yodel ...Ch. 3 - Prob. 30EACh. 3 - Prob. 31EACh. 3 - Prob. 32EACh. 3 - Prob. 33EACh. 3 - Prob. 34EACh. 3 - Southeast Pest Control, Inc., was started when its...Ch. 3 - Prob. 36EACh. 3 - Prob. 37EACh. 3 - Prob. 38EACh. 3 - Prob. 39EACh. 3 - Prob. 40EBCh. 3 - Prob. 41EBCh. 3 - Prob. 42EBCh. 3 - TJs Tavern paid 10,800 on February 1, 2010, for a...Ch. 3 - Prob. 44EBCh. 3 - Prob. 45EBCh. 3 - Account for insurance expense. (LO 1, 3). All...Ch. 3 - Prob. 47EBCh. 3 - Prob. 48EBCh. 3 - Prob. 49EBCh. 3 - Prob. 50EBCh. 3 - Prob. 51EBCh. 3 - Prob. 52EBCh. 3 - From the following list of accounts (1) identify...Ch. 3 - Prob. 54EBCh. 3 - Prob. 55EBCh. 3 - Prob. 56EBCh. 3 - Prob. 57PACh. 3 - Prob. 58PACh. 3 - Prob. 59PACh. 3 - Following is a partial list of financial statement...Ch. 3 - Prob. 61PACh. 3 - Record adjustments. (LO 1, 2, 3). The Gladiator...Ch. 3 - Prob. 63PACh. 3 - Transactions for Pops Company for 2011 were as...Ch. 3 - Record adjustments and prepare financial...Ch. 3 - Prob. 66PACh. 3 - Prob. 67PACh. 3 - Record adjustments and prepare income statement....Ch. 3 - Prob. 69PBCh. 3 - Prob. 70PBCh. 3 - Following is a partial list of financial statement...Ch. 3 - Prob. 72PBCh. 3 - Record adjustments. (LO 1, 2, 3). Summit Climbing...Ch. 3 - Prob. 74PBCh. 3 - Prob. 75PBCh. 3 - Record adjustments and prepare financial...Ch. 3 - Prob. 77PBCh. 3 - Prob. 78PBCh. 3 - Identify and explain accruals and deferrals. (LO...Ch. 3 - Prob. 2FSACh. 3 - Prob. 3FSACh. 3 - Prob. 1CTPCh. 3 - Prob. 1IECh. 3 - Prob. 3IECh. 3 - Prob. 4IE
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