BACKGROUND: Understanding accounting information goes far beyond the ability to record correct journal entries. It is essential that preparers and users of financial information understand how transactions affect the elements of the financial statements. REQUIRED: Indicate whether the following transactions increased (I), decreased (D), or had no effect (NE) on the financial statement elements below for Jayhawk Enterprises. Each box should have an answer. 20Y5 Transactions Lawrence recently experienced severe weather causing unprecedented amounts of damage. Jayhawk Enterprises reported the damage as an unusual loss since it had to pay for all damages this year. Jayhawk Enterprises completed a depreciation study on its assets to re-estimate depreciation. It noted that its equipment can now be used for a longer amount of time than originally estimated, amounting to $50,000 less in depreciation each year. The study was completed prior to any depreciation entries being made for 20Y5. At the end of 20Y5, Jayhawk found an error relating to its revenue transactions from 20Y4. Jayhawk found that when it received cash for a future service from the customer in 20Y4, it debited cash and credited service revenue for $200,000. The service for the customer is still not complete at the end of 20Y5. You may assume a tax rate of 30%. Because Jayhawk Enterprises does not have any international subsidiaries, it recently decided it no longer wants to use FIFO to determine cost of goods sold. Jayhawk switched to LIFO in 20Y5. When implementing the new methodology, Jayhawk found that cost of goods sold would have been $5M more in 20Y3 and 20Y4 had LIFO been used for those years. You may assume a tax rate of 30%. Assets Liabilities Equity Revenues/ Expenses/ Gains Losses

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What is a transaction that has not been processed yet by a financial institution

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A img016.jpg An expense may be recognized and recorded although no cash outlay has been made 46. 31. A trial balance with equal debit and credit totals proves that aln transactions have been correctly journalized and posted to the proper ledger accounts. 47. Withdrawals of assets from a business by the owners are considered to be 32. The journal is used to classify and summarize transactions, and to prepare data for basic financial statements expenses 48. Recording an account with a debit balance as a credit, or vice versa, will cause the trial balance to be out of balance by an amount that is divisible by 2 3. In some transactions, the accounting equation may not be maintained. 34. The chart of accounts is a system of organizing and numbering the accounts in the 49. A credit always means an entry on the left side of an account. general ledger S0. Every business transaction affectS a minimum of two accounts 35. Debit means increase and credit means decrease. S1. The process of…

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