Suggested Solution
Chapter 1
1. Effect on the accounting equation (a) Increase in one asset, decrease in another asset. (c) Increase in an asset, increase in capital. (d) Decrease in an asset, decrease in a liability. 2. Transactions 1 2 3 4 5 6 7 8 9 10
3.
Describe each transaction based on the summary above. Transactions 1 2 3 4 5 6 7 4.
Beginning Assets 275,000 1 / 21
Liabilities 80,000 Equity 195,000 Investment for cash, $3,200. Paid expense $1,200. Purchased supplies on account, $800. Paid owner’s personal use, $750. Paid creditor, $1,500 Supplies used during the period, $630. Purchased land for cash, $6,000. Assets +/- + + - + + - - +/- - - Liabilities +/- + - - Owner’s equity +/- + + + - - - (1) (2) √ (3) √ (4) √ (5) √ (6) √ (b) Increase in an asset, increase in a liability. √ (e) Decrease in an asset, decrease in capital. Add. investment Add. Net income Less withdrawals Ending 5. (a) Assets Cash Accounts receivable Supplies Total assets Liabilities Accounts payable Equity Tina Pierce, Capital (b) net income = 9,260-7,470=1,790 (c) net income = 1,790+2,500=4,290
320,000 85,000 48,000 27,000 -35,000 235,000 March 31, 20XX 4,500 2,560 840 7,900 430 7,470 April 30, 20XX 5,400 4,100 450 9,950 690 9,260 Chapter 2
1.
a. b. c. d. e. f. g. h. i. j.
2.
To increase Notes Payable -CR
To decrease Accounts Receivable-CR To increase Owner, Capital -CR To decrease Unearned Fees -DR To decrease Prepaid Insurance -CR To decrease Cash - CR
To increase Utilities Expense -DR To increase Fees Earned -CR To increase Store Equipment -DR To increase Owner, Withdrawal -DR
a.
Cash
Accounts payable
1,800
1,800
b.
2 / 21
Revenue
4,500
Accounts receivable
c.
Owner’s withdrawals 1,500
Salaries Expense
d.
Accounts Receivable 750
Revenue
3.
Prepare adjusting journal entries at December 31, the end of the year.
Advertising expense 600 Prepaid advertising Insurance expense (2160/12*2) 360 Prepaid insurance Unearned revenue 2,100 Service revenue Consultant expense 900 Prepaid consultant Unearned revenue 3,000 Service revenue
4.
1. $388,400 2. $22,520 3. $366,600 4. $21,800 5.
1. net loss for the year ended June 30, 2002: $60,000 2. DR Jon Nissen, Capital 60,000
CR income summary 60,000
3. post-closing balance in Jon Nissen, Capital at June 30, 2002: $54,000
3 / 21
4,500
1,500
750
600
360
2,100
900
3,000
会计英语课后习题参考答案
