Suggested Solution
1. Effect on the accounting equation Chapter 1
(1) (2) √ (3) √ (4) √ (5) √ (6) √ (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 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 +/- + + + - - - (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. To increase Notes Payable -CR
b. To decrease Accounts Receivable-CR c. To increase Owner, Capital -CR d. To decrease Unearned Fees -DR e. To decrease Prepaid Insurance -CR f. To decrease Cash - CR
g. To increase Utilities Expense -DR h. To increase Fees Earned -CR i. To increase Store Equipment -DR j.
To increase Owner, Withdrawal -DR
2.
a.
Cash
1,800
Accounts payable ...................................................
b.
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
1,800
4,500
1,500
750
600
360
Unearned revenue Service revenue
Consultant expense Prepaid consultant
Unearned revenue Service revenue 2,100
900
3,000
2,100
900
3,000
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
Chapter 3
1. Dundee Realty bank reconciliation
October 31, 2009
Reconciled balance $6,220 Reconciled balance $6,220
2. April 7 Dr: Notes receivable—A company 5400 Cr: Accounts receivable—A company 5400 12 Dr: Cash 5394.5 Interest expense 5.5 Cr: Notes receivable 5400 June 6 Dr: Accounts receivable—A company 5533 Cr: Cash 5533
18 Dr: Cash 5560.7 Cr: Accounts receivable—A company 5533
Interest revenue 27.7
3. (a) As a whole: the ending inventory=685
(b) applied separately to each product: the ending inventory=625
4. The cost of goods available for sale=ending inventory + goods=80,000+200,000*500%=80,000+1,000,000=1,080,000
5.(1) 24,000+60,000-90,000*0.8=12000
(2) (60,000+24,000)/( 85,000+31,000)*( 85,000+31,000-90,000)=18828
the cost of
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