HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
As an accountant, your new client Michael Sue's he's assistance in setting up his books for his business. To do this successfully, you start by showing him how you perform a transaction analysis based on the accounting equation assets equals liabilities plus owners equity. You explain to Michael how to show increases and decreases in assets liabilities and owners equity accounts using that analysis template. To help Michael understand the transaction analysis you reconcile each side of the equation by balancing out each column at the end of the transaction. complete by using the accounts cash, accounts receivable, supplies, equipment, accounts payable, notes payable, Suze capital, Suze drawing, service revenue, rent expense, salary expense, utilities expense, and advertising expense.
Please record the transactions listed in the image.
K
Indicate the effects of the following business transactions on the accounting equation of Vivian's Online Video store.
Use the following accounts: Cash; Accounts Receivable; Office Supplies; Office Furniture, Accounts Payable; Vivian,
Capital; Vivian, Withdrawals; Rental Revenue; and Rent Expense. Transaction (a) is answered as a guide.
(Click the icon to view the transactions.)
a. Received cash of $10,000 from owner and gave capital.
Increase asset
(Cash)
b. Earned video rental revenue on account, $2,800.
a.
b.
More info
a. Received cash of $10,000 from owner and gave
capital.
b. Earned video rental revenue on account,
$2,800.
or Ask my instructor
c. Purchased office furniture on account, $300.
d. Received cash on account, $400.
e. Paid cash on account, $100.
f. Rented videos and received cash of $200.
g. Paid monthly office rent of $1,000.
h. Paid $100 cash to purchase office supplies.
Print
;
O
Increase equity
Done
- X
(Vivian, Capital)
Clear all
Check answer
equation of Sid Cleaners during March 2022.
The following relates to the analysis of transactions according to the components of the accounting
EXERCISE 2.6
REQUIRED:
2.6.1 Show the effect of each transaction by writing the amounts in the applicable blocks.
Show an increase with a "+" before the amount, and a decrease with a "-".
INFORMATION:
Transactions of Sid Cleaners for March 2022:
Sid starts a carpet cleaning business by transferring R60 000 out of his personal bank account
into the bank account opened in the name of his business, Sid Cleaners.
7.
The necessary equipment is bought from Pieterse and Son, and paid out of the bank, R16 900.
10.
A payment of R500 is made to the city council to obtain a trading license.
12.
A payment of R5 500 is made to Private Property for the rent of a building.
17. Purchase carpet shampoo and other cleaning products from Golden Products and pay R3 900
from the bank account.
1.
21. The business receives R2 500 for the cleaning of carpets.
24. Pay…
Chapter 1 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 1 - Prob. 1QCCh. 1 - Prob. 2QCCh. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the a. financial...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - Prob. 13RQCh. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for return on assets...Ch. 1 - Identifying users of accounting information For...Ch. 1 - Prob. 1.2SECh. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. 1.6SECh. 1 - Prob. 1.7SECh. 1 - Identifying accounts Consider the following...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Prob. 1.11SECh. 1 - Prob. 1.12SECh. 1 - Prob. 1.13SECh. 1 - Prob. 1.14SECh. 1 - Prob. 1.15SECh. 1 - Prob. 1.16SECh. 1 - Prob. 1.17ECh. 1 - Prob. 1.18ECh. 1 - Prob. 1.19ECh. 1 - Prob. 1.20ECh. 1 - Prob. 1.21ECh. 1 - Prob. 1.22ECh. 1 - Prob. 1.23ECh. 1 - Prob. 1.24ECh. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. 1.28ECh. 1 - Prob. 1.29ECh. 1 - Prob. 1.30ECh. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Prob. 1.33ECh. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Preparing the statement of cash flows For each...Ch. 1 - Prob. 1.38ECh. 1 - Prob. 1.39ECh. 1 - Prob. 1.40ECh. 1 - Prob. 1.41APCh. 1 - Prob. 1.42APCh. 1 - Prob. 1.43APCh. 1 - Prob. 1.44APCh. 1 - Prob. 1.45APCh. 1 - Prob. 1.46APCh. 1 - Prob. 1.47APCh. 1 - Prob. 1.48BPCh. 1 - Prob. 1.49BPCh. 1 - Prob. 1.50BPCh. 1 - Prob. 1.51BPCh. 1 - Prob. 1.52BPCh. 1 - Prob. 1.53BPCh. 1 - Prob. 1.54BPCh. 1 - Prob. 1.55CPCh. 1 - Lets examine a case using Gregs Tunes and Sals...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1CTFC
Knowledge Booster
Similar questions
- Suppose your company sells services of $350 in exchange for $220 cash and $130 on account. Depreciation of $150 relating to equipment also is recorded Required: 1. Prepare the journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet Record the service revenue of $220 for cash and $130 on account. Transaction Record entry General Journal Clear entry Debit Creditarrow_forwardmework i Omega Company's accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands): Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Utilities expense Interest experise on bonds Loss on sale investments. Net loss. SELECTED BALANCE SHEET ACCOUNTS Merchandise inventory Accounts receivable Accounts payable Salaries payable Rent payable Prepaid rent Prepaid insurance INCOME STATEMENT Current Year Required 1 Required 2 $90 456 264 35 13 instructio....pdf 12 27 Cash flows from operating activities: A $9,160 2,900 Prior Year $ 70 533 214 16 26 15 7 Other Data: The company issued $24,000, 6 percent bonds payable at par during the year. Required: Adjustments to reconcile net loss to net cash provided by operating activities: 4,230 2,800 1. Prepare the cash flows from operating activities section of the statement of cash flows using the direct…arrow_forwardFor each transaction In Column D, numbered 1 through 12 below, identify its effect for the current year on the accounting equation by selecting from a through h below. You may use each letter more than once or not at all. ANSWER HERE # Transaction Accounting Equation Effects g 1 Purchased computer equipment for cash a. + A and + L 2 Received cash in exchange for the issuance of a note payable b. + A and + SE (Contributed Capital) 3 Purchased building and land in exchange for a mortgage note payable c. + A and + SE (Retained Earnings) 4 Received cash in exchange for the issuance of common stock d. - A and - L 5 Purchased computer supplies on account e. - A and - SE (Contributed Capital) 6 Provided computer services to customers for cash f. - A and - SE (Retained Earnings) 7 Paid an account payable g. + A and - A 8 Provided computer services to customers…arrow_forward
- Assuming the entity bought 300,000 worth of supplies on account. The proper journal entry to this transaction is by debiting the Supplies account and crediting what account? a.) Accounts Receivable b.) Supplies Expense c.) Cash d.) Accounts Payablearrow_forwardActivity: Following are the accounting transactions relating to Mr. P’s business. Use the accounting equation to show their effect on his assets, liabilities and capital. Purchased goods from A on credit 5,000 Sold goods for cash 10,000 Paid to A 2,000 Sold goods to B on credit 3,000 Paid into Bank 6,000 Paid to A by cheque 1,000 Received from B a cheque for 2,000arrow_forwardShow how the below transactions affect the financial position of the business as represented by A = E + L. You need to clearly indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected. EG. The business pays R6 333 per month for the rental of some business premises. All rentals were paid in cash during the year. No. A E + L %3D EG. -75 996 Bank -75 996 Rent Expense (6 333 x 12) Please use format of table above for the below transactions The following transactions occurred in the business during the year ended 31 December 2020: 1. The owner deposited R105 000 cash into the business's bank account on 1 January 2020. 2. The business bought R450 000 worth of inventory from various suppliers during the year. 80% of these purchases were on credit and the remaining 20% were paid for in cash. 3. During the year the business paid R96 900 cash in operating costs. These costs related to goods and services that had all been used…arrow_forward
- QuickBooks - Computerized Accounting. Issues with my Balance Sheet and Profit and Loss SummaryCan you give me any advice that can reconcile these account balances? I have submitted the Profit and Loss Summary Along with the Balance Sheets I created in Quickbooks; along with pictures documenting what the accounts are meant to be. Any help you be appreciated! Puppy Luv Pampered Pooch - Allison Young Profit and Loss July 1 - August 10, 2026 TOTAL Income Pooch Services 743.50 Taxes and Licenses 50.00 Total Income $793.50 GROSS PROFIT $793.50 Expenses Automobile Expense 15.23 Dues and Subscriptions 250.00 Equipment Rental 389.10 Marketing 1,033.00 Meals & Entertainment 245.00 Office Supplies & Software 63.54 Pooch Supplies 2,604.46 Postage 47.00 Taxes & Licenses 450.00…arrow_forwardTo practice how the use of debits, credits, and double entry accounting affect individual T accounts and thus The Accounting Formula, consider the following situations. Prepare T accounts as required and write the corresponding accounting formula. Kimchi purchased a small cafe' in a town with P600,000 of her own money. Help her prepare her T accounts for her first month of operations using the following 1. information. a. Kimchi invested P600,000 cash in the cafe'. Cash Owners' Equity b. Kimchi purchased P3,500 in food, all of which is to be paid next month (accounts payable). Food Inventory Accounts Payable C. Kimchi generated P10,000 in revenue, all received in cash. Cash Revenue d. Kimchi paid her employees P3,600 this month with payroll checks (cash account). Cash Salaries and Wagesarrow_forwardQuestion 1. From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder. Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day. Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days. Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000. Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha. Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account. Mar 13. Mr. John paid RO 15,000 by Cheque. Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…arrow_forward
- Required information [The following information applies to the questions displayed below) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…arrow_forwardshow the effect of transactions on accounting equation owner deposits 20000 in new business accountarrow_forwardQuestion Directions: Record the transactions directly into the T-accounts. The transactions are independent of one another. Use the following account titles: Cash Owner’s Withdrawals Accounts Receivable Professional Fees Office Equipment Salaries Expense Office Furniture Rent Expense Accounts Payable Utility Expense Owner’s Capital Miscellaneous Expense a. The owner deposited P280,000 in the name of his business. b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the account. c. He bought chairs and tables for the office for P12,300 cash. d. He purchased furniture from Orion Company for P2,750 in cash. e. He received and paid the telephone bill from Ph Telecom amounting to P1,080. f. He billed his customers P12,940 for services on account. g. He paid P1,850 for the electric bill from BEBECO. h. He paid P3,500 for the membership fee. i. He received P17,650 in cash for services rendered. j. He paid P1,000 to partially…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,