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False 5. True True Multiple Choice 1. Debit Credit Apr. Debit Credit May 1 Cash Account Titles and Explanation Debit Credit 1. Advertising Expense Miscellaneous Expense Accounts Payable Salaries and Wages Expense Debit Credit Balance Apr. Debit Credit Sept. Debit Credit Balance Sept. Exercises Problems 1. Indicate how accounts, 1, 2, 3, 4, 5, 1, 2, 5 1 1, 2, 4, 6, 7, 1A, 2A, 3A, debits, and credits are used 6, 7, 8, 9, 19, 14 5A to record business 21 transactions.
Indicate how a journal is 10, 11, 12, 3, 4, 6 2 3, 5, 6, 7, 10, 1A, 2A, 3A, used in the recording 13, 14, 16 11, 12 5A process. Explain how a ledger and 15, 17 7, 8 3 8, 9, 12 2A, 3A, 5A posting help in the recording process. Prepare a trial balance. Simple 20ï¿½30 2A Journalize transactions, post, and prepare a trial balance.
Simple 30ï¿½40 3A Journalize transactions, post, and prepare a trial balance. Moderate 40ï¿½50 4A Prepare a correct trial balance. Moderate 30ï¿½40 5A Journalize transactions, post, and prepare a trial balance.
DI PA 4. A T account has the following parts: a the title, b the left or debit side, and c the right or credit side. The terms debit and credit mean left and right respectively.
Heath is incorrect. The double-entry system merely records the dual effect of a transaction on the accounting equation. A transaction is not recorded twice; it is recorded once, with a dual effect. Erica is incorrect. A debit balance only means that debit amounts exceed credit amounts in an account.
Conversely, a credit balance only means that credit amounts are greater than debit amounts in an account. Thus, a debit or credit balance is neither favorable nor unfavorable. The basic steps in the recording process are: 1 Analyze each transaction for its effect on the accounts. The advantages of using the journal in the recording process are: 1 It discloses in one place the complete effects of a transaction.
When three or more accounts are required in one journal entry, the entry is referred to as a compound entry. An example of a compound entry is the purchase of equipment, part of which is paid for with cash and the remainder is on account. It discloses in one place the complete effects of a transaction. It provides a chronological record of all transactions. The advantage of the last step in the posting process is to indicate that the item has been posted.
The chart of accounts is important, particularly for a company that has a large number of accounts, because it helps organize the accounts and define the level of detail that a company desires in its accounting system.
The primary purpose of a trial balance is to prove check that the debits equal the credits after posting. A trial balance also facilitates the discovery of errors in journalizing and posting. In addition, it is useful in preparing financial statements. No, Victor is not correct.
The proper sequence is as follows: b Business transaction occurs. Accounts Payable Decrease Increase Credit 2. Advertising Expense Increase Decrease Debit 3.
Service Revenue Decrease Increase Credit 4. Accounts Receivable Increase Decrease Debit 5. Analyze each transaction. In this step, business documents are examined to determine the effects of the transaction on the accounts. Enter each transaction in a journal.
This step is called journalizing and it results in making a chronological record of the transactions. Transfer journal information to ledger accounts.
This step is called posting. Posting makes it possible to accumulate the effects of journalized transactions on individual accounts. The three activities would be recorded as follows: 1. No entry because no transaction has occurred.
An account shows increases and decreases in the item it relates to. An account has a left, or debit side, and a right, or credit side. Debit Credit Jan. Debits Credit Oct. Increase the asset Cash, increase the liability Notes Payable. Increase the asset Equipment, decrease the asset Cash. Increase the asset Supplies, increase the liability Accounts Payable. Rent Expense Accounts Receivable The general ledger is not a book of original entry; transactions are first recorded in the general journal, then in the general ledger.
No Credit 5. Debit Credit Mar. Debits Credit Apr. No entryï¿½Not a transaction. Prepaid Rent Prepaid Insurance Utilities Expense Account Titles and Explanation Debit Credit Debit Credit Balance Mar. Savings Bondsï¿½this is a personal transaction. Debits Credits Balance Nov. Cash is increased. Cash is decreased. Cash is decreased or Accounts Payable is increased. Cash is decreased or Notes or Mortgage Payable is increased. Inventory: debit 1. Accounts Receivable: debit 2.
Cash and Cash Equivalents: debit Equipment: debit 3. Accounts Payable: credit 3. Cost of Goods debit Sold expense : Interest Expense: debit 4. Sales revenue credit b 1. Decrease in Salaries and Wages Payable: Cash is decreased credited. Increase in Interest Expense: Cash is decreased credited. Interest Expense: debit 1. Net Product Revenues: credit 2. Cash and Cash debit 2. Inventories: debit Equivalents: 3.
Cost of Sales: debit b The following other accounts are ordinarily involved: 1. They issue the report to the more than , shareholders who hold shares. None of the other teams are publicly owned, so they have no obligation to make their financial information available except to their small group of owners. Knowing how profitable the NFL teams are would be useful information for the players to know so that they would have a better sense of how much the teams could afford to pay.
Debits increase assets and credits increase revenues, so the journal entry is: Accounts Receivable Debits increase expenses and credits decrease assets, so the journal entry is: Salaries and Wages Expense However, if Ellynn is violating a company accounting policy by her action, then she is acting unethically.
Miss the deadline but find the error causing the imbalance. Tell her supervisor of the imbalance and suffer the consequences. Do as she did and locate the error later, making the adjustment in the next quarter. The board initially announced its support for the CEO. After further investigation, the board encouraged Mr. Edmondson to resign, which he did. Board members stated that they felt he was still the best person for the position. Radio Shack says that although it did a reference check at the time of Mr.
Under the Sarbanes-Oxley Act, companies must now perform thorough background checks as part of a check of internal controls. It is important that the steps that they identify be as specific as possible, and clearly directed toward achieving their goal. You may wish to ask a follow-up question asking them to explain how each step will assist them in achieving their goal. Many schools also have re- sources in their placement centers or writing labs.
For example, Monster. If you say you have certain skills, such as computer skills, try to substantiate the claim with recognized proof of proficiency.
Make sure that all addresses and phone numbers are accurate and up-to-date. It would be difficult to know what aspects of the coffee growing process each certification covered. Similarly, if there were multiple groups that certified financial statements, each with different criteria, it would be difficult for financial statement users to know what each certification promised. It has the advantage of having a direct link to the Starbucks coffee market. Weygandt , Paul D. Kimmel , Donald E. Accounting Principles 12th Edition by Weygandt, Kimmel, and Kieso provides students with a clear introduction to fundamental accounting concepts.
The Twelfth Edition helps students get the most out of their accounting course by making practice simple. Both in the print text and online in WileyPLUS with ORION new opportunities for self-guided practice allow students to check their knowledge of accounting concepts, skills, and problem solving techniques and receive personalized feedback at the question, learning objective, and course level.
Weygandt , Paul D. Kimmel , Donald E. Accounting Principles 12th Edition by Weygandt, Kimmel, and Kieso provides students with a clear introduction to fundamental accounting concepts. The Twelfth Edition helps students get the most out of their accounting course by making practice simple. Both in the print text and online in WileyPLUS with ORION new opportunities for self-guided practice allow students to check their knowledge of accounting concepts, skills, and problem solving techniques and receive personalized feedback at the question, learning objective, and course level.
R Classifying economic events. C Explaining uses, meaning, and limitations of data. R Keeping a systematic chronological diary of events. R Measuring events in dollars and cents.
C Preparing accounting reports. C Reporting information in a standard format. I Selecting economic activities relevant to the company. R Summarizing economic events. E Did the company earn a satisfactory income? I Do we need to borrow in the near future? I What does it cost us to manufacture each unit produced?
I Which product should we emphasize? E Will the company be able to pay its short-term debts? The historical cost principle requires that assets be recorded and reported at their cost, because cost is faithfully representative and can be objectively measured and verified.
Angela Duffy could benefit if the company is able to attract more investors, but would be harmed if the inappropriate reporting is discovered.
Similarly, Jana Barth could benefit by pleasing her boss, but would be harmed if the inappropriate reporting is discovered. She should try to convince Angela Duffy that this is the appropriate course of action, but be prepared to resign her position if Duffy insists.
The historical cost principle requires that assets such as buildings be recorded and reported at their cost. The monetary unit assumption requires that companies include in the accounting records only transaction data that can be expressed in terms of money. The economic entity assumption requires that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities.
Increase in assets and increase in liabilities. Increase in assets and decrease in assets. Balance Sheet August 31, Assets Cash Balance Sheet June 30, Assets Cash A partnership is not an option since she is the sole owner of the business. A proprietorship is the easiest to create and operate because there are no formal procedures involved in creating the proprietorship.
However, if she operates the business as a proprietorship she will personally have unlimited liability for the debts of the business. Operating the business as a corporation would limit her liability to her investment in the business. Natalie will in all likelihood require the services of a lawyer to incorporate. Costs to incorporate as well as additional ongoing costs to administrate and operate the business as a corporation may be costly.
My recommendation is that Natalie choose the proprietorship form of business organization. Furthermore, it will be easier to stop operating the business if Natalie decides not to continue with it once she has finished college.
She will need information on her cash balance on a daily or weekly basis to help her determine if she can pay her bills. She will need to know the cost of her services so she can establish her prices. She will need to know revenue and expenses so she can report her net income for personal income tax purposes, on an annual basis. If she borrows money, she will need financial statements so lenders can assess the liquidity, solvency, and profitability of the business.
Natalie would also find financial statements useful to better understand her business and identify any financial issues as early as possible.
Monthly financial statements would be best because they are more timely, but they are also more work to prepare. This will make it easier to prepare financial statements for her business. The business is a separate entity from Natalie and must be accounted for separately.
This work is becoming increasingly computerized and can rely on sophisticated random sampling methods. Audit is the bread-and-butter work of accounting. This work can involve significant travel and allows you to really understand how money is being made in the company that you are analyzing.
There are plentiful jobs in this area in government and private industry. Besides quantitative skills many budget analyst jobs require good people skills because of negotiations involved in the work.
This work can be varied over time. One day you may be running spreadsheets. The next day you may be visiting a customer or supplier to set up a new account and discuss business.
This work requires a good understanding of both accounting and finance. Major functions include cost analysis, analysis of new contracts, and participation in efforts to control expenses efficiently.
This work often involves the analysis of the structure of organizations. Is responsibility to spend money in a company at the right level of our organization? Are goals and objectives to control costs being communi- cated effectively? This work requires a thorough understanding of economics and the tax code.
Increasingly, large corpo- rations are looking for persons with both an accounting and a legal background in tax. This is not a valid basis for determining income because it only shows the change in cash between two points in time. Alternatively, since all revenues are received in cash, revenues earned can be computed from an analysis of the changes in cash as follows: Beginning cash balance A number of items in this balance sheet are not properly reported.
They are: 1. The balance sheet should be dated as of a specific date, not for a period of time. Equipment should be shown as an asset and reported below Supplies on the balance sheet. Accounts receivable should be shown as an asset, not a liability, and reported between Cash and Supplies on the balance sheet. Accounts payable should be shown as a liability, not an asset. The note payable is also a liability and should be reported in the liability section.
Would you want to start your first job having deceived your employer before your first day of work? Would you be embarrassed if either firm found out that you double-charged?
Would your school be embarrassed if your act was uncovered? Would you be proud to tell your professor that you collected your expenses twice? This would seem to be ethical. Since the expenditure was necessary, although perhaps accelerated, it would seem to be ethical. It would therefore appear to be both unethical and poten- tially illegal.
WebFeb 13, ï¿½ï¿½ Accounting Principles 12th Edition by Weygandt, Kimmel, and Kieso provides students with a clear introduction to fundamental accounting concepts. The . WebUnlike static PDF Accounting Principles 12th Edition solution manuals or printed answer keys, our experts show you how to solve each problem step-by-step. No need to wait for . WebChapter 1 - Accounting Principles And The Financial Statements Chapter 2 - Analyzing And Recording Business Transactions Chapter 3 - Adjusting The Accounts Chapter 4 - .