Week One Assignment

1499 words - 6 pages

1. Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.

a. Amounts paid to a mall for rent. - Expense, Debit
b. Amounts to be paid in 10 days to suppliers. – Liability, Debit
c. A new fax machine purchased for office use. – Expense, Debit
d. Land held as an investment. – Asset, Debit
e. Amounts due from customers. – Revenue, Credit
f. Daily sales of merchandise sold. - Revenue, Credit
g. Promotional costs to publicize a ...view middle of the document...

Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:

Building $40,000 Accounts receivable $24,000
Cash 21,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?

Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
Preston Company Balance Sheet- December 31, 20XX
Assets
Cash $17,000
Accounts Receivable $24,000
Building $44,000
Land $21,000
Total assets= $106,000

Liabilities
Loan payable $30,000
Accounts Payable?
Total liabilities= $

Owner’s Equity
J. Preston, Capital $65,000

4. Basic transaction processing. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:

1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.

Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the account¬ing equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company have a “good” month from an accounting viewpoint? Briefly explain.

5. Transaction analysis and statement preparation. The transactions that follow
relate to Burton Enterprises for March 20X1, the company’s first month of activity.

3/1 Joanne Burton, the owner, invested $20,000 cash into the business.
3/4 Performed $2,400 of services on account.
3/7 Acquired a small parcel of land by paying $6,000 cash
3/12 Received $500 from a client who was billed previously on March 4.
3/15 Paid $200 to the Journal Herald for advertising expense.
3/18 Acquired 9,000 of equipment from Park Central Outfitters by Paying
$7,000 down and agreeing to remit the balance owed within two weeks (A/P).
3/22 Received $300 cash from clients for services.
3/24 Paid $1,500 on account to Park Central Outfitters in partial settlement of
the balance due from the transaction on March 18.
3/28 Rented a car from United Car Rental for use on March 28. Total charges
amounted to $125, with United billing...

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