Notes
Lashae Gayden
Essentials in accounting
Homework assignment Week 1
Chapter 1: E1-3, P1-3A
The Long Run Golf & Country Club details the following accounts in its financial statements.
Instructions
* (a)Classify each of the above accounts as an asset (A), liability (L), stockholders’ equity (SE), revenue (R), or expense (E) item. * (b)Classify each of the above accounts as a financing activity (F), investing activity (I), or operating activity (O). If you believe a particular account doesn’t fit in any of these activities, explain why.
Asset | Liability | Stock holder equity | Revenue | Expense | Accounts receivable | Accounts payable and accrued - liabilities | Long-term debt | Food and beverage operations revenue | Office and general expense | Property, plant, and equipment | Long-term debt | | Golf course operations revenue | Professional fees expense | Inventory | Wages and benefits expense | | | Wages and benefits expense |
| | |
Financing Activity | Investing Activity | Operating Activity | Accounts payable and accrued - liabilities | Property, plant, and equipment | Food and beverage operations revenue | Long-term debt | Inventory | Golf course operations revenue | Office and general expense | Professional fees expense | | | | | | | | | | |
P1-3A
On June 1 Eckersley Service Co. was started with an initial investment in the company of $26,200 cash. Here are the assets and liabilities of the company at June 30, and the revenues and expenses for the month of June, its first month of operations: Cash | 4,600 | Notes payable | 12,000 | Accounts receivable | 4,000 | Accounts payable | 500 | Revenue | 7,000 | Supplies expense | 1,000 | Supplies | 2,400 | Gas and oil expense | 600 | Advertising expense | 400 | Utilities expense | 300 | Equipment | 29,000 | Wage expense | 1,400 | | | | | Revenues | $46,000 | | | Total revenue | $46,000 | | | Expenses | | | |
Essentials in accounting
Homework assignment Week 1
Chapter 1: E1-3, P1-3A
The Long Run Golf & Country Club details the following accounts in its financial statements.
Instructions
* (a)Classify each of the above accounts as an asset (A), liability (L), stockholders’ equity (SE), revenue (R), or expense (E) item. * (b)Classify each of the above accounts as a financing activity (F), investing activity (I), or operating activity (O). If you believe a particular account doesn’t fit in any of these activities, explain why.
Asset | Liability | Stock holder equity | Revenue | Expense | Accounts receivable | Accounts payable and accrued - liabilities | Long-term debt | Food and beverage operations revenue | Office and general expense | Property, plant, and equipment | Long-term debt | | Golf course operations revenue | Professional fees expense | Inventory | Wages and benefits expense | | | Wages and benefits expense |
| | |
Financing Activity | Investing Activity | Operating Activity | Accounts payable and accrued - liabilities | Property, plant, and equipment | Food and beverage operations revenue | Long-term debt | Inventory | Golf course operations revenue | Office and general expense | Professional fees expense | | | | | | | | | | |
P1-3A
On June 1 Eckersley Service Co. was started with an initial investment in the company of $26,200 cash. Here are the assets and liabilities of the company at June 30, and the revenues and expenses for the month of June, its first month of operations: Cash | 4,600 | Notes payable | 12,000 | Accounts receivable | 4,000 | Accounts payable | 500 | Revenue | 7,000 | Supplies expense | 1,000 | Supplies | 2,400 | Gas and oil expense | 600 | Advertising expense | 400 | Utilities expense | 300 | Equipment | 29,000 | Wage expense | 1,400 | | | | | Revenues | $46,000 | | | Total revenue | $46,000 | | | Expenses | | | |