Mune Company recorded journal entries for the declaration of $50‚000 of dividends‚ the $32‚000 increase in accounts receivable for services rendered‚ and the purchase of equipment for $21‚000. What net effect do these entries have on equity? Decrease of $18‚000. Maso Company recorded journal entries for the issuance of ordinary shares for $40‚000‚ the payment of $13‚000 on accounts payable‚ and the payment of salaries expense of $21‚000. What net effect do these entries have on equity? Increase
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School of Mechanical‚ Materials and Manufacturing Engineering MM2MN1 – Management Studies “1” Balancing the Books Objectives and Learning Outcomes • • • • • • • Double entry accounting The balance sheet The balance sheet equation The trial balance The trading‚ profit and loss account Opening and closing stock The ledger Prof John Dominy February 2013 MANAGEMENT STUDIES “1” BALANCING THE BOOKS Introduction Now that we have planned our business and established that it is viable
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Completed Exercise 4.1 TABLE 4.9 Journal of the Portland After School Program July 1‚ 20XX–December 31‚ 20XX (a) July 1‚ 20XX— Received unrestricted donation check in the amount of $15‚000 from the Multnomah County Department of Health and Human Services. Debited Cash $15‚000 Credited Revenue $15‚000 (b) July 19‚ 20XX—Paid Great Northwest Insurance Company $9‚000 for six more months of fire and liability insurance coverage. Debited prepaid insurance $9‚000 Credited
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Copyright © 2011 John Wiley & Sons‚ Inc. Weygandt‚ Accounting Principles‚ 10/e‚ Solutions Manual (For Instructor Use Only) 1-33 PROBLEM 1-1B (a) VINCE’S TRAVEL AGENCY | | | | | | | | | | | | | Owner’s Equity | | | Cash | + | AccountsReceivable | + | Supplies | + | Equipment | = | AccountsPayable | + | Owner’sCapital | – | Owner’s Drawings | + | Revenues | – | Expenses | | | | | | | | | | | | | | | | | | | | 1.2.3.4.5.6.7.8.9.10. | | +$15
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Transaction Num. - Date Cash&Eq. + Other Assets = Liabilities + Beg. Balance a b 0 30.000 15.000 0 c d -8.400 -7.000 4.200 6.883 e f g h i j k -20.000 23.000 40.000 -10.000 -2.000 33.000 3.000 -8.500 5.000 -9.000 -3.000 15.000 75 Comments. One nespaper advertisement is 300 58.100 20.000 300 3.000 -8.500 6.000 9.000 1 2 End. Balance 0 Ret. Other + Eernings + Com. Beg. Income 0 0 0 30.000 Paid-in Capital 34.083 44.875 30.000 17.308 17.308 0 + Income - Expenses 0 -6
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Recognition‚ Valuation‚ and Classification SE2.ConCept▶ Tell how the concepts of recognition‚ valuation‚ and classification apply to the transaction that follows. Supplies Dr. June 1‚000 Cr. Normal Balances SE4.Tell whether the normal balance of each accounts in SE1is a debit or a credit. Transaction Analysis SE5. Shawn Michael started a computer programming business‚ Michael’s Programming Service. For each transaction that follows‚ indicate which account is debited and which
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Name: Learning Team Course: ACC/280 Date: P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows. (a) Complete the worksheet by extending the balances to the financial statement columns. PORTER COMPANY Work Sheet (Partial) For the Year Ended December 31‚ 2008 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit
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In the file ACC 290 Week 2 Learning Team Reflection you will find overview of the following parts: Learning Team Reflection Paper Four Basic Financial Statements Rules of Debit and Credit Journalizing Basic Transactions Use of Financial Statements to External Users Conclusion References Business - Accounting Discuss the objectives for Week One. How do they relate to the practice of accounting and its uses in business? Identify the four basic financial statements. Classify transactions
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Find needed answers here https://bitly.com/12B18Ql This document ACC 205 Week 5 Discussion Question 2 Current Liabilities comprises solution of this task: "There are two types of current liabilities that must be estimated. Describe them and explain why they must be estimated. How are the financial statements affected if they are not estimated? Respond to at least two of your classmates Deadline: ( )‚ Business - Accounting Week1 D1: As you have learned in this week’s readings the Accounting
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NATURE OF ACCOUNTS A separate account is maintained for each item in the balance sheet. Transactions may be recorded by entering the amount by which each item is affected into the respective account. The process of recording transactions consists of • T-Accounts. The T-account‚ named for its shape‚ is a convenient way of representing an account on a piece of paper. The T‚ with the account name entered at the top‚ permits transaction information to be entered on either side of the vertical
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