Assets increased by 14‚000. What was the value of the liabilities at the end of the year 22‚000 32‚000 8‚000 34‚000 None of the above QUESTION 6 OT Company had the following transactions‚ among others‚ during April. Which transaction represented an expense during April (a) Purchased furniture for 8500 cash (b) Paid 3‚300 in settlement of a loan obtained three months earlier (c) Paid a garage 500 for motor vehicle repair work performed in January (d) Purchased 30 of oil on account for the delivery truck
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Computerized Accounting With PEACHTREE 2010 COMPREHENSIVE PROBLEM ONE Chapters 1 through 7 Tracy Madding is an attorney opening her own office on March 1‚ 2010. She operates her business as a sole proprietorship. The office is located at 1345 Main Street‚ Lodi‚ CA 95240. The owner of the building‚ Apex Business Management‚ signed Tracy to a one-year lease for $800 per month. The IRS issued her an employer identification number of 15-6789545. Tracy called the local telephone company
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given asset‚ liability‚ equity‚ revenue‚ or expense account. * Double-entry accounting system (two-sided effect). * Recording done by debiting at least one account and crediting another. * DEBITS must equal CREDITS. AED = LRC | | | | | | | | | | After eating dinner‚ lets read comics (AED=LRC) ASSETS = LIABILITIES + EQUITY 3. Financial Statements and Ownership Structure Income Statement: Revenues – Expenses Net Income (Loss) Retained Earnings Statement
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Instructions for the Microsoft Excel Templates by Rex A Schildhouse | | Be advised‚ the template workbooks and worksheets are not protected. Overtyping any data may remove it. | | | Extensive detail and information is contained within the help function of Microsoft Excel and in the provided text. | | You should enter your name‚ date‚ instructor’s name‚ and course into the cells at the top of the page. This information will be printed on the top of each page if the template requires
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COST ACCUMULATION: SUMMARY OF ESSENTIAL TRANSACTION JOURNAL ENTRIES: TRANSACTIONS JOURNAL ENTRIES 1. Purchase of Direct Raw Materials - Initial Journal Entry Raw Materials - Direct xxx Cash / Accounts Payable xxx - To record purchase of Direct Raw Materials. 2. Purchase of Indirect Raw Materials - Initial Journal Entry Raw Materials
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400 | | Equipment | 30‚000 | | Notes Payable | | 10‚000 | Accounts Payable | | 12‚350 | Common Stock | | 20‚000 | Dividends | 600 | | Service Revenue | | 13‚620 | Salaries Expense | 2‚200 | | Travel Expense | 1‚300 | | Rent Expense | 1‚200 | | Miscellaneous Expense | 200 | | | ------------------------------------------------- 55‚970 | 55‚970 | Other data: 1. Supplies on hand total =380. 2. Depreciation is $1‚000 per =uarter. 3. Interest accrued on
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Financial Projection Use fund Start-up Expenses First month (RM) First 6 month (RM) Salary- CEO 1‚800 10‚800 Salary- 5 Staff 7‚500 45‚000 Advertising- Newspaper 450 2‚700 Advertising- Magazine 800 4‚800 Brochure fees 120 720 Promotion- Coupon 6‚500 8‚500 Promotion- Discount 5‚000 7‚500 Web site registration and maintenance fee 300 1‚800 EPF 1‚116 6‚696 SOCSO 163 978 Rental 45‚000 120‚000 Insurance (Company) 250 1‚500 Legal fees 200 200 Registration for Business License 150 150 Business
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342-346) Problem 7.8 – Trotman and Gibbins (2005) Barber Ltd has the following data for a recent period: $ 12‚000 30‚000 46‚200 7‚000 5‚500 Beginning inventory Purchases (all credit) Sales (all credit) Ending inventory count Operating expenses (all cash) The company’s mark-up is 40% on cost Assuming all purchases and sales were in single transactions prepare summary journal entries as well as closing entries using: 1. perpetual inventory 2. periodic inventory 1 Solution to
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An expense is normally incurred by a firm to generate sales‚ e.g. promotional expenses which are selling expenses which are directly related to the generation of sales. Most of the expenses normally form a part of operating expenses and are included in ‘cost of sales’. It may either be raw materials‚ labor‚ etc.‚ or capitalized assets which are either depreciated or amortized over a period of time. These are known as matching costs. The other types of costs are ‘period costs’ which are mostly mentioned
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Sale of new common stock 50‚000 Cash sales 75‚000 57‚000 Total receipts 200‚650 192‚150 Total Available Cash 220‚650 212‚150 Less: Disbursements Purchases of inventory 171‚000 106‚200 Operating expenses 15‚000 15‚000 Selling and administrative expenses 10‚150 10‚150 Equipment purchase 19‚000 Dividends 20‚000 Total disbursements 196‚150 170‚350 Excess (deficiency of available cash over disbursements) 24‚500 41‚800 Financing
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