Accounting Questions Essay

4876 words - 20 pages

1) As you have learned in this week's readings the Accounting Equation is Assets = Liabilities + Owners' Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.2) What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.3) The balance sheet is a financial snap shot of a company at a particular point in time. The balance sheet lists the assets, liabilities, and equity of the company. Reflect on your personal financial situation, can you apply the concepts of the balance sheet? What did you learn from this reflection?4) Week One Exercise AssignmentBasic Accounting EquationsBasic concepts. Jean's Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.The inventory of boating supplies owned by the company.Monthly rental charges paid for store space.A loan owed to Citizens Bank.New computer equipment purchased to handle daily record keeping.Daily sales made to customers.Amounts due from customers.Land owned by the company to be used as a future store site.Weekly salaries paid to salespeople.Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:Accounts Payable $3,200 Interest Expense $2,500Accounts Receivable 14,800 Land 18,000Auto Expense 1,900 Loan Payable 40,000Building 30,000 Tax Expense 3,300Cash 7,400 Utilities Expense 4,100Fee Revenue 56,900 Wage Expense 37,500a. Determine Rossi's total assets as of December 31.b. Determine the company's total liabilities as of December 31.c. Compute 20X3 net income or loss.3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 19XX:Building $44,000 Accounts receivable $24,000Cash 17,000 Loan payable 30,000J. Preston, Owners Equity 65,000 Land 21,000Accounts payable ?Prepare a balance sheet as of December 31, 19XX. (See Exhibit 1.1 and 1.4)4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:1: Parker invested $19,000 into the business.2: Paid $9,000 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: Parker withdrew $600 from the business.10: Received $250 in cash from clients for consulting services rendered.Instructionsa. Arrange the following asset, liability, and owner's...

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