Premium Essay

Pr1-1,Pr1-2a

In: Business and Management

Submitted By Acap2004
Words 615
Pages 3
PR1-1A
On September 1 of the current year, Maria Edsll established a business to manage rental property. She completed the following transactions during September:
a. Opened a business bank account with a deposit of $40,000 from personal funds.
b. Purchased supplies (pens, file folders, and copy paper) on account, $2,200.
c. Received cash from fees earned for managing rental property, $6,000.
d. Paid rent on office and equipment for the month, $2,700.
e. Paid creditors on account, $1,000.
f. Billed customers for fees earned for managing rental property, $5,000.
g. Paid automobile expenses (including rental charges) for month, $600, and miscellaneous expenses, $300.
h. Paid office salaries, $1,900.
i. Determined that the cost of supplies on hand was $1,300; therefore, the cost of supplies used was $900.
j. Withdrew cash for personal use, $1,800.

.:.

1. Assets = Liabilities + Owner’s Equity

Maria Maria Accts. Accts. Edsall, Edsall, Fees Rent Salaries Supplies Auto Misc. Cash + Rec. + Supplies = Payable + Capital – Drawing + Earned – Exp. – Exp. – Exp. – Exp. – Exp.
a. + 40,000 + 40,000
b. + 2,200 + 2,200
Bal. 40,000 2,200 2,200 40,000
c. + 6,000 + 6,000
Bal. 46,000 2,200 2,200 40,000 6,000
d. – 2,700 – 2,700
Bal. 43,300 2,200 2,200 40,000 6,000 – 2,700
e. – 1,000 – 1,000
Bal. 42,300 2,200 1,200 40,000 6,000 – 2,700
f. + 5,000 + 5,000
Bal. 42,300 5,000 2,200 1,200 40,000 11,000 – 2,700
g. – 900 – 600 – 300
Bal. 41,400 5,000 2,200 1,200 40,000 11,000 – 2,700 – 600 – 300
h. – 1,900 – 1,900
Bal. 39,500 5,000 2,200 1,200 40,000 11,000 – 2,700 – 1,900 – 600 – 300
i. – 900 – 900
Bal. 39,500 5,000 1,300 1,200 40,000…...

Similar Documents

Premium Essay

Set Ii 2a -P6

...Problem Set 2: Week Four Acc/300 P121A You are provided with the following transactions that took place during a recent fiscal year. Distinguish among operating, investing, and financing activities. Complete the table, indicating whether each item (1) should be reported as an operating (O) activity, investing (I) activity, financing (F) activity, or as a noncash (NC) transaction reported in a separate schedule, and (2) represents a cash inflow or cash outflow or has no cash flow effect. Assume use of the indirect approach. Transaction Where Reported Cash Inflow, Outflow, or No Effect? Depreciation expense on the plant assets Noncash (NC) Inflow Paid interest expense. Investing (I) Outflow Cash from a sale of plant assets. Investing (I) Inflow Acquired land by issuing common stock. Noncash (NC) No Effect Paid a cash dividend Financing (F) Inflow Distributed a stock dividend Noncash (NC) No Effect Recorded cash sales. Operating (O) Inflow Recorded sales on account. Operating (O) Outflow Purchased inventory for cash. Operating (O) Outflow Purchased inventory on account Noncash (NC) No Effect P122A The following account balances relate to the stockholders’ equity accounts of Patil Corp. at year-end.   2012 2011 Common stock, 10,500 and 10,000 shares, respectively, for 2012 and 2011 $160,800 $140,000 Preferred stock, 5,000 shares 125,000 125,000 Retained earnings 300,000 270,000 A small......

Words: 2023 - Pages: 9

Premium Essay

2-2a

...Problem 2-2A Preparing and posting journal entries; preparing a trial balance C4 C5 A1 P1 P2 Shelton Engineering completed the following transactions in the month of June. a. Shania Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000, and $45,000 of drafting equipment to launch the business. b. Purchased land worth $54,000 for an office by paying $5,400 cash and signing a long-term note payable for $48,600. c. Purchased a portable building with $75,000 cash and moved it onto the land acquired in b. d. Paid $6,000 cash for the premium on an 18-month insurance policy. e. Completed and delivered a set of plans for a client and collected $5,700 cash. f. Purchased $22,500 of additional drafting equipment by paying $10,500 cash and signing a longterm note payable for $12,000. g. Completed $12,000 of engineering services for a client. This amount is to be received in 30 days. h. Purchased $2,250 of additional office equipment on credit. i. Completed engineering services for $18,000 on credit. j. Received a bill for rent of equipment that was used on a recently completed job. The $1,200 rent must be paid within 30 days. k. Collected $7,200 cash in partial payment from the client described in transaction g. l. Paid $1,500 cash for wages to a drafting assistant. m. Paid $2,250 cash to settle the account payable created in transaction h. n. Paid $675 cash for minor repairs to the drafting equipment. o. Shelton withdrew $9,360 cash......

Words: 298 - Pages: 2

Premium Essay

Chapter 7 Exercises 1, 6, 8, and 9 and Chapter 8 2a, 4, and 6a

...Week 4 Check Your Understanding Exercises July 22, 2013 Chapter 7 – 1, 6, 8 and 9 1. In the Deep Creek Mining Company example described in this chapter (Table 7.1), suppose again that labor is the variable input and capital is the fixed input. Specifically, assume that the firm owns a piece of equipment having a 500-bhp rating. a. Complete the following table: LABOR INPUT L (NO. OF WORKERS) | TOTAL PRODUCT TPL (= Q) | MARGINAL PRODUCT MPL | AVERAGE PRODUCT APL | 1 | 3 | - | 3 | 2 | 6 | 3 | 2 | 3 | 16 | 10 | 5.33 | 4 | 29 | 13 | 7.25 | 5 | 43 | 14 | 8.6 | 6 | 55 | 12 | 9.16 | 7 | 58 | 3 | 8.28 | 8 | 60 | 2 | 7.5 | 9 | 59 | -1 | 6.5 | 10 | 56 | -3 | 5.6 | b. Plot the (i) total product, (ii) marginal product, and (iii) average product functions. c. Determine the boundaries of the three stages of production. In Stage 1, both AP and MP are rising. MP Reaches its maximum point and starts falling. The point to note is that MP is always greater than AP in this stage. In stage 2, AP reaches its maximum point and starts falling. MP also falls and becomes zero. Here MP is always less than AP. In stage 3, MP becomes negative and AP decreases but remains positive. 6. Consider the following short-run production function (where L = variable input, Q = output): Q = 10L – 0.5L2 Suppose that output can be sold for $10 per unit. Also assume that the firm can obtain as much of the variable input (L) as it needs at $20 per......

Words: 1456 - Pages: 6

Free Essay

Math Doc Unit 1

...2019 then we use our formula to determine the value of the plane. Y=(-12,000)*x+240,000 now x is the number of years from the end of our graphing years which was half way through 2009. So in this case x will = 9.5 years now to plug this in. Y=(-12,000)*9.5+240,000 Y=114,000+240,000 Y= $126,000 2a. Answer: L=w-5 2a. Key work steps 2b. Answer: Width= 22.5 inches, Length is 17.5 inches 2b. Key work steps Since p=2L+2W and our equation L=W-5 then P=2(W-5)+2W P=2W-10+2W P=4W-10 We know that in this case P=80 inches so 80=4W-10 80+10=4W-10+10 90=4W 90/4=4W/4 22.5=W and since we know L= W-5 then L= (22.5)-5 L= 17.5 3a. Answer: C= $225+$10(x-2), C=(25x) 3a. Key work steps 3b. Answer:16.3 inches is needed 3b. Key work steps Our inequality for this problem is 225+10(x-2)<25x so 225+10x-20<25x 225+20+10x-20+20<25x 245+10x<25x 245+10x-10x<25x-10x 245<15x 245/15<15x/15 16.3<x 4a. Answer: (-1,10), (0,7), (2,1), (4,-5) 4a. Key work steps Since Y= -3x+7 and we know our x coordinates which are -1,0,2,4 then we plug them in Y= -3(-1) +7, Y= 3+7, Y= 10 Y= -3(0) +7, Y= 0+7, Y= 7 Y= -3(2) +7, Y= -6+7, Y= 1 Y= -3(4) +7, Y= -12+7, Y= -5 4b. Answer: 4b. Key work steps...

Words: 447 - Pages: 2

Premium Essay

Unit 1

...Unit 1 – Exploring Business Purpose Scenario In preparation for a future work experience placement you have been asked to assist the customer service and administration department of a large national company. The manager frequently receives requests for information from school and colleges. There has also been a large increase in the number of school parties visiting your company to see how they operate. Consequently, the company has decided to open up an educational centre and have asked for your help in designing the materials and displays. Task one The employer wants to provide students visiting the educational centre with a report containing information about different kinds of businesses. You are going to write this report, which will require you to investigate four different businesses.   From the table below select a company from each column. |Sole trader / partnership |Limited organisation |Charity |Franchise | |No 31 Hair and Beauty |BT |Age Concern |McDonalds | |Spextacular |Cable and Wireless/Virgin |Greenpeace |Starbucks | | |Cadbury Schweppes |Oxfam | | | |Next ...

Words: 711 - Pages: 3

Free Essay

Case Study

...SCENE 1 *Camille is sitting on the chair* *Tina and Anna will drink water* Tina: Shoks! My tummy hurts! Anna: Mine too! Lets go to the hospital and have a check up. Tina: Ok that’s a good idea. *Camille will open the newspaper* Camille: Drink at your own risk? According to Manila City Health Department, water around Metro Manila was found to be potentially dangerous. That means what our drinking water is dirty? OMG. SCENE 2 *President is talking to someone in the phone* President: I’ve read what the Philippine Daily Inquirer had written. What are we going to do? How are we going to face the public now? How are we going to maintain our good relationship with them? How are we going to convince them that we didn’t do anything wrong? I want to see you in my office as soon as possible. Secretary: Ma’am, Our PR team is here to see you. President: Wow that was fats. Ok let them in. PR 1: Good morning Ma’am. I read the news in the newspaper, and we immediately came to put an action plan. PR2: We shall act fast before others could make up other stories. President: What are you guys planning to do? PR 2: You should go around Metro Manila and check for the problem yourself. PR1: In that way, the people will see that this problem is big enough to involve the high management. President: They would see that I am really affected by the issue and I am concern that they might be in danger. I like that plan. Secretary: I will put your......

Words: 707 - Pages: 3

Premium Essay

Week 1

...MAT-23n0 Discrete Mathematics Week 1 Homework Problems Chapters 1 & 2 Section 1.1, pages 12–16: #2, #11, #31 #2: Which of these are propositions? What are the truth values of those that are propositions? a) Do not pass go. b) What time is it? c) There are no black flies in Maine. d) 4 + x = 5. e) The moon is made of green cheese. f) 2n ≥ 100. C , E & F are propositions and only f is true because 2n≥100 is a true statement. #11: Let p and q be the propositions p: It is below freezing. q: It is snowing Write these propositions using p and q and logical connectives (including negations). a) It is below freezing and snowing. b) It is below freezing but not snowing. c) It is not below freezing and it is not snowing. d) It is either snowing or below freezing (or both). e) If it is below freezing, it is also snowing. f) Either it is below freezing or it is snowing, but it is not snowing if it is below freezing. g) That it is below freezing is necessary and sufficient for it to be snowing. A. p ^ q B. p ⊕ q C. p → q D. p ∨ q E. p → q F. p ∨ q ⊕ p ∧ q G. p ∧ q #31: Construct a truth table for each of these compound propositions. a) p ˄ ¬p b) p ˅ ¬p c) (p ˅ ¬q) → q d) (p ˅ q) → (p ˄ q) e) (p → q) ↔ (¬q → ¬p) f) (p → q) → (q → p) A. t ...

Words: 1168 - Pages: 5

Premium Essay

Assessment 2a

...------------------------------------------------- Assignment 2a Comprehensive Essay Plan with Journal Article SummariesMarch 14, 2014 March 14, 2014 Essay Plan * Introduction/Purpose of Essay The purpose of this assignment is to explain why companies use job specialization approach to job design and to use the Job Characteristics model to describe how specialised jobs can be modified to eliminate the boredom and low job satisfaction associated with them. This essay will define, analyse and put forward methodologies that will aid in remedying the issues related to job specialisation. * Body/Background 1) Define Job Specialisation. Include quotes and provide examples of Job Specialisation. Describe the advantages and disadvantage of Job Specialisation. 2) Define Job Design. Define the aspect related to Job Design. Include quotes. 3) Define Job Characteristics Model. Describe its elements of the Job Characteristics Model. Describe the effect of each element. 4) Describe how jobs can be modified to eliminate boredom and low job satisfaction. Use quotes and define solutions to the problem. Refer to solutions put forward by the journals. * Conclusion In conclusion it can be seen that the essay has met all goal and objectives that was set out for it at the outset. Job Specialisation, Job Design and the Job Characteristics Model have been defined in detail and the advantages and disadvantages along with the various elements of......

Words: 1843 - Pages: 8

Premium Essay

Acc 300 Problem Sets Chapter 2 P2-6a & Chapter 13 P13-2a

...Chapter_13_P13-2A (A) Earnings Per Share Net Income ÷ Shares Outstanding $300,000/ $5= $60,000 $290,000/ $5= $58,000 ($60,000 + $58,000) / 2=$59,000 $218,000/ $59,000= $3.69 $3.69 (B) Return on Common Stockholders' Equity 40.80% Return Common Stockholders' Equity Ratio = Net Income - Preferred Stock Dividends Average Common Stockholders' Equity $218,000/ [($465,400+$603,400)]/ 2= $218,000/ $534,400= 40.80% (C) Return on Assets Net Imcome x Net Sales Net Sales Average Total Assets $218,000/ [($1,026,900+ $852,800)]/ 2= 23.2 23.20% Net Income Average Total Assets (D) Current Ratio Current Ratio = Current Assets ÷ Current Liabilities $377,900/ $203,500= 1.86 1.86 Page 1 Chapter_13_P13-2A (E) Receivables Turnover 17.1 Receivables Turnover Ratio = Net Credit Sales ÷ Average Net Receiable $1,890,540/[($102,800+$117,800)/2]= $1,890,540/$110,300= 17 (F) Average Collection Period Average Collection Period = 365 ÷ Receivables Turnover Ratio 365 days/ 17.1= 21.3 days 21.3 (G) Inventory Turnover 8.8 Inventory Turnover Ratio = Cost of Goods Sold ÷ Average Inventory $1,058,540/[($115,500+$126,000)]/2= $1,058,540/$120,750= 8.8 times (H) Days in Inventory Days in Inventory = 365 ÷ Inventory Turnover Ratio 365 days/ 8.8= 41.5 days 41.5 (I) Times Interest Earned Net Income + Interest Expense + Tax Expense $332,000/ $22,000= 15.1 times 15.1 ÷ Interest Expense Page 2 Chapter_13_P13-2A (J) Asset Turnover Ratio 2.01 Asset Turnover Ratio......

Words: 385 - Pages: 2

Premium Essay

Acc 300 Problem Set 4-2a

...PROBLEM 4-2A | (a) | Date | | Account Titles | | Debit | | Credit | 1. | 2012 June 30 | | Supplies Expense Supplies ($2,000 – $720) | | 1,280 | | 1,280 | | | | | | | | | 2. | 30 | | Utilities Expense Accounts Payable | |   180 | |   180 | | | | | | | | | 3. | 30 | | Insurance Expense Prepaid Insurance   ($2,880 ÷ 12 months) | |   240 | |   240 | | | | | | | | | 4. | 30 | | Unearned Service Revenue Service Revenue | | 4,100 | | 4,100 | | | | | | | | | 5. | 30 | | Salaries and Wages Expense Salaries and Wages Payable | | 1,250 | | 1,250 | | | | | | | | | 6. | 30 | | Depreciation Expense Accumulated Depreciation—   Equipment | |   250 | |   250 | | | | | | | | | 7. | 30 | | Accounts Receivable Service Revenue | | 3,900 | | 3,900 | (b) Cash | 6/30 Bal. 6,850  | | Accounts Receivable | 6/30 Bal. 7,000  6/30 3,900  | | 6/30 Bal. 10,900  | | | | Prepaid Insurance | 6/30 Bal. 2,880  |  6/30 240 | 6/30 Bal. 2,640  | | Supplies | 6/30 Bal. 2,000  |  6/30 1,280 | 6/30 Bal. 720  | | PROBLEM 4-2A (Continued) Equipment | 6/30 Bal. 15,000  | | Accumulated Depreciation— Equipment | |......

Words: 379 - Pages: 2

Premium Essay

Acc P3-2a

...P3-2A Neosho River Resort, Inc. opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows. NEOSHO RIVER RESORT, INC. Trial Balance August 31, 2008 Account Number Debit Credit 101 Cash $ 19,600 126 Supplies 3,300 130 Prepaid Insurance 6,000 140 Land 25,000 143 Cottages 125,000 149 Furniture 26,000 201 Accounts Payable $ 6,500 208 Unearned Rent 7,400 275 Mortgage Payable 80,000 311 Common Stock 100,000 332 Dividends 5,000 429 Rent Revenue 80,000 622 Repair Expense 3,600 726 Salaries Expense 51,000 732 Utilities Expense 9,400 $273,900 $273,900 In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation—Cottages, No. 150 Accumulated Depreciation—Furniture, No. 212 Salaries Payable,No. 230 Interest Payable,No. 320 Retained Earnings,No. 620 Depreciation Expense—Cottages, No. 621 Depreciation Expense—Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Insurance expires at the rate of $400 per month. 2. A count on August 31 shows $600 of supplies on hand. 3. Annual depreciation is $6,000 on cottages and $2,400 on furniture. 4. Unearned rent of $4,100 was earned prior to August 31. 5. Salaries of $400 were unpaid at August 31. 6. Rentals of $1,000 were due from tenants at August 31. (Use Accounts......

Words: 1218 - Pages: 5

Premium Essay

Taxation 1

...Taxation 1 – Assignment 1 Q1) 1-7 Net Income for Tax Purposes Case A: Income Under ITA 3(a) Employment Income $46,200 Business Income $13,500 Property Loss (see ITA 3(d) below) NIL $59,700 Income Under ITA 3(b) Taxable Capital Gains $14,320 Allowable Capital Losses ($23,460) NIL Balance from ITA 3(a) And (b) $59,700 Subdivision e deductions ($4,800) Balance under ITA 3(c) $54,900 Deduction Under ITA 3(d): Property Loss ($2,350) Net Income for Tax Purposes (Division B Income) $52,550 As the Gambling winnings and losses related to an occasional gambling habit, the income is non-taxable and the losses non-deductible. There will be an allowable Capital Loss carry over of $9,320 (14,320 – 23,460 = ) Case B: Income Under ITA 3(a) Employment Income $64,000 Business Income (see ITA 3(d) below) $NIL Interest Income $ 2,600 Property Income $ 4,560 $ 71,160 Income Under ITA 3(b) Taxable Capital Gains $32,420 Allowable Capital Losses ($29,375) $ 3,045 Balance from ITA 3(a) And (b) $ 74,205 Subdivision e deductions ($12,480) Balance under ITA 3(c) $ 61,725 Deduction Under ITA 3(d): Business (50% of partnership) ($72,470) Net Income for Tax Purposes (Division B Income) $NIL There is no Capital Loss to carry over as the Capital Gains exceeded the Capital losses in the year, using up the entire deduction....

Words: 1760 - Pages: 8

Premium Essay

Test 1

...Question 1 (13 marks total) Open the Excel worksheet top-10-mobile-phones-in-use.xlsx The spreadsheet contains details of the top 10 countries of the world in terms of the number of ‘mobile phones in use’ as at 31/12/2012. a) Graph the ‘mobile phones in use’ data appropriately, for the Top 10 countries. (2 marks) b) Graph the ‘proportion’ data appropriately (in a different way from question ‘a’) for the Top 10 countries. (3 marks) c) Use the data to create one graph that allows a simple comparison of ‘mobile phones in use’ and ‘population’ for the Top 10 countries. (4 marks) d) Your boss has produced a graph of the proportion data below. State 4 weaknesses of his Pie Chart. (4 marks) Question 2 (24 marks total) Open the Excel worksheet nz-earthquakes-sept-2013.xlsx The spreadsheet contains details of all the earthquakes in New Zealand in September 2013. a) Create a Histogram for the Earthquake data. (Hint : A group width of 0.5 would work well) (10 marks) b) What shape is the histogram? (1 mark) c) Calculate the Mean, Range and Mode for the Earthquake data. (3 marks) d) Identify 1 way in which your histogram could be improved. (2 marks) e) Using the data and your answers above (2a, 2b, 2c) state 4 distinct features of New Zealand’s earthquakes in September 2013; support each statement with a statistic. (8 marks) Question 3 (20 marks total) Open the Excel worksheet......

Words: 414 - Pages: 2

Premium Essay

Chapter 1

...Chapter 1—The Entrepreneurial Life TRUE/FALSE 1. The universally accepted definition of the term small business is based on the number of people employed by the firm. ANS: F PTS: 1 DIF: Difficulty: Easy REF: p. 5-6 OBJ: LO: 1-2 NAT: BUSPROG: Analytic KEY: Bloom’s: Comprehension 2. According to the text, the term entrepreneur refers to small business founders only. ANS: F PTS: 1 DIF: Difficulty: Easy REF: p. 6 OBJ: LO: 1-2b NAT: BUSPROG: Analytic KEY: Bloom’s: Knowledge 3. The term bootstrapping refers to the practice of bartering rather than buying with cash or credit. ANS: F PTS: 1 DIF: Difficulty: Moderate REF: p. 6 OBJ: LO: 1-2b NAT: BUSPROG: Analytic KEY: Bloom’s: Knowledge 4. Successful entrepreneurs should be aware of their strengths and weaknesses and be willing to strive toward goals. ANS: T PTS: 1 DIF: Difficulty: Easy REF: p. 9 OBJ: LO: 1-3 NAT: BUSPROG: Analytic KEY: Bloom’s: Knowledge 5. Entrepreneurs should avoid hiring mediocre people. ANS: T PTS: 1 DIF: Difficulty: Easy REF: p. 9 OBJ: LO: 1-3 NAT: BUSPROG: Analytic KEY: Bloom’s: Knowledge 6. According to the text, managers who buy out founders of existing firms may be classified as entrepreneurs. ANS: T PTS: 1 DIF: Difficulty: Easy REF: p. 9 OBJ: LO: 1-3a NAT: BUSPROG: Analytic KEY: Bloom’s: Knowledge 7. Franchisees are not really entrepreneurs because they have a contract with a franchising organization. ANS: F PTS: 1 DIF: Difficulty: Moderate REF: p. 10 OBJ: LO:......

Words: 6783 - Pages: 28

Premium Essay

Biological Importance of Group 1a-2a

...TABLE OF CONTENTS 1. IA (Alkaline Metals) 1.1. H………………………………………………………………………..2 1.2. Li………………………………………………………………………..2 1.3. Na………………………………………………………………………2 1.4. K………………………………………………………………………..3 1.5. Rb………………………………………………………………………3 1.6. Cs………………………………………………………………………3 1.7. Fr……………………………………………………………………….4 1. IIA (Alkaline Earth Metals) 2.8. Be………………………………………………………………………4 2.9. Mg………………………………………………………………………4 2.10. Ca………………………………………………………………………4 2.11. Sr……………………………………………………………………….4 2.12. Ba………………………………………………………………………5 2.13. Ra………………………………………………………………………5 1. Group IA 2.1. H Hydrogen binds with Oxygen to form water. Without water, we can not survive. In fact, we are mostly made of water. 2.2. Li Lithium does not occur naturally in biological systems and has no biological role, but does have effects on the body when ingested. Lithium carbonate is used as a mood stabilizer in psychiatry to treat bipolar disorder (manic-depression) in daily doses of about 0.5 to 2 grams, although there are side-effects. Excessive ingestion of lithium causes drowsiness, slurred speech and vomiting, among other symptoms, and poisons the central nervous system, which is dangerous as the required dosage of lithium to treat bipolar disorder is only slightly lower than the toxic dosage. The metal lithium is not essential for any biological functions, but was found to exist in extremely......

Words: 1377 - Pages: 6