Topics: Balance sheet, Generally Accepted Accounting Principles, Asset Pages: 3 (571 words) Published: March 30, 2013
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| | | | |

| | |
| | |
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| | | |
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