ACCT201/EXERCISE QUESTION 4/CH.3 Question DMD.‚ opened a dental clinic on August 1‚ 2007. The business transactions for August are shown below: |Aug 1 |Dr. Cravati invested $280‚000 cash in the business in exchange for 1‚000 shares of capital stock. | |Aug 1 |Rented an office and paid 3-month rent in advance‚ $2‚000 | |Aug 4 |Land and building were purchased for $400‚000. Of this amount‚ $60‚000
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following selected events and transactions occurred during April. April 1 Stockholders invested $40‚000 cash in the business in exchange for common stock. 4 Purchased land costing $30‚000 for cash. 8 Incurred advertising expense of $1‚800 on account. 11 Paid salaries to employee $1‚500. 12 Hired park manager at a salary of $4‚000 per month‚ effective May 1. 13 Paid $1‚500 cash for a one –year insurance policy. 17 Declared and paid a
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BYP 7-1 FINANCIAL REPORTING PROBLEM — A MINI PRACTICE SET (a) Sales Journal S1 Date Account Debited Invoice No. Ref. Accounts Receivable Dr. Sales Cr. Cost of Sales Dr. Inventory Cr. Purchases Journal P1 Date Account Credited Terms Ref. Inventory Dr. Accounts Payable Cr. Cash Receipts Journal CR1
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000 Extermination services revenue 60‚000 Interest revenue 872 Sales (of merchandise) 71‚026 Cost of goods sold 46‚300 Depreciation expense-Trucks - Depreciation expense-Equipment - Wages expense 35‚000 Interest expense - Rent expense 9‚000 Bad debts expense - Miscellaneous expense 1‚226 Repairs expense 8‚000 Utilities expense 6‚800 Warranty expense - Totals 226‚026 226‚026 The following information in a through h applies to the company at the end of the current year. a. The bank
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expected profit margins and also the overall profitability has declined * Some of the operational problems have aroused due to introduction of Red coloured pens which required more changeovers from the existing process * All plants indirect expenses were aggregated at the plant level and allocated to products based on their direct labour content. The above mentioned problems are important especially because company wants to introduce some new range of products so without knowing the causes
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additional cost. We will first look at the accounting for such a policy within a start-up company and then extend our discussion to warranties issued by Apple when they sell hardware. Finally we will ask you to recommend an estimation procedure and expense amount for the start-up company and to support your recommendation with both business and ethical reasons. The Entrepreneurs Ying Tsi and Daphne Cohen‚ as electrical engineers in a master’s program‚ co-developed a new wireless audio speaker system
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Which of the following statements is true? A. An asset account is increased by a credit B. An expense account is increase by a credit C. A revenue account is decreased by a credit D. An equity account is decreased by a debit [2]BASIC BANK02 - BAT 010 The Income Summary account contains: A. Total revenues and total expenses for the year B. Total assets and total liabilities at year end C. Total revenues‚ expenses‚ assets‚ and liabilities at year end D. Total revenues and assets at year end Bookkeeper
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value added tax were significantly lower. Our selling expenses did not have any large variances‚ showing that they were all near the projected numbers. Advertising Expense‚ Sales Salaries‚ Sales Commissions‚ and sales office depreciation were near what was expected and showed a barely noticeable variation from the expected forecasted results. The only two mentionable selling expenses are the General Selling expense and transportation expense due to their minor but noticeable variances of positive
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Bank service charge (27.50) Adjusted balance‚ 12-31-13 $ 108‚309.00 $ 108‚309.00 Journal Entry‚ 12-31-13 Account No. Debit Credit 41000 Other operating expense $27.50 10100 Cash $27.50 WAREN SPORTS SUPPLY‚ YEAR-END WORKSHEET‚ DECEMBER 31‚ 2013 Student Name________________________________________________ TRANSACTIONS LIST A Instructor_______________________Date
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chart of accounts. ANS: A DIF: Easy OBJ: LO 6-1 MSC: AACSB Communication 5. Owner’s equity can be increased through a. withdrawals by the owner. b. investments by the owner. c. expenses exceeding revenues. d. purchases of assets for cash. ANS: B DIF: Easy OBJ: LO 6-1 MSC: AACSB Communication 6. The balance in an expense account is closed to a(n) a. capital account. b. revenue account. c. drawing account. d. income summary account. ANS: D DIF: Easy OBJ: LO 6-2 MSC: AACSB Communication 7. The
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