By Jerry J. Weygandt
Accounting Principles 11th edition, by means of Weygandt, Kimmel, and Kieso offers a transparent advent to monetary accounting that's choked with genuine international examples which are correct to scholars' lives. The staff for achievement authors comprehend the place scholars fight during this direction and feature built a studying procedure that illustrates the accounting cycle and key transactions, whereas giving them the instruments to use their studying via pattern workouts during the chapter. by way of increasing insurance of IFRS, this version retains scholars on the vanguard of worldwide concerns that effect their destiny careers in enterprise and accounting.
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Understand what causes expenses. qxd 6/5/08 5:53 PM Page 14 TEAM-B 108:JWCL039:Ch01: 14 Chapter 1 Accounting in Action action plan (cont’d) ✔ Review the rules for changes in owner’s equity: Investments and revenues increase owner’s equity. Expenses and drawings decrease owner’s equity. ✔ Recognize that drawings are withdrawals of cash or other assets from the business for personal use. Solution 1. Rent Expense is an expense (E); it decreases owner’s equity. 2. Service Revenue is revenue (R); it increases owner’s equity.
Provided legal services to clients for cash $1,500. 5. Borrowed $700 cash from a bank on a note payable. 6. Performed legal services for client on account $2,000. 7. Paid monthly expenses: salaries $500, utilities $300, and telephone $100. 8. Joan withdraws $1,000 cash for personal use. Instructions (a) Prepare a tabular summary of the transactions. (b) Prepare the income statement, owner’s equity statement, and balance sheet at July 31 for Joan Robinson, Attorney. Solution to Comprehensive DO IT!
Transaction (5). Purchase of Advertising on Credit. Softbyte receives a bill for $250 from the Daily News for advertising but postpones payment until a later date. The specific categories involved are Accounts Payable and expenses (specifically, Advertising Expense). The effect on the equation is: ؍Liabilities ؉ Assets Old Bal. $9,200 $1,600 $7,000 $1,600 ؉250 (5) $9,200 ϩ $1,600 ϩ $7,000 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ New Bal. $17,800 ϭ $1,850 $15,000 $1,200 ؊$250 ϩ $15,000 ϩ $1,200 Ϫ $250 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ Cash Owner’s Equity Accounts R.