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ANSWERS TO YOUR QUESTIONS

1. For Sole Proprietor is ASSET=LIABILITIES +REVENUES-EXPENSES-OWNERS DRAW


For Corporations is ASSETS=LIABILITIES+PAID IN CAPITAL+REVENUES-EXPENSESDIVIDENDS-TRESURY STOCK
2. SALES
3. ALL LISTED ABOVE
4. ACCOUNTS PAYABLE
5. JANITORIAL SERVICES
6.
a) Sales Revenue is a Revenue Account
b) CASH IS CURRENT ASSET ACCOUNT
c) TELEPHONE BILL IS EXPENSES ACCOUNT
d) OFFICE FURNITURE IS FIXED ASSET ACCOUNT
e) ADVERTING IS EXENSES ACCOUNT
f) OWNERS DRAW IS EQUITY ACCOUNT
g) INTEREST INCOME IS REVENUE ACCOUNT
h) CREDIT CARD LOAN IS A LIABILTY ACCOUNT
i) MORTGAGE IS A LONG TERM LIABILITY ACCOUNT
j) RENT IS AN EXPENSE ACCOUNT
k) INVENTORY IS A CURRENT ASSET ACCOUNT
l) MATERIALS USED TO BUILD THE FINAL PRODUCT FOR SALE IS A RAW MATERIALS
ACCOUNT
m) LOAN TO SHAREHOLDER IS AN ASSET ACCOUNT
n) LOAN FROM SHAREHOLDER IS A LONG TERM LIABILITY ACCOUNT
7

INCREASES ASSETS & DECREASES ASSETS

DECREASES ASSETS & DECREASES LIABILITIES

9.
a)
b)
c)
d)
e)
f)
g)
h)
i)

EXPENSES ON DEBIT SIDE


PETTY CASH ON DEBIT SIDE
PRODUCT SALES ON CREDIT SIDE
OWNERS CONTRIBUTION ON CREDIT SIDE
PURCHASE OF BUSINESS CAR ON DEBIT SIDE
BUSINESS LOAN ON CREDIT SIDE
BANK COOUNT ON DEBIT SIDE
LOAN FROM SHAREHOLDERS ON CREDIT SIDE
LOAN TOSHAREHOLDERS ON DEBIT SIDE

ANSWERS TO YOUR QUESTIONS


10
DATE
a XXX

b XXX

C XXX

D XXX

E XXX

XXX

G XXX
H XXX
I
J

XXX
XXX

K XXX

DETAILS
FURNITURE
BANK A/C
STAFF WELFARE
CREDIT CARD A/C
ELECTRICITY EXPENSE A/C
CREDIT CARD A/C

DEBIT
1,000.00

CREDIT
1,000.00

58.00
58.00
350.00
350.00

CREDIT CARD A/C


350.00
CREDIT CARD FEE EXPENSES A/C 50.00
BANK

400.00

PETTY CASH A/C


BANK A/C

500.00
500.00

TELEPHONE EXPENSE A/C


PETTY CASH
COMPUTER SOFTWARE
OWNER'S EQUITY
ALARM EXPENSE A/C
SHAREHOLDER LOAN
OWNER'S DRAW
BANK A/C
SHAREHOLDER LOAN
PETTY CASH
CREDIT CARD INTEREST
CREDIT CARD A/C

200.00
200.00
100.00
100.00
200.00
200.00
200.00
200.00
150.00
150.00
50.00
50.00

11 REVENUES ARE RECOGNIZED WHEN CASH IS RECEIVED AND EXPENSES ARE RECOGNIZED WHEN
CASH IS PAID
12. REVENUES ARE RECOGNIZED WHEN THEY ARE EARNED AND EXPENSES ARE RECOGNIZED
WHEN THEY OCCUR AND ARE MATCHED WITH THE REVENUE OF THE PERIOD.

ANSWERS TO YOUR QUESTIONS


13.
DATE
DETAILS
08/01/2015 TELEPHONE EXPENSE A/C
TELEPHONE BILL PAYABLE

DEBIT

CREDIT
300
300

08/15/2015 TELEPHONE BILL PAYABLE


CREDIT CARD A/C

300

08/30/2015 CREDIT CARD A/C


BANK A/C

500

300

500

14.Balance Sheet List

15.Income Statement List

Current Assets:

Sales

Cash and cash equivalents


Trade and other
receivables

Cost of Goods Sold


Advertising Expense

Prepaid expenses

Amortization Expense

Investments

Insurance Expense

Inventories

Rent Expense

Assets held for sale

Salaries and Wages


Utilities Expense

Long-Term Investments:

Marketing Expense
Gain on sale

Investments in other companies

Interest Income
Loss on sale

Fixed Assets:

Interest Expense
Income Tax

Computer hardware
Computer software
Furniture and fixtures
Leasehold improvements
Office equipment
Production equipment
Accumulated depreciation

Intangible Assets:

ANSWERS TO YOUR QUESTIONS


Intangible assets
Accumulated amortization
Goodwill

Current Liabilities:
Trade and other payables
Accrued expenses
Current tax liabilities
Current portion of loans payable
Other financial liabilities
Liabilities held for sale

Long-Term Liabilities:
Loans payable
Deferred tax liabilities
Other non-current
liabilities

Shareholders' Equity:
Capital stock
Additional paid-in capital
Retained earnings

16. UNCLEARED CHECKS


17. FALSE
18. FALSE
19. ACCUMULATED DEPRECIATION
20. SOLD
21. FALSE

ANSWERS TO YOUR QUESTIONS


22

23

24

25

26

27

28

29

30

31

32

33

34

35

DATE
XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

36

XXX

37

XXX

DETAILS
CASH
OWNERS'S EQUITY

DEBIT
XX

CREDIT
XX

OFFICE FURNITURE
BANK A/C

XX

CASH
SALES

XX

PURCHASES
ACCOUNTS PAYABLE

XX

ACCOUNTS RECEIVABLE
SALES

XX

ADVERTISING
ADVERTISING PAYABLE

XX

OWNER'S DRAW
BANK

XX

RENT
BANK

XX

BANK A/C
LOAN A/C

XX

BANK FEES
BANK A/C

XX

BANK A/C
ACCOUNTS PAYABLE

XX

EQUIPMENT
NOTE PAYABLE

XX

LOAN A/C
BANK A/C

XX

EQUIPMENT A/C
OWNER'S EQUITY

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

PETTY CASH A/C


XX
BANK A/C
DEPRECIATION EXPENSE
XX
ACCUMULATED DEPRECIATION

XX

XX
XX

ANSWERS TO YOUR QUESTIONS


38. FALSE
39.
DATE
DETAILS
01/15/16 GROSS WAGES EXPENSE
GROSS WAGES PAYABLE

DEBIT

CREDIT
600
600

01/15/16 GROSS WAGES PAYABLE


FITW PAYABLE
SOC SEC & MEDICARE EE (FICA)
SOC SEC & MEDICARE ER (FICA)
SDI (CA DISABILITY)
PIT (CA INCOME TAX)
SUI(STATE UNEMPLOYMENT)
ETT(CA TRAINING TAX)
FUTA
NET WAGES PAYABLE

600.00

01/20/16 FITW PAYABLE


SOC SEC & MEDICARE EE (FICA)
SOC SEC & MEDICARE ER (FICA)
SDI (CA DISABILITY)
PIT (CA INCOME TAX)
SUI(STATE UNEMPLOYMENT)
ETT(CA TRAINING TAX)
FUTA
NET WAGES PAYABLE
BANK A/C

20.00
20.00
30.00
10.00
5.00
15.00
5.00
5.00
490.00

20.00
20.00
30.00
10.00
5.00
15.00
5.00
5.00
490.00

600.00

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