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Brief Exercise 2-1

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Your answer is correct.

For each of the following accounts, indicate the effects of a debit and a credit on the accounts and the normal balance of the account.

     

Debit Effect

 

Credit Effect

 

Normal Balance

1.

Accounts Payable

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifDecrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifIncrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifCredit

2.

Advertising Expense

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifIncrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifDecrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifDebit

3.

Service Revenue

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifDecrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifIncrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifCredit

4.

Accounts Receivable

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifIncrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifDecrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifDebit

5.

Owner’s Capital

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifDecrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifIncrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifCredit

6.

Owner’s Drawings

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifIncrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifDecrease

 

http://edugen.wiley.com/edugen/art2/common/pixel.gifDebit

 

Brief Exercise 2-3

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Your answer is correct.

   

Transactions for the George Lynch Company for the month of June are presented below.

June 1

 

George Lynch invests $5,000 cash in a small welding business of which he is the sole proprietor.

2

 

Purchases equipment on account for $2,100.

3

 

$800 cash is paid to landlord for June rent.

12

 

Sends a bill to M. Rodero for $300 for welding work performed on account.

Journalize the transactions.(Record journal entries in the order presented in the problem.Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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Post the transactions to T-accounts and determine each account’s ending balance.(Post entries in the order presented in the problem statement.)

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Brief Exercise 2-10

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Your answer is correct.

   

An inexperienced bookkeeper prepared the following trial balance.

HUEWITT COMPANY
Trial Balance
December 31, 2014

   

Debit

 

Credit

Cash

 

$10,800

   

Prepaid Insurance

     

$3,500

Accounts Payable

     

3,000

Unearned Service Revenue

 

2,200

   

Owner’s Capital

     

9,000

Owner’s Drawings

     

4,500

Service Revenue

     

25,600

Salaries and Wages Expense

 

18,600

   

Rent Expense

     

2,400

   

$31,600

 

$48,000

Prepare a correct trial balance, assuming all account balances are normal.

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Exercise 2-7 (Part Level Submission)

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Kahl Enterprises had the following selected transactions.

1.

 

Jo Kahl invested $4,000 cash in the business.

2.

 

Paid office rent of $950.

3.

 

Performed consulting services and billed a client $5,200.

4.

 

Jo Kahl withdrew $750 cash for personal use.

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(a)

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Indicate the effect each transaction has on the accounting equation, using plus and minus signs.

 

Journalize each transaction.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

 

Exercise 2-8

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Janet Miyoshi has prepared the following list of statements about the general ledger.

Identify each statement as true or false.

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Exercise 2-10 (Part Level Submission)

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The T-accounts below summarize the ledger of Zimmer Landscaping Company at the end of the first month of operations.

Cash

No. 101

4/1

12,000

4/15

1,300

4/12

900

4/25

1,500

4/29

400

   

4/30

1,000

   

Accounts Receivable

No. 112

4/7

3,200

4/29

400

Supplies

No. 126

4/4

1,800

   

Accounts Payable

No. 201

4/25

1,500

4/4

1,800

Unearned Service Revenue

No. 209

   

4/30

1,000

Owner’s Capital

No. 301

   

4/1

12,000

Service Revenue

No. 400

   

4/7

3,200

   

4/12

900

Salaries and Wages Expense

No. 726

4/15

1,300

   

 

 

Prepare the complete general journal from which the postings to Cash were made.(Record entries in the order presented in the T-Accounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

 

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Brief Exercise 3-2

Moteki Company accumulates the following adjustment data at December 31.

Indicate the type of adjustment (prepaid expenses, accrued revenues and so on), and the status of accounts before adjustment (overstated or understated).(Enter answers in alphabetical order.)

1.

 

Supplies of $100 are on hand.

2.

 

Services provided but not recorded total $900.

3.

 

Interest of $200 has accumulated on a note payable.

4.

 

Rent collected in advance totaling $650 has been earned.

 

 

Brief Exercise 3-7

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The bookkeeper for Bradbury Company asks you to prepare the following accrued adjusting entries at December 31.

1.

 

Interest on notes payable of $400 is accrued.

2.

 

Services provided but not recorded total $1,900.

3.

 

Salaries earned by employees of $900 have not been recorded.

Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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Brief Exercise 3-8

The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate the type of adjusting entry (prepaid expenses, unearned revenues, accrued revenues, and accrued expenses) and the related account in the adjusting entry.

 

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Brief Exercise 3-9

The adjusted trial balance of Parsons Company at December 31, 2014, includes the following accounts: Owner’s Capital $15,600, Owner’s Drawings $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300.

Prepare an income statement for the year.

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Exercise 3-3

Primo Industries collected $105,000 from customers in 2014. Of the amount collected, $25,000 was from services performed in 2013. In addition, Primo performed services worth $40,000 in 2014, which will not be collected until 2015.

Primo Industries also paid $72,000 for expenses in 2014. Of the amount paid, $30,000 was for expenses incurred on account in 2013. In addition, Primo incurred $42,000 of expenses in 2014, which will not be paid until 2015.

(a)Compute 2014 cash-basis net income.

(b)Compute 2014 accrual-basis net income.

 

Exercise 3-6

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Lei Company accumulates the following adjustment data at December 31.

1.

 

Services provided but not recorded total $1,000.

2.

 

Supplies of $300 have been used.

3.

 

Utility expenses of $225 are unpaid.

4.

 

Services related to Unearned service revenue of $260 were performed

5.

 

Salaries of $800 are unpaid.

6.

 

Prepaid insurance totaling $350 has expired.

For each of the above items indicate the following.(Enter answers in alphabetical order.)

(a)

 

The type of adjustment (prepaid expenses, unearned revenues, accrued revenues, or accrued expenses).

(b)

 

The status of accounts before adjustment (overstatement or understatement).

 

 

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Your answer is correct.

   

The trial balances before and after adjustment for Frinzi Company at the end of its fiscal year are presented below.

FRINZI COMPANY
Trial Balance
August 31, 2014

   

Before
Adjustment

 

After
Adjustment

   

Dr.

 

Cr.

 

Dr.

 

Cr.

Cash

 

$10,400

     

$10,400

   

Accounts Receivable

 

8,800

     

10,800

   

Supplies

 

2,300

     

900

   

Prepaid Insurance

 

4,000

     

2,500

   

Equipment

 

14,000

     

14,000

   

Accumulated Depreciation—Equipment

     

$ 3,600

     

$ 4,500

Accounts Payable

     

5,800

     

5,800

Salaries and Wages Payable

     

0

     

1,100

Unearned Rent Revenue

     

1,500

     

600

Owner’s Capital

     

15,600

     

15,600

Service Revenue

     

34,000

     

36,000

Rent Revenue

     

11,000

     

11,900

Salaries and Wages Expense

 

17,000

     

18,100

   

Supplies Expense

 

0

     

1,400

   

Rent Expense

 

15,000

     

15,000

   

Insurance Expense

 

0

     

1,500

   

Depreciation Expense

 

0

     

900

   
   

$71,500

 

$71,500

 

$75,500

 

$75,500

 

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Prepare the adjusting entries that were made.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

 
 

(To record rent earned)

   

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Brief Exercise 4-5

The ledger of Rios Company contains the following balances: Owner’s Capital $30,000; Owner’s Drawings $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000.

The closing entries are as follows:

(1)

Close revenue accounts.

 

(2)

Close expense accounts.

 

(3)

Close net income/(loss).

 

(4)

Close drawings.

 

Post the closing entries in the order presented in the problem and use the numbers as a reference.

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Brief Exercise 4-7

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Your answer is correct.

   

The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet Company.

Identify the accounts that would be included in a post-closing trial balance.

 

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Brief Exercise 4-8

The steps in the accounting cycle are listed in random order below.

List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1–9.

(a)

 

Prepare a trial balance.

 

(b)

 

Journalize the transactions.

 

(c)

 

Journalize and post closing entries.

 

(d)

 

Prepare financial statements.

 

(e)

 

Journalize and post adjusting entries.

 

(f)

 

Post to ledger accounts.

 

(g)

 

Prepare a post-closing trial balance.

 

(h)

 

Prepare an adjusted trial balance.

 

(i)

 

Analyze business transactions.

 

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The balance sheet debit column of the worksheet for Hamidi Company includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $4,100; Supplies $5,200, and Debt Investments (short-term) $6,700.

Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.(List current assets in order of liquidity.) Ok

 

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Exercise 4-1

The trial balance columns of the worksheet for Nanduri Company at June 30, 2014, are as follows.

NANDURI COMPANY
Worksheet
For the Month Ended June 30, 2014

   

Trial Balance

Account Titles

 

Dr.

 

Cr.

Cash

 

2,320

   

Accounts Receivable

 

2,440

   

Supplies

 

1,880

   

Accounts Payable

     

1,120

Unearned Service Revenue

     

240

Owner’s Capital

     

3,600

Service Revenue

     

2,400

Salaries and Wages Expense

 

560

   

Miscellaneous Expense

 

160

   

Total

 

7,360

 

7,360

Other data:

1.

 

A physical count reveals $500 of supplies on hand.

2.

 

$100 of the unearned revenue is still unearned at month-end.

3.

 

Accrued salaries are $210.

Complete the worksheet.

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Exercise 4-9 (Part level Submission)

Prepare an income statement for the year.

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Exercise 4-11 (Part level Submission)

Prepare the closing entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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Exercise 4-11 (Part level Submission)

Post the closing entries to Income Summary.(Post entries in the order of journal entries posted in the previous part of the question.)

 

Brief Exercise 5-1

Presented below are the components in Gates Company’s income statement.

Determine the missing amounts.

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Brief Exercise 6-1

Farley Company identifies the following items for possible inclusion in the taking of a physical inventory.

 

Indicate whether each item should be “Included” or “Not Included” from the inventory taking.

 

(a)

 

Goods shipped on consignment by Farley to another company.

 
       

(b)

 

Goods in transit from a supplier shipped FOB destination.

 
       

(c)

 

Goods sold but being held for customer pickup.

 
       

(d)

 

Goods held on consignment from another company.

 

 

Brief Exercise 6-2

Wilbur Company has the following items:

 

Indicate whether each item should be “Included” or “Not Included” from the inventory taking.

 

(a)

 

Freight-In

 

         

(b)

 

Purchase Returns and Allowances

   
         

(c)

 

Purchases

 

         

(d)

 

Sales Discounts

   
         

(e)

 

Purchase Discounts

   

 

 

Brief Exercise 6-8

Pettit Company reports net income of $90,000 in 2014. However, ending inventory was understated $7,000.

 

What is the correct net income for 2014?

 

 

Brief Exercise 6-9 (Part Level Submission)

Calculate inventory turnover for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5.)

 

Brief Exercise 6-9 (Part Level Submission)

Calculate days in inventory for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5. Use 365 days for calculation.)

 

Exercise 6-1

Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.

 

1.

 

Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.

2.

 

The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.

3.

 

Josef received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the physical count.

4.

 

Josef sold goods costing $35,000 to Natali Co., FOB destination, on December 30. The goods were received at Natali on January 8. They were not included in Josef’s physical inventory.

5.

 

Josef received goods costing $44,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $297,000.

 

Determine the correct inventory amount on December 31.

 

The correct inventory amount

 

 

Exercise 6-9

Optix Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

 

Item

 

Units

 

Unit Cost

 

Market

Cameras:

           

Minolta

 

5

 

$170

 

$156

Canon

 

6

 

150

 

152

Light meters:

           

Vivitar

 

12

 

125

 

115

Kodak

 

14

 

120

 

135

 

Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.

 

 

Exercise 6-7

Lisa Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Lisa had 80 units in ending inventory.

 

(a)

 

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)

 

   

FIFO

 

LIFO

 

Average-cost

The cost of the ending inventory

   

The cost of goods sold

   

 

Brief Exercise 7-3

Benji Borke has prepared the following list of statements about accounting information systems.

 

Identify each statement as true or false.

 

1.

 

The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records.

   
         

2.

 

The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information.

   
         

3.

 

Designers of accounting systems must consider the needs and knowledge of various users.

   
         

4.

 

If an accounting information system is cost-effective and provides useful output, it does not need to be flexible.

   

 

Brief Exercise 7-5

Identify in what ledger (general or subsidiary) each of the following accounts is shown.

 

   

Accounts

 

Ledger

(a)

 

Rent Expense

   
         

(b)

 

Accounts Receivable—Cabrera

   
         

(c)

 

Notes Payable

   
         

(d)

 

Accounts Payable—Pacheco

   

 

Brief Exercise 7-6

Identify the journal in which each of the following transactions is recorded.

 

   

Transactions

 

Journals

(a)

 

Cash sales

   
         

(b)

 

Owner withdrawal of cash

   
         

(c)

 

Cash purchase of land

   
         

(d)

 

Credit sales

   
         

(e)

 

Purchase of merchandise on account

   
         

(f)

 

Receipt of cash for services performed

 
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