Basic Accounting - 1733 Words

Week One Exercise Assignment Basic Accounting Equations 1. Concepts. Jean s Marine Supply specializes in the sale of boating equipment and acces ¬sories. Identify the Basic items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm s viewpoint. a. The inventory of boating supplies owned by the company. – Asset (A) b. Monthly rental charges paid for store space. – Expense (E) c. A loan owed to Citizens Bank. – Liability (L) d. New computer equipment purchased to handle daily record keeping. – Asset (A) e. Daily sales made to customers. – Revenue (R) f. Amounts due from customers. – Asset (A) g. Land owned by the company to be used as a future store site. – Asset (A) h. Weekly salaries†¦show more content†¦Transaction analysis and statement preparation. The transactions that follow Relate to Frisco Enterprises for March 20X1, the company’s first month of activity. 3/1: Received $20,000 cash from Joanne Burton, the owner, as an investment in the business. 3/4: Rendered $2,400 of services on account. 3/7: Acquired a small parcel of land by paying $6,000 cash. 3/12: Received $700 from a client, who was billed previously on March 4. 3/15: Paid $800 to the Journal Herald for advertising expense. 3/18: Acquired $9,000 of equipment from Park Central Outfitters by paying $7,000 down and agreeing to remit the balance owed within the next 2 weeks, (Accounts Payable). 3/22: Received $300 cash from clients for services. 3/24: Paid $1,500 on account to Park Central Outfitters in partial settlement of the balance due from the transaction on March 18. 3/28: Rented a car from United Car Rental for use on March 28. Total charges amounted to $75, with United billing Burton for the amount due. 3/31: Paid $900 for March wages. 3/31: Processed a $600 cash withdrawal from the business for Joanne Burton. Instructions a. Determine the impact of each of the preceding transactions on Burton’s assets, liabilities, and owner’s equity. See exhibit 1.5. Use the following format: Assets = Liabilities + Owner’s Equity Cash, Accounts Receivable, Land, Equipment AccountsShow MoreRelatedBasic Accounting Syllabus1024 Words   |  5 PagesCourse Syllabus Basic Accounting School Year 2011-2012 First Semester I. CATALOGUE COURSE DESCRIPTION A. Course Code and No.: ACCTG 1 B. Course Title: Basic Accounting C. Course Description: Basic accounting introduces the importance of accounting and also the basic steps and techniques used. The material covered will also include coverage of the principles and procedures of the accounting cycle for a sole proprietorship and merchandising organizations. General-purposeRead MoreBasic Hospitality Accounting9255 Words   |  38 PagesHOSPITALITY ACCOUNTING OVERVIEW Hospitality business operations, as well as others, are generally identified as having a number of different cyclical sales revenue cycles. First, there is the daily operating cycle that applies particularly to restaurant operations where daily sales revenue typically depends on meal periods. Second, there is a weekly cycle. On the one hand, business travelers normally use hotels, motels, and other hospitality operations during the week and generally provide littleRead MoreThe Basic Principles of Accounting - 11176 Words   |  5 PagesThe Basic Principles of Accounting Cherry Marler ACCT205-1203A-17, IP-1 Instructor Jeffery Bloom June 06, 2012 Abstract Accounting is used for several purposes. Investors, creditors, and individuals use accounting to see whether a business is successful or not. Managers and employees use accounting to make decisions on certain objectives. 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According to the article, â€Å"The Basics of Accounting for Small Businesses,† a financial report is an analysis of the financial data recorded in the books by a business. There are many types of financial reports, such as a balance sheet, income statement, statement of cash flows, and statementRead MoreQuick View of Basic Accounting5424 Words   |  22 PagesAccounting Cheat Sheet Quick View of Basic Accounting Visit our website online at: http://www.AccountingCoach.com Learn more about our Master Accounting Download Package: http://www.AccountingCoach.com/ebook.html Learn more about our Master Set of 80 Business Forms: http://www.AccountingCoach.com/business-forms/ Learn more about a career in accounting: http://www.AccountingCoach.com/careers/ For personal use by the original purchaser only. Copyright  © 2011 AccountingCoach ®.com. Click a CategoryRead MoreAccounting. THE BASICS OF ADJUSTING ENTRIES5268 Words   |  22 PagesChapter 3—THE BASICS OF ADJUSTING ENTRIES Study Objectives—after studying the chapter, you should be able to: 1. Explain the time period assumption. 2. Explain the accrual basis of accounting. 3. Explain why adjusting entries are needed. 4. Identify the major types of adjusting entries. 5. Prepare adjusting entries for deferrals (prepayments). 6. Prepare adjusting entries for accruals. 7. Describe the nature and purpose of an adjusted trial balance. 8. Prepare adjustingRead MoreBasic Financial And Management Accounting Principles1866 Words   |  8 PagesIn the business world, business accounting embraces many professional and trade skills and abilities, such as being able to gather, record, summarize and analyse financial transactions. It is studied and known that business accounting is useful in people’s everyday lives. 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