Question
Resource Ch. 2 & 3 of Financial Accounting Complete Brief Exercises BE 2-1 & BE3-10. Complete Exercises E2-1, E2-2, E3-13 (part (a) only) & E3-17.
ResourceCh. 2 & 3 ofFinancial Accounting
CompleteBrief Exercises BE 2-1 & BE3-10.
CompleteExercises E2-1, E2-2, E3-13 (part (a) only) & E3-17.
Submitas a MicrosoftExceldocument to the Assignment Files tab.
Please use the template provided for answers attached to this post. Need by Noon tomorrow. Please respond so I know you have the time or know If I need to go elsewhere for this one?
BE2-1 The following are the major balance sheet classifications:
Classify accounts on balance sheet.
(LO 1), K
Current assets (CA) | Current liabilities (CL) |
Long-term investments (LTI) | Long-term liabilities (LTL) |
Property, plant, and equipment (PPE) | Common stock (CS) |
Intangible assets (IA) | Retained earnings (RE) |
Match each of the following accounts to its proper balance sheet classification.
_____ Accounts payable
_____ Accounts receivable
_____ Accumulated depreciation
_____ Buildings
_____ Cash
_____ Goodwill
_____ Income taxes payable
_____ Investment in long-term bonds
_____ Land
_____ Inventory
_____ Patent
_____ Supplies
BE3-10
Selected transactions for Perez Company are presented below in journal form (without explanations). Post the transactions to T-accounts.
Post journal entries to T-accounts.
(LO 7), AP
Date | Account Title | Debit | Credit |
May 5 | Accounts Receivable | 3,800 |
|
| Service Revenue |
| 3,800 |
12 | Cash | 1,600 |
|
| Accounts Receivable |
| 1,600 |
15 | Cash | 2,000 |
|
| Service Revenue |
| 2,000 |
E2-1 The following are the major balance sheet classifications.
Classify accounts on balance sheet.
(LO 1), AP
Current assets (CA)
Long-term investments (LTI)
Property, plant, and equipment (PPE)
Intangible assets (IA)
Current liabilities (CL)
Long-term liabilities (LTL)
Stockholders equity (SE)
Instructions
Classify each of the following financial statement items taken from Mordica Corporations balance sheet.
____ Accounts payable
____ Accounts receivable
____ Accumulated depreciationequipment
____ Buildings
____ Cash
____ Interest payable
____ Goodwill
____ Income taxes payable
____ Inventory
____ Stock investments (to be sold in 7 months)
____ Land (in use)
____ Mortgage payable
____ Supplies
____ Equipment
____ Prepaid rent
E2-2 The major balance sheet classifications are listed in E2-1.
Classify financial statement items by balance sheet classification.
(LO 1), AP
Instructions
Classify each of the following financial statement items based upon the major balance sheet classifications listed in E2-1.
____ Prepaid advertising
____ Equipment
____ Trademarks
____ Salaries and wages payable
____ Income taxes payable
____ Retained earnings
____ Accounts receivable
____ Land (held for future use)
____ Patents
____ Bonds payable
____ Common stock
____ Accumulated depreciationequipment
____ Unearned sales revenue
____ Inventory
E3-13
Selected transactions from the journal of Eberle Inc. during its first month of operations are presented here.
Post journal entries and prepare a trial balance.
(LO 7, 8), AP
Date | Account Titles | Debit | Credit | |
Aug. | 1 | Cash | 8,000 |
|
|
| Common Stock |
| 8,000 |
| 10 | Cash | 1,700 |
|
|
| Service Revenue |
| 1,700 |
| 12 | Equipment | 6,200 |
|
|
| Cash |
| 1,200 |
|
| Notes Payable |
| 5,000 |
| 25 | Accounts Receivable | 3,400 |
|
|
| Service Revenue |
| 3,400 |
| 31 | Cash | 600 |
|
|
| Accounts Receivable |
| 600 |
Instructions
(a)Post the transactions to T-accounts.
E3-17
The following accounts, in alphabetical order, were selected from recent financial statements of Krispy Kreme Doughnuts, Inc.
Identify normal account balance and corresponding financial statement.
(LO 3), K
Accounts Payable | Interest income |
Accounts receivable | Inventories |
Common Stock | Prepaid expenses |
Depreciation expense | Property and equipment |
Interest expense | Revenues |
Instructions
For each account, indicate (a) whether the normal balance is a debit or a credit, and (b) the financial statementbalance sheet or income statementwhere the account should be presented.
BE2-1 Please put the answer to the left of the accounts below. Your answers will be one of the following abbreviations: CA (Current Assets), LTI (Long-term Investments), PPE (Property, Plant, and Equipment), IA (Intangible Assets), CL (Current Liabilities), LTL (Long-term liabilities), CS (Common Stock), RE (Retained Earnings). 1 2 3 4 5 6 7 8 9 10 11 12 Accounts Payable Accounts Receivable Accumulated Depreciation Buildings Cash Goodwill Income taxes payable Investment in long-term bonds Land Inventory Patent Supplies E2-1 Please put the answer to the left of the accounts below. Your answers will be one of the following abbreviations: CA (Current Assets), LTI (Long-term Investments), PPE (Property, Plant, and Equipment), IA (Intangible Assets), CL (Current Liabilities), LTL (Long-term liabilities), SE (Stockholders' Equity). 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Accounts Payable Accounts Receivable Accumulated Depreciation - equipment Buildings Cash Interest payable Goodwill Income taxes payable Inventory Stock investments (to be sold in 7 months) Land (in use) Mortgage payable Supplies Equipment Prepaid Rent E2-2 Please put the answer to the left of the accounts below. Your answers will be one of the following abbreviations: CA (Current Assets), LTI (Long-term Investments), PPE (Property, Plant, and Equipment), IA (Intangible Assets), CL (Current Liabilities), LTL (Long-term liabilities), SE (Stockholders' Equity). 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Prepaid Advertising Equipment Trademarks Salaries and wages payable Income taxes payable Retained earnings Accounts receivable Land (held for future use) Patents Bonds payable Common Stock Accumulated depreciation - equipment Unearned sales revenue Equipment BE3-10 Put the number in the correct T-ledger on the correct date as either a debit (left column) or a credit (right column). Accounts Receivable 5/5 5/12 4/30 4/30 Service Revenue 5/5 5/15 Cash 5/12 5/15 E3-13, part a Put the number in the correct T-ledger on the correct date as either a debit (left column) or a credit (right column). Cash 8/1 8/10 8/12 8/31 Common Stock 8/1 Equipment 8/12 Service Revenue 8/10 8/25 Notes Payable 8/12 Accounts Receivable 8/25 8/31 E3-17 Type the normal balance of each account below as well as the financial statement to which the account belongs. Account Normal Balance? Financial Statement? 1 Accounts Payable - Debit or Credit? Balance Sheet or Income Statement? 2 Accounts Receivable- Debit or Credit? Balance Sheet or Income Statement? 3 Common Stock- Debit or Credit? Balance Sheet or Income Statement? 4 Depreciation Expense - Debit or Credit? Balance Sheet or Income Statement? 5 Interest Expense- Debit or Credit? Balance Sheet or Income Statement? 6 Interest Income- Debit or Credit? Balance Sheet or Income Statement? 7 Inventories- Debit or Credit? Balance Sheet or Income Statement? 8 Prepaid Expenses- Debit or Credit? Balance Sheet or Income Statement? 9 Property and Equipment- Debit or Credit? Balance Sheet or Income Statement? Debit or Credit? Balance Sheet or Income Statement? 10 Revenues
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started