S2-4 (book/static) Question Help Dazzle Fashion is a clothing retailer. During August, the company completed a series of transactions. For each of the following items, give an example of a transaction that has the described effect on Dazzle's accounting equation. a. Increase one asset and decrease another asset. b. Increase an asset and increase stockholders' equity. c. Increase an asset and increase a liability. d. Decrease an asset and decrease stockholders' equity. c. Decrease an asset and decrease a liability For each of the following items, give examples of a transaction that has the described effect on the accounting equation of Dazzle Fashion. a. Increase one asset and decrease another asset. (Select three possible answers.) Examples Borrow money Collection of an account receivable Investment by stockholders Issuance of stock Pay a liability Pay an expense Payment of dividends to stockholders Purchase of asset for cash Purchase of asset on account C Revenue transaction Sale of asset for cash equal to the asset's book value nswer ? S2-16 (book/static) Question Help Accounting has its own vocabulary and basic relationships. Match the accounting terms at the left with the corresponding definition or meaning at the right. A. The cost of operating a business; a decrease in stockholders' equity 1. Posting 2. Expense B. Always an asset A 3. Debit C. Side of an account where increases are recorded B 4. Trial balance D. Lists a company's accounts and account numbers (no account balances in this item) E. Copying data from the journal to the ledger D E 5. Equity F 6. Net income F. Assets - Liabilities G 7. Receivable G. Revenues - Expenses H 8. Chart of accounts H. Lists all accounts with their balances 9. Payable J 10. Journal K I. Always a liability J. Record of transactions K. Left side of an account 11. Normal balance 12. Ledger L. The book of accounts and their balances E2-20A (similar to) e Question Help Dr. Willow Beard opened a medical practice specializing in physical therapy. During the first month of operation (January), the business, titled Dr. Willow Beard, Professional Corporation (P.C.), experienced the following events: (Click the icon to view the events.) .) Read the requirements Requirement 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Willow Beard, P.C. Begin with the first transaction on January 6. (Use parentheses or a minus sign when decreasing accounts. If a box is not used in the table leave the box empty; do not enter a zero. Enter the transactions in the same order as they appear in the original list.) Assets Liabilities Stockholders' Equity A More Info Accts Medical Accts Note Common Retained Type of Equity Transaction Cash + Rec. Supplies + Land Pay. + Payable + Stock + Earnings Jan Jan 6 6 Dividends Issued stock Rent expense Salary expense Service revenue Utilities expense 6 Beard invested $ 155,000 in the business, which in turn issued its common stock to her. 9 The business paid cash for land costing S63,000. Beard plans to build an office building on the land. 12 The business purchased medical supplies for $2,200 on account. 15 Dr. Willow Beard, P.C., officially opened for business. 15-31 During the rest of the month, Beard treated patients and earned service revenue of S9,900, receiving cash for half the revenue earned. 15-31 The business paid cash expenses: employee salaries, $2,700: office rent, $800; utilities, S400. (Record the cash amount as a total and identify and record any other amounts separately) 31 The business sold supplies to another physician for cost of $1,000 and received cash. 31 The business borrowed $34.000, signing a note payable to the bank. 31 The business paid $1,000 on account. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. S2-7 (book/static) Question Help Fourth Investments, Inc., began by issuing common stock for cash of $200,000. The company immediately purchased computer equipment on account for $56,000. 1. The following T-accounts of Fourth Investments, Inc. have been opened for you: Cash, Computer Equipment, Accounts Payable, and Common Stock. Record the first two transactions of the business directly in the T-accounts without using a journal. Show that total debits equal total credits. 2. 1. The following T-accounts of Fourth Investments, Inc. have been opened for you: Cash, Computer Equipment, Accounts Payable, and Common Stock. Record the first two transactions of the business directly in the T-accounts without using a journal. Cash Computer Equipment Accounts Payable Common Stock Question Help E2-70 (book/static) This question concems the items and the amounts that two entities, Marion Co. and Ashland Hospital, should report in their financial statements. During November, Ashland provided Marion with medical exams for Marion employees and sent a bill for $48,000. On December 7, Marion sent a check to Ashland for $33,000. Marion began November with a cash balance of $51,000; Ashland began with cash of $0. Read the requirements. Requirement 1. For this situation, show everything that both Marion and Ashland will report on their November and December income statements and on their balance sheets at November 30 and December 31 Begin by showing what Marion will report on their November and December income statements and on their balance sheets at November 30 and December 31. (Complete all answer boxes. For amounts with a $0 balance, make sure to enter "O" in the appropriate cell.) Marion Co. Income Statement November December Balance Sheet November 30 December 31 Accounts payable Accounts receivable Cash Medical expense Service revenue S2-9 (similar to) Question Help After operating for several months, architect Kyle Farnsworth completed the following transactions during the latter part of January: (Click the icon to view the transactions.) Journalize the transactions of Kyle Farnsworth, Architect. Include an explanation with each journal entry. On January 15, Kyle Farnsworth borrowed $68,000 from the bank, signing a note payable. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanations Debit Credit Jan 15 i X More Info Jan 15 22 28 Borrowed $68,000 from the bank, signing a note payable. Performed services on account for clients totaling $17,500. Received $11,000 cash on account from clients. Received and paid a utility bill of $1,500. Paid monthly salaries of $5,000 to employees. 29 31 Borrowed money from the bank. Paid interest expense. Paid salary expense. Paid utility bill. Performed services on account. Received cash on account. Print Done S2-13 (similar to) Question Help o Assume that Old Boardwalk Company reported the following summarized data at December 31, 2018. Accounts appear in no particular order; dollar amounts are in millions B (Click the icon to view the data.) Prepare the trial balance of Old Boardwalk Company at December 31, 2018. List the accounts in their proper order. How much was the company's net income or net loss? (Enter amounts in millions as provided to you in the problem statement.) Old Boardwalk Company Trial Balance December 31, 2018 Data Table Balance (in millions) Debit Credit Account Title 37 Other liabilities ......... $ Other assets... Expenses Stockholders' equity 3 Revenues... S 23 Cash 21 Accounts payable...... 7 6 5 Print Done Accounts payable Cash Expenses Other assets Other liabilities CF Revenues in the input fields and then click Check Answer. Stockholders' equity E2-25A (similar to) Question Help o The trial balance of Atticus, Inc., at September 30, 2018, does not balance: (Click the icon to view the trial balance. The accounting records hold the following errors: i (Click the icon to view the errors) Requirement 1. Prepare the corrected trial balance at September 30, 2018, complete with a heading. Journal entries are not required. A correct trial balance will start with the appropriate header. Then enter the correct account balances after you adjust for the errors found in the investigation. Total the debits and credits Start by selecting the correct header for the trial balance. The actual trial balance follows in the next step. Data Table Cash $ 14,700 Atticus, Inc. Trial Balance September 30, 2018 For the Month Ended September 30, 2018 Accounts receivable Inventory Supplies 13,000 16,500 500 53,000 $ 12,000 Land. Accounts payable Common stock Sales revenue 47,300 43,700 a. Recorded a $800 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. b. Posted a $2,000 credit to Accounts Payable as $200 c. Did not record utilities expense or the related account payable in the amount of S230. d. Understated Common Stock by $100 e. Omitted Insurance Expense of $4,000 from the trial balance. Salary expense Rent expense. 2,200 600 400 Utilities expense.......... Chaos Total ......... 100,900 $ 103,000 2 Print Pony