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ACCTBA2-Workbook-Answer-Key - Exercise 1-5 I. Revaluation -...

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Exercise 1-5I. Revaluation - Francis' Booksa. Francis, Capital2,800Allowance for Doubtful Accountsb. Landscaping Supplies10,000Francis, Capitalc. Francis, Capital100,000AD - Furniture & EquipmentII. Closing of Books - Francis' BooksAllowance for Doubtful Accounts10,800AD - Furniture & Equipment200,000Accounts Payable565,000Francis, Capital1,634,200CashAccounts ReceivableLandscaping SuppliesFurniture & EquipmentIII. Opening Entries - Partnership BooksCash1,764,200Accounts Receivable720,000Landscaping Supplies800,000Furniture & EquipmentAllowance for Doubtful AccountsAccounts PayableFrancis, CapitalPio, CapitalExercise 1-7I. Revaluation - Michael Booksa. Michael, Capital2,000Allowance for Doubtful Accountsb. Michael, Capital400Office Suppliesc. Michael, Capital2,000AD - Offcie Equipmentd. AD - Furnitures & Fixtures1,000Michael, CapitalII. Closing of Books - Michael BooksAllowance for Doubtful Accounts2,000AD - Offcie Equipment9,500AD - Furnitures & Fixtures5,000Accounts Payable15,000Michael, Capital162,500CashAccounts ReceivableOffice SuppliesOffice EquipmentFurnitures & Fixtures
III. Opening Entries - Partnership BooksCash80,000Accounts Receivable38,000Office Supplies9,000Office Equipment123,000Furnitures & Fixtures60,000Allowance for Doubtful AccountsAccounts PayableMichael, CapitalRafael, CapitalExercise 1-81. Ignatius, CapitalEquivalent RatioPartnership EquityDominic InterestRequired Dominic CapitalNet assets invested by DominicAdditional cash invested by dominic2. Unadjusted Therese CaptialAccounts ReceivableAllowance for Doubtful AccountsAccrued Interest ExpensePrepaid ExpensesMerchandise InventoryAdjusted Therese Capital
Exercise 1-6I. Revaluation - Anne Booksa. Anne, Capital2,800Allowance for Doubtful Accountsb. Catering Supplies10,000Anne, Capitalc. Anne, Capital100,000AD - Catering Utensils & EquipmentII. Closing of Books -Anne BooksAllowance for Doubtful AccountsAD - Catering Utensils & EquipmentAccounts PayableAnne, Capital130,000Cash720,000Catering Utensils & Equipment560,000Accounts Receivable1,000,000Catering Supplies InventoryIII. Opening Entries - Partnership BooksCashCatering Utensils & EquipmentAccounts ReceivableCatering Supplies Inventory10,800Allowance for Doubtful Accounts565,000Accounts Payable1,634,200Anne, Capital1,634,200Mary, CapitalI. Revaluation - Rafael Booksa. Rafael, Capital2,000Allowance for Doubtful Accountsb. Rafael, Capital400Office Suppliesc. AD - Offcie Equipment2,000Rafael, Capitald. no entry1,000II. Closing of Books -Rafael BooksAllowance for Doubtful AccountsAD - Offcie EquipmentAD - Furnitures & FixturesAccounts PayableRafael, Capital50,000Cash20,000Accounts Receivable4,000Office Supplies80,000Office Equipment40,000Furnitures & Fixtures
3,80025,000162,500118,700387,000÷ 30%1,290,000x 70%903,000(845,000)58,000105,000Adjusted Therese Capital(30,000)Equivalent Ratio(15,000)Partnership Equity(500)Catherine Interest6,500Cash to be invested by Catherine6,000115,000
2,5002,5005,0005,0003,3003,3007,50010,0008,000211,50027,000120,00075,00015,000132,750110,00075,00015,0007,5008,000211,500105,7501,8001,8005005001,5001,5001,80075,0003,00010,000118,70030,00018,0005,00060,00028,000
115,000÷ 30%385,000x 70%269,000
Exercise 2-31 - Net SalesSalesP 800,000Less: Sales DiscountP 12,000Sales Returns & Allowances4,50016,500P 783,5002 - Cost of SalesMerchandise InventoryP 50,000Add: Net Cost of SalesPurchasesP 300,000Less: Purchase Discount8,000Net Purchases292,000

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Term
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Professor
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Tags
Management, Balance Sheet, Revenue, Generally Accepted Accounting Principles

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