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Accrual Basis Class Exercise(1)

Accrual Basis Class Exercise(1) - Date 1-Jan Transaction...

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Assets Liabilities S/E Date Transaction Cash A/R P/R Supplies A/P N/P C/S R/E Balance 1-Jan Cash YES Accrual YES 1-Jan Paid cash of $500 for utilities. Cash YES Accrual YES 1-Jan Cash YES Accrual YES 1-Jan Cash YES Accrual YES 5-Jan Cash YES Accrual YES 10-Jan Cash YES Accrual YES 31-Jan Cash YES Accrual YES 31-Jan Cash YES Accrual YES 31-Jan Cash YES Accrual YES 31-Jan Paid cash dividends of $1,000. Cash YES Accrual YES Totals Cash Basis 0 0 0 0 0 0 0 0 YES Totals Accrual Basis 0 0 0 0 0 0 0 0 YES Received cash of $20,000 from issuing capital stock. Paid cash of $10,000 for two- year lease on office space. Received cash of $10,000 from issuing a note payable. Purchased supplies on account for $1,000. Billed customers $5,000 for services performed. Received cash of $2,500 for services billed on account. Paid cash of $500 for supplies purchased on account. Paid cash of $1,000 for salaries and wages.
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Assets Liabilities S/E Date Transaction Cash A/R P/R Supplies A/P I/P N/P C/S R/E Balance 31-Jan Unadjusted Balance (10,000) 10,000 YES YES 31-Jan
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  • Spring '08
  • Buckless
  • Generally Accepted Accounting Principles, $10,500, $2,483, $1,483, accrual cash accrual, cash accrual cash

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