acctchap1 - fees on account 7(D assets decrease 9,280 cash...

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Kiana Dela Cruz September 1, 2010 ACCT 201 Chapter 1 Homework pp 33 EX 1-7 a. Assets – Liabilities = Owners Equity 760,000 – 240,000 = 52,000 b. 760,000 240,000 +120,000 +72,000 =880,000 =312,000 880,000-312,000= 568,000 c. 760,000 240,000 -160,000 +21,600 =700,000 =218,400 700,000 – 218,000 = 481,600 d. 760,000 240,000 =100,000 -38,400 =860,000 =201,600 860,000 – 201,600 = 658,400 e. Assets – Liabilities = Owners Equity 960,000 – 156,000 = 804,000 Pp 34 EX 1-12 1. (C) assets increase 75,000 cash, owners equity increase 75,000 capital stock 2. (E) assets decrease 4,200 cash, owners equity decrease 4,200 rent expense 3. (E) assets decrease 4,000 cash, owners equity decrease 4,000 advertising expense 4. (C) assets increase 39,750 cash, owners equity increase 39,750 services 5. (A) assets decrease 2,500 cash, assets increase 2,500 supplies 6. (C) assets increase 81,200 accounts receivable, owners equity increase 81,200
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Unformatted text preview: fees on account 7. (D) assets decrease 9,280 cash, liabilities decrease 9,280 accounts payable 8. (A) assets increase 25,600 cash, assets decrease 25,600 accounts payable 9. (E) assets decrease 1,600 supplies, owners equity decrease 1,600 supplies expense 10. (E) assets decrease 3,000 cash, owners equity decrease 3,000 dividends Pp 37 EX 1-22 Accounts Payable Balance Sheet Cash Equivalents Balance Sheet Crude Oil Inventory Balance Sheet Equipment Balance Sheet Exploration Expenses Income Statement Income Taxes Payable Income Statement Investments Balance Sheet Long Term Debt Income Statement Marketable Securities Balance Sheet Notes and Loan Payable Income Statement Notes Receivable Income Statement Operating Expenses Income Statement Prepaid Taxes Balance Sheet Sales Income Statement Selling Expenses Income Statement...
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