Accounting 105 Chapter 1

Accounting 105 Chapter 1 - 7) Increase liabilities and...

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Christopher Corbi Accounting 105 Chapter 1 Problems Brief Exercises Chapter 1 1) a) Owner's Equity = $40,000 b) Assets = $110,000 c) Liabilities = $34,000 2) a) Assets = $353,000 b) Liabilities = $110,000 c) Owner's Equity = $400,000 3) a) Owner's Equity = $530,000 b) Assets = $730,000 c) Liabilities = $340,000 4) a) Assets b) Liabilities c) Assets d) Assets e) Owner's Equity f) Liabilities 7)
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a) Expense b) Revenue c) Expense d) Expense e) Drawing f) Revenue g) Expense 10) a) Balance Sheet b) Income Statement c) Owner's Equity Statement d) Balance Sheet e) Income Statement Exercises Chapter 1 E1-5 a) Accounts Payable = Liability b) Cash = Assets c) Cleaning equipment = Assets d) Cleaning Supplies = Assets e) Accounts Receivable = Assets f) Notes Payable = Liability g) Salaries payable = Liability h) Karin Meredith, Capital = Owner's Equity E1-6
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1) Increase in assets and increase in owner's equity 2) Decrease assets and decrease owner's equity 3) Increase assets and increase liabilities 4) Increase assets and increase owner's equity 5) Decrease assets and decrease owner's equity 6) Increase assets and decrease assets ( + cash - accounts receivable)
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Unformatted text preview: 7) Increase liabilities and decrease owner's equity 8) Increase assets and decrease assets ( - cash + equipment) 9) Increase assets and increase owner's equity E1-9 Income Statement For the Month Ended August 31, 2008 Revenues Service Revenue $8,300 Expenses Saleries Expense $4,900 Rent Expense $650 Utilities Expense $500 Total Expenses $6,050 Net Income $2,250 Owner's Equity Statement For the Month Ended August 31, 2008 S. Moses & Co., August 1 Add: Investment $15,000 Net Income $2,250 $17,250 $17,250 Less: Drawings $2,000 S. Moses & Co., August 31 $15,250 Balance Sheet August 31, 2008 Cash $8,250 Accounts receivable $3,250 Supplies $750 Equipment $5,000 Total Assets $17,250 Liabilities Accounts Payable $2,000 Owner's Equity S. Moses & Co. $15,250 $17,250 E1-10 a) Income of $65,000 b) Loss of $40,000 c) Income of $5,000 E1-11 a) $10,000 b) S14,000 c) $49,000 d) $20,000 E1-13 a)...
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This note was uploaded on 11/15/2010 for the course ACCT acct105 taught by Professor Kruc during the Fall '10 term at Bucks Community College.

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Accounting 105 Chapter 1 - 7) Increase liabilities and...

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