ACC 201 -- Week3 Assignment1RTF

ACC 201 -- Week3 Assignment1RTF - Chapter 5 Problems 1...

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Unformatted text preview: Chapter 5 Problems 1 Chapter 5 Problems Ashley Dyal ACC 201 Ms. Rayford February 23, 2011 Chapter 5 Problems 2 Problem 5-17 A. Sharp Consulting events for 2006. 1. Event 1 is a AS. 2. Event 2 is a CE. 3. Event 3 is a AS. Sharp Consulting events for 2007. 1. Event 1 is a AS. 2. Event 2 is a CE. 3. Event 3 is a AE. 4. Event 4 is as AS. 5. Event 5 is a AU. 6. Event 6 is a AU. Event # Assets = Liability +Equity Rev-Exp = Net Inc Cash Flow Chapter 5 Problems 3 Acct Rec Ret Earn NA Chapter 5 Problems 4 1 65000 NA 65000 65000 NA 650 000 NA Chapter 5 Problems 5 Cash+Acc Rec Chapter 5 Problems 6 2 58000-58000 NA NA 58000 NA NA 58000 OA Chapter 5 Problems 7 Acct Rec-Allow Chapter 5 Problems 8 3 NA -140 NA-140 NA-140-140 NA 2006 Financial Statement Income Statement Service Revenue Earned-------------------------------- 65000 Uncollected Acct Exp---------------------------------140 Net Income-------------------------------- 64860 Balance Sheet Assets Cash--------------------------------- 58000 Acct Rec 7000 Less Allowance-1400 Net Realizable Value--------------------------------- 6860 Total Assets...
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This note was uploaded on 04/18/2011 for the course ACC 201 taught by Professor Alao during the Spring '10 term at Ashford University.

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ACC 201 -- Week3 Assignment1RTF - Chapter 5 Problems 1...

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