Principles of Accounitng I
On October 1, 2013, Adria Lopez launched a computer services company, Success Systems, that is organized as a proprietorship and
provides consulting services, computer system installations, and custom program develo
Belair Corporation's equipment had an original life of 140 months, and the straight-line deprec
As of January 1, the equipment was 40 months old. The equipment will be worthless at the en
As of the end of the month, Belair Corporation has
On June 1, 2016 Axle Corporation sold a truck for $10,000 cash. The truck originally cost $45,000 and
accumulated depreciation as of May 31, 2016 was 37,600.
Gain on a
Examine the following items and prepare the current liabilities section of
the Balance sheet for ABC Corporation as of December 31, 2015
The beginning of year accounts payable was $82,000.
Purchases on trade accounts during the year were $452,000,
ABC Company uses allowance method in determining bad debt expense at
ABC Company has the following information as of fiscal yearend 2015
: Credit Sales, $2,500,000; Sales Returns and Allowances, $25,000; Accounts Receivable,
There are three problems this week involving asset accounting. Click on the tabs at the bottom of the
spreadsheet to go to each problem.
Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the sal
Listed below are nine fixed asset transactions. Record the
journal entries. Dates and descriptions are not required.
The only account titles you will need ar
ABC prepares the financial statement annually. Its fiscal year ends on December 31.
Prepare the general journal entries for the following
(Accounts to use: Cash, Equipment, Notes Receivable, Notes Payable, Interest Receivable, Interest Payab