Premium Essay

Big 12

In: Business and Management

Submitted By jwg5403
Words 440
Pages 2
Quiz 1

A) Received $9K cash from customer on account: No affect on assets/ Asset accounts offset (Cash increases, A/R decreases).
Fleming used personal funds to purchase pool for home: No effect/ personal transaction.
Sold land and received $60K cash (land was on company books): No effect/ Asset accounts offset
Borrowed $50K from bank: Assets increase/ cash.
Made cash purchase of land for building site, 85K: No effect/ Assets accounts offset (Land increases, cash decreases)
Received 20 k cash and issued stock to shareholder: Increased/ Cash
Paid $60 K cash on accounts payable: Decreased/ Cash
Purchased equipment and signed a $100 K promissory note in payment: Increased/ Equipment.
Purchased merchandise inventory on account for $15 K: Increased/ Inventory
Business paid Fleming a cash dividend of $4 K: Decreased/ Cash.

A) October 6th: Invested $43 K in business which is issued to common stock: Cash +43K, Common stock +43K, Issued Stock.
October 9th: Business paid cash for land costing 32K to build office building: Cash -32K, Land +32K.
Oct. 12th: Purchased medical supplies for 1800 on account: Medical supplies +1800, A/P +1800.
Oct 15-31: Treated patients and earned revenue of 7,700, receiving half in cash: Cash +3850, A/R +3850, Revenue +7700, Service Revenue
Oct 15-31: Total Cash expenses (add them up and use the sum of expenses): Subtract Cash, Subtract Expenses, Expense.
Oct 31: Sold Supplies for cost of $100: Cash +100, Med. Supplies -100.
Oct 31: Borrowed $16 K, signing not payable to bank: Cash +16K, Notes Payable +16K
Oct 31: Paid 1000 on account: -1000 Cash, -1000 A/P.

Add up all the asset columns for Total Assets.
Expected to receive in the total under A/R: 3850
What is owed? Total Liabilities
What is owned? Total S.E
Net Income=Revenue - Expenses.

Payment of Salary/Wages: 34 K
Depreciation: 12 K
Decrease in current…...

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