Week One Exercise Solutions -Set a Essay example - 2144 Words

Week One Exercise Solutions -Set A 1. Recognition of normal balances | | | | | | The following items appeared in the accounting records of Trigueros, a retail music store that also sponsors concerts. | Classify each of the items as an asset, liability; revenue; or expense from the companys viewpoint. Also indicate the normal account balance of each item. | | | | | | Classification | Normal Balance | a. The albums, tapes, and CDs held for sale to customers. | A | Debit | b. A long-term loan owed to Citizens Bank. | | L | Credit | c. Promotional costs to publicize a concert. | | E | Debit | d. Daily sales of merchandise sold, | | | R | Credit | e. Amounts due from customers, |†¦show more content†¦Paid $300 of repair expenses | 6. Received $800 from clients who were previously billed in item 4. | 7. Paid $500 on account to the supplier of office furniture in item 3. | 8. Received a $150 electric bill, to be paid next month. | 9. Parke r withdrew $600 from the business | 10. Received $250 in cash from clients for consulting services rendered | a. amp; b. | | | Assets | | = | Liabilities | + | Equity | | | | Accounts | Office | | | Accounts | | (+)Com Stock | (+) Rev | | Cash | Receivable | Furniture | Van | | Payable | | (-) Dividend | (-) Exp | 1 | $19,000 | | | | | | | $19,000 | | 2 | ($9,000) | | | $9,000 | | | | | | 3 | | | $1,800 | | | $1,800 | | | | 4 | | $2,100 | | | | | | | $2,100 | 5 | ($300) | | | | | | | | ($300) | 6 | $800 | ($800) | | | | | | | | 7 | ($500) | | | | | ($500) | | | | 8 | | | | | | $150 | | | ($150) | 9 | ($600) | | | | | | | ($600) | | 10 | $250 | | | | | | | | $250 | | $9,650 | $1,300 | $1,800 | $9,000 | | $1,450 | | $18,400 | $1,900 | c. 1. Liabilities = $1,450. Liabilities appear on the balance sheet. 2. Revenue - Expenses = Net Profit. Revenue exceeded expenses by $1,900 and cash is positive, indicating a â€Å"good† month. 5. Transaction analysis and statement preparation. 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