Essay on Acc 205 Week 1 Assignment

Words: 1693
Pages: 7
Open Document
Basic Accounting Equations
Angela M. Hill-McBride
ACC 205
Professor Ivory
December 17, 2012

Basic Accounting Equations 1. Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint. a. The inventory of boating supplies owned by the company. (A) b. Monthly rental charges paid for store space. (L) c. A loan owed to Citizens Bank.(L) d. New computer equipment purchased to handle daily record keeping.(A) e. Daily sales made to customers.(R) f. Amounts due from customers.(R) g. Land owned by the company to be used as a future store site.(A) …show more content…
Journal entry preparation
On January 1 of the current year, MuniServ began operations with $100,000 cash. The cash was obtained from an owner investment by Peter Houston of $70,000 and a $30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($15,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $20,000 (an account payable) by February 15.
Journal
Date | Account | Debit | Credit | January 1 | Cash | 100,000 | | | Peter Houston (Loan) | | 70,000 | | Bank Loan | | 30,000 | | Land | 15,000 | | | Building | 40,000 | | | Vehicles | 10,000 | | | Payment | | 45,000 | January 15 | Store Equipment | | 4,600 | | Loan Payment | | 600.00 | | Salary Expense | | 2,300 | | Advertising Expense | | 700.00 | Feb 1 | Loan Payment | | 20,000 | Feb 10 | | | 200.00 | | Accounts Receivable | $9400.00 | | Feb 28 | Accounts Receivable | $3700.00 | | $178,100 $173,400

During January, the company had additional cash outlays for the following items:

Purchases of store equipment | $4,600 | Loan payment, including $100 interest | 500 | Salaries expense | 2,300 | Advertising expense | 700 | | |
The January utilities bill of $200 was received
Show More

Related Documents: Essay on Acc 205 Week 1 Assignment

Essay about Week 4 Assignment

Week Four Exercise: Liability By Jerrod Keune ACC 205: Principles of Financial Accounting I Instructor: Erina Master 28 May 2015 Week Four Exercise Assignment Liability 1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: Social Security taxes: 4% on the first $55,000 earned per employee Medicare taxes: 1.5% on the first $130,000 earned per employee Federal income taxes withheld from wages: $7,500 State income taxes: 4% of gross earnings…

Words 826 - Pages 4

Week 3 Assignment Essay

Toni M. Greka ACC 205 Week 3 Assignment 1.) a= 21,000 + 4,000 = 25,000 b= 35,000 – 25,000 = 10,000 c= 21,800 + 31,200 + 53,000 2.) FIFO- Goods available for sale- 82,800 Ending inventory 31 March 20,000 Cost of goods sold 62, 800 LIFO- Goods available for sale 82,800 Ending inventory 31 March 16, 400 Cost of goods sold 66,400 Weighted average- Goods available for sale 82,800 Ending inventory 31 March 18,400 Cost of good sold 64,400 3.) 1 Jan debit merchandise inventory 3,000 and…

Words 831 - Pages 4

Homework for ACC 205 Essay

Homework for ACC 205 Instructor: Eric Weitner Week 1 Discussion 1 As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. Answer- The assets in the accounting equation are the assets of that a company which has available for its use, such as cash, accounts receivable, fixed assets…

Words 3986 - Pages 16

Week Three Exercise Assignment Bdone Essay

Instructor Mark Stricklett ACC 205 Week Three Exercise Assignment Inventory 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $21,000 4/19 Purchase Sunset 21,800 6/7 Purchase Earth 31,200 12/16 Purchase Moon 4,000 Woods and Moon were sold during the year for…

Words 1899 - Pages 8