Download PDF by Kieso, Jerry J. Weygandt, Paul D. Kimmel: Accounting Principles (10th Edition)

By Kieso, Jerry J. Weygandt, Paul D. Kimmel

Weygandt's Accounting Principles introduces hard accounting ideas with examples which are conventional to accountants. the recent variation has been up to date with the newest IFRS/IASB criteria. extra assurance is incorporated on foreign exchange translation and LCM. extra discussions specialise in danger administration end result of the monetary drawback. The examples additionally emphasize present examples for you to aid accountants make the relationship to their daily lives. This publication doesn't contain an entry Code to any extra content material.

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Extra info for Accounting Principles (10th Edition)

Example text

2. 3. 4. 5. The owner invested $25,000 cash in the business. The company purchased $7,000 of office equipment on credit. The company received $8,000 cash in exchange for services performed. The company paid $850 for this month’s rent. The owner withdrew $1,000 cash for personal use. Tabular Analysis action plan ✔ Analyze the effects of each transaction on the accounting equation. ✔ Use appropriate category names (not descriptions). ✔ Keep the accounting equation in balance. Solution ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ 5 Liabilities 1 Owner’s Equity Accounts Owner’s Owner’s Cash 1 Equipment 5 Payable 1 Capital 2 Drawings 1 Revenues 2 Expenses 1.

True 2. False. The two most common types of external users are investors and creditors. 3. True. 4. True. 5. False. The cost principle dictates that companies record assets at their cost. Under the cost principle, the company must also use cost in later periods as well. Related exercise material: E1-1, E1-2, E1-3, E1-4, and Do it! 1-1. ● ✔ [The Navigator] Basic Concepts action plan ✔ Review the basic concepts learned to date. ✔ Develop an understanding of the key terms used. ” It should help you a great deal, because a working knowledge of accounting is desirable for virtually every field of endeavor.

Payment of Accounts Payable. Softbyte pays its $250 Daily News bill in cash. The company previously [in Transaction (5)] recorded the bill as an increase in Accounts Payable and a decrease in owner’s equity. Basic Analysis This cash payment “on account” decreases the asset Cash by $250 and also decreases the liability Accounts Payable by $250. Assets Cash $9,000 (8) 5 Liabilities 1 $2,000 $1,600 $7,000 $1,850 2250 $15,000 $4,700 $15,000 1 $4,700 $1,950 2250 $2,000 1 $1,600 1 $7,000 5 $1,600 1 2 $1,950 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ 1 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ $8,750 Owner’s Equity Accounts Accounts Owner’s 1 Receivable 1 Supplies 1 Equipment 5 Payable 1 Capital 1 Revenues 2 Expenses $19,350 $19,350 Observe that the payment of a liability related to an expense that has previously been recorded does not affect owner’s equity.

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