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Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
النسخة 16الرقم المعياري الدولي: 978-0077862381Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
النسخة 16الرقم المعياري الدولي: 978-0077862381 تمرين 9
Analyzing and Journalizing Transactions
Environmental Services, Inc., performs various tests on wells and septic systems. few of the company's business transactions occurring during August are described below:
1.n August 1,the company billed customers $2,500 on account for services rendered.ustomers are required to make full payment within 30days.
2.n August 3, the company purchased testing supplies costing $3,800, paying $800 cash and charging the remainder on the company's 30-day account at Penn Chemicals.he testing supplies are expected to last several months.
3.n August 5, the company returned to Penn Chemicals $100 of testing supplies that were not needed.he return of these supplies reduced by$100 the amount owed to Penn Chemicals.
4.n August 17, the company issued an additional 2,500 shares of capital stock at $8per share.he cash raised will be used to purchase new testing equipment in September.
5.n August 22, the company received $600 cash from customers it had billed on August 1.
6.n August 29, the company paid its outstanding account payable to Penn Chemicals.
7.n August 30, a cash dividend totaling $6,800 was declared and paid to the company's stockholders.
Instructions
a.repare an analysis of each of the above transactions: Transaction 1serves as an example of the form of analysis to be used.
1. (a) The asset Accounts Receivable was increased.ncreases in assets are recorded by debits.ebit Accounts Receivable $2,500.
(b).evenue has been earned.evenue increases owners' equity.ncreases in owners' equity are recorded by credits.redit Testing Service Revenue $2,500.
b.repare journal entries, including explanations, for the above transactions.
c.ow does the realization principle influence the manner in which the August 1billing to customers is recorded in the accounting records
d.ow does the matching principle influence the manner in which the August 3 purchase of testing supplies is recorded in the accounting records
Environmental Services, Inc., performs various tests on wells and septic systems. few of the company's business transactions occurring during August are described below:
1.n August 1,the company billed customers $2,500 on account for services rendered.ustomers are required to make full payment within 30days.
2.n August 3, the company purchased testing supplies costing $3,800, paying $800 cash and charging the remainder on the company's 30-day account at Penn Chemicals.he testing supplies are expected to last several months.
3.n August 5, the company returned to Penn Chemicals $100 of testing supplies that were not needed.he return of these supplies reduced by$100 the amount owed to Penn Chemicals.
4.n August 17, the company issued an additional 2,500 shares of capital stock at $8per share.he cash raised will be used to purchase new testing equipment in September.
5.n August 22, the company received $600 cash from customers it had billed on August 1.
6.n August 29, the company paid its outstanding account payable to Penn Chemicals.
7.n August 30, a cash dividend totaling $6,800 was declared and paid to the company's stockholders.
Instructions
a.repare an analysis of each of the above transactions: Transaction 1serves as an example of the form of analysis to be used.
1. (a) The asset Accounts Receivable was increased.ncreases in assets are recorded by debits.ebit Accounts Receivable $2,500.
(b).evenue has been earned.evenue increases owners' equity.ncreases in owners' equity are recorded by credits.redit Testing Service Revenue $2,500.
b.repare journal entries, including explanations, for the above transactions.
c.ow does the realization principle influence the manner in which the August 1billing to customers is recorded in the accounting records
d.ow does the matching principle influence the manner in which the August 3 purchase of testing supplies is recorded in the accounting records
التوضيح
موثّق
موثّق
a.1. a) The asset Accounts Receivable wa...
Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
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