Accounting Principles, 10th Edition by Jerry J. Weygandt

By Jerry J. Weygandt

Weygandt's Accounting rules introduces not easy accounting techniques with examples which are established to accountants. the hot variation has been up-to-date with the most recent IFRS/IASB criteria. extra insurance is incorporated on foreign currencies translation and LCM. extra discussions specialise in chance administration a result of monetary drawback. The examples additionally emphasize present examples so as to support accountants make the relationship to their daily lives.

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The company recorded this expense in Transaction (5) and should not record it again. Apago PDF Enhancer Transaction (9). Receipt of Cash on Account. Softbyte receives $600 in cash from customers who had been billed for services [in Transaction (6)]. This does not change total assets, but it changes the composition of those assets. Basic Analysis Cash increases $600, and Accounts Receivable decreases $600. Assets Cash $2,000 1600 $1,600 $7,000 $1,600 $15,000 $4,700 $1,950 2600 $1,400 1 $1,600 1 $7,000 5 $1,600 1 $15,000 1 $4,700 2 $1,950 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ 1 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ $9,350 Owner’s Equity Accounts Accounts Owner’s 1 Receivable 1 Supplies 1 Equipment 5 Payable 1 Capital 1 Revenues 2 Expenses $8,750 (9) 5 Liabilities 1 $19,350 $19,350 Note that the collection of an account receivable for services previously billed and recorded does not affect owner’s equity.

This transaction represents Softbyte’s principal revenue-producing activity. Recall that revenue increases owner’s equity. Cash increases $1,200, and revenues (specifically, Service Revenue) increase $1,200. Assets Owner’s Equity Accounts Owner’s 1 Supplies 1 Equipment 5 Payable 1 Capital 1 Revenues Cash Equation Analysis 5 Liabilities 1 $8,000 $1,600 $7,000 $1,600 $15,000 (4) 1$1,200 $1,600 1 $7,000 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ $9,200 1 1$1,200 5 $1,600 1 $15,000 1 Service Revenue $1,200 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ Basic Analysis $17,800 $17,800 The two sides of the equation balance at $17,800.

Performed legal services for client on account $2,000. Paid monthly expenses: salaries and wages $500, utilities $300, and supplies $100. Joan withdraws $1,000 cash for personal use. Instructions (a) Prepare a tabular summary of the transactions. (b) Prepare the income statement, owner’s equity statement, and balance sheet at July 31 for Joan Robinson, Attorney. Solution to Comprehensive Do it!

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