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1、Suggested SolutionChapter 11. Effect on the accounting equation(1)(2)(3)(4)(5)(6)(a) Increase in one asset, decrease in another asset.(b) Increase in an asset, increase in a liability.(c) Increase in an asset, increase in capital.(d) Decrease in an asset, decrease in a liability.(e) Decrease in an a
2、sset, decrease in capital.2. TransactionsAssets+/-Liabilities+/-Owners equity+/-1+2+3-4+5+6-7-8+/-9-10-3. Describe each transaction based on the summary above.Transactions1Purchased land for cash, $6,000.2Investment for cash, $3,200.3Paid expense $1,200.4Purchased supplies on account, $800.5Paid own
3、ers personal use, $750.6Paid creditor, $1,5007Supplies used during the period, $630.4.AssetsLiabilitiesEquity Beginning275,00080,000195,000 Add. investment48,000 Add. Net income27,000 Less withdrawals-35,000Ending320,00085,000235,0005.(a)March 31, 20XXApril 30, 20XXAssets Cash 4,5005,400 Accounts re
4、ceivable2,5604,100Supplies840450 Total assets7,9009,950Liabilities Accounts payable430690Equity Tina Pierce, Capital7,4709,260(b) net income = 9,260-7,470=1,790(c) net income = 1,790+2,500=4,290Chapter 21.a. To increase Notes Payable -CRb. To decrease Accounts Receivable-CRc. To increase Owner, Capi
5、tal -CRd. To decrease Unearned Fees -DRe. To decrease Prepaid Insurance -CRf. To decrease Cash - CRg. To increase Utilities Expense -DRh. To increase Fees Earned -CRi. To increase Store Equipment -DRj. To increase Owner, Withdrawal -DR2.a.Cash1,800 Accounts payable1,800b.Revenue4,500 Accounts receiv
6、able 4,500c.Owners withdrawals1,500 Salaries Expense1,500d.Accounts Receivable750 Revenue 7503. Prepare adjusting journal entries at December 31, the end of the year.Advertising expense600 Prepaid advertising 600Insurance expense (2160/12*2)360 Prepaid insurance360Unearned revenue2,100 Service reven
7、ue2,100Consultant expense900 Prepaid consultant900Unearned revenue3,000 Service revenue3,0004. 1. $388,4002. $22,5203. $366,6004. $21,8005. loss for the year ended June 30, 2002: $60,0002.DR Jon Nissen, Capital 60,000 CR income summary 60,0003.post-closing balance in Jon Nissen, Capital at June 30,
8、 2002: $54,000Chapter 31. Dundee Realty bank reconciliationOctober 31, 2009Reconciled balance $6,220Reconciled balance $6,2202. April 7Dr: Notes receivableA company5400Cr: Accounts receivableA company5400 12Dr: Cash5394.5Interest expense5.5Cr: Notes receivable5400June 6Dr: Accounts receivableA compa
9、ny5533Cr: Cash553318Dr: Cash5560.7Cr: Accounts receivableA company5533Interest revenue27.73. (a) As a whole: the ending inventory=685(b) applied separately to each product: the ending inventory=6254. The cost of goods available for sale=ending inventory + the cost of goods=80,000+200,000*500%=80,000
10、+1,000,000=1,080,0005.(1) 24,000+60,000-90,000*0.8=12000(2) (60,000+24,000)/( 85,000+31,000)*( 85,000+31,000-90,000)=18828Chapter 41. (a) second-year depreciation = (114,000 5,700) / 5 = 21,660; (b) second-year depreciation = 8,600 * (114,000 5,700) / 36,100 = 25,800; (c) first-year depreciation = 1
11、14,000 * 40% = 45,600 second-year depreciation = (114,000 45,600) * 40% = 27,360; (d) second-year depreciation = (114,000 5,700) * 4/15 = 28,880.2. (a) weighted-average accumulated expenditures (2008) = 75,000 * 12/12 + 84,000 * 9/12 + 180,000 * 8/12 + 300,000 * 7/12 + 100,000 * 6/12 = 483,000 (b) i
12、nterest capitalized during 2008 = 60,000 * 12% + ( 483,000 60,000) * 10% =49,5003. (1) depreciation expense = 30,000 (2) book value = 600,000 30,000 * 2=540,000 (3) depreciation expense = ( 600,000 30,000 * 8)/16 =22,500 (4) book value = 600,000 30,000 * 8 22,500 = 337,5004. Situation 1: Jan 1st, 2008 Investment in M 260,000 Cash 260,000 June 30 Cash 6000 Dividend revenue 6000Situation 2:January 1, 2008 Investment in S 81,000 Cash 81,000June 15 Cash 10,800 Investment in S 10,800December 31 Investment in S 25,500 Investment Revenue
