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Accounting Harrison Chapter 2 Solutions

In: Business and Management

Submitted By xiaotongwang1992
Words 5295
Pages 22
Chapter 2
Transaction Analysis
Short Exercises
(5 min.)

S 2-1

The transaction had a financial impact on the business and should be recorded. The payment for the computer was not an expense. The payment related to the purchase of an asset, “Equipment,” because the computer is an economic resource of the business. The computer will provide benefit over more than one fiscal period.

(5 min.)

S 2-2

a. $12,000 (Cash $10,000–$5,000; Supplies $2,000, Computer $5,000) b. $2,000 Accounts Payable

Chapter 2 Transaction Analysis Copyright © 2012 Pearson Canada Inc.

65

(5-10 min.) Cash 25,000 2,000 23,000 Supplies 9,000

S 2-3

4,000

Accounts Receivable 6,000

Bal.

Accounts Payable 9,000

Rent 4,000

Service Revenue 8,000

Common Shares 25,000

(5 min.)

S 2-4

Increased total assets: May 1 (Cash) May 1 (Medical supplies) May 3 (Cash, Accounts receivable) Decreased total assets: May 2 (Cash)

66

Financial Accounting Fourth Canadian Edition Instructor’s Solutions Manual Copyright © 2012 Pearson Canada Inc.

(10 min.)

S 2-5
CREDIT

Journal
DATE ACCOUNT TITLES AND EXPLANATION DEBIT

June 15 Cash ................................................. Note Payable ............................... Borrowed money from the bank.

25,000 25,000

22 Accounts Receivable ...................... 9,000 Service Revenue ......................... Delivered portrait to be paid on account. 28 Cash ................................................. Accounts Receivable .................. Received cash on account. 29 Utilities Expense ............................. Accounts Payable ....................... Received utility bill. 30 Salary Expense ............................... Cash ............................................. Paid salary. 5,000

9,000

5,000

600 600

2,500 2,500

Chapter 2 Transaction Analysis Copyright © 2012...

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