By Jerry J. Weygandt
Accounting Principles 11th edition, by way of Weygandt, Kimmel, and Kieso presents a transparent creation to monetary accounting that's jam-packed with actual international examples which are proper to scholars' lives. The group for fulfillment authors comprehend the place scholars fight during this path and feature constructed a studying process that illustrates the accounting cycle and key transactions, whereas giving them the instruments to use their studying via pattern workouts in the course of the chapter. by means of increasing assurance of IFRS, this variation retains scholars on the vanguard of world concerns that impression their destiny careers in enterprise and accounting.
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Extra info for Accounting Principles
Rent Expense is an expense (E); it decreases owner’s equity. 2. Service Revenue is revenue (R); it increases owner’s equity. 3. Drawings is owner’s drawings (D); it decreases owner’s equity. 4. Salaries Expense is an expense (E); it decreases owner’s equity. Related exercise material: BE1-1, BE1-2, BE1-3, BE1-4, BE1-5, E1-5, E1-6, E1-7, and DO IT! 1-2. ✓ The Navigator USING THE ACCOUNTING EQUATION Transactions (business transactions) are a business’s economic events recorded by accountants. Transactions may be external or internal.
Joan Robinson opens her own law office on July 1, 2010. During the first month of operations, the following transactions occurred. 1. Joan invested $11,000 in cash in the law practice. 2. Paid $800 for July rent on office space. 3. Purchased office equipment on account $3,000. 4. Provided legal services to clients for cash $1,500. 5. Borrowed $700 cash from a bank on a note payable. 6. Performed legal services for client on account $2,000. 7. Paid monthly expenses: salaries $500, utilities $300, and telephone $100.
8,750 ϩ $1,600 ϭ $1,850 ؊250 $15,000 $4,700 $1,600 ϩ $15,000 ϩ $4,700 $1,950 Ϫ $1,950 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ Cash Owner’s Equity $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. The company recorded this expense in Transaction (5) and should not record it again. Transaction (9). Receipt of Cash on Account. Softbyte receives $600 in cash from customers who had been billed for services [in Transaction (6)].
Accounting Principles by Jerry J. Weygandt