Present your answers in the following form: Account Debited Account Credited Transaction Type Effect Type Effect Account Debited Account Credited ANSWER: Transaction Type Effect Type Effect (1) + capital + (2) asset + liability + (3) asset + asset - (4) asset + revenue + (5) liability - asset - (6) expense + asset - (7) asset + revenue + (8) drawing + - (9) asset + asset - Bloom’s: Applying DIFFICULTY: ACCT.WARD.16.02-01 - 02-01 LEARNING OBJECTIVES: ACCT.WARD.16.02-02 - 02-02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic On June 1, the cash account balance was $96,750. During June, cash receipts totaled $305,000 and the June 30 balance was $75,880. Determine the cash payments made during June. $75,880 = $96,750 + $305,000 ? ANSWER: − Cash payments = $325,870 Easy DIFFICULTY: Bloom’s: Applying ACCT.WARD.16.02-01 - 02-01 LEARNING OBJECTIVES: ACCT.WARD.16.02-03 - 02-03 ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction. Sept. 1 Land 47,500 ANSWER: Cash 47,500 Purchased land for the company. Moderate DIFFICULTY: Bloom’s: Applying
Present your answers in the following form: Account Debited Account Credited Transaction Type Effect Type Effect ANSWER: Account Debited Account Credited Transaction Type Effect Type Effect (1) + capital + (2) asset + liability + (3) asset + asset - (4) asset + revenue + (5) liability - asset - (6) expense + asset - (7) asset + revenue + (8) drawing + - (9) asset + asset - DIFFICULTY: Bloom’s: Applying LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01 ACCT.WARD.16.02-02 - 02-02 ACCREDITING STANDARDS: - GAAP ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic On June 1, the cash account balance was $96,750. During June, cash receipts totaled $305,000 and the June 30 balance was $75,880. Determine the cash payments made during June. ANSWER: $75,880 = $96,750 + $305,000 − ? Cash payments = $325,870 DIFFICULTY: Easy Bloom’s: Applying LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01 ACCT.WARD.16.02-03 - 02-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction. ANSWER: Sept. 1 Land 47,500 Cash Purchased land for the company. 47,500 DIFFICULTY: Moderate Bloom’s: Applying
Test-Bank-for-Accounting-26th-Edition-by-Warren.docx