On August 30, JumpStart incurred the following expenses: Payment to the landlord for August rent, $2,300 Payment to the Gas & Electric Company for August’s bill, $525 Payment of employee wages for the last half of August, $1,750 Payment of shopping center’s parking lot cleaning fee, $275 Journalize these payments as one compound journal entry. ANSWER: Aug. 30 Rent Expense 2,300 Utilities Expense 525 Wages Expense 1,750 Maintenance Expense 275 Cash 4,850 Paid expenses. Challenging DIFFICULTY: Bloom's: Applying FNMN.WARD.16.02-02 - LO: 02-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.04 - Cash vs. Accrual ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic On October 30, JumpStart pays $3,330 in dividends to its stockholders. Journalize this event. Oct. 30 Dividends 3,330 ANSWER: Cash 3,330 Payment of dividends to stockholders. Easy DIFFICULTY: Bloom's: Applying FNMN.WARD.16.02-02 - LO: 02-02 LEARNING OBJECTIVES: - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Write your answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction. I-Increase D-Decrease NE-No Effect Stockholders’ Assets = Liabilities + Equity Example A stockholder invests in his new business by giving equipment valued at $3,500. I NE I (a) Cash sales are made. _____ _____ _____ ​
On August 30, JumpStart incurred the following expenses: Payment to the landlord for August rent, $2,300 Payment to the Gas & Electric Company for August’s bill, $525 Payment of employee wages for the last half of August, $1,750 Payment of shopping center’s parking lot cleaning fee, $275 Journalize these payments as one compound journal entry. ANSWER: Aug. 30 Rent Expense 2,300 Utilities Expense 525 Wages Expense 1,750 Maintenance Expense 275 Cash 4,850 Paid expenses. DIFFICULTY: Challenging Bloom's: Applying LEARNING OBJECTIVES: FNMN.WARD.16.02-02 - LO: 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.04 - Cash vs. Accrual ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic On October 30, JumpStart pays $3,330 in dividends to its stockholders. Journalize this event. ANSWER: Oct. 30 Dividends 3,330 Cash 3,330 Payment of dividends to stockholders. DIFFICULTY: Easy Bloom's: Applying LEARNING OBJECTIVES: FNMN.WARD.16.02-02 - LO: 02-02 ACCREDITING STANDARDS: - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Write your answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction. I-Increase D-Decrease NE-No Effect Assets = Liabilities + Stockholders’ Equity Example A stockholder invests in his new business by giving equipment valued at $3,500. I NE I (a) Cash sales are made. _____ _____ ​ _____
test-bank-financial-managerial-accounting-13th-edition-warren.docx