CHAPTER 1 Introduction to Accounting and Business + Assets CP 1–3 1. Equity Owner’s Lisa Lisa Accts. Duncan, Duncan, = Fees Rent Supplies Misc. Salaries + = + + Supplies Payable Drawing Expense Expense Expense Cash – – – – – Capital Earned Exp. (a) + 950 + 950 (b) 300 + 300 – Bal. 650 300 950 (c) 275 275 – – Bal. 375 300 950 275 – (d) 100 + 150 250 – – Bal. 275 300 150 950 525 – (e) + 1,750 + 1,750 Bal. 2,025 300 150 950 1,750 525 – (f) + 600 + 600 Bal. 2,625 300 150 950 2,350 525 – (g) 800 800 – – Bal. 1,825 300 150 950 2,350 800 525 – – (h) 290 290 – – Bal. 1,535 300 150 950 2,350 800 525 290 – – – (i) + 1,300 + 1,300 Bal. 2,835 300 150 950 3,650 800 525 290 – – – (j) 120 120 – – Bal. 2,835 180 150 950 3,650 800 525 120 290 – – – – (k) 400 400 – – Bal. 2,435 180 150 950 400 3,650 800 525 120 290 – – – – – 1-47 © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 1 Introduction to Accounting and Business CP 1–3 1. Assets = + Accts. Lisa Duncan, Lisa Duncan, Fees Owner’s Equity Salaries Rent Supplies Misc. Cash + Supplies = Payable + Capital – Drawing + Earned – Expense – Expense – Expense – Exp. (a) + 950 + 950 (b) – 300 + 300 Bal. 650 300 950 (c) – 275 – 275 Bal. 375 300 950 – 275 (d) – 100 + 150 – 250 Bal. 275 300 150 950 – 525 (e) + 1,750 + 1,750 Bal. 2,025 300 150 950 1,750 – 525 (f) + 600 + 600 Bal. 2,625 300 150 950 2,350 – 525 (g) – 800 – 800 Bal. 1,825 300 150 950 2,350 – 800 – 525 (h) – 290 – 290 Bal. 1,535 300 150 950 2,350 – 800 – 525 – 290 (i) + 1,300 + 1,300 Bal. 2,835 300 150 950 3,650 – 800 – 525 – 290 (j) – 120 – 120 Bal. 2,835 180 150 950 3,650 – 800 – 525 – 120 – 290 (k) – 400 – 400 Bal. 2,435 180 150 950 – 400 3,650 – 800 – 525 – 120 – 290 1-47 © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Warren_FinMan12e_SM01_final.docx