Horngren's Accounting - Eleventh Edition - PDF
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This document contains accounting practice problems from Horngren's Eleventh Edition. The problems cover topics such as analyzing business transactions and preparing financial statements, and are applicable for undergraduate studies in accounting and business.
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HORNGREN'S ACCOUNTING - Eleventh Edition E1-26 Indicate the effects of business transactions on the accounting equation of Vivian's Online Video store. Account Classification Increase/Decrease Account Classification...
HORNGREN'S ACCOUNTING - Eleventh Edition E1-26 Indicate the effects of business transactions on the accounting equation of Vivian's Online Video store. Account Classification Increase/Decrease Account Classification Increase/Decrease a. Cash Asset Increase Vivian,Capital Equity Increase b. c. d. e. f. g. h. E1-27 Extra Credit Indicate the effects of business transactions on the accounting equation for Sam's Snack Foods. Account Classification Increase/Decrease Account Classification Increase/Decrease a. b. c. d. e. f. g. h. Chapter 1: Accouting and the Business Environment Page 1 of HORNGREN'S ACCOUNTING - Eleventh Edition E1-29 Analyze the effects on the accounting equation of the medical practice of Ashley Stamper, M.D. Assets Liabilities + Equity Medical Accounts - Stamper, + Service - Salaries -Utilities Cash Land Stamper, Capital Supplies Payable Withdrawals Revenue - Rent Expense Expense Expense Beg Bal 0 0 0 0 0 0 0 0 0 0 1 New Bal 2 New Bal 3 New Bal 4 New Bal 5 New Bal 6 New Bal 7 New Bal 8 New Bal 9 New Bal Chapter 1: Accouting and the Business Environment Page 2 of HORNGREN'S ACCOUNTING - Eleventh Edition E1-31 Requirements 1. Prepare the income statement for Wilson Towing Service for the month ending June 30, 2018. June 30, 2016. 2. What does the income statement report? Requirement 1 Requirement 2 Chapter 1: Accouting and the Business Environment Page 3 of HORNGREN'S ACCOUNTING - Eleventh Edition E1-32 Requirements 1. Prepare the statement of owner's equity for Wilson Towing Service for the month ending June 30, 2018. 2. What does the statement of owner's equity report? Requirement 1 Requirement 2 Chapter 1: Accouting and the Business Environment Page 4 of HORNGREN'S ACCOUNTING - Eleventh Edition E1-33 Requirements 1. Prepare the balance sheet for Wilson Towing Service as of June 30, 2018. 2. What does the balance sheet report? Requirement 1 Assets Liabilities Owner's Equity Requirement 2 Chapter 1: Accouting and the Business Environment Page 5 of HORNGREN'S ACCOUNTING - Eleventh Edition P1-40A Analyze the effects on the accounting equation of the public relations firm called Solid Gold. Assets Liabilities + Equity Accounts Accounts McKinney, - McKinney, + Service - Advertising Cash Office Supplies Land Receivable Payable Capital Withdrawals Revenue - Rent Expense Expense Beg Bal ($ 1,900.00) ($ 3,200.00) ($ - ) ($ 15,000.00) ($ 5,000.00) ($ 11,900.00) ($ - ) ($ 3,200.00) ($ - ) ($ - ) 1 New Bal 2 New Bal 3 New Bal 4 New Bal 5 New Bal 6 New Bal 7 New Bal 8 New Bal 9 New Bal Chapter 1: Accouting and the Business Environment Page 6 of HORNGREN'S ACCOUNTING - Eleventh Edition P1-42A Income Statement Statement of Owners Equity Balance Sheet Assets Liabilities Owner's Equity Chapter 1: Accouting and the Business Environment Page 7 of
