Chapter 1 Assignments.xlsx.pdf

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