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162
Chapter 3 Analyzing and Recording Transactions
• You purchased the gas on account. This will increase your liabilities. Liabilities increase with credit
entries. Credit accounts payable to increase the total in the acco... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounti... |
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lawn-mowing revenue.
April 27
• Advertising is an expense of doing business. You have incurred more expenses, so you want to
increase an expense account. Expense accounts increase with debit entries. Debit advertis... | {"file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23... |
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-0.021451... | accounts payable to show you had a liability to pay this amount sometime in the future. You are now
paying down some of the money you owe on that account. Since you paid this money, you now have
less of a liability so you want to see the liability account, accounts payable, decrease by the amount
paid. Liability acc... | {"creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Pri... |
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Chapter 3 Analyzing and Recording Transactions
163
Solution
164
Chapter 3 Analyzing and Recording Transactions
T H I N K I T T H R O U G H
Gift Cards
Gift cards have become an important topic for managers of any company. Underst... | {"producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1... |
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According to a 2017 holiday shopping report from the National Retail Federation, gift cards are the most-
requested presents for the eleventh year in a row, with 61% of people surveyed saying they are at the top
of their wish lists, according to the National Retail Federation.[6] CEB TowerGroup projects that tota... | {"uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1:... |
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-0.01371316... | When an amount is loaded onto a stored value card we recognize a corresponding liability for
the full amount loaded onto the card, which is recorded within stored value card liability on
our consolidated balance sheets. When a stored value card is redeemed at a company-
operated store or online, we recognize revenue by... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "producer... |
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long periods of inactivity. In these circumstances, unredeemed card balances may be
recognized as breakage income. In fiscal 2016, 2015, and 2014, we recognized breakage
income of $60.5 million, $39.3 million, and $38.3 million,... | {"batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_... |
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-0.0942... | As of October 1, 2017, Starbucks had a total of $1,288,500,000 in stored value card liability.
3.6 Prepare a Trial Balance
Once all the monthly transactions have been analyzed, journalized, and posted on a continuous day-to-day
basis over the accounting period (a month in our example), we are ready to start working ... | {"creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "cre... |
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... | this section includes accounts before they have been adjusted. As you see in step 6 of the accounting cycle, we
create another trial balance that is adjusted (see The Adjustment Process).
6 National Retail Federation (NRF). “NRF Consumer Survey Points to Busy Holiday Season, Backs Up Economic Forecast and Import
Numb... | {"moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer"... |
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0.03984179347753525,
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-0.03832897... | Sara Haralson. “Last-Minute Shoppers Rejoice! Starbucks Has You Covered.” Fortune. December 22, 2015. http://fortune.com/video/2015/
7
news-releases/2015-gift-card-sales-to-reach-new-peak-of-130-billion-300189615.html
8
12/22/starbucks-gift-cards/
9 U.S. Securities and Exchange Commission. Communication from Starbucks... | {"batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccoun... |
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-0.0... | finally equity.
• Amounts at the top of each debit and credit column should have a dollar sign.
• When amounts are added, the final figure in each column should be underscored.
• The totals at the end of the trial balance need to have dollar signs and be double-underscored.
Transferring information from T-accounts ... | {"producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads... |
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-0.0460... | totaled to see if the figures in each column match each other. The final total in the debit column must be the
same dollar amount that is determined in the final credit column. For example, if you determine that the final
debit balance is $24,000 then the final credit balance in the trial balance must also be $24,000... | {"uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "batch_upload": true, "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial ... |
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-0.1183... | account in the debit column on the unadjusted trial balance. Accounts Receivable ($1,200), Supplies ($500),
Equipment ($3,500), Dividends ($100), Salaries Expense ($3,600), and Utility Expense ($300) also have debit
final balances in their T-accounts, so this information will be transferred to the debit column on the... | {"total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "source": "downloa... |
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-0.0336... | However, just because the column totals are equal and in balance, we are still not guaranteed that a mistake is
not present.
What happens if the columns are not equal?
C O N C E P T S I N P R A C T I C E
Enron and Arthur Andersen
One of the most well-known financial schemes is that involving the companies Enro... | {"producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\Financ... |
1e93e0e0-5153-404b-8d72-c4e5d268f0a3 | [
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-0.02873... | collapse of the company. Arthur Andersen was brought up on a charge of obstruction of justice for
shredding important documents related to criminal actions by Enron. They were found guilty but had
that conviction overturned. However, the damage was done, and the company’s reputation prevented it
from operating as it ... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "creationdate": "2019-04-24T... |
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-0.0... | 169
One way to find the error is to take the difference between the two totals and divide the difference by two. For
example, let’s assume the following is the trial balance for Printing Plus.
You notice that the balances are not the same. Find the difference between the two totals: $34,100 – $33,900 =
$200 differe... | {"moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "producer": "Prince 11 (www.p... |
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0.037198081612586975,
-0.04... | investigation that you copied the number from the T-account incorrectly. Fix your error, and the debit total will
go up $100 and the credit total down $100 so that they will both now be $34,000.
Another way to find an error is to take the difference between the two totals and divide by nine. If the outcome
of the di... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": "... |
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0.03589795157313347,
0.002927399007603526,
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-0.09... | three and the five.
What do you do if you have tried both methods and neither has worked? Unfortunately, you will have to go
back through one step at a time until you find the error.
If a trial balance is in balance, does this mean that all of the numbers are correct? Not necessarily. We can
have errors and still b... | {"file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\busines... |
2bfe00e5-4579-40a7-b82b-c06a7eacf848 | [
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0.10312718152999878,
0.017447717487812042,
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0.03778738155961037,
-0.08540... | been prepared. These next steps in the accounting cycle are covered in The Adjustment Process.
Y O U R T U R N
Completing a Trial Balance
Complete the trial balance for Magnificent Landscaping Service using the following T-account final
balance information for April 30, 2018.
Solution
This OpenStax book is avai... | {"batch_upload": true, "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14d... |
db928348-0d8c-48a1-8029-c1a0e767b3bd | [
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0.03327599912881851,
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0.0002425580460112542,
0.02554028294980526,
-0.02462931163609028,
0.04677721485495567,
-0.0... | What methods could you use to find the error? What are the ramifications if you do not find and fix this
error? How can you minimize these types of errors in the future?
172
Chapter 3 Analyzing and Recording Transactions
Key Terms
abnormal balance
account balance that is contrary to the expected normal balance of... | {"file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14d... |
b14527d4-8292-4106-9941-ae8e9ec1513d | [
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0.027530059218406677,
0.05173336714506149,
-0.07301869243383408,
0.03075832687318325,
-0.0522... | transactions
compound entry
more than one account is listed under the debit and/or credit column of a journal entry
conceptual framework
interrelated objectives and fundamentals of accounting principles for financial
reporting
conservatism
concept that if there is uncertainty in a potential financial estimate, a... | {"file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", ... |
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0.00465591112151742,
-0.04142787680029869,
0.0031168905552476645,
-0.0... | double-entry accounting system
requires the sum of the debits to equal the sum of the credits for each
transaction
ending account balance
difference between debits and credits for an account
expanded accounting equation
breaks down the equity portion of the accounting equation into more detail
to see the impact ... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "ba... |
62517f2f-1b5e-4a48-a3a1-20564582c6d9 | [
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0.025925787165760994,
0.04552805423736572,
0.030339675024151802,
-0.062... | going concern assumption
absent any evidence to the contrary, assumption that a business will continue to
operate in the indefinite future
journal
record of all transactions
journalizing
entering information into a journal; second step in the accounting cycle
monetary measurement
system of using a monetary unit... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "creator": "Doc... |
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0.012150353752076626,
0.04012591019272804,
-0.05632159486413002,
0.0013590550515800714,
-0.042... | prepaid expenses
items paid for in advance of their use
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
173
revenue recognition principle
principle stating that a company must recognize revenue in the period in
which it is earned; it ... | {"batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb... |
977af701-21e3-4737-b1e0-d9afe26c531d | [
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-0.023888003081083298,
0.0034466125071048737,
-0.03621591627597809,
-0.012174447998404503,
-0.0... | T-account
graphic representation of a general ledger account in which each account is visually split into left
and right sides
time period assumption
companies can present useful information in shorter time periods such as years,
quarters, or months
transaction
business activity or event that has an effect on fi... | {"file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "cre... |
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-0.03859444335103035,
-0.022847266867756844,
-0.04101790487766266,
-0.04865768179297447,
-0.0... | • The Financial Accounting Standards Board (FASB) is an independent, nonprofit organization that sets the
standards for financial accounting and reporting standards for both public- and private-sector businesses
in the United States, including generally accepted accounting principles (GAAP).
• GAAP are the concepts,... | {"file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05... |
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-0.03383191302418709,
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-0.0397... | earned when a product or service has been provided.
• The expense recognition principle requires that expenses incurred match with revenues earned in the
same period. The expenses are associated with revenue generation.
• The cost principle records assets at their value at the date of acquisition. A company may not ... | {"batch_upload": true, "file_type": ".pdf", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc6... |
c3232e54-48c2-4c58-954a-78125266e21c | [
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0.09614130109548569,
-0.07091055065393448,
-0.0009628835832700133,
-0... | financials, may be reported on company financial statements.
• Conservatism prescribes that a company should record expenses or losses when there is an expectation
of their existence but only recognize gains or revenue when there is assurance that they will be realized.
• Monetary measurement requires a monetary uni... | {"batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "total_pages": 1055, "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\F... |
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-0.0025844608899205923,
0.049392763525247574,
-0.023981455713510513,
0.00048383159446530044,
... | quarter, or year.
• The accounting equation shows that assets must equal the sum of liabilities and equity. Transactions are
analyzed with this equation to prepare for the next step in the accounting cycle.
3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing
Transactions
• The... | {"batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "... |
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0.0007072081789374352,
0.013536765240132809,
0.004759157542139292,
0.02929474227130413,
-0.08374... | statement accounts.
3.3 Define and Describe the Initial Steps in the Accounting Cycle
• Step 1 in the accounting cycle: Identifying and analyzing transactions requires a company to take
information from an original source, identify its purpose as a financial transaction, and connect that
information to an accountin... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Styleshee... |
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0.041824501007795334,
-0.012354720383882523,
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0.00291413813829422,
-... | company maintains and their balances.
• Step 4 in the accounting cycle: Preparing an unadjusted trial balance requires transfer of information
from the general ledger (T-accounts) to an unadjusted trial balance showing all account balances.
3.4 Analyze Business Transactions Using the Accounting Equation and Show the... | {"file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bc... |
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0.04766334220767021,
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-0.055615752935409546,
0.044847290962934494,
-0.... | transaction.
• There are several formatting rules for journalizing transactions that include where to put debits and
credits, which account titles come first, the need for a date and inclusion of a brief description.
• Step 3 in the accounting cycle posts journal information to the general ledger (T-accounts). Final... | {"file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820... |
06a59d95-eb2c-4369-9ec5-4bd6fd405f96 | [
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0.05519208684563637,
-0.08464332669973373,
0.03673505783081055,
-0.0458393... | 175
through each step of the accounting process to locate an error on the trial balance.
Multiple Choice
1.
3.1 That a business may only report activities on financial statements that are specifically related to
company operations, not those activities that affect the owner personally, is known as which of the fol... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "file_name": ... |
38c1aea2-fcb8-4ef4-932a-d4e09a0b536d | [
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0.0032484051771461964,
-0.0596291609108448,
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0.04256537929177284,
0.05893386900424957,
-0.013067557476460934,
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0.052420128136873245,
0.04819044470787048,
-0.0746859461069107,
-0.029661476612091064,
-0.03... | which of the following?
A.
separate entity concept
B. monetary measurement concept
C. going concern assumption
D.
time period assumption
4.
3.1 Which of the following terms is used when assuming a business will continue to operate in the
foreseeable future?
A.
separate entity concept
B. monetary measurement... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_upload... |
1b64ad1d-c636-45f0-ab40-8f093e139562 | [
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0.02239326760172844,
0.009901028126478195,
-0.03897779807448387,
-0.0551610067486763,
-0.0211... | conceptual framework
6.
3.1 The standards, procedures, and principles companies must follow when preparing their financial
statements are known as which of the following?
A.
Financial Accounting Standards Board (FASB)
B. generally accepted accounting principles (GAAP)
C.
D.
Securities and Exchange Commission (... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "total_pages": 1055, "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp... |
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0.010479998774826527,
-0.01257640402764082,
-0.03374544531106949,
0.012819468975067139,
-0.010635... | A.
Financial Accounting Standards Board (FASB)
B. generally accepted accounting principles (GAAP)
C.
D.
Securities and Exchange Commission (SEC)
conceptual framework
9.
3.1 Which of the following is the principle that a company must recognize revenue in the period in which
it is earned; it is not considered ea... | {"file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "ti... |
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0.03207866847515106,
0.015983814373612404,
-0.053368911147117615,
0.07812094688415527,
-0.0... | 11.
3.1 Also known as the historical cost principle, ________ states that everything the company owns or
controls (assets) must be recorded at their value at the date of acquisition.
A.
revenue recognition principle
B. expense recognition (matching) principle
C.
D.
cost principle
full disclosure principle
12.... | {"batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Pri... |
dcb76326-4fcd-42a3-9e17-dd0cb64bf9f8 | [
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-0.0010142347309738398,
-0.07632449269294739,
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-0.04383223131299019,
0.10418767482042313,
-0.015833426266908646,
0.08654604852199554,
0.0688076913356781,
0.0025605871342122555,
-0.03095209039747715,
0.060014355927705765,
-0.0... | D. Assets + Liabilities = Stockholders’ Equity
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
177
14.
3.2 Which of these statements is false?
A. Assets = Liabilities + Equity
B. Assets – Liabilities = Equity
C.
Liabilities – Equity... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "source_file": "downlo... |
15012965-0fc1-4ef7-9f41-e8ef8d93abce | [
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0.019688403233885765,
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0.0470532551407814,
0.028915708884596825,
0.02073679305613041,
-0.01919255033135414,
-0.011... | D. None of the above is true.
18.
3.3 Which process of the accounting cycle often requires the most analytical thought?
A. making a journal entry
B. posting transactions to accounts
C.
summarizing the trial balance
D. preparing the financial statements
19.
3.3 The step-by-step process to record business activi... | {"uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "upload_t... |
7f607964-7588-4a41-87fd-156a0468c01a | [
-0.036593370139598846,
0.07209613919258118,
0.00469439011067152,
-0.030619192868471146,
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-0.04631280153989792,
0.017733797430992126,
-0.025249090045690536,
0.07511807233095169,
0.0745568498969078,
0.06551160663366318,
-0.047928586602211,
0.021308673545718193,
-0.01713... | general ledger (ledger).
A. Hitching
B. Posting
C. Vetting
D. Laxing
178
Chapter 3 Analyzing and Recording Transactions
22.
3.4 Which of these events will not be recognized?
A. A service is performed, but the payment is not collected on the same day.
B. Supplies are purchased. They are not paid for; the compa... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploade... |
accb71f7-39c5-4af5-827c-187d35ff0030 | [
0.003021863056346774,
0.04514635354280472,
0.019993985071778297,
-0.030874742195010185,
0.0028653524350374937,
0.06707317382097244,
0.03506242856383324,
-0.00414469325914979,
0.061932239681482315,
0.09503960609436035,
0.04109292849898338,
-0.025339461863040924,
0.05743350461125374,
-0.0213... | D.
cost principle
24.
3.4 What is the impact on the accounting equation when a current month’s utility expense is paid?
A. both sides increase
B. both sides decrease
C. only the Asset side changes
D. neither side changes
25.
3.4 What is the impact on the accounting equation when a payment of account payable is... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_up... |
f3fc8a3c-34a4-4f03-8fdf-0a27ec4b950b | [
-0.026606563478708267,
0.011516423895955086,
0.03509843349456787,
-0.05343075096607208,
0.04577282816171646,
0.029628220945596695,
0.03935106471180916,
-0.03020806983113289,
0.028098810464143753,
0.03575151041150093,
0.07153696566820145,
-0.022875282913446426,
0.03384701535105705,
-0.05191... | D. neither side changes
28.
3.4 What is the impact on the accounting equation when stock is issued, in exchange for assets?
A. both sides increase
B. both sides decrease
C. only the Asset side changes
D. neither side changes
29.
3.5 Which of the following accounts is increased by a debit?
A. Common Stock
B. A... | {"uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "source_file": "down... |
5910cc23-306f-46b3-9634-32819bf4f368 | [
-0.05183848738670349,
-0.03046387992799282,
0.014329747296869755,
-0.08611699938774109,
-0.010032358579337597,
0.01588965207338333,
0.11674438416957855,
-0.028649944812059402,
0.03601806238293648,
0.015396883711218834,
0.055024404078722,
-0.03708149120211601,
0.009818553924560547,
-0.07092... | C. prepaid rent and common stock
D. unearned service revenue and accounts payable
32.
3.5 Which of the following pairs of accounts are impacted the same with debits and credits?
A. Cash and Unearned Service Revenue
B. Electricity Expense and Office Supplies
C. Accounts Receivable and Accounts Payable
D. Building... | {"file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-O... |
e03c23d4-84c1-4eef-a75f-89f519779586 | [
-0.06662121415138245,
-0.08361662924289703,
0.014386492781341076,
-0.11410198360681534,
-0.03268243372440338,
-0.019957201555371284,
0.10771716386079788,
-0.02452700398862362,
0.019450541585683823,
0.006326494738459587,
0.04383409023284912,
-0.0796702653169632,
0.0008011700119823217,
-0.04... | company pays cash before receiving a service from a supplier
company pays cash after receiving a service from a supplier
company receives cash from a customer after performing a service
36.
3.5 Which set of accounts has the same type of normal balance?
A. Cash, accounts payable
B. Prepaid rent, unearned service r... | {"batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-... |
3e99c7e3-375f-4dbb-ae33-fb0a118b02a7 | [
-0.015066026709973812,
0.025416990742087364,
0.02530686929821968,
-0.03857796639204025,
-0.014034824445843697,
0.05300112068653107,
0.08655264973640442,
0.02444847859442234,
-0.007871642708778381,
0.020746227353811264,
0.04951723292469978,
-0.0728885680437088,
0.017344247549772263,
-0.1446... | collected balance due from customers
received cash from bank loan
refunded a customer for a defective product
39.
3.5 Which of these accounts commonly requires both debit and credit entries?
A. Sales Revenue
B. Utilities Expense
C. Accounts Receivable
D. Common Stock
40.
3.5 Which of the following accounting ... | {"batch_upload": true, "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:... |
0e97e543-983c-4d80-8f8d-36db11f09f94 | [
-0.04174979403614998,
-0.016831282526254654,
0.023730702698230743,
-0.031175220385193825,
-0.03747699782252312,
0.030531900003552437,
0.09334968775510788,
0.000058502613683231175,
0.048864565789699554,
0.006151728332042694,
0.03562799096107483,
-0.07108362019062042,
0.05166047066450119,
-0... | 3.2 State the accounting equation, and explain what each part represents.
3.2 How do revenues and expenses affect the accounting equation?
3.2 Does every transaction affect both sides of the accounting equation? Explain your answer.
3.3 Which is the “book of original entry”?
3.4 What is the effect on the accounting... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8... |
dc2c074d-a913-4d08-b204-ecdd08a4f85c | [
-0.036421988159418106,
-0.026215724647045135,
-0.026267606765031815,
-0.06063509359955788,
-0.042095545679330826,
-0.02116721123456955,
0.04647856205701828,
0.021361323073506355,
0.023110391572117805,
0.04051191732287407,
0.0236969031393528,
-0.05875218287110329,
0.013206133618950844,
-0.0... | company’s assets?
10.
3.5 What do the terms “debit” and “credit” mean?
11.
3.5 Will an accounts receivable balance increase with a debit or a credit entry? How do you know?
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
181
12.
3.5... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\ac... |
07508810-fd77-4a6c-944a-1b2ff1e1034b | [
-0.009456531144678593,
0.009094721637666225,
-0.009299120865762234,
-0.030889632180333138,
-0.045190487056970596,
0.02063770405948162,
0.11991789191961288,
0.050161927938461304,
0.05489788576960564,
0.055104706436395645,
0.023739339783787727,
-0.049362294375896454,
0.014329765923321247,
-0... | and three accounts that will normally have a credit balance.
21.
3.5 What is a prepaid account? What type of account is it?
22.
3.5 What is an unearned account? What type of account is it?
23.
3.5 Explain what a T-account is and what purpose it serves.
24.
3.5 Can a credit entry be described as a generally posi... | {"producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\... |
f37246f6-f594-42e2-8c23-b73396727b2e | [
-0.0329686664044857,
0.08907198905944824,
-0.05331989750266075,
-0.02276071161031723,
-0.010839681141078472,
0.07483338564634323,
0.11611782759428024,
0.03735107555985451,
0.07123954594135284,
0.04443032294511795,
0.02413991466164589,
-0.04913409426808357,
0.08060776442289352,
-0.041605599... | Exercise Set A
EA1.
3.1 Match the correct term with its definition.
A. cost principle
i. if uncertainty in a potential financial estimate, a company should err on the side of
caution and report the most conservative amount
B. full disclosure
ii. also known as the historical cost principle, states that everything... | {"file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "uploaded_via": "batch_uplo... |
42278191-acc0-4349-b847-6238e550dff6 | [
-0.0021737946663051844,
0.014440733939409256,
-0.08709241449832916,
-0.054316673427820206,
0.009588675573468208,
0.03718617558479309,
0.1278064250946045,
-0.027459915727376938,
0.11173905432224274,
-0.0029515353962779045,
0.1167614534497261,
-0.027218447998166084,
0.035820089280605316,
-0.... | concept
E. conservatism
v. system of using a monetary unit by which to value the transaction, such as the US
dollar
F. revenue
recognition
principle
G. expense
recognition
principle
vi. period of time in which you performed the service or gave the customer the
product is the period in which revenue is recogn... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principle... |
80bb58c0-5774-4a14-975e-d1c7cf992d57 | [
-0.007235681172460318,
0.03462054952979088,
0.0008674018899910152,
-0.03799154981970787,
-0.02958199940621853,
0.04695695638656616,
0.017983626574277878,
-0.025791164487600327,
0.04618922248482704,
-0.03360157832503319,
0.044193074107170105,
-0.011243697255849838,
-0.008206052705645561,
-0... | This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
183
EA4.
3.2 Identify the financial statement on which each of the following accounts would appear: the income
statement (IS), the retained earnings statement (RE), or the Balance Sheet (B... | {"file_size_mb": 156.7, "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "batch_upload": true, "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator... |
52293455-8034-45af-b2d0-0edb0576990f | [
-0.012162283062934875,
0.04499276354908943,
-0.0020164537709206343,
-0.07300934940576553,
-0.04151540249586105,
0.03439905494451523,
0.08822939544916153,
0.008522129617631435,
0.027086080983281136,
0.009521973319351673,
0.07144057750701904,
-0.042751602828502655,
0.03851661831140518,
-0.07... | B. bank statement
C.
sales ticket
D. general journal
E.
trial balance
F. balance sheet
G.
H.
I.
J.
telephone bill
invoice from supplier
company sales account
income statement
184
Chapter 3 Analyzing and Recording Transactions
EA7.
3.4 Indicate what impact the following transactions would have on the a... | {"producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V... |
216a2a87-5261-4404-a459-3c5f0595fea6 | [
-0.01326744630932808,
0.041137151420116425,
-0.027296893298625946,
-0.03822578862309456,
0.01124657317996025,
0.052262116223573685,
0.08695884793996811,
-0.006714935880154371,
0.019537463784217834,
0.044809091836214066,
0.08263541758060455,
-0.03502258285880089,
0.027943292632699013,
-0.05... | A. Sales
B. Dividends
C. Office Supplies
D. Retained Earnings
E. Accounts Receivable
F.
Prepaid Rent
G. Prepaid Insurance
H. Wages Payable
I.
Building
J. Wages Expense
EA9.
3.4 Indicate what impact the following transactions would have on the accounting equation, Assets =
Liabilities + Equity.
Impact 1
... | {"moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "20... |
00f11f28-c714-4368-9780-e17f9d9875d7 | [
-0.01814202219247818,
0.010552660562098026,
-0.012711203657090664,
-0.06943682581186295,
0.005427306517958641,
0.00841432437300682,
0.05076691135764122,
0.0200667604804039,
-0.015083669684827328,
0.05199028179049492,
0.04475432261824608,
-0.0604838989675045,
0.001742852502502501,
-0.021289... | Normal balance
Utilities Expense
Cash
Equipment
Rent Revenue
Preferred Stock
Interest Payable
A.
B.
C.
D.
E.
F.
Table 3.6
EA11.
3.4 Identify whether each of the following transactions would be recorded with a debit (Dr) or credit
Debit or credit?
(Cr) entry.
A.
B.
C.
D.
E.
F.
Table 3.7
Cash inc... | {"total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "source": "downloads\\business\\accou... |
a2ef68c7-97b4-4e7e-8880-79045be1e2c9 | [
-0.018168017268180847,
0.03256838396191597,
-0.030595336109399796,
-0.021411119028925896,
0.05450766906142235,
-0.0041354685090482235,
0.06808850169181824,
-0.002603682456538081,
0.003993373829871416,
0.047548383474349976,
0.02483905479311943,
-0.07509683072566986,
-0.015466246753931046,
-... | Miscellaneous Expense decrease
Bonds Payable decrease
Table 3.8
EA13.
3.4 Identify whether ongoing transactions posted to the following accounts would normally have only
debit entries (Dr), only credit entries (Cr), or both debit and credit entries (both).
Type of entry
Accounts Payable
Cash
Gas and Oil Expens... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-O... |
f05e5b5d-97aa-4f7b-9f04-75a2482e7849 | [
-0.01202948484569788,
0.007576518692076206,
0.009181533008813858,
-0.0323047935962677,
-0.08295273780822754,
-0.04379619285464287,
0.05215191841125488,
0.004712036345154047,
0.048554450273513794,
0.056757852435112,
0.02461406961083412,
-0.010340167209506035,
-0.016648419201374054,
-0.02444... | 187
EA15.
3.5 Journalize for Harper and Co. each of the following transactions or state no entry required and
explain why. Be sure to follow proper journal writing rules.
A. A corporation is started with an investment of $50,000 in exchange for stock.
B. Equipment worth $4,800 is ordered.
C. Office supplies worth... | {"file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "t... |
ee272ad3-bffd-4557-a436-0ce1565e2556 | [
-0.03887161612510681,
0.039382778108119965,
0.03392299264669418,
-0.04807419702410698,
0.0039057964459061623,
0.004520459100604057,
0.07822921872138977,
0.01686633937060833,
0.02908509038388729,
0.03990659862756729,
0.050107091665267944,
-0.08228277415037155,
-0.03167442977428436,
-0.08044... | liabilities, and stockholders’ equity, and prove the company’s accounts will still be in balance.
A. An investor invests an additional $25,000 into a company receiving stock in exchange.
B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the
remaining customers asked t... | {"creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "batch_upload": true, "source_f... |
c2638f83-99ed-41a0-b9e7-f295eac80837 | [
-0.015132788568735123,
0.019881471991539,
-0.040076084434986115,
-0.0439702607691288,
-0.036801863461732864,
0.042716123163700104,
0.06891341507434845,
-0.019741423428058624,
0.048986464738845825,
0.0017136645037680864,
0.06240607798099518,
-0.014567769132554531,
-0.006042173597961664,
-0.... | F. decrease in income taxes payable
G.
H.
I.
J.
increase in unearned revenue
increase in salaries expense
decrease in notes receivable
increase in common stock
EA18.
3.5 Indicate whether each account that follows has a normal debit or credit balance.
A. Unearned Revenue
B. Office Machines
C. Prepaid Rent
... | {"file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:... |
a353d19f-a8a0-4e13-8b0b-c3dc437d9401 | [
0.008405662141740322,
0.030585570260882378,
-0.06704524159431458,
-0.016157379373908043,
-0.0843527764081955,
0.0355047807097435,
0.007238828577101231,
0.012569590471684933,
0.00046220506192184985,
0.045473307371139526,
0.03170941025018692,
-0.10279709100723267,
-0.011946502141654491,
-0.0... | • The business pays salaries $2,000
• The business pays this month’s rent $3,000
• The business pays for the supplies purchased on account.
• The business collects from one of its clients for services rendered earlier in the month $1,500.
What is total income for the month?
EA20.
3.5 Prepare journal entries to re... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-... |
6a5f2e17-3f22-41b6-b62f-6f1bc29a3f1c | [
-0.001714266138151288,
0.031230518594384193,
-0.04055102542042732,
-0.06648099422454834,
-0.044768307358026505,
-0.003788049565628171,
0.0775107890367508,
0.0391964316368103,
0.04176298528909683,
0.0793977901339531,
0.08966157585382462,
-0.04021438583731651,
-0.000483245006762445,
-0.04330... | EA22.
3.5 Prepare journal entries to record the following transactions.
A. March 1, purchased land for cash, $20,000
B. March 11, purchased merchandise inventory, on account, $18,500
C. March 15, Sold merchandise to customer for cash, $555
EA23.
3.5 Post the following February transactions to T-accounts for Accou... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "total_pages": 1055, "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "fil... |
4c8d942f-089c-4c58-8e51-8b2d9b979556 | [
0.014821619726717472,
0.029351433739066124,
-0.07221667468547821,
-0.0502716563642025,
-0.035721052438020706,
0.03236889839172363,
0.07318905740976334,
0.04338758811354637,
0.01941276341676712,
0.02523105777800083,
0.030328786000609398,
-0.059037551283836365,
-0.008769150823354721,
-0.0654... | A. purchased merchandise inventory on account, $22,000
B. paid vendors for part of inventory purchased earlier in month, $14,000
C. purchased merchandise inventory for cash, $6,500
EA25.
3.6 Prepare an unadjusted trial balance, in correct format, from the alphabetized account
information as follows. Assume all acc... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_upload... |
d4ef0fdd-e08b-4fd7-a02a-7dee5bf0a161 | [
0.019921133294701576,
0.020630495622754097,
-0.028599046170711517,
-0.050839126110076904,
-0.053801361471414566,
0.04017369821667671,
0.04171633720397949,
-0.02707064338028431,
0.06715422123670578,
0.006746609695255756,
0.011874108575284481,
-0.034334272146224976,
-0.031352121382951736,
-0... | standards for both public- and private-sector businesses that use generally accepted
accounting principles (GAAP) here in the United States
C. Securities and
iii. standards, procedures, and principles companies must follow when preparing
Exchange
Commission
(SEC)
their financial statements
D. conceptual
iv. as... | {"producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "batch_upload": true, "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "source":... |
5af4ab25-fddc-4e9e-9253-892f3e6f5818 | [
-0.003198581049218774,
0.05705868452787399,
0.01188080757856369,
-0.051685743033885956,
0.016507960855960846,
0.047867126762866974,
0.08806318789720535,
-0.01918969303369522,
0.05906401202082634,
0.011879210360348225,
0.06884182244539261,
-0.07577488571405411,
0.05778694897890091,
-0.10924... | 3.2 Consider the following accounts and determine if the account is an asset (A), a liability (L), or
equity (E).
A. Accounts Receivable
B. Sales Revenue
C.
Land
D. Unearned Revenue
EB3.
3.2 Provide the missing amounts of the accounting equation for each of the following companies.
190
Chapter 3 Analyzing and... | {"batch_upload": true, "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24... |
3a50b1d2-9889-4b39-bc37-bd124ed278e9 | [
-0.029942546039819717,
-0.038240958005189896,
-0.014677261002361774,
-0.06634634733200073,
0.012897051870822906,
-0.002962377853691578,
0.11619637906551361,
-0.018110448494553566,
0.014705996960401535,
0.031807489693164825,
0.09381942451000214,
-0.05193784460425377,
0.03556809946894646,
-0... | Liabilities + Equity.
Impact 1
Impact 2
A.
B.
C.
D.
E.
Paid this month’s utility bill
Purchased supplies for cash
Received cash for services performed
Collected cash from customer accounts receivable
Paid creditors on account
Table 3.10
EB6.
3.4 For the following accounts indicate whether the normal bala... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45... |
94528875-4aa7-4d76-bc2b-528ad899ec50 | [
-0.040699854493141174,
0.020965104922652245,
-0.017522355541586876,
-0.11713272333145142,
-0.025733787566423416,
0.019200410693883896,
0.08135704696178436,
0.038847289979457855,
0.004974602721631527,
0.05937400832772255,
0.04438527300953865,
-0.08981897681951523,
0.0036985245533287525,
-0.... | Purchased land by issuing a note payable
Paid balance on account for last month’s inventory purchases
Received cash from customers for this month’s sales
Sold merchandise to customers on account
Table 3.11
EB8.
3.4 Identify the normal balance for each of the following accounts. Choose Dr for Debit; Cr for Credit.... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "source": "downloads\\busines... |
c74d0eda-9cf2-4dd8-a15d-1845c0c720ba | [
-0.073862724006176,
-0.008548925630748272,
-0.039674267172813416,
-0.10757919400930405,
0.00460646441206336,
0.013515259139239788,
0.0742466002702713,
0.0233180932700634,
-0.0007603915873914957,
0.05319492146372795,
0.04871022701263428,
-0.07553225010633469,
0.036556802690029144,
-0.007633... | Notes Payable increase
Table 3.13
EB10.
3.4 Identify whether each of the following transactions would be recorded with a debit (Dr) or credit
(Cr) entry.
Debit or credit?
A.
B.
C.
D.
E.
F.
Equipment increase
Dividends Paid increase
Repairs Expense increase
Service revenue increase
Miscellaneous Expense ... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "fi... |
d6da2174-ca8d-42a1-89c7-8aef474ed488 | [
-0.03889797627925873,
0.05023370310664177,
-0.01013238076120615,
-0.07319315522909164,
-0.024696171283721924,
0.05195152014493942,
0.1136353462934494,
0.00832752138376236,
0.044254105538129807,
0.017939524725079536,
0.0469067357480526,
-0.04212973639369011,
0.027010468766093254,
-0.0509794... | Sales Revenue
Insurance Expense
Dividends
A.
B.
C.
D.
E.
F.
Table 3.15
EB12.
3.2
3.4 West End Inc., an auto mechanic shop, has the following account balances, given in no
certain order, for the quarter ended March 31, 2019. Based on the information provided, prepare West End’s
annual financial statements ... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "creator": ... |
a1cd3b33-7af2-4c14-9bcb-488ef9c2e33e | [
-0.01612522266805172,
0.06885707378387451,
0.0011260240571573377,
-0.048150964081287384,
-0.0421726368367672,
-0.0060698045417666435,
0.0385049544274807,
-0.0022735067177563906,
0.053205426782369614,
0.0518578477203846,
0.03922891244292259,
-0.006485159043222666,
0.027305277064442635,
-0.0... | to follow proper journal writing rules.
A. A company is started with an investment of a machine worth $40,000. Common stock is received in
exchange.
B. Office furniture is ordered. The furniture worth $7,850 will be delivered in one week. The payment will
be due forty-five days after delivery.
C. An advertisement ... | {"producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "file_size_mb": 156.7, "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Acco... |
9a112e2c-0a26-4822-b82e-832e277b1994 | [
-0.011440888047218323,
0.07003135234117508,
0.03442103788256645,
-0.05586777254939079,
0.019185760989785194,
0.03195645287632942,
0.08741933852434158,
0.0014732923591509461,
0.022602414712309837,
0.021943645551800728,
0.06354429572820663,
-0.04945419356226921,
0.033172838389873505,
-0.0155... | B. The company parking lot was plowed after a blizzard. A check for $75 was given to the plow truck
operator.
C. $250 was paid on account.
D. A customer paid $350 on account.
E. Provided services for a customer, $500. The customer asked to be billed.
EB16.
3.5 For each of the following items, indicate whether a d... | {"total_pages": 1055, "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Acco... |
62d2623d-03b3-4a78-bd19-451ae55404f5 | [
-0.029604384675621986,
0.020931636914610863,
-0.022368507459759712,
-0.07674220204353333,
-0.04657025635242462,
-0.028951074928045273,
0.09745310246944427,
-0.01356677059084177,
0.015812108293175697,
0.03196968138217926,
0.024141758680343628,
0.006529700476676226,
-0.0031869960948824883,
-... | B.
common stock
C. delivery vans
D. maintenance expense
E.
F.
retained earnings
office supplies
G.
revenue earned
H. accounts payable
I.
J.
unearned painting revenue
interest payable
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transac... | {"batch_upload": true, "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timest... |
b65d0ff0-a66f-4550-a5c2-af46fbd7b238 | [
-0.03970473259687424,
0.03549870476126671,
-0.031003344804048538,
-0.06767501682043076,
-0.09434450417757034,
0.036677442491054535,
0.05222723260521889,
0.05589747428894043,
0.005744996014982462,
0.05385777726769447,
0.025207702070474625,
-0.07629004120826721,
0.017077604308724403,
-0.0591... | EB19.
3.5 A business has the following transactions:
A. The business is started by receiving cash from an investor in exchange for common stock $10,000.
B. Rent of $1,250 is paid for the first month.
C. Office supplies are purchased for $375.
D. Services worth $3,450 are performed. Cash is received for half.
E. C... | {"total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (ww... |
708be634-ee6c-414d-b841-e52e9058dc8d | [
-0.04681234061717987,
0.022026685997843742,
-0.019882649183273315,
-0.03294512629508972,
-0.0469190739095211,
0.03194563090801239,
0.03974176570773125,
0.030162978917360306,
-0.009623554535210133,
0.05150572955608368,
0.07665273547172546,
-0.0910118892788887,
0.0044051711447536945,
-0.0537... | EB21.
3.5 Prepare journal entries to record the following transactions:
A. December 1, collected balance due from customer account, $5,500
B. December 12, paid creditors for supplies purchased last month, $4,200
C. December 31, paid cash dividend to stockholders, $1,000
EB22.
3.5 Prepare journal entries to record... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accou... |
5fa34991-9e25-409d-9a80-fa2b04887aba | [
-0.06438048183917999,
0.09106232225894928,
0.02575385384261608,
-0.10948023200035095,
-0.05447826534509659,
0.009875529445707798,
0.059066832065582275,
0.01240062341094017,
-0.04066866636276245,
0.08214084804058075,
0.11727944761514664,
-0.051951814442873,
0.052486926317214966,
-0.04579453... | C. purchased supplies for cash, $450
EB24.
3.5 Post the following July transactions to T-accounts for Accounts Receivable and Cash, indicating
the ending balance (assume no beginning balances in these accounts):
A.
B.
C.
sold products to customers for cash, $8,500
sold products to customers on account, $2,900
... | {"batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab0402966... |
9239ff64-8935-4bf3-a55c-a8c69809f71e | [
0.009675567038357258,
0.08357540518045425,
0.0019158620852977037,
-0.027915650978684425,
-0.02635698951780796,
0.0025457856245338917,
0.015141557902097702,
-0.027929790318012238,
0.02581743337213993,
-0.0026078191585838795,
0.060050323605537415,
-0.0561501570045948,
0.042324937880039215,
-... | be ready for installation until March of next year. The owner should record the revenue from the
customer order in March of next year, not in December of this year.
B. A company divides its income statements into four quarters for the year.
C.
Land is purchased for $205,000 cash; the land is reported on the balance... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "total_pages": 1055, "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "... |
f385ccbe-3e43-4a3a-9df8-fac17a11f261 | [
0.025304710492491722,
0.049462396651506424,
0.00468455022200942,
-0.03015313483774662,
0.017094850540161133,
0.07935475558042526,
0.05400075018405914,
-0.010632853023707867,
0.050777845084667206,
0.029248826205730438,
0.07281328737735748,
-0.0711553618311882,
-0.016032084822654724,
-0.1112... | 197
PA2.
3.2 Assuming the following account balances, what is the missing value?
PA3.
3.2
3.4 Assuming the following account balance changes for the period, what is the missing value?
PA4.
3.2
3.4 Assuming the following account balance changes for the period, what is the missing value?
PA5.
3.2
3.4 Identify ... | {"uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\account... |
e99904a8-e132-4419-80a9-d0ae1149627f | [
0.01660439558327198,
0.019737403839826584,
0.006367460824549198,
-0.0703539028763771,
0.007050809450447559,
0.04048984497785568,
0.08869621902704239,
0.01779383420944214,
0.03886177018284798,
0.02602716162800789,
0.04659024253487587,
-0.07428532093763351,
0.009701606817543507,
-0.036379046... | accounting equation, Assets = Liabilities + Equity.
Impact 1
Impact 2
A.
B.
C.
D.
E.
Issued stock for cash
Purchased supplies on account
Paid employee salaries
Paid note payment to bank
Collected balance on accounts receivable
Table 3.17
PA7.
3.4 Indicate how changes in the following types of accounts wo... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "moddate": "2020-08-05T... |
d08021ef-b73c-47af-85c2-81f1b4df12b4 | [
-0.02187873050570488,
0.02929079532623291,
-0.011420782655477524,
-0.07997134327888489,
-0.03815627098083496,
0.042950380593538284,
0.06696029752492905,
0.016508284956216812,
0.015029032714664936,
0.03194338083267212,
0.06758691370487213,
-0.10945077240467072,
0.012145882472395897,
-0.0171... | Normal balance
Account type
A.
B.
C.
D.
E.
F.
Accounts Payable
Supplies
Inventory
Common Stock
Dividends
Salaries Expense
Table 3.19
PA9.
3.4 Indicate the net effect (+ for increase; – for decrease; 0 for no effect) of each of the following
transactions on each part of the accounting equation, Assets =... | {"file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\... |
287d197b-b036-4971-9ab2-0db4e3fa5936 | [
-0.08862756192684174,
0.09285224229097366,
0.028135638684034348,
-0.08844222128391266,
-0.09579360485076904,
-0.01403605006635189,
-0.015183920040726662,
0.03494495898485184,
0.009176870808005333,
0.11606159806251526,
0.06478098779916763,
0.011694834567606449,
0.02771821804344654,
-0.02802... | Normal balance
A.
B.
C.
D.
E.
F.
Equipment increase
Dividends Paid increase
Repairs Expense increase
Service revenue decrease
Miscellaneous Expense increase
Bonds Payable decrease
Table 3.20
200
Chapter 3 Analyzing and Recording Transactions
PA11.
3.5 The following information is provided for the first... | {"uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb... |
d173667c-ac88-4cd6-a2f8-fd4b313b2a02 | [
-0.07224563509225845,
0.08845081180334091,
0.03943191468715668,
-0.034547772258520126,
-0.060177166014909744,
-0.00196922873146832,
0.013243930414319038,
0.006382783409208059,
-0.00625607231631875,
0.11577527225017548,
0.06349679827690125,
-0.017466923221945763,
-0.005131634417921305,
-0.0... | H. Paid the worker hired in “D” for one week’s work.
I.
J.
Received $100 from a customer for services we will provide next week.
Dividends in the amount of $1,500 were distributed.
Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these
transactions, state ... | {"uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "creato... |
ccad30b3-625a-456a-8c4c-e63b5d85cd5b | [
-0.08187328279018402,
0.08859875798225403,
0.050818558782339096,
-0.00836055725812912,
-0.023597901687026024,
-0.038873590528964996,
0.03488296642899513,
0.03327222168445587,
-0.015992850065231323,
0.06495502591133118,
0.0836082249879837,
-0.0008666658541187644,
-0.008007228374481201,
-0.0... | F. Received a $500 down payment to make a wedding dress.
G. Received an electric bill for $125 which is due to be paid in three weeks.
H. Completed an altering job for $45. The customer asked to be billed.
Prepare the necessary journal entries to record these transactions. If an entry is not required for any of thes... | {"creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accou... |
da992965-80b0-4c4f-9bec-9bb611b8938d | [
-0.07356932759284973,
0.07164221256971359,
-0.020704757422208786,
-0.024755410850048065,
-0.04283452406525612,
-0.01995156519114971,
0.07046109437942505,
0.062377721071243286,
-0.009391223080456257,
0.047307442873716354,
0.04138154163956642,
-0.03292330354452133,
0.016942689195275307,
-0.0... | E. Received payment of $600 on the hauling job done in “D.”
F.
Purchased gasoline on credit, $50.
G. Performed another hauling job. Earned $750, was paid cash.
Record the following transactions in T-accounts. Label each entry with the appropriate letter. Total the T-
accounts when you are done.
PA14.
3.5 Prepare... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "file_size_mb": 156.7, "title": ... |
7ed08aaf-0f96-4cae-893f-46cf25cc89f8 | [
-0.02799054980278015,
0.043479979038238525,
-0.051944486796855927,
-0.03537256270647049,
-0.09045546501874924,
-0.02483740635216236,
-0.0169146079570055,
0.027878882363438606,
-0.018531134352087975,
0.09279089421033859,
0.054930660873651505,
-0.06956645101308823,
-0.0299480389803648,
-0.02... | 201
PA15.
3.5 Prepare journal entries to record the following transactions. Create a T-account for Accounts
Payable, post any entries that affect the account, and tally ending balance for the account. Assume an
Accounts Payable beginning balance of $5,000.
A.
February 2, purchased an asset, merchandise inventory,... | {"batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "sour... |
7cdf9094-3c27-47f6-b2fb-7b3c3f4fa67c | [
-0.03162224218249321,
0.016744771972298622,
-0.0285374503582716,
-0.06693880259990692,
-0.11710265278816223,
-0.023788517341017723,
0.07172053307294846,
0.03277771547436714,
0.007831512950360775,
0.08647778630256653,
0.09213053435087204,
-0.0727480873465538,
-0.01836555264890194,
-0.056321... | E. on thirty-first day of month, paid for dividends to shareholders, $800
PA17.
3.5 Prepare journal entries to record the following transactions for the month of November:
A. on first day of the month, issued common stock for cash, $20,000
B. on third day of month, purchased equipment for cash, $10,500
C. on tenth... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "file_type... |
ee41ac02-a0cc-4b0e-9abb-b51b95fcba61 | [
-0.04583388939499855,
0.09107118099927902,
0.00851256214082241,
-0.07373975217342377,
-0.10211312770843506,
0.010508847422897816,
0.04174582287669182,
0.03576196730136871,
-0.029017414897680283,
0.059504248201847076,
0.11033269017934799,
-0.01956196129322052,
0.030642900615930557,
-0.07104... | B. on fifth day of month, sold products to customers on account, $22,100
C. on tenth day of month, collected cash from customer accounts, $18,500
PA19.
3.5 Post the following November transactions to T-accounts for Accounts Payable, Inventory, and
Cash, indicating the ending balance. Assume no beginning balances in... | {"file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "creationdate": "2019-04-24T10:3... |
2b664565-6102-4462-be35-35caf4b00b2f | [
-0.030754733830690384,
0.06349701434373856,
-0.033206187188625336,
-0.04921487718820572,
-0.030403409153223038,
0.07597019523382187,
0.04712289944291115,
-0.017845889553427696,
0.019305571913719177,
-0.015938136726617813,
0.07844901829957962,
-0.03890829160809517,
0.030827615410089493,
-0.... | PA21.
3.6 Prepare an unadjusted trial balance, in correct format, from the following alphabetized account
information. Assume all the accounts have normal balances.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
203
B Problem Set B
P... | {"total_pages": 1055, "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheet... |
3f8e0df3-dc2e-4b86-8b2b-c47c178a176c | [
-0.021054523065686226,
0.004884831141680479,
0.007041696924716234,
-0.10964924842119217,
-0.009982630610466003,
0.058697715401649475,
0.11019349098205566,
0.03625912591814995,
0.029612813144922256,
0.023240160197019577,
0.038333017379045486,
-0.056643228977918625,
0.035511139780282974,
-0.... | Financial statement
Normal balance
Accounts Receivable
Automobile Expense
Cash
Equipment
Notes Payable
Service Revenue
Table 3.21
204
Chapter 3 Analyzing and Recording Transactions
PB5.
3.4 Indicate what impact (+ for increase; – for decrease) the following transactions would have on the
accounting equatio... | {"creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "title": "Prin... |
ace04987-5754-4a64-adf4-4c5091fcf259 | [
0.010124784894287586,
0.014444701373577118,
0.022342834621667862,
-0.0819801464676857,
0.01721108891069889,
0.04032822698354721,
0.11852414906024933,
0.02703295648097992,
0.06348023563623428,
0.04954122379422188,
0.04306874796748161,
-0.033366620540618896,
0.014301507733762264,
-0.03913364... | Common Stock
Revenue
Expense
A.
B.
C.
D.
E.
Table 3.23
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
205
PB7.
3.4 Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for
liability, E ... | {"file_type": ".pdf", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "m... |
3da0f479-3365-4e69-9d8a-e41d74de4c18 | [
-0.05574153736233711,
0.07096938788890839,
-0.03138173371553421,
-0.07254677265882492,
-0.08984998613595963,
-0.007522230036556721,
0.08782060444355011,
0.061507854610681534,
0.005831518210470676,
0.07079801708459854,
0.029220426455140114,
-0.05474492907524109,
0.0016355948755517602,
-0.01... | an accounts payable balance, A (–) = L (–) + E (0).
A. Payment of principal balance of note payable
B. Purchase of supplies for cash
C. Payment of dividends to stockholders
D.
Issuance of stock for cash
E. Billing customer for physician services provided
PB9.
3.5 Prepare journal entries to record the following ... | {"total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\Financial... |
03f119fe-c5c1-466a-ab8b-ba451d6e53b0 | [
-0.02553003467619419,
0.04065004736185074,
-0.02965761162340641,
-0.05404876917600632,
-0.08742889761924744,
0.009476382285356522,
0.030307428911328316,
0.022640220820903778,
-0.01937136985361576,
0.04704615846276283,
0.038292039185762405,
-0.054231490939855576,
-0.04481520876288414,
-0.06... | Accounts Payable beginning balance of $7,500.
A. May 12, purchased merchandise inventory on account. $9,200
B.
June 10, paid creditor for part of previous month’s purchase, $11,350
PB11.
3.5 Prepare journal entries to record the following transactions that occurred in April:
A. on first day of the month, issued c... | {"file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "batch_upload": t... |
93de1f04-be98-4c6d-ab8a-f0a1ff7c876b | [
-0.006604486145079136,
0.04025375097990036,
-0.011508236639201641,
-0.06528720259666443,
-0.08305012434720993,
0.0019157759379595518,
0.05259689316153526,
0.026755617931485176,
0.01525421068072319,
0.05961199104785919,
0.09666792303323746,
-0.06939920783042908,
0.03163490071892738,
-0.0574... | B. on fourth day of month, purchased inventory, on account, $6,875
C. on eleventh day of month, billed customer for services provided, $8,390
D. on nineteenth day of month, paid current month utility bill, $2,000
E. on last day of month, paid suppliers for previous purchases, $2,850
PB13.
3.5 Post the following No... | {"file_size_mb": 156.7, "file_type": ".pdf", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "tot... |
e2691eca-5765-4855-a693-8bd5971320ab | [
-0.018850214779376984,
0.06724376976490021,
-0.03307672590017319,
-0.07717577368021011,
-0.08944371342658997,
0.01583622582256794,
0.032253216952085495,
0.015133760869503021,
-0.02926122397184372,
0.018096832558512688,
0.048862818628549576,
0.028048669919371605,
0.04269818589091301,
-0.076... | Cash, indicating the ending balance. Assume no beginning balances in these accounts.
A.
B.
C.
sold products to customers for cash, $7,500
sold products to customers on account, $12,650
collected cash from customer accounts, $9,500
PB15.
3.6 Prepare an unadjusted trial balance, in correct format, from the follow... | {"file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1",... |
464087c9-8e90-4c59-8045-891a028bc5e7 | [
-0.034471891820430756,
0.06902950257062912,
-0.027833405882120132,
-0.08618994057178497,
-0.08064980059862137,
0.02212262712419033,
0.034022487699985504,
0.01840713806450367,
0.04128056764602661,
0.04750603809952736,
0.0026467859279364347,
0.0160902701318264,
-0.013437207788228989,
-0.0235... | information. Assume all accounts have normal balances.
PB18.
3.6 Prepare an unadjusted trial balance, in correct format, from the following alphabetized account
information. Assume all accounts have normal balances.
Thought Provokers
TP1.
3.1 Is it possible to be too conservative? Explain your answer.
TP2.
3.1 ... | {"moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\Financi... |
59f1536e-dd7c-4d70-8ec2-6c083c8d5755 | [
-0.04557346552610397,
0.06423843652009964,
-0.0002980202261824161,
-0.04554266482591629,
-0.04334205761551857,
0.04724383354187012,
0.11238595843315125,
0.024339698255062103,
0.005741147790104151,
-0.028740376234054565,
-0.01278118509799242,
0.025590049102902412,
-0.039424214512109756,
-0.... | clients instead. Would following the CEO’s advice impact the company’s accounting equation? How would
reclassifying this one transaction change the outcome of the balance sheet, the income statement, and the
statement of retained earnings? Would making this reclassification change the perception that users of the
fi... | {"uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Style... |
554b1e57-0a56-4f72-a888-885ae7d74441 | [
-0.06694430112838745,
0.09405461698770523,
-0.0553835928440094,
-0.06871107965707779,
-0.03867693990468979,
0.012012592516839504,
0.019664021208882332,
0.045444559305906296,
0.04665132984519005,
0.008826375007629395,
0.05252839997410774,
-0.011601992882788181,
-0.06300345808267593,
-0.0493... | Chapter 3 Analyzing and Recording Transactions
TP4.
3.2 Visit the website of the US Securities and Exchange Commission (SEC) (https://www.sec.gov/
edgar/searchedgar/companysearch.html). Search for the latest Form 10-K for a company you would like to
analyze. Submit a short memo that
A.
Includes the name and ticke... | {"file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10... |
68d283ae-c5db-49cb-83b1-c54ba7c09a3a | [
-0.06330027431249619,
0.043914008885622025,
-0.011653878726065159,
-0.09794539213180542,
-0.006384621374309063,
-0.015509265474975109,
-0.052908070385456085,
0.02941000461578369,
0.04753091558814049,
0.03625403717160225,
0.0251617394387722,
-0.01406777836382389,
-0.07679589092731476,
-0.04... | TP5.
3.3 Is the order in which we place information in the journal and ledger important?
TP6.
3.4 Visit the website of the SEC (https://www.sec.gov/edgar/searchedgar/companysearch.html).
Search for the latest Form 10-K for a company you would like to analyze. Submit a short memo that
A.
Includes the name and tick... | {"total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020... |
17d33597-a0ec-4232-aec6-681253f97f07 | [
-0.08354146778583527,
0.03222145885229111,
-0.016258805990219116,
-0.05187610164284706,
-0.05357857793569565,
0.031673360615968704,
-0.012279295362532139,
0.04981742054224014,
0.03971613943576813,
-0.03342137485742569,
0.015892699360847473,
-0.036262087523937225,
-0.032744400203228,
-0.031... | does not balance, explain why not. Hint: Double-check your calculations, and if the accounting
equation change still does not balance, search for notes in the company’s files about prior period
adjustments, which will often explain why balances may differ.
i. Provide the web link to the company’s Form 10-K to allow ... | {"file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.... |
4738b7f9-3190-4243-bf72-2942e10b8102 | [
-0.00011155423271702603,
0.08715856820344925,
-0.020328368991613388,
-0.021382205188274384,
0.03156470134854317,
0.07703583687543869,
0.07715722918510437,
0.03801713138818741,
0.07162415236234665,
-0.0013803468318656087,
0.040939170867204666,
-0.012632534839212894,
-0.022496124729514122,
-... | A.
B.
Include the name and ticker symbol of the company you have chosen.
Follow the financial statement progression from the Income Statement to the Retained Earnings
Statement to the Balance Sheet. Find the net income amount from the Income Statement and identify
where it appears on the Statement of Retained Earn... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploade... |
5ca60afb-f2d5-41e7-833c-3f1be37bc3a6 | [
-0.027919866144657135,
0.09298129379749298,
-0.010847113095223904,
-0.04420601576566696,
-0.011175635270774364,
-0.028984704986214638,
0.008739413693547249,
0.02069944329559803,
0.04082893207669258,
0.04142698273062706,
0.04719920456409454,
-0.022467346861958504,
0.023707417771220207,
-0.0... | 209
TP8.
3.6 Analyze Trusty Company’s trial balance and the additional information provided to determine the
following:
A. what is causing the trial balance to be out of balance
B. any other errors that require corrections that are identified during your analysis
C.
the effect (if any) that correcting the errors... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "creationdate": ... |
a0ff1532-da03-405f-b588-489f89bc89d3 | [
0.007243641652166843,
0.05830269679427147,
0.042422156780958176,
-0.024157395586371422,
-0.029824789613485336,
-0.014432371594011784,
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0.022281063720583916,
0.00440742215141654,
-0.01254289597272873,
0.028857022523880005,
... | recorded as $46,500.
• Two machines that cost $9,000 each were purchased on account but were not recorded in company
accounting records.
210
Chapter 3 Analyzing and Recording Transactions
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
4
The Adjustment Process
Figure 4.1 Mark’s D... | {"uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", ... |
df78b4c8-cf4f-424d-8967-76400d56b4da | [
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0.02693597413599491,
0.06870723515748978,
0.03664793446660042,
-0.0056704990565776825,
-0.0449... | 4.5 Prepare Financial Statements Using the Adjusted Trial Balance
Why It Matters
As we learned in Analyzing and Recording Transactions, upon finishing college Mark Summers wanted to start
his own dry-cleaning business called Supreme Cleaners. After four years, Mark finished college and opened
Supreme Cleaners. Duri... | {"uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "moddat... |
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