西方财务会计业务题
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1．Determine the net effect of the transactions listed below, using I = income; D = decrease; NE = no effect.
(a)Invested cash in a business.
(b)Purchased equipment for cash.
(c)Purchased supplies on account.
(d)Paid creditors.
(e)Borrowed ﹩5000 from bank.
(f)Received fees.
(g)Withdrew money for personal use.
Assets = Liabilities + Capital
(a)
(b)
(c)
(d)
(e)
(f)
(g)
2. Two items are omitted from each of the following summaries of the balance sheet and income statement data for three solo-proprietorships for the year 2008. Tomlin Co., Dienslake Enterprises, and Brandtmac, CPA.
Dienslake Brandtmac,
Tomlin Co. Enterprises CPA Beginning of year:
Total assets ﹩90 000 ﹩110 000 (e)
Total liabilities 40 000 (c) ﹩50 000
Total owner’s equity (a) 70 000 80 000
End of year:
Total assets 140 000 150 000 170 000
Total liabilities 60 000 60 000 70 000 Changes during year in owner’s equity:
Additional investment (b) 10 000 20 000
Drawings 12 000 (d) 14 000
Total revenues 85 000 95 000 110 000
Total expenses 65 000 70 000 (f) Required:
Determine the missing amounts.
3. The trial balance of Bruce Howat Co. as shown below does not balance.
BRUCE HOW AT CO.
Trial Balance
April 30, 2005
Debit Credit
Cash ﹩2 881 Accounts Receivable ﹩3 200
Supplies 800
Furniture and Equipment 2 600
Accounts Payable 2 666
B. Howat, Capital 9 000
Fees Earned 2 350
Wages Expense 3 400
Office Expense 940
Totals ﹩10 940 ﹩16 897
An examination of the ledger and journal reveals the following errors:
(1)Each of the above listed accounts has a normal balance per the general ledger.
(2)Cash received from a customer on account was debited for ﹩650 instead of ﹩560
(Accounts Receivable was also credited for ﹩650).
(3)The purchase of a typewriter on account for ﹩340 was recorded as a debit to Office
Expense for ﹩340 and a credit to Accounts Payable for ﹩340.
(4)Services were performed on account for a client, ﹩890, for which Accounts Receivable
was debited for ﹩890 and Fees Earned was credited for ﹩89.
(5)A Payment of ﹩30 for telephone charges was entered as a debit to Office Expense for ﹩
30 and a debit to Cash for ﹩30.
(6)When the Fees Earned account was reviewed, it was found to total ﹩2 360, not ﹩2 350.
(7)A debit posting to Wages Expense of ﹩600 was omitted.
(8)A payment on account for ﹩260 was credited to Cash for ﹩260 and credited to
Accounts Payable for ﹩206.
(9)No one counted the inventory of Supplies to determine that only ﹩500 of supplies were
on hand April 30 and that ﹩300 were used during April.
Required:
Prepare a correct trial balance.