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Category: Business and Industry
Date Submitted: 04/13/2015 11:17 AM
Ryan Duckworth
Financial Accounting
Module 3 Homework
Mar 6, 2013
Exercise 3-1 Types of Events
External Event Transaction (E)
Internal Event Transaction (I)
Not Recorded (NR)
1. E 5. I
2. E 6. NR
3. NR 7. E
4. E 8. I
Exercise 3-3 The Effect of Transactions on the Accounting Equation
Increases (I)
Decreases (D)
No Effect (NE)
Assets = Liabilities + Stockholders' Equity
1. NE NE NE
2. I NE I
3. I NE I
4. D D NE
5. NE NE NE
6. I I NE
7. D NE D
8. D NE D
9. I NE I
Problem 3-2 Transaction Analysis and Financial Statements
1. Just Rolling Along Inc. Transactions for the month of May 2012:
Assets = Liabilities + Stockholders’ Equity
Accounts Accounts Capital Retained
Date Cash Receivable Equipment Supplies Payable Stock Earnings
5/1 $ 18,000 $18,000
5/1 $ 3,000 $ 3,000
Bal. $ 18,000 $ 3,000 $ 3,000 $ 18,000
5/5 –15 $ –15
Bal. $ 17,985 $ 3,000 $ 3,000 $ 18,000 $ (15)
5/9 –4,400 4,400
Bal. $ 13,585 $ 7,400 $ 3,000 $ 18,000 $ (15)
5/10 $ 100 100
Bal. $ 13,585 $ 7,400 $ 100 $ 3,100 $ 18,000 $ (15)
5/15 –125 –125
Bal. $ 13,460 $ 7,400 $ 100 $ 3,100 $ 18,000 $ (140)
5/17 1,800 1,800
Bal. $ 15,260 $ 7,400 $ 100 $ 3,100 $ 18,000 $ 1,660
5/24 $ 1,200 1,200
Bal. $ 15,260 $ 1,200 $ 7,400 $ 100 $ 3,100 $ 18,000 $ 2,860
5/29 600 –600
Bal. $ 15,860 $ 600 $ 7,400 $ 100 $ 3,100 $ 18,000 $ 2,860
5/30 3,000 3,000
Bal. $ 18,860 $ 600 $ 7,400 $ 100 $ 3,100 $ 18,000 $ 5,860
5/30 –160 –160
Bal. $ 18,700 $ 600 $ 7,400 $ 100 $ 3,100 $ 18,000 $ 5,700
5/31 –3,000 –3,000
Bal. $ 15,700 $ 600 $ 7,400 $ 100 $ 100 $ 18,000 $ 5,700
TOTAL ASSETS: $23,800 TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY: $23,800
PROBLEM 3-2 (Concluded)
2. JUST ROLLING ALONG INC.
INCOME STATEMENT...