Apple Week 2 Acc280

Individual Ch. 1, 2 & 7

February 9, 2012

ACC/280

Chapter 1

Exercise 1-1

Urlacher Company performs the following accounting tasks during the year.

__C___Analyzing and interpreting information.

__R___Classifying economic events.

__C___Explaining uses, meaning, and limitations of data.

__R___Keeping a systematic chronological diary of events.

__R___Measuring events in dollars and cents.

__C___Preparing accounting reports.

__C___Reporting information in a standard format.

__I___Selecting economic activities relevant to the company.

__R___Summarizing economic events.

Exercise 1-5

Accounts Payable- Liability

Accounts Receivable- Asset

Cash Notes Payable- Liability

Cleaning Equipment- Asset

Salaries Payable- Liability

Cleaning Supplies- Asset

Common Stock- Equity

Exercise 1-12

Retained Earnings Statement for the year ended December 31, 2008

Retained Earnings, January1 2008- $48,000

Net Income- $17,200

Dividends during 2008- $6,000

Retained Earnings- $59,200

Exercise 1-13

Assets Liabilities

Cash- $15,000 Accounts Payable- $20,000

Accounts receivable- $8,500 Common Stock- $50,000

Supplies- $8,000 Retained Earnings- $17,500

Equipment- $46,000 Dividends- (10,000) $57,500

Total Assets- $77,500 Total Liabilities and Stockholder’s Equity- $77,500

Chapter 2

Exercise 2-2

A) Asset = Liability + Stock Holder

Jan 2 10,000 = - + 10,000

Jan 3 10,000 = - + 10,000

Jan 9 10,500 = 500 + 10,000

Jan 11 12,300 = 500 + 11,800

Jan 16 12,100 = 500 + 11,600

Jan 20 12,100 = 500 + 11,600

Jan 23 11,800 = 200 + 11,600

Jan 28 10,800 = 200 + 10,600

B) Jan 2 Cash- Debit

Common Stock- Credit

Jan 3 Property- Debit

Cash- Credit

Jan 9 Supplies- Debit

Account Payable- Credit

Jan 11 Account Receivable- Debit

Service Revenue- Credit

Jan 16 Advertising Expense- Debit

Cash- Credit

Jan 20 Cash- Debit

Account receivable- Credit

Jan 23 Account Payable-...