Chapter 1 Exercises Accounting and the Business Environment

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Presentation transcript:

Chapter 1 Exercises Accounting and the Business Environment

Business Transactions In-Class Exercise (Form groups and work exercise): Exercise No. Page E1-29 45 Affect of Transactions on the Accounting Equation (Set up equation format, as reflected on the next chart, to complete the exercise)

Business Transactions Exercise Page E1-29 45 Affect of Transactions on the Accounting Equation (Also prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet)

Business Transactions Record transactions on the equation form. Caren Smith opened a medical practice. During July, the first month of operation, the business, titled Caren Smith, M.D., experienced the following events: July 6. Smith contributed $55,000 in the business by opening a bank account in the name of C. Smith, M.D. The corporation issued common stock to Smith. 9. Paid $46,000 cash for land. 12. Purchased medical supplies for $1,800 on account. 15. Officially opened for business. 20. Paid cash expenses: employees salaries, $1,600; office rent, $900; utilities, $100. 31. Earned service revenue for the month, $8,000, receiving cash. 31 Paid $1,100 on account. Record transactions on the equation form.

Business Transactions $61,100 $61,100

Business Transactions Income Statement

Business Transactions $ 8,000

Business Transactions Statement of Retained Earnings

Business Transactions

Business Transactions Balance Sheet

Business Transactions

Business Transactions End of Exercise