By Carl S. Warren, James M. Reeve, Jonathan E. Duchac
The authors of ACCOUNTING, 23e, needless to say you want to locate very important info quick. This textbook makes use of an built-in studying process that will help you whole homework and lead you to accounting mastery. development at the authors' confirmed strategy, transparent examples and high-impact writing consultant you thru the practise of economic statements because the authors artfully supply a framework for realizing what accounting is all approximately and accounting's evolving position in company.
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The effect of this transaction is to increase Cash and Fees Earned by $7,500, as shown below. Bal. d. Bal. Assets ϭ Cash ϩ Supplies ϩ Land 5,000 1,350 20,000 ϩ7,500 12,500 1,350 20,000 ϭ Liabilities ϩ Owner’s Equity Accounts Chris Clark, Fees Payable ϩ Capital ϩ Earned 1,350 25,000 ϩ7,500 1,350 25,000 7,500 Different terms are used for the various types of revenues. As illustrated above, revenue from providing services is recorded as fees earned. Revenue from the sale of merchandise is recorded as sales.
80,000 $ 50,000 55,550 $105,550 30,000 75,550 $155,550 For Practice: PE 1-5A, PE 1-5B Balance Sheet Bank loan officers use a business’s financial statements in deciding whether to grant a loan to the business. Once the loan is granted, the borrower may be required to maintain a certain level of assets in excess of liabilities. The business’s financial statements are used to monitor this level. The balance sheet in Exhibit 6 reports the amounts of NetSolutions’ assets, liabilities, and owner’s equity as of November 30, 2009.
If amounts in the accounting records were constantly being revised upward or downward based on offers, appraisals, and opinions, accounting reports could become unstable and unreliable. The unit of measure concept requires that economic data be recorded in dollars. Money is a common unit of measurement for reporting financial data and reports. Example Exercise 1-1 2 Cost Concept On August 25, Gallatin Repair Service extended an offer of $125,000 for land that had been priced for sale at $150,000.