FNU ACG2003 2022 October Week 1 Homework Latest

ACG2003 Principles of Accounting

Week 1 Homework

Question 1Determine the missing amount:

Assets = Liabilities + Owner's Equity x 190000 536000

Question 2Determine the missing amount:

Assets = Liabilities + Owner's Equity 850000 x 332000

Question 3Determine the missing amount:

Assets = Liabilities + Owner's Equity 974000 373000 x

Question 4Indicate whether each of the following activities would be reported on the statement of cash flows as an operating activity, an investing activity, or a financing activity:

Cash received from fees earned.

Cash paid for expenses.

Cash paid for land.

Cash received as an additional investment by owner.

Question 5During the month, Iris Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries.

Accounts Payable

Accounts Receivable

Cash

Fees Earned

Insurance Expense

Nicki Swanson, Drawing

Utilities Expense

Question 6Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.

Asset

Liability

Owner's Equity

Revenue

Expense

 

Debit

Credit

Question 7Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.

Barbara Mallary, Capital

Asset

Liability

Owner's Equity

Revenue

Expense

Debit

Credit

Question 8Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.

Barbara Mallary, Drawing

Asset

Liability

Owner's Equity

Revenue

Expense

Debit

Credit

Question 9Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.

Accounts Receivable

Asset

Liability

Owner's Equity

Revenue

Expense

Debit

Credit

Question 10Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.

Cash

Asset

Liability

Owner's Equity

Revenue

Expense

Debit

Credit

Question 11Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.

Fees Earned

Asset

Liability

Owner's Equity

Revenue

Expense

Debit

Credit

Question 12Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.

Office Equipment

Asset

Liability

Owner's Equity

Revenue

Expense

Debit

Credit

Question 13Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.

Supplies

Asset

Liability

Owner's Equity

Revenue

Expense

Debit

Credit

Question 14Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.

Rent Expense

Asset

Liability

Owner's Equity

Revenue

Expense

Debit

Credit

Question 15Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.

Wages Expense

Asset

Liability

Owner's Equity

Revenue

Expense

Debit

Credit

16.          Question 16 During the month, Lathers Co. received $418000 in cash and paid out $215000 in cash.If the balance of the cash account is $305000 at the end of the month, what was the cash balance at the beginning of the month?