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Fall 2025-91336-202590-ACC203-03 - Accounting Principles I
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If a company receives $12,400 from the owner to establish a proprietorship, the effect on the accounting equation would be:
If equity is $368,000 and liabilities are $186,000, then assets equal:
Use the information in the adjusted trial balance presented below to calculate total current liabilities for Taron Company:
| Account Title | Debit | Credit |
|---|---|---|
| Cash | $ 27,000 | |
| Accounts receivable | 20,000 | |
| Prepaid insurance | 8,100 | |
| Equipment | 104,000 | |
| Accumulated depreciation—Equipment | $ 54,000 | |
| Land | 99,000 | |
| Accounts payable (due in 1 week) | 21,000 | |
| Interest payable (due in 1 month) | 2,800 | |
| Unearned revenue (service to be provided in 2 months) | 5,400 | |
| Long-term notes payable | 34,700 | |
| Z. Taron, Capital | 140,200 | |
| Totals | $ 258,100 | $ 258,100 |
A company purchased $3,100 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $850 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:
A company's inventory records report the following:
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
|---|---|---|---|
| August 1 | Beginning inventory | 15 units @ $16 = $240 | |
| August 5 | Purchase | 10 units @ $17 = $170 | |
| August 12 | Purchase | 20 units @ $22 = $440 | |
| August 15 | Sales | 30 units sold |
Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?
A company purchases merchandise for $29,500. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?
Prior to recording adjusting entries, the Office Supplies account had a $363 debit balance. A physical count of the supplies showed $107 of unused supplies available. The required adjusting entry is:
A company purchased $2,000 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $220 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals:
The Unadjusted Trial Balance columns of a company's work sheet shows the Store Supplies account with a balance of $550. The Adjustments columns show a credit of $310 for supplies used during the period. The amount shown as Store Supplies in the Balance Sheet columns of the work sheet is:
On January 1, Eastern College received $1,250,000 from its students for the spring semester that it recorded in Unearned Revenue. The term spans four months beginning on January 1, and the college earns the revenue evenly over the months of the term. Assuming the college prepares adjustments on January 31, what amount of tuition revenue should the college recognize?