What is the Accounting equation?

 


 5 points   QUESTION 2 Where do expenses fall under the accounting equation?

 


 5 points   QUESTION 3 Where does Accounts Receivable fall under the accounting equation?



• What is the Accounting equation?

   

   

   

   

   

   

   

   

   

   

   

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5 points  

QUESTION 2

• Where do expenses fall under the accounting equation?

   

   

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5 points  

QUESTION 3

• Where does Accounts Receivable fall under the accounting equation?

   

   

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QUESTION 4

• What are the four financial statements and in what order do you complete them?

   

   

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QUESTION 5

• What is the journal entry for the following transaction: The owner of Grantham Landscaping, LLC took out a loan from the local bank in the amount of $8,525.
   
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QUESTION 6

• There is a monthly bill from the utility company which bills $300 per month.  This month, the invoice was never received.  Please provide a journal entry to accrue for this expense.

   

   

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QUESTION 7

• Dave’s Plumbing, LLC performed plumbing services and billed for the services in the amount of 6,000, however, the client has not issued payment on the invoice. Please provide a journal entry to accrue for this revenue.

   

   

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QUESTION 8

• There were 500 boxes of paperclips in the office’s supply closet at the beginning of the month.  At the end of the month, there were 250 boxes left.  The amount of boxes cost $3 per box.  Please record a journal entry for this adjustment.

   

   

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QUESTION 9

• If Grantham Landscaping, LLC mowed a yard for $5,500 in March 2014, but did not get paid for mowing the yard until July 2014.  Under CASH BASE accounting, when would this revenue be corded?

   

   

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QUESTION 10

• If Grantham Landscaping, LLC mowed a yard for $5,500 in March 2014, but did not get paid for mowing the yard until July 2014.  Under ACCRUAL BASE accounting, when would this revenue be corded?

   

   

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QUESTION 11

• What are the three characteristics that qualifies an asset as a Plant Asset?
   
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QUESTION 12

• A truck which is purchased by Grantham Landscaping, LLC was purchased for $30,000, is expected to be used by the company for 10 years, and the salvage value is $5,000.  What is the amount which will be depreciated on the books annually?

   

   

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QUESTION 13

• A truck which is purchased by Grantham Landscaping, LLC was purchased for $30,000, is expected to be used by the company for 10 years, and the salvage value is $5,000.  What is the amount which will be in the “Accumulated Depreciation” amount for this truck after 5 years?

   

   

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QUESTION 14

• A truck which is purchased by Grantham Landscaping, LLC was purchased for $30,000, is expected to be used by the company for 10 years, and the salvage value is $5,000.  What is the journal entry to record the depreciation 3 years after the truck was purchased?

   

   

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QUESTION 15

• Where does the account “Accumulated Depreciation” fall under the accounting equation?

   

   

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QUESTION 16

• A truck which is purchased by Grantham Landscaping, LLC was purchased for $30,000, is expected to be used by the company for 10 years, and the salvage value is $5,000.  
• After 10 years, Grantham Landscaping, LLC has decided to sell the truck in a private party sell for $4,000 as that is the best price it be sold for in the amount time the company has allowed itself to dispose of the property.  
• Please provide a journal entry which will account for the loss in disposing of the plant asset (the truck).
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QUESTION 17

• A truck which is purchased by Grantham Landscaping, LLC was purchased for $30,000, is expected to be used by the company for 10 years, and the salvage value is $5,000.  
• After 10 years, Grantham Landscaping, LLC has decided to sell the truck in a private party sell for $8,000 as that is the best price it be sold for in the amount time the company has allowed itself to dispose of the property.  
• Please provide a journal entry which will account for the gain in disposing of the plant asset (the truck). 
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QUESTION 18

• Define the term “Intangible Asset”.

   

   

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QUESTION 19

• For equipment, the accountant will depreciate the cost of the item over a period of time.  For a natural resource, the accountant will __________ cost of the item over a period of time.

   

   

   

   

   

   

   

   

   

   

   

   

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QUESTION 20

• For equipment, the accountant will depreciate the cost of the item over a period of time.  For an intangible asset, the accountant will __________ cost of the item over a period of time.

   

   

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