Principles of Accounting

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Principles of Accounting Asst.Prof.Dr. Panchat Akarak p.thipnew1@hotmail.com School of Accounting Chaingrai Rajabhat University Accounting I

Exercise 1 -Demonstration Problem -Matching

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 1.Martin transferred cash from his family’s checking account to martin Service Company’s account.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 1.Martin transferred cash from his family’s checking account to martin Service Company’s account. +

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 2. Purchased land for cash.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 2. Purchased land for cash. - +

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 3. Performed services for a cash customer.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 3. Performed services for a cash customer. +

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 4. Paid rent for month

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 4. Paid rent for month -

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 5. Purchased equipment on account.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 5. Purchased equipment on account. +

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 6. Performed services for a charge customer.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 6. Performed services for a charge customer. +

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 7. Paid for equipment purchased earlier on account.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 7. Paid for equipment purchased earlier on account. -

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 8. Received payment from a charge customer.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 8. Received payment from a charge customer. + -

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 9. Sold equipment at cost for cash at no gain or loss.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 9. Sold equipment at cost for cash at no gain or loss. + -

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 10. Martin withdrew cash for family medical expenses.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 10. Martin withdrew cash for family medical expenses. -

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 11. Returned defective equipment (Purchased earlier for cash).

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 11. Returned defective equipment (Purchased earlier for cash). + -

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 12. Made cash payment for monthly wages.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 12. Made cash payment for monthly wages. -

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 13. Paid utilities for the period.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 13. Paid utilities for the period. -

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 14. Martin withdrew cash in exact amount he would have earned elsewhere as a salaried employee.

Demonstration Problem Cash +Accts.Rec. +Equipment +Land =Accts.Pay + L. Marin Capital 14. Martin withdrew cash in exact amount he would have earned elsewhere as a salaried employee. -

Matching A Single proprietorship B Liabilities c Accounting equation D Transactions E Merchandising Company F Assets G Owner’s equity H Corporation I Manufacturing Company J Solvency

Matching K Service Companies L Profitability M Net loss N Salary expense O Net income P Withdrawals

Matching 1 An organization owned by stockholders and managed by officers who generally are people other than the owners 2 This type of business acquires goods and sells them in the same form to customers. 3 Creditor’s equity or claims on assets. 4 Ability to generate earnings. 5 Land, buildings, cash, and other resources owned by the business 6 This type of business acquires materials and converts them into products to sell to other companies or final customers.

Matching 7 Exchanges of goods and services which are objective and which occur at an agreed-upon price. 8 An organization owned by one individual who is solely responsible for all debts of the business. 9 The resulting figure when expenses exceed revenues. 10 Cash the owner takes out of the business for his/her personal use in lieu of a salary. 11 Ability to pay debts as they become due. 12 Owner’s Equity = Assets - Liabilities is on form of this.

SOLUTIONS Matching 1 H 7 D 2 E 8 A 3 B 9 M 4 L 10 P 5 F 11 J 6 i 12 c