Principles of accounting and journal entries

Assignment Help Accounting Basics
Reference no: EM1357032

Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.

Explain to him the rules of debits and credits for the balance sheet and income statement.

Provide examples from the manufacturing industry of:

a journal entry that would be recorded that impacts the balance sheet.

a journal entry that would be recorded affecting the income statement.

Please provide the assumptions behind the transactions and the full journal entries.

Reference no: EM1357032

Questions Cloud

How http and smtp figure into organizational security : Users are familiar with some network services like HTTP (Hypertext Transport Protocol) - the Web; and SMTP. Tell us more about these services. How do they figure into organizational security? Elaborate with specifics.
What are the risks involved when using hardball tactics : What are the risks involved when using hardball tactics and how can these risks be downplayed or ameliorated?
What is the kinetic energy of the aircraft : The electric field 5.90 from a very long charged wire is ( 2300 ,toward the wire).What is the charge (in nC) on a 1 cm-long segment of the wire.
Post-traumatic stress disorder to adult : My cousin got post-traumatic stress disorder (PTSD) as an adult. Most of it was blamed on his childhood issues that were unresolved. I think that if there are issues that are severe and they are never dealt with then they could cause PTSD.
Principles of accounting and journal entries : Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
Find the cost of retained earnings : Pony Corporation is undertaking a capital budgeting analysis. The firm's beta is 1.5. The rate on thirty year U.S. Treasury bonds is 5 percent, and the return on the S&P 500 index is 12 percent.
Customer satisfaction and customer loyalty : Customer Satisfaction and Customer Loyalty - Explain how does building relationships tie into customer satisfaction and customer loyalty?
Illustrate car production capital intense relative textile : Illustrate car production is capital intense relative to textiles. The US is capital abundant and China is labor abundant. Under trade, both countries produce both goods. If the labor endowment were to increase in the US, this would.
Journal entries for restructured long-term debt : Your company is in financial trouble and is in the process of reorganizing. Your manager wants to know how you will report on restructuring the debt. Use the following information to help with this assignment. Prepare journal entries for debt rest..

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Management assertions and quantifying materiality

What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?

  Current liability entries and adjustments

Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. Make all journal entries necessary to record the transactions above using appropriate dates.

  Preparing a list of pros and cons

Preparing a list of pros and cons do not mean just giving a definition of three entities. Your information presented should be structured toward their prospective business. Please make sure your responsive comprise the necessary references and rule..

  Determining pension worksheet-journal entries

Using the above information for ABC co., prepare a pension work sheet for 2008. Indicate (credit) entries by parentheses. Calculated amounts should be supported. Prepare the journal entries to reflect the accounting for the company's pension plan f..

  Question on maturity matching principle

Describe the maturity matching principle. What are the risks of not matching maturities? How would you characterize a firm that ignores the principle? Can you think of situations in which it would be advisable for an otherwise prudent firm to dev..

  Determine foreign exchange transaction

Post Inc, had a receivable from a foregn customer that is payable in customer's loca currency. On Dec 31, 2009, Post correctly included this receivable for 200,000 local currency units

  Loss-gain contingencies

Generally accepted accounting principles (GAAP) require loss contingencies to be accrued in the period the contingency becomes known. However, GAAP specifically disallows booking gain contingencies until the gain is realized.

  Generally accepted accounting principles

Determine that the financial statements present fairly in accordance with generally accepted accounting principles.

  Prepare a partial income statement

The company mostly sells on a retail basis to household consumers, but occasionally receives large orders for tables and chairs from schools and businesses.

  Compute the weighted-average number of shares

Compute the weighted-average number of shares to be employed in computing earnings per share for 2013.

  Advanced accounting-journal entries

Prepare all journal entries in all funds and the GCA and GLTL accounts to record the following transactions and events.

  Fixed asset depreciation-cisco and funseth farms examples

Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd