Tugas Pengantar Akuntansi 1

Nama : Lisa Haryati
NIM : B1031211182
Prodi : Akuntansi
Tugas : Pengantar Akuntansi 1
Senin, 30 Agustus 2021
Practice Exercises
1-1A :
On November 15, Johnson Repair Service extended an offer of $35,000 for land that had
been priced for sale at $43,000. On December 8, Johnson Repair Service accepted the seller’s
counteroffer of $37,000. On December 30, the land was assessed at a value of $50,000 for
property tax purposes. On April 1, Johnson Repair Service was offered $60,000 for the land
by a national retail chain. At what value should the land be recorded in Johnson Repair
Service’s records?
Answer :
$37,000. Under the cost concept, the land should be recorded at the cost to Johnson Repair
Service.
1-2A :
Daryl Wallin is the owner and operator of Pima LLC, a motivational consulting business. At
the end of its accounting period, December 31, 2007, Pima has assets of $617,000 and
liabilities of $382,000. Using the accounting equation, determine the following amounts:
a. Owner’s equity, as of December 31, 2007.
b. Owner’s equity, as of December 31, 2008, assuming that assets increased by $114,000 and
liabilities decreased by $29,000 during 2008.
Answer :
a. Assets = Liabilities + Owner’s Equity
$617,000 = $382,000 + Owner’s Equity
Owner’s Equity = $235,000
b. Determine the change in Owner’s Equity during 2008 as follows:

Assets = Liabilities + Owner’s Equity
$114,000 = -$29,000 + Owner’s Equity
Owner’s Equity = $143,000
Owner’s equity as of December 31, 2008 = Change Owner’s Equity on December 31, 2007
+ change in Owner’s Equity during 2008
$378,000 = $235,000 + $143,000
1-3A :
Mime Delivery Service is owned and operated by Pamela Kolp. The following selected
transactions were completed by Mime Delivery Service during October:
1. Received cash from owner as additional investment, $7,500.
2. Paid creditors on account, $815.
3. Billed customers for delivery services on account, $3,250.
4. Received cash from customers on account, $1,150.
5. Paid cash to owner for personal use, $500.
Indicate the effect of each transaction on the accounting equation elements (Assets,
Liabilities, Owner’s Equity, Drawing, Revenue, and Expense) by listing the numbers
identifying the transactions, (1) through (5). Also, indicate the specific item within the
accounting equation element that is affected. To illustrate, the answer to (1) is shown below.
(1) Asset (Cash) increases by $7,500; Owner’s Equity (Pamela Kolp, Capital) increases by
$7,500.
Answer :
(2) Asset (Cash) decreases by $815; Liability (Accounts Payable) decreases by $815.
(3) Asset (Accounts Receivable) increases by $3,250; Revenue (Delivery Service Fees)
increases by $3,250.
(4) Asset (Cash) increases by $1,150; Asset (Accounts Receivable) decreases by $1,150
(5) Asset (Cash) decreases by $500; Drawing (Pamela Kolp, Drawing) increases by $500.
1-4A :
The assets and liabilities of Herat Travel Service at June 30, 2008, the end of the current year,
and its revenue and expenses for the year are listed below. The capital of the owner, Lola
Stahn, was $75,000 at July 1, 2007, the beginning of the current year.
Accounts payable $ 15,300 Miscellaneous expense $ 3,150
Accounts receivable 24,350 Office expense 91,350
Cash 70,800 Supplies 5,350
Fees earned 378,200 Wages expense 181,500
Land 100,000
Prepare an income statement for the current year ended June 30, 2008.
Answer :
HERAT TRAVEL SERVICE
INCOME STATEMENT
For the Year Ended June 30, 2008
Fees earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $378,200

Expenses:
Wages expense . . . . . . . . . . . . . . . . . . . . . . . $181,500
Office expense . . . . . . . . . . . . . . . . . . . . . . . . . . 91,350
Miscellaneous expense . . . . . . . . . . . . . . . . . . . 3,150
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276,000
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $102,200
1-5A :
Using the data for Herat Travel Service shown in Practice Exercise 1-4A, prepare a statement
of owner’s equity for the current year ended June 30, 2008. Lola Stahn invested an additional
$20,000 in the business during the year and withdrew cash of $12,000 for personal use.
Answer :
STATEMENT OF OWNER’S EQUITY
Lola Stahn, capital, July 1, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $75,000

Additional investment by owner during year . . . . . . . . . . . . . $20,000
Net income for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,200
$122,200
Less withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
Increase in owner’s equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 102,200
Lola Stahn, capital, June 30, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $177,200
1-6A :
Using the data for Herat Travel Service shown in Practice Exercise 1-4A and 1-5A, prepare
the balance sheet as of June 30, 2008.
Answer :
BALANCE SHEET
June 30, 2008
Assets Liabilities
Cash . . . . . . . . . . . . . . . . . . . . $70,800 Accounts payable . . . . . . . . . . .$15,300
Accounts receivable . . . . . . . . .24,350
Supplies . . . . . . . . . . . . . . . . . . 5,350 Owner’s Equity
Land . . . . . .. . . . . . . . . . . . . .100,000 Lola Stahn, capital . . . . . . . . . . 155,550
Total assets . . . . . . . . . . $200,500 Total liabilities and owner’s equity $170,850
1-7A :
A summary of cash flows for Herat Travel Service for the year ended June 30, 2008, is
shown below.
Cash receipts:
Cash received from customers . . . . . . . . . . . . . . . . . . . . . . . . . . $350,000
Cash received from additional investment of owner . . . . . . . . 20,000
Cash payments:
Cash paid for operating expenses . . . . . . . . . . . . . . . . . . . . . . . 270,000
Cash paid for land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000
Cash paid to owner for personal use . . . . . . . . . . . . . . . . . . . . 12,000
The cash balance as of July 1, 2007, was $42,800.
Prepare a statement of cash flows for Herat Travel Service for the year ended June 30,
2008.
Answer :
STATEMENT OF CASH FLOWS
Cash flows from operating activities:

Cash received from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . $350,000
Deduct cash payments for expenses . . . . . . . . . . . . . . . . . . . . . . . . 270,000
Net cash flows from operating activities . . . . . . . . . . . . . . . . . . . . $80,000
Cash flows from investing activities:
Cash payments for purchase of land . . . . . . . . . . . . . . . . . . . . . . (60,000)
Cash flows from financing activities:
Cash received from owner as investment . . . . . . . . . . . . . . . . . . $20,000
Deduct cash withdrawals by owner . . . . . . . . . . . . . . . . . . . . . . . . 12,000
Net cash flows from financing activities . . . . . . . . . . . . . . . . . . . 8,000
Net decrease in cash during year . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(20,000)
Cash as of July 1, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,800
Cash as of June 30, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $22,800

Tugas Pengantar Akuntansi 1

Uploaded by

Copyright:

Available Formats

Tugas Pengantar Akuntansi 1

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Tugas Pengantar Akuntansi 1

Uploaded by

Copyright:

Available Formats

Nama : Lisa Haryati

b. Determine the change in Owner’s Equity during 2008 as follows:

Fees earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $378,200

Lola Stahn, capital, July 1, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $75,000

Cash flows from operating activities:

You might also like

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.