ACC 205 Week 1 Exercise Assignment Basic Accounting Equations

1) Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and acces­sories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.

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2) Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:

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3. Balance sheet preparation.  The following data relate to Preston Company as of December 31, 19XX:

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4. Basic transaction processing.  On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:

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5. Transaction analysis and statement preparation. The transactions that follow relate to Burton Enterprises for March 20X1, the company’s first month of activity.

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6. Recognition of normal balances

The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.

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7. Basic journal entries

The following transactions pertain to the Jennifer Royall Company:

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8. Trial balance preparation. Brighton, a sole proprietorship began operation on March 1 of the current year. The following account balances were extracted from the general led­ger on March 31; all accounts have normal balances.

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9. Entry and trial balance preparation. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.

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10. Journal entry preparation. On January 1 of the current year, Peter Houston invested $100,000 cash into his company MuniServ. Shortly thereafter, the company ac­quired selected assets of a bankrupt competitor. The acquisition included land ($15,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $20,000 (an account payable) by February 15.