By Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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Accounting ideas eleventh version, through Weygandt, Kimmel, and Kieso presents a transparent advent to monetary accounting that's packed with genuine global examples which are proper to students' lives. The staff for achievement authors comprehend the place scholars fight during this path and feature built a studying approach that illustrates the accounting cycle and key transactions, whereas giving them the instruments to use their studying via pattern routines during the bankruptcy. via increasing assurance of IFRS, this variation retains scholars on the leading edge of world matters that effect their destiny careers in enterprise and accounting.
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Donald E. Kieso, PhD, CPA, bought his bachelor's measure from Aurora college and his doctorate in accounting from the collage of Illinois. he's at present the KPMG Peat Marwick Emeritus Professor of Accounting at Northern Illinois collage. He has public accounting adventure with rate Waterhouse & Co. (San Francisco and Chicago) and Arthur Andersen & Co. (Chicago) and learn event with the examine department of the yankee Institute of qualified Public Accountants (New York). He has performed post-doctorate paintings as a vacationing pupil on the college of California at Berkeley and is a recipient of NIU's educating Excellence Award and 4 Golden Apple instructing Awards. Professor Kieso is the writer of alternative accounting and enterprise books and is a member of the yankee Accounting organization, the yank Institute of qualified Public Accountants, and the Illinois CPA Society. he's at the moment serving at the Board of Trustees and government Committee of Aurora college, as a member of the Board of administrators of chateau BancGroup Inc., and as Treasurer and Director of Valley West group health facility.
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Extra info for Accounting Principles (11th Edition)
RECEIPT OF CASH ON ACCOUNT Softbyte receives $600 in cash from customers who had been billed for services [in Transaction (6)]. Transaction (9) does not change total assets, but it changes the composition of those assets. Basic Analysis The asset Cash increases $600, and the asset Accounts Receivable decreases $600. Equation Analysis Assets (9) $8,750 $2,000 1600 2600 1 $1,400 $1,600 1 $1,600 $7,000 1 $7,000 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ $9,350 Owner’s Equity $19,350 5 $1,600 $15,000 $1,600 1 $15,000 $4,700 1 $4,700 $1,950 2 $1,950 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ Cash 5 Liabilities 1 Accounts Accounts Owner’s 1 Receivable 1 Supplies 1 Equipment 5 Payable 1 Capital 1 Revenues 2 Expenses $19,350 Note that the collection of an account receivable for services previously billed and recorded does not affect owner’s equity.
Service Revenue) as they will be needed when we prepare financial statements later in the chapter. TRANSACTION (5). PURCHASE OF ADVERTISING ON CREDIT Softbyte receives a bill for $250 from the Daily News for advertising but postpones payment until a later date. This transaction results in an increase in liabilities and a decrease in owner’s equity. Basic Analysis The liability Accounts Payable increases $250, and owner’s equity decreases $250 due to Advertising Expense. Equation Analysis Assets Cash 5 Liabilities 1 1 Supplies 1 Equipment 5 $9,200 $1,600 $9,200 1 $1,600 $7,000 Accounts Owner’s Payable 1 Capital 1 Revenues 2 Expenses $1,600 (5) Owner’s Equity $15,000 $1,200 1 $15,000 1 $1,200 1250 5 $1,850 2$250 2 $250 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ $7,000 ⎧ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎪ ⎩ 1 $17,800 $17,800 The two sides of the equation still balance at $17,800.
Drawings do not generate revenue. They are a disinvestment. Like owner’s investment, the company excludes owner’s drawings in determining net income. Summary of Transactions Illustration 1-8 summarizes the September transactions of Softbyte to show their cumulative effect on the basic accounting equation. It also indicates the transaction number and the specific effects of each transaction. Assets Owner’s Equity (1) 1$15,000 (2) 27,000 (3) (4) 11,200 (5) (6) 11,500 (7) 2600 2900 2200 (8) 2250 (9) 1600 (10) 21,300 2 Exp.
Accounting Principles (11th Edition) by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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