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PAGE\*MERGEFORMAT#ACCOUNTINGMATCHING1Manyaccountingprofessionalsworkinoneofthefollowingthreeareas.FinancialaccountingB.ManagerialaccountingC.TaxaccountingIdentifytheareaofaccountingthatismostinvolvedineachofthefollowingresponsibilities.Internalauditing.5.Investigatingviolationsoftaxlaws.Externalauditing.6.Planningtransactionstominimizetaxes.Costaccounting.7.Preparingexternalfinancialstatements.Budgeting.8.ReviewingreportsforSECcomplianee.1-2Identifyusersthefollowingusersaseitherexternalusers(E)orinternal(I).CustomersandIRSSuppliersgroupBrokersSalesstaffBusinesspressManagersf.DistrictattorneyShareholdersLendersControllersFBIConsumerl.1-3Matcheachofthenumbereddescriptionswiththeprincipleitbestreflects.Indicateyouranswerbywritingtheletterfortheappropriateprincipleintheblankspacenexttoeachdescription.accountingprincipleF.ObjectivityprincipleG.Going-concernprincipleGeneralaccountingprincipleCostprincipleBusinessentityprincipleRevenuerecognitionprincipleUsuallycreatedbyapronouncementfromanauthoritativebody.Financialstatementsreflecttheassumptionthatthebusinesscontinuesoperating.DerivedfromIong-usedandgenerallyacceptedaccountingpractices.Everybusinessisaccountedforseparatelyfromitsownerorowners._Revenueisrecordedonlywhentheearningsprocessiscomplete.Informationisbasedonactualcostsincurredintransactions.Financialstatementdataaresupportedbyevideneeotherthansomeone'sopinionorbelief.4Identifytheitemsfromthefollowinglistthatarelikelytoserveassourcedocuments.Salesticketd.Telephonebillg.BalaneesheetIncomestatemente.Invoicefromsupplierh.PrepaidinsuraneeTrialbalaneef.Companyrevenueaccounti.Bankstatement5Identifythefinancialstatement(s)whereeachofthefollowingitemsappears.UseIforincomestatement,Eforstatementofowner'sequity,andBforbalaneesheet.CashwithdrawalbyownerOfficeequipmentAccountspayableearnedCashUtilitiesexpensesOfficesuppliesPrepaidrentUnearnedfeesServicefees1-6Thefollowingarecommoncategoriesonaclassifiedbalancesheet.CurrentassetsD.IntangibleassetsLong-terminvestmentsE.CurrentliabilitiesPlantassetsF.Long-termliabilitiesForeachofthefollowingitems,selecttheletterthatidentifiessheetcategorywheretheitemtypicallywouldappear.1.Landnotcurrentlyusedinoperations5.Accountspayable2.Notespayable(dueinthreeyears)6.Storeequipment3.Accountsreceivable7.Wagespayable4.Trademarks8.CashthebalanceA.CurrentassetsD.IntangibleassetsF.Long-termliabilitiesB.Long-terminvestmentsE.CurrentliabilitiesG.EquityC.Plantassets1.Long-terminvestmentinstock12.Accumulateddepreciation—Trucks2.Depreciationexpense—Building13.Cash1-7Intheblankspacebesideeachnumberedbalancesheetitem,entertheletterofitsbalancesheetclassification.Iftheitemshouldnotappearonthebalancesheet,enteraZintheblank.3.Prepaidrent4.Interestreceivable14.Buildings5.Taxespayable15.Storesupplies6.Automobiles16.Officeequipment7.Notespayable(duein3years)17.Land(usedinoperations)8.Accountspayable9.Prepaidinsuranee10.Owner,CapitalIong-termnotepayable18.Repairsexpense19.Officesupplies20.Currentportionof11.Unearnedservicesrevenue1-8Intheblankspacebesideeachnumberedbalaneesheetitem,entertheletterofitsbalancesheetclassfication.Iftheitemshouldnotappearonthebalancesheet,enteraZintheblank.CurrentassetsE.CurrentliabilitiesLong-terminvestmentsF.Long-termliabilitiesPlantassetsG.EquityIntangibleassets1.Commissionsearned11.Rentreceivable2.Interestreceivable12.Salariespayable3.Long-terminvestmentinstock13.Incometaxespayable4.Prepaidinsurance14.Owner,Capital5.Machinery15.Officesupplies6.Notespayable(duein15years)16.Interestpayable7.Copyrights17.Rentrevenue8.CurrentportionofIong-termnotepayable18.Notesreceivable(duein120days)9.Accumulateddepreciation—Trucks19.Land(usedinoperations)10.Officeequipment20.Depreciationexpense—TrucksEassayquestiOn1Whatisthepurposeofaccountinginsociety2Identifythefourbasicfinancialstatementsofabusiness.3Whatinformationisreportedinanincomestatement2-4Whatinformationisreportedinabalancesheet2-5Discussthestepsinprocessingbusinesstransactions.2-6Whatisacompany'soperatingcycle2-7WhyistheaccrualbasisofaccountinggenerallypreferredoverthecashbasisACCOUNTINGPRACTISES1Preparejournalentriesforeachofthefollowingselectedtransactions.ElegantLawnsIandscapingOnJanuary13,DeShawnTyleropensaIandscapingbusinesscalledbyinvesting$70,000cashalongwithequipmenthavinga$30,000value.OnJanuary21,ElegantLawnspurchasesofficesuppliesoncreditfor$280.OnJanuary29,ElegantLawnsreceives$7,800cashforperformingservices.OnJanuary30,ElegantLawnsreceives$1,000cashinadvaneeofprovidingIandscapingservicestoacustomer.2TheadjustedtrialbalaneeforChiaraCompanyasofDecember31,2008,follows.DebitCreditCash$30,000Accountsreceivable52,000Interestreceivable18,000Notesreceivable(duein90days)168,000Officesupplies16,000Automobiles168,000Accumulateddepreciation—Automobiles$50,000Equipment138,000Accumulateddepreciation—Equipment18,000Land78,000Accountspayable96,000Interestpayable20,000Salariespayable19,000Unearnedfees30,000Long-termnotespayable138,000,Capital255,800,Withdrawals46,000Feesearned484,000Interestearned24,000Depreciationexpense—Automobiles26,000Depreciationexpense—Equipment18,000SalariesexpenseWagesexpenseInterestexpenseOfficesuppliesexpenseAdvertisingexpenseRepairsexpense—AutomobilesTotals...188,00040,00032,000.34,000.58,000...24,800$1,134,800$1,134,800RequiredUsetheinformationintheadjustedtrialbalaneetoprepare(a)theincomestatementfortheyearendedDecember31,2008;(b)thestatementofowner'sequityfortheyearendedDecember31,2008;and(c)thebalaneesheetasofDecember31,2008.Calculatetheprofitmarginforyear2008.3OnApril1,2008,JiroNozomicreatedanewtravelagency,AdventureTravel.Thefollowingtransactionsoccurredduringthecompany'sfirstmonth..April1Nozomiinvested$30,000cashandcomputerequipmentworth$20,000inthebusiness.Rentedfurnishedofficespacebypaying$1,800cashforthefirstmonth's(April)rent.Purchased$1,000ofofficesuppliesforcash.10Paid$2,400cashforthepremiumona12-monthinsuraneepolicy.CoveragebeginsonApril11.14Paid$1,600cashfortwoweeks'salariesearnedbyemployees.24Collected$8,000cashoncommissionsfromairlinesonticketsobtainedforcustomers.Paidanother$1,600cashfortwoweeks'salariesearnedbyemployees.Paid$350cashforminorrepairstothecompany'scomputer.Paid$750cashforthismonth'stelephonebill.30Nozomiwithdrew$1,500cashforpersonaluse.Thecompany'schartofaccountsfollows:101Cash405CommissionsEarned106AccountsReceivable612DepreciationExpense—ComputerEquip.124OfficeSupplies622SalariesExpense128PrepaidInsuranee637InsuraneeExpenseComputerEquipment640RentExpenseAccumulatedDepreciation—ComputerEquip.650OfficeSuppliesExpense209SalariesPayable684RepairsExpense,Capital688TelephoneExpense,Withdrawals901IncomeSummaryRequired:Usethebalaneecolumnformattosetupeachledgeraccountlistedinitschartofaccounts.PreparejournalentriestorecordthetransactionsforAprilandpostthemtotheledgeraccounts.Thecompanyrecordsprepaidandunearneditemsinbalaneesheetaccounts.PrepareanunadjustedtrialbalanceasofApril30.Usethefollowinginformationtojournalizeandpostadjustingentriesforthemonth:Two-thirdsofonemonth'sinsurancecoveragehasexpired.Attheendofthemonth,$600ofofficesuppliesarestillavailable.Thismonth'sdepreciationonthecomputerequipmentis$500.Employeesearned$420ofunpaidandunrecordedsalariesasofmonth-end.Thecompanyearned$1,750ofcommissionsthatarenotyetbilledatmonth-end.Preparetheincomestatementandthestatementofowner'sequityforthemonthofAprilandthebalancesheetatApril30,2008.Preparejournalentriestoclosethetemporaryaccounts.Prepareapost-closingtrialbalance.