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Application Problems 1 Through 3

This document shows an accounting equation with assets, liabilities, and owner's equity. There are multiple transactions presented that impact the equation by increasing or decreasing assets, liabilities, and owner's equity. A note indicates there is a formula that can be copied to calculate the new balance based on the previous balance and new transaction amount.

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6K views5 pages

Application Problems 1 Through 3

This document shows an accounting equation with assets, liabilities, and owner's equity. There are multiple transactions presented that impact the equation by increasing or decreasing assets, liabilities, and owner's equity. A note indicates there is a formula that can be copied to calculate the new balance based on the previous balance and new transaction amount.

Uploaded by

api-407216449
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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1-1 Application Problem

Completing the accounting equation

Assets = Liabilities + Owner's Equity


95,000 51,000 44,000
64,000 44,000 20,000
4,000 1,500 2,500
138,000 70,000 68,000
19,000 8,000 11,000
16,000 4,000 12,000
35,000 13,000 22,000
169,000 120,000 49,000
8,000 48,000 3,200
86,000 48,000 38,000
12,000 5,000 7,000
30,000 8,000 22,000
47,000 24,000 23,000
42,000 29,000 13,000
57,000 21,000 36,000
125,000 69,000 56,000
11,000 5000 6,000
5,300 2,000 3,300
1-2 Application Problem
Determining how transactions change an accounting equation

Assets = Liabilities + Owner's Equity


Accts. Pay -
Prepaid Five Star Accts. Pay - Calvin Parrish,
Trans. No. Cash + Supplies + Insurance = Supply + Riverland Co. + Capital
Beg. Bal. 0 0 0 0 0 0
1. +3,000 +3,000
There is a formu
New Bal. 3,000 0 0 0 0 3,000 formula may be
2. -1,600 +1,600 balance rows or
balance and new
New Bal. 1,400 0 1,600 0 0 3,000 new balance.
3. +700 +700
New Bal. 1,400 700 1,600 700 0 3,000
4. +300 +300
New Bal. 1,400 100 1,600 700 300 3,000
5. -700 -700
New Bal. 700 100 1,600 0 300 3,000
6. -200 +100 -200
New Bal. 500 1,000
7. -100 +100 -100
New Bal. 400 1,100 1,600 100 3,000
8. +1,500 +1,500
New Bal. 1,900 1,100 1,600 100 4,500
4600 4600
There is a formula in this row. This
formula may be copied to other
balance rows or AutoSum previous
balance and new transaction for
new balance.
1-3 Application Problem
Determining how revenue, expense, and withdrawal transactions change an accounting equation

Assets = Liabilities + Owner's Equity


Accts. Rec. - Prepaid Accts. Pay - Kline
Trans. No. Cash + Lisa Lee + Supplies + Insurance = Co. + Peter Smith, Capital
Beg. Bal. 625 0 375 300 200 1,100
1. -300 -300
New Bal. 325 0 375 300 200 800
2. -150 -150
New Bal. 175 0 375 300 200 650
3. +800 +800
New Bal. 975 0 375 300 200 1,450
4. -100 -100
New Bal. 875 0 375 300 200 1,350
5. +400 +400
New Bal. 875 400 375 300 200 1,750
6. +650 +650
New Bal. 1,525 400 375 300 200 2,400
7. -35 -35
New Bal. 1,490 400 375 300 200 2,365
8. +300 +300
New Bal. 1,790 400 375 300 200 2,665
unting equation

Owner's Equity

Peter Smith, Capital

expense
There is a formula in this row. This
formula may be copied to other
withdrawal balance rows or AutoSum previous
balance and new transaction for
new balance.
revenue

expense

revenue

revenue

expense

revenue

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