University:
Michigan State University
Course:
ACC 300 | Intermediate Financial Accounting I
Academic year:

2021
Views:

494

Pages:

2
Author:

Alma Stephenson

PROBLEM 3.3A WEIDA SURVEYING, INC. 35 Minutes, Medium a. Income Statement Transaction Sept. 1 Sept. 3 Sept. 9 Sept. 14 Sept. 25 Sept. 26 Sept. 29 Sept. 30 Revenue Expenses = NE I I NE NE I NE NE I NE NE I NE NE NE NE Balance Sheet Net Income Assets D I I D NE I NE NE P3.3A D I I NE NE I D D Liabilities = NE NE NE I NE NE D NE Owners' Equity D I I D NE I NE D PROBLEM 3.3 A WEIDA SURVEYING, INC. (concluded) b. General Journal Se pt. 1 3 9 Rent Ex p ense Cash Paid September rent. 4,400 Accounts Receivable Surve yin g Revenue Billed Fine Line Homes for surve 5,620 4,400 5,620 y ing services. Cash Surve yin g Revenue Collected cash from Sunset Rid services provided. 2,830 2,830 g e Development for 14 Advertisin g Expense Accounts Pa y able Placed ad in the newspaper to be published on Sept. 20. Total amount due in 30 da ys. 25 Cash 165 165 5,620 Accounts Receivable Received pa y ment from Fine Line Homes for service billed on Sept. 3. 26 Cash Accounts Receivable Surve yin g Revenue Collected partial pa y ment from Thompson Co. and billed remainder. 29 Accounts Pa yable Cash Paid newspaper for advertisement published on Sept. 20. 30 Dividends Cash Declared and paid a cash dividend. c. 5,620 400 1,490 1,890 165 165 7,600 7,600 Three situations in which a cash payment does not involve an expense include: (1) the payment of a cash dividend, (2) the payment of a liability for a previously recorded expense, and (3) the purchase of an asset, including expenses paid in advance such as insurance, rent, and advertising. P3.3A (p.2)