Crowdly

Add to Chrome

BUSI 1013 FA01-03 Financial Accounting 1 2024 Fall

Looking for BUSI 1013 FA01-03 Financial Accounting 1 2024 Fall test answers and solutions? Browse our comprehensive collection of verified answers for BUSI 1013 FA01-03 Financial Accounting 1 2024 Fall at moodle.acadiau.ca.

Get instant access to accurate answers and detailed explanations for your course questions. Our community-driven platform helps students succeed!

function BlockFunction() {

var x = document.getElementsByClassName('form-control mb-1');

var y = document.getElementsByClassName('select');

var i;

var j;

for (i = 0; i < x.length; i++) {

x[i].style.width = "80px";

x[i].style.marginTop = ".25rem";

}

for (j = 0; j < y.length; j++) {

y[j].style.marginBottom = ".25rem";

}

window.onload = BlockFunction;

During August Torbique Ltd, completed the following transactions in August:

02-Aug Purchased equipment worth $48,000 and an estimated useful life of 4 years (48 months) for cash.

03-Aug Paid $6,000 cash to cover rent for one quarter (the three months from August 1 to October 31)

06-Aug Purchased Insurance for $18,000. The coverage will be in effect for one year (12 months).

10-Aug Paid $5,000 for employee salaries. $4,200 is for salaries incurred during August and $800 Salaries Payable at the end of July.

13-Aug Received $4,900 from a new client. $700 is revenue earned by Torbique at the time of signing, the remainder will be earned in later months.

17-Aug Paid $4,000 to a supplier. This money was payable at the beginning of the month.

27-Aug Performed services worth $8,925. The customer agreed to pay the bill in mid-September.

Additional Information:

i. Rent and Insurance for August have expired and to be recorded as expense at the end of August.

ii. Depreciation is to be charged on monthly basis and recorded at the end of every month.

Note: DO NOT use commas or dollar signs in your answers (e.g. 2750, NOT $2,750). Enter a 0 in any text box that should have no value.

List the Journal Entries based on date above. If more than one entry takes place on the same date, post the entries in the order that the related entries appear above.

Date	Particulars	Amount	Amount
02-Aug 03-Aug 06-Aug 10-Aug 13-Aug 17-Aug 27-Aug 31-Aug	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
02-Aug 03-Aug 06-Aug 10-Aug 13-Aug 17-Aug 27-Aug 31-Aug	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
02-Aug 03-Aug 06-Aug 10-Aug 13-Aug 17-Aug 27-Aug 31-Aug	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
02-Aug 03-Aug 06-Aug 10-Aug 13-Aug 17-Aug 27-Aug 31-Aug	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
02-Aug 03-Aug 06-Aug 10-Aug 13-Aug 17-Aug 27-Aug 31-Aug	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
02-Aug 03-Aug 06-Aug 10-Aug 13-Aug 17-Aug 27-Aug 31-Aug	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
02-Aug 03-Aug 06-Aug 10-Aug 13-Aug 17-Aug 27-Aug 31-Aug	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
02-Aug 03-Aug 06-Aug 10-Aug 13-Aug 17-Aug 27-Aug 31-Aug	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
02-Aug 03-Aug 06-Aug 10-Aug 13-Aug 17-Aug 27-Aug 31-Aug	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
02-Aug 03-Aug 06-Aug 10-Aug 13-Aug 17-Aug 27-Aug 31-Aug	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$
	Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance Prepaid Rent Rent Expense Salaries Expense Salaries payable Service Revenue Deferred Revenue	$	$

View this question

Use the following information to answer the question(s) below.

In performing a vertical analysis, the percentage for accounts receivable is

1.0%.

0.5%.

5.0%.

10.0%.

Which of the following is the most appropriate definition of accounting?

a means of collecting information

electronic collection, organization, and communication of vast amounts of information

the interconnected network of subsystems necessary to operate a business

the information system that identifies, records, and communicates the economic events of an organization to interested users

100%

View this question

On a statement of cash flows using the indirect method, depreciation expense will

appear as a cash receipt in the investing activities section.

be added to net income in the operating activities section.

100%

be deducted from net income in the operating activities section.

be ignored.

View this question

Jasmine Corporation purchased a notebook computer for $3,600 on December 1. The useful life of the computer is estimated to be three years. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:

debit Depreciation Expense, $100; credit Accumulated Depreciation–Equipment, $100.

✅

debit Depreciation Expense, $1,200; credit Accumulated Depreciation–Equipment, $1,200.

❌

debit Equipment, $100; credit Accumulated Depreciation–Equipment, $100.

❌

debit Accumulated Depreciation–Equipment, $1,200; credit Depreciation Expense, $1,200.

❌

View this question

Horizontal analysis of comparative financial statements includes the

evaluation of financial statement data that expresses each item in the current period's financial statement as a percentage of a base amount.

❌