Chapter 1 Review

1
CHAPTER 1 REVIEW
TEST
22 Defining Accounting Terms
Vocabulary
15 True/False
11 transactions
CENTURY 21 ACCOUNTING 2009 South-Western, Cengage Learning
LESSON 1-3
1-3 APPLICATION PROBLEM

Assets
Trans.
No.
Equity
Cash
Beg. Bal
1.
Beg. Bal
2.
Beg. Bal
3.
Beg. Bal
4.
Beg. Bal
5.
Beg. Bal
6.
Beg. Bal
7.
Beg. Bal
8.
New Bal.
= Liabilities + Owners
Accts. Rec.
Prepaid
+ Lisa Lee + Supplies + Insurance =
625
-300
325
-150
175
+800
975
-100
875
875
+650
1,525
-35
1,490
+300
1,790
Accts Pay
Kline
Co.
+
375
300
200
375
300
200
Peter
Smith
Capital
1,100
-300 (expense)
800
-150 (withdrawal)
650
+800 (revenue)
375
300
200
375
300
200
0
+400
400
375
300
200
375
300
200
400
375
300
200
400
-300
375
300
200
1,450
-100 (expense)
1,350
+400 (revenue)
1750
+650 (revenue)
2,400
-35 (expense)
2,365
375
300
200
2,365
100
Study Guide 1
Part 1 Review
Homework:
Finish pages: 1-4 (STUDY GUIDE) I will collect the study guide!
Read pages: 14-18
Finish 1-3 Application Problem
10.18.
12.
P Owners
JE
LCapital
Ethics
Equity
== The
TheEquation
=principles
account
The amount
of right
to and
11.
Accounting
=used
An
equation
13.
19.
IRBusiness
Revenue
Ethics
=owners
an
=individual
The
use
inin
of
owners
ethics
remaining
summarize
wrong
that
after
the
guide
the
value
anincrease
ofequity
all
liabilities
in
a
making
is in
showing
the
relationship
among
assets,
3.
14.
F
U
Accounting
Transactions
Records
= aoperation
business
=
Organized
activity
that
1.
20.
D
S
Accounting
Sale
on
Account
=Planning,
=
A
sale
recording,
for
which
making
equity
resulting
business
from
decisions.
of
a
2.
4.
G
N
Financial
Accounting
Statements
System
=
=
A
Financial
planned
subtracted
business.
decisions.
from
the
value
of= all
assets. thatall the
liabilities,
and
owners
equity.
5.
15.
T
A
service
account
business
=
A
record
a
summarizing
business
summaries
changes
assets,
ofreceived
ainterpreting
businesss
liabilities,
financial
orfinancial
owners
analyzing,
cash
will
be
and
at
athe
later
financial
date.
21.
6.
Q
M
proprietorship
Expense
=
A
decrease
=
a
business
in
owners
owned
byan
business.
process
reports
that
for
providing
summarize
financial
information
16.
C
account
Title
=
The
name
given
to
7.
H
Asset
=
Anything
of
value
that
is
owned.
performs
information
anpertaining
activity
for
toa aoperation
fee
singletoitem
in
activities.
equity.
8.
K
equities
=
Financial
rights
the
assets
information.
equity
one
person.
resulting
from
the
of
a
17.
B
Account
Balance
=
The
amount
in an
that
condition
will
be
and
useful
operations
to
management.
of
a
business.
account.
9.
O
Liability
=
Amount
owed
by
a
business
the
accounting
equation.
22.
Withdrawals
= Assets taken out of a
of
aV
business.
business.
account.
business for the owners personal use.
STUDY GUIDE 1
PART 2
1.2.True
3.4.True
True
5.6.True
False
7.8.False
False
True
9.
False
10.
False
11.
True
12.
False
13.
True
14.
True
15.
True
16.
False
17.
18.False
True
Trans.
No.
Assets
Cash
Acct. Rec.
Ana Santiago
Supplies
Prepaid
Insurance
Liabilities + Owners Equity

=
Accts. Pay
Delta Co.
Beg. Bal
1.
2,300
-400
200
100
1,800
New. Bal
2.
1,900
+500
2,400
-50
2,350
+1,025
200
100
1,800
200
100
1,800
200
100
1,800
200
+450
650
100
100
1,800
+450
2,250
2,250
New Bal
3.
New Bal
4.
Marion Cassidy,
Capital
800
-400 (expense)
400
+500 (Investment)
900
-50 (expense)
850
+1,025 (revenue)
New Bal
5.
3,375
New Bal
6.
3,375
0
+730
3,375
-660
730
650
100
2,715
-150
2,565
+400
2,965
-1,500
1,465
-100
1,365
+1,230
2,595
-1,200
730
650
+150
800
100
2,250
2,605
-660(expense)
1,945
100
2,250
1,945
800
100
1,945
330
800
100
+100
2,250
-1,500
750
330
800
200
750
330
800
200
750
330
800
200
750
New Bal
7.
1,875
1,875
+730 (revenue)
1-4 Mastery Problem, p.21 w.p. 14
New Bal
8.
New Bal
9.
New Bal
10.
New Bal
11.
New Bal
12.
New Bal
13.
New Bal
14.
CENTURY
1,395
730
-400
330
21 ACCOUNTING 2009 South-Western, Cengage Learning
1,945
1,945
+1,230 (revenue)
3,175
-1,200 (withdrawal)
1,975
1-5 CHALLENGE PROBLEM, p.22, w.p. 15

Assets
= Liabilities + Owners
Trans. Equity
No.
Accts. Rec.
Prepaid
Accts. Pay
Zach Martin
Cash + MaryLou Pier + Supplies + Insurance = Kollasch Co. + Capital
2.
-400use
(withdrawal)
Beg. Bal
-400
1,485
3,145
9,255
a.The
owner 8,552
of a business1,748
can withdraw
assets from615
that business
for personal
1.
8,552 belong1,748
615
3,145 the8,855
because the assets
to the owner1,085
through the business.
However,
owner must
Beg. Bal
+250
-250 (expense)
be
careful
to leave enough cash in the business for daily operations.
2.
8,552
1,748
1,085
615
3,395
8,605
Beg. Bal
(This transaction does not affect Zacharys Repair shop)
2. 3.
1,748
1,085
615
3,395
8,605
8,552
Balowner may
b.Beg.
The
withdraw
assets
other
than
cash
if
the
business
does
not
have
-120
-120
4.
sufficient cash for the owner to withdraw or if the owner has a use for other assets
1,085
615
3,275
8,605
New Bal.
owned
by the 8,432
business. 1,748

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1

CENTURY 21 ACCOUNTING 2009 South-Western, Cengage Learning

1-3 APPLICATION PROBLEM

CENTURY 21 ACCOUNTING 2009 South-Western, Cengage Learning

CENTURY 21 ACCOUNTING 2009 South-Western, Cengage Learning

CENTURY 21 ACCOUNTING 2009 South-Western, Cengage Learning

Liabilities + Owners Equity

1-4 Mastery Problem, p.21 w.p. 14

21 ACCOUNTING 2009 South-Western, Cengage Learning

1-5 CHALLENGE PROBLEM, p.22, w.p. 15

CENTURY 21 ACCOUNTING 2009 South-Western, Cengage Learning

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