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1、SUMMARYPROBLEMFORYOURREVIEWJillSmithopensanapartment-locationbusinessnearacollegecampus.Sheisthesoleowneroftheproprietorship,whichshenamesCampusApartmentLocators.Duringthefirstmonthofoperations,July19x1,Smithengagesinthefollowingtransactions:A.Smithinve
2、sts$35,000ofpersonalfundstostartthebusiness.B.Shepurchasesonaccountofficesuppliescosting$350.C.Smithpayscashof$30,000toacquirealotnexttothecampus.Sheintendstousethelandasafuturebuildingsiteforherbusinessoffice.D.Smithlocatesapartmentsforclientsandreceiv
3、escashof$1,900.E.Shepays$100ontheaccountpayableshecreatedinTransaction(b).F.Shepays$2,000ofpersonalfundsforavacation.G.Shepayscashexpensesforofficerent,$400,andutilities,$100.H.Thebusinesssellsofficesuppliestoanotherbusinessforitscostof$150.I.Smithwithd
4、rawscashof$1,200forpersonaluse.Required1.AnalyzetheprecedingtransactionsintermsoftheireffectsontheaccountingequationofCampusApartmentLocators.UseExhibit1-6asaguide,butshowbalanceonlyafterthelasttransaction.2.Preparetheincomestatement,statementofowner’se
5、quity,andbalancesheetofthebusinessafterrecordingthetransactions.UseExhibit1-8asaguide.SELF-STUDYQUESTIONSTestyourunderstandingofthechapterbymarkingthebestanswerforeachoffollowingquestions:1.Theorganizationthatformulatesgenerallyacceptedaccountingprincip
6、lesisA.AmericaninstituteofCertifiedPublicAccountants(AICPA)B.InternalRevenueServiceC.FinancialAccountingStandardsBoard(FASB)D.InstituteofManagementAccountants(IMA)2.Whichofthefollowingformsofbusinessorganizationisan“artificialperson”andmustobtainlegalap
7、provalfromastatetoconductbusiness?A.LawfirmB.ProprietorshipC.PartnershipD.Corporation3.Youhavepurchasedsomeunclaimedfreightfor$10,000andcansellitimmediatelyfor$15,000.Whataccountingconceptorprinciplegovernstheamountatwhichtorecordthegoodsyoupurchased?A.
8、EntityconceptB.ReliabilityprincipleC.CostprincipleD.Going-concernconcept1.TheeconomicresourcesofabusinessarecalledA.AssetsB.LiabilitiesC.Owner’sEquityD.Receivables2.Abusinesshasassetsof$140,000andliabilitiesof$60,000.Howmuchisits
