No.Account Titles and ExplanationDebitCreditSHOW LIST OF ACC.pdf

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No. Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT PRINGLE CORPORATION Partial Balance Sheet December 31, 2014Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1)Issuance of preferred stock for cash.(2)Issuance of common stock for cash.(3)Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit1. 2. 3. SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Solution 1)Journal entry Partial Balance sheet:DateAccount titleDebitcredit1CashPreferred stock[Being preferred stock issued recorded]2cashcommon stock[being common stock issued recorded]3common Treasury stockcash[being common stock repurchased].

Education

3.
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Solution
1)Journal entry
Partial Balance sheet:DateAccount titleDebitcredit1CashPreferred stock[Being preferred stock
issued recorded]2cashcommon stock[being common stock issued recorded]3common Treasury
stockcash[being common stock repurchased]

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The stockholders' equity accounts of Sheffield Corporation on January 1, 2022, were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders ' equity. Feb. 1 Issued 24,000 shares of common stock for $117 , 000 . Apr. 14 Sold 6,000 shares of treasury stock-common for $33 , 700 . Sept. 3 Issued 5,100 shares of common stock for a pathit valued at $35 , 000 . Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5 , 700 . Dec. 31 Determined that net income for the year was $420 , 000 , No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Postentries in the order of joumal entries presented in the previous part.) Preferred Stock Retained Earnings eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) SHEFFIELD CORPORATION Balance Sheet (Partial) December 31,2022 Stockholders' Equity Paid-in Capital Capital Stock: Preferred Stock Common Stock Total Capital Stock Additional Paid in Capital Paid in Capital in Evcess of Par-Preferred Stock Paid in Capital in Excess of Stated Value Common Stock Paid-in Caphtal from Treasury Stock Total Additional Paidfin Capitat Total Paid-in Capital Retained Earnines Total Paid-in Capital and Retahed Cornizgs ? Treasary stock Total Stockholders' Equity.

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Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. It is usually prepared at the end of an accounting period to assist in the drafting of financial statements. Ledger balances are segregated into debit balances and credit balances. Asset and expense accounts appear on the debit side of the trial balance whereas liabilities, capital and income accounts appear on the credit side. If all accounting entries are recorded correctly and all the ledger balances are accurately extracted, the total of all debit balances appearing in the trial balance must equal to the sum of all credit balances. Purpose of a Trial Balance Trial Balance acts as the first step in the preparation of financial statements. It is a working paper that accountants use as a basis while preparing financial statements. Trial balance ensures that for every debit entry recorded, a corresponding credit entry has been recorded in the books in accordance with the double entry concept of accounting. If the totals of the trial balance do not agree, the differences may be investigated and resolved before financial statements are prepared. Rectifying basic accounting errors can be a much lengthy task after the financial statements have been prepared because of the changes that would be required to correct the financial statements. Trial balance ensures that the account balances are accurately extracted from accounting ledgers. Trail balance assists in the identification and rectification of errors. Limitations of a trial balance Trial Balance only confirms that the total of all debit balances match the total of all credit balances. Trial balance totals may agree in spite of errors. An example would be an incorrect debit entry being offset by an equal credit entry. Likewise, a trial balance gives no proof that certain transactions have not been recorded at all because in such case, both debit and credit sides of a transaction would be omitted causing the trial balance totals to still agree. Trial Balance Format The initial trial balance report contains the following columns: Account number Account name Ending debit balance (if any) Ending credit balance (if any)

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2 The Balance Sheet Learning Objectives After reading this chapter, you should be able to: 1. Describe the elements of a balance sheet. 2. Describe the different types of accounts contained in the balance sheet among assets, liabilities, and shareholders’ equity. 3. Explore the different methods of accounting for inventory (LIFO and FIFO) and the effects on the value of the inventory. 4. Explain how to create a common-sized balance sheet. © Yong Hian Lim/iStock/Thinkstock eps81356_02_c02_045-096.indd 45 3/25/14 3:11 PM Introduction Pre-Test 1. What is the purpose of a balance sheet? a. to show that the books are in balance b. to give a snapshot of a company’s financial position on a given date c. to show what the company owns d. to show what the company owes 2. Which is the basic formula for a balance sheet? a. Assets minus Liabilities equal Equity b. Assets equal Liabilities plus Equity c. Net Assets equal Net Profit d. none of the above 3. What is the bottom line of the balance sheet shown in account format? a. Total Assets b. Total Liabilities and Equity c. Total Liabilities d. both A and B 4. What are inventory valuation methods? a. LIFO and FIDO b. LIFO and FIFO c. Average Cost d. both B and C 5. What is a tool used to compare balance sheets among various companies, large and small? a. average balance sheets b. common-sized balance sheets c. industry balance sheets d. no tool available Answers can be found at the end of the chapter. Introduction In Chapter 1, we introduced the members of Best General Company’s budget committee. In this chapter, the budget committee begins its analysis of the company’s results by tak- ing a closer look at the balance sheet. To introduce the balance sheet, we have created a basic one for Best General Company (shown in Figure 2.1). It uses numbers that are much simpler than the ones that show up on the balance sheets of major corporations. Later in the chapter we will explore the complex balance sheets of two real-world corporations: IBM and 3M. eps81356_02_c02_045-096.indd 46 3/25/14 3:11 PM Introduction Figure 2.1: Sample balance sheet for Best General Company The balance sheet provides a quick snapshot into the overall financial health of an organization as of a particular date. Best General Company Balance Sheet At December 31, 2013 and 2012 2013 2012 Current Assets: Cash Accounts Receivable Inventories Other Current Assets Total Current Assets Long-Term Assets: Property, Plant, & Equipment Less: Accumulated Depreciation Other Non-Current Assets Total Assets Current Liabilities: Accounts Payable Short-Term Debt Other Current Liabilities Total Current Liabilities Long-Term Liabilities: Long-Term Debt Other Non-Current Liabilities Total Liabilities Common Stock Retained Earnings Total Shareholders’ Equity Total Liabilities and Shareho.

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