Valix solution manual




















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Unknown January 11, at AM. Unknown January 23, at PM. Unknown January 24, at PM. Unknown February 6, at AM. Unknown December 22, at AM. Unknown February 23, at PM. Unknown April 11, at PM. Unknown June 28, at AM. Do you have answer key in Financial accounting 1 part 1 edition? Email me at yhaniieisforeveralone gmail. Financial Accounting volume 1 , edition solution manual Deaustriadenn gmail.

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Unknown December 16, at AM. Unknown December 26, at AM. Unknown January 3, at PM. Monarch January 29, at AM. Liability recognition principle Immediate recognition principle Problem 1. Monetary unit assumption 6. Substance over form 2. Cost principle 7. Materiality 8. Comparability or consistency 4. Time period 9. Conservatism or prudence 5. Matching principle Adequate disclosure or completeness Problem 1. The cost of the asset should be the amount of cash paid. No income should be recognized when an asset is purchased at an amount less than its market value.

Revenue arises from the act of selling and not from the act of buying. The entry should be reversed because the pending lawsuit is a mere contingency. The contingent loss is simply disclosed.

To be recognized in accordance with conservatism, the contingent loss must be both probable and measurable. The new car should be charged against the president and debited to receivable from officer, because the car is for personal use.

The entry is incorrect because no revenue shall be recognized until a sale has taken place. Purchased goodwill should be recorded as an asset. Under the new standard, goodwill is not amortized anymore but on each balance sheet date it should be assessed for impairment. Accrual 2. Going concern 3. Monetary unit 6. Book Cost depr. B Problem a. Cash , Accounts payable , b. Cash 50, Accounts payable 50, c.

Accounts receivable , Cash , d. Cash on hand , Postdated check , Adjusted cash on hand , 2. Petty cash fund 20, Unreplenished petty cash expenses 2, Postdated employee check 3, Adjusted petty cash 15, 3. Accounts receivable , Cash on hand , Expenses 2, Receivable from employee 3, Petty cash fund 5, Security Bank current account , Accounts payable , 28 Problem 1.

Cash on hand , NSF customer check 40, Postdated customer check 60, Adjusted on hand , 2. Currency and coins 1, Check drawn payable to petty cashier 14, Adjusted petty cash 15, 3. Cash in bank 2,, Undelivered company check , Postdated company check delivered , Adjusted cash in bank 2,, 4.

Cash on hand , NSF customer check 35, Postdated customer check 15, Adjusted cash on hand , 2. Petty cash fund: Currency and coins 5, 3. Philippine Bank current account 5,, Undelivered company check 25, Postdated company check delivered 45, Adjusted balance 5,, 4.

Cash on hand , Petty cash fund 5, Philippine Bank current 5,, Manila Bank current 4,, Asia Bank time deposit 2,, Total cash and cash equivalent 11,, 29 5. Petty cash fund 10, 1. Petty cash fund 10, Cash in bank 10, Cash in bank 10, 2.

Postage 1, 2. Petty cash fund 14, 3. No entry Supplies 2, Petty cash fund 3, 3. No entry 3. Transportation 1, Miscellaneous expense Cash in bank 1, 4. Supplies 1, Accounts payable 3, 5. Postage 1, Petty cash fund 4, Supplies 3, Transportation 1, 5. Petty cash fund 9, Miscellaneous expense Cash in bank 9, Accounts payable 3, Cash in bank 9, 6. Postage 2, Supplies 3, 6. No entry Transportation 4, Petty cash fund 9, 7.

Petty cash fund 10, Postage 2, 7. Cash in bank 30, Note receivable 30, 2. Cash in bank 45, Bank service charge 5, Note receivable 50, 2. Cash in bank , Bank service charge 10, Note receivable , Interest income 30, 2. Bank service charge 5, Cash in bank 5, 36 Problem Balance per book 5,, Add: Note collected by bank 2,, Total 7,, Less: Bank service charge 50, NSF check , , Adjusted book balance 6,, Balance per bank 4,, Deposit in transit 3,, Total 7,, Less: Outstanding checks , Adjusted bank balance 6,, Adjusting entries: 1.

Bank service charge 50, Accounts receivable , Cash in bank , Problem Book balance 1,, Add: Collection of note 2,, Interest on note , Book error on check no. Cash in bank 2,, Note receivable 2,, Interest income , Accounts payable 45, 2. Bank service charge 5, Light and water , Accounts receivable , Cash in bank , Problem a.

Adjusting entries: 1. Cash in bank 60, Note receivable 60, 2. Bank service charge 5, Accounts receivable 25, Cash in bank 30, c. Accounts receivable 50, Bank service charge 5, Accounts payable , Cash in bank , c. Cash in bank 30, Accounts payable 20, Miscellaneous income 10, 2. Bank service charge 5, Accounts receivable 85, Cash in bank 90, 3.



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