Assignments I

1. Vocabulary

Accounts Titles / Thai Meaning
Accounting
Receivable
Payable
Accounting Equation
Accounting Chart
Accounting System
Accounting Cycle
Account Titles
Account Name
Business Transaction
Trade Transaction
Assets
Liabilities
Capital
Drawing
Service Firm
Merchandising Firm
Manufacturing Firm
Revenue
Expense

2. Vocabulary

AccountsName / Thai meaning
Cash
Accounts receivable
Supplies on hand
Unexpired insurance
Factory Building
Office Building
Accumulated depreciation-building
Equipment
Accumulated depreciation-Equipment
Copyright
Goodwill
Patent
Accounts payable
Brown, Capital
Brown, Drawing
Commissions revenue
Payroll expense
Depreciation building expense
Depreciation equipment expense
Utilities expense
Gasoline expense

3.Vocabulary

Accounts Name / Thai meaning
Pretty Cash
Notereceivable
Supplies Inventory
Unexpired Rent
Land
Building
Accumulated depreciation-building
Equipment
Accumulated depreciation-Equipment
Machinery
Vehicle
Property Investment
Note payable
Martin, Capital
Martin, Drawing
Service revenue
Interest revenue
Wage expense
Salary expense
Depreciation expense
Utilities expense
Telephone expense
Rent revenue
Rent expense
Interest expense
Advertising expense
Insurance expense
Supplies in use

4. Matching

Referring to the terms listed in the left column, place the appropriate letter next to the corresponding description.

1 / An organization owned by stockholders and managed by officers who generally are people other than the owners
2 / This type of business acquires goods and sells them in the same form to customers.
3 / Creditor’s equity or claims on assets.
4 / Ability to generate earnings.
5 / Land, buildings, cash, and other resources owned by the business
6 / This type of business acquires materials and converts them into products to sell to other companies or final customers.
7 / Exchanges of goods and services which are objective and which occur at an agreed-upon price.
8 / An organization owned by one individual who is solely responsible for all debts of the business.
9 / The resulting figure when expenses exceed revenues.
10 / Cash the owner takes out of the business for his/her personal use in lieu of a salary.
11 / Ability to pay debts as they become due.
12 / Owner’s Equity = Assets - Liabilities is on form of this.
A / Single proprietorship / I / Manufacturing Company
B / Liabilities / J / Solvency
C / Accounting equation / K / Service Companies
D / Transactions / L / Profitability
E / Merchandising Company / M / Net loss
F / Assets / N / Salary expense
G / Owner’s equity / O / Net income
H / Corporation / P / Withdrawals

5. Show the effects of the previous transactions on the accounting equation using the following format.

Trade Transactions / Assets / = / Liabilities / + / Equity
Cash / Accounts Receivable / Equipment / Land / Accounts Payable / Capital-Martin
1.Martin transferred cash from his family’s checking account to martin Service Company’s account.
2. Purchased land for cash.
3. Performed services for a cash customer.
4. Paid rent for month
5. Purchased equipment on account.
6. Performed services for a charge customer.
7. Paid for equipment purchased earlier on account.
8. Received payment from a charge customer.
9. Sold equipment at cost for cash at no gain or loss.
10. Martin withdrew cash for family medical expenses.
11. Returned defective equipment (Purchased earlier for cash).
Trade Transactions / Assets / = / Liabilities / + / Equity
Cash / Accounts Receivable / Equipment / Land / Accounts Payable / Capital-Martin
12. Made cash payment for monthly wages.
13. Paid utilities for the period.
14. Martin withdrew cash in exact amount he would have earned elsewhere as a salaried employee.

ข้อ6จงวิเคราะห์รายการค้าต่อไปนี้และบันทึกจำนวนเงินที่เพิ่มหรือลดในช่องบัญชีที่เกี่ยวข้อง

1. นำเงินมาลงทุน 50,000 -

2. จ่ายค่าเช่า 2,500 -

3. ซื้อวัสดุสำนักงาน 500 -

4. กู้เงินธนาคาร 10,000 -

5. ได้รับรายได้ค่าบริการ 8,000 -

6. จ่ายค่าซ่อม 600 -

7. จ่ายค่าแรง 3,000 -

8. ได้รับดอกเบี้ย 1,800 -

9. วัสดุฯใช้หมดไป 900 -

10. ถอนใช้ส่วนตัว 2,000 –

รายการค้า / เงินสด / วัสดุสำนักงาน / เจ้าหนี้ / เงินกู้ / ทุน
1.นำเงินมาลงทุน 50,000 - / +50,000 / +50,000
2.
3.
4.
5.
6.
7.
8.
9.
10.
จำนวนรวม

7. Laura Geller started a consulting firm, Geller Consulting, on May 1, 2011. The following transactions

occurred during the month of May.

May 1 Geller invested $8,000 cash in the business in exchange for shares.

2 Paid $800 for office rent for the month.

3 Purchased $500 of supplies on account.

5 Paid $50 to advertise in County News.

9 Received $3,000 cash for services provided.

12 Declared and paid a $700 cash dividend.

15 Performed $5,300 of services on account.

17 Paid $3,000 for employee salaries.

20 Paid for the supplies purchased on account on May 3.

23 Received a cash payment of $3,000 cash for services provided on account on May 15.

26 Borrowed $5,000 from the bank on a note payable

29 Purchased office equipment for $2,800 on account.

30 Paid $150 for utilities.

Instruction

Show the effects of the previous transactions on the accounting equation using the following format.

GELLER CONSULTING
Date / Assets / Liabilities / Equity
Cash / Account Receivable / Supplies / Office
Equipment / Note Payable / Account
Payable / Share
Capital / Retained Earning
Revenue / Expense / Dividend
1
2
3
5
9
12
15
17
20
23
26
29
30
Total

8.

Janet Company

Summary of Transactions

Month of July 2017

Date
2017 / Explanation / Assets / Liabilities / Owner’s Equity
Cash / Accounts
Receivable / Cleaning
Equipment / Accounts
Payable / Janet Capital
June30 / Beginning Balance / 100,000 / 20,000 / 200,000 / 30,000 / 190,000
July 1 / Additional owner investment 5,000.-
balance
5 / Paid rent 3,000.-
balance
8 / Additional purchased Cleaning Equipment on accounts 20,000.-
balance
10 / Owner withdrawal 1,000.-
balance
15 / Collected on account receivable 3,000
balance
16 / Paid wages 2,000.-
balance
18 / Services renders 5,000.-
balance
19 / Paid for Advertising 1,000.-
balance
24 / Paid for gas and oil 500.-
balance
31 / Paid wages 2,000.-
End of month balance

9.

Jamart Company

Summary of Transactions

Month of June 2017

Trans-action / Explanation / Assets / Liabilities / Owner’s Equity
Cash / Accounts
Receivable / Office
Equipment / Accounts
Payable / Jamart Capital
Beginning Balance / -0- / -0- / -0- / -0- / -0-
1 / Owner invested cash 200,000.-
balance
2 / Purchased office equipment on account 100,000.-
balance
3 / Earned service revenue on account 18,000.-
balance
4 / Collected cash on account 10,000
balance
5 / Paid for wages 2,000.-
balance
6 / Paid for rents 1,000.-
balance
7 / Received bill for advertising 1,500.-
balance
8 / Paid account payable 50,000.-
balance
9 / Paid for Utilities 1,000.-
End of month balance