Account | Accounting homework help



Part 1

•Exercise 1-9A on page 40

Exercise 1-9A Components of the accounting equation 

Jones Enterprises was started when it acquired $6,000 cash from creditors and $10,000 from 

owners. The company immediately purchased land that cost $12,000. 


a. Record the events under an accounting equation. 

b. After all events have been recorded, Jones’s obligations to creditors represent what percent of 

total assets? 

c. After all events have been recorded, Jones’s stockholders’ equity represents what percent of 

total assets? 

d. Assume the debt is due. Given that Jones has $10,000 in stockholders’ equity, can the company repay the creditors at this point? Why or why not?

•Exercise 1-10A on page 40

Exercise 1-10A Components of the accounting equation 

Common Retained

Assets 5 Liabilities 1 Stock 1 Earnings

Allen $10,000 5 $7,500 1 $2,000 1 $ 500

White $12,000 5 $3,000 1 $7,200 1 $1,800 


a. Based on this information alone, can you determine whether White can pay a $2,000 cash 

dividend? Why or why not? 

b. Reconstruct the accounting equation for each company using percentages on the right side 

of the equation instead of dollar values. Which company is more financially stable? Why? 

c. Assume Allen incurs a $3,500 operating loss. The remaining assets are sold for the value 

shown on the books, and the cash proceeds are distributed to the creditors and investors. 

How much money will be paid to creditors and how much will be paid to investors? 

d. Assume White incurs a $3,500 operating loss. The remaining assets are sold for the value 

shown on the books, and the cash proceeds are distributed to the creditors and investors. 

How much money will be paid to creditors and how much will be paid to investors?

•Exercise 1-4A on page 38

Exercise 1-4A Missing information in the accounting equation 


Calculate the missing amounts in the following table. 

Stockholders’ Equity 

Company Retained 

Company Assets 5 Liabilities 1 Stock 1 Earnings 

A $ ? $25,000 48,000 $50,000 

B 40,000 ? 7,000 30,000 

C 75,000 15,000 ? 42,000 

D 125,000 45,000 60,000 ?

•Exercise 1-7A on page 39

Exercise 1-7A Missing information and recording events 

As of December 31, 2016, Moss Company had total cash of $195,000, notes payable of $90,500, 

and common stock of $84,500. During 2017, Moss earned $42,000 of cash revenue, paid $24,000 for cash expenses, and paid a $3,000 cash dividend to the stockholders. 


a. Determine the amount of retained earnings as of December 31, 2016. 

b. Create an accounting equation and record the beginning account balances under the appropriate elements. 

c. Record the revenue, expense, and dividend events under the appropriate elements of the accounting equation created in Requirement b . 

d. Prove the equality of the accounting equation as of December 31, 2017. 

e. Identify the beginning and ending balances in the Cash and Common Stock accounts. Explain why the beginning and ending balances in the Cash account are different but the beginning and ending balances in the Common Stock account remain the same.

•Exercise 1-6A on page 39

Exercise 1-6A Effect of transactions on general ledger accounts 

At the beginning of 2016, Better Corp.’s accounting records had the following general ledger accounts and balances.


Accounting Equation 

Acct. Titles 

Event Assets 5 Liabilities 1 Stockholders’ Equity for RE 

Notes Common Retained 

Cash Land Payable Stock Earnings 


1/1/2016 10,000 20,000 12,000 7,000 11,000

Better Corp. completed the following transactions during 2016: 

1. Purchased land for $5,000 cash. 

2. Acquired $25,000 cash from the issue of common stock. 

3. Received $75,000 cash for providing services to customers. 

4. Paid cash operating expenses of $42,000. 

5. Borrowed $10,000 cash from the bank. 

6. Paid a $5,000 cash dividend to the stockholders. 

7. Determined that the market value of the land purchased in event 1 is $35,000. 


a. Record the transactions in the appropriate general ledger accounts. Record the amounts of 

revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate 

titles for these accounts in the last column of the table. 

b. As of December 31, 2016, determine the total amount of assets, liabilities, and stockholders’ 

equity and present this information in the form of an accounting equation. 

c. What is the amount of total assets, liabilities, and stockholders’ equity as of January 1, 2017?

•Exercise 1-8A on page 39

Exercise 1-8A Account titles and the accounting equation 

The following account titles were drawn from the general ledger of Holt Food Supplies, Incorporated (HFSI): Computers, Operating Expenses, Rent Revenue, Building, Cash, Notes Payable, Land, Utilities Payable, Utilities Expense, Trucks, Gasoline Expense, Retained Earnings, Supplies, Accounts Payable, Office Furniture, Salaries Expense, Common Stock, Service Revenue, Interest Expense, Dividends, Supplies Expense.


a. Create an accounting equation using the elements assets, liabilities, and stockholders’ equity. 

List each account title under the element of the accounting equation to which it belongs. 

b. Will all businesses have the same number of accounts? Explain your answer.

Part 2

•Question 1: What is the accounting equation? Why is this important to the practice of accounting? Please provide an example of how the accounting equation works with recording transactions within a business.

•Question 2: Is there a difference between bookkeeping and accounting? Discuss.

•Question 3: Accounting reports past performance. How can this be useful when planning future operations?

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Australia Assessments
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Business and administrative studies
Customer 460073, July 9th, 2022
Job well done!!!
Customer 453939, February 24th, 2020
English 101
i received the paper early
Customer 461063, November 1st, 2022
Entertainment & Gaming
Great work.
Customer 452441, April 29th, 2022
Always check word count when proofreading.
Customer 452441, April 6th, 2022
good job
Customer 456821, October 20th, 2022
English 101
Thank you!
Customer 454425, June 21st, 2020
Good admission essay.
Customer 462797, April 4th, 2022
Marketing & Advertising
Nice article. I've also learnt alot.
Customer 453915, September 21st, 2022
Properly format papers in the instructed style and always use Grammarly.
Customer 458101, April 10th, 2022
Business and administrative studies
Good work.
Customer 458115, June 9th, 2022
Business and administrative studies
Good analysis and computation,
Customer 463053, July 9th, 2022
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat