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Chapter 1: Q1QS (page 29)

Choose from the following term or phrase a through h to best complete statements 1 through 3.
a. Accounting c. Recording e. Governmental g. Language of business b. Identifying d. Communicating f. Technology h. Recordkeeping (bookkeeping)
1. reduces the time, effort, and cost of recordkeeping while improving clerical accuracy.
2. requires that we input, measure, and log transactions and events.
3. is the recording of transactions and events, either manually or electronically.

Short Answer

Expert verified

Bookkeeping is known as the process of recording and organizing the transactions and the matching is shown in step 2.

Step by step solution

01

Definition of bookkeeping

Bookkeeping is defined as the process of recording and organizing all the business’ transactions which have occurred during the period of time.

02

Matching of the statement of terms or phrases

Statement	Terms or phrases
1.	F. Technology
2.	C. Recording
3.	H. Recordkeeping (bookkeeping)

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Most popular questions from this chapter

Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations.

May 1 G. Gram invested \(40,000 cash in the company in exchange for its common stock.

1 The company rented a furnished office and paid \)2,200 cash for May’s rent.

3 The company purchased \(1,890 of office equipment on credit.

5 The company paid \)750 cash for this month’s cleaning services.

8 The company provided consulting services for a client and immediately collected \(5,400 cash.

12 The company provided \)2,500 of consulting services for a client on credit.

15 The company paid \(750 cash for an assistant’s salary for the first half of this month.

20 The company received \)2,500 cash payment for the services provided on May 12.

22 The company provided \(3,200 of consulting services on credit.

25 The company received \)3,200 cash payment for the services provided on May 22.

26 The company paid \(1,890 cash for the office equipment purchased on May 3.

27 The company purchased \)80 of advertising in this month’s (May) local paper on credit; cash payment is due June 1.

28 The company paid \(750 cash for an assistant’s salary for the second half of this month.

30 The company paid \)300 cash for this month’s telephone bill.

30 The company paid \(280 cash for this month’s utilities.

31 The company paid \)1,400 cash in dividends to the owner (sole shareholder).

Required 2. Prepare the income statement and the statement of retained earnings for the month of May, and the balance sheet as of May 31

Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations.

May 1 G. Gram invested \(40,000 cash in the company in exchange for its common stock.

1 The company rented a furnished office and paid \)2,200 cash for May’s rent.

3 The company purchased \(1,890 of office equipment on credit.

5 The company paid \)750 cash for this month’s cleaning services.

8 The company provided consulting services for a client and immediately collected \(5,400 cash.

12 The company provided \)2,500 of consulting services for a client on credit.

15 The company paid \(750 cash for an assistant’s salary for the first half of this month.

20 The company received \)2,500 cash payment for the services provided on May 12.

22 The company provided \(3,200 of consulting services on credit.

25 The company received \)3,200 cash payment for the services provided on May 22.

26 The company paid \(1,890 cash for the office equipment purchased on May 3.

27 The company purchased \)80 of advertising in this month’s (May) local paper on credit; cash payment is due June 1.

28 The company paid \(750 cash for an assistant’s salary for the second half of this month.

30 The company paid \)300 cash for this month’s telephone bill.

30 The company paid \(280 cash for this month’s utilities.

31 The company paid \)1,400 cash in dividends to the owner (sole shareholder).

Required 3. Prepare the statement of cash flows for the month of May

Identify the four basic financial statements of a business.

Define (a) assets, (b) liabilities, (c) equity, and (d) net assets.

Ski-Doo Company manufactures, markets, and sells snowmobiles and snowmobile equipment and accessories. The average total assets for Ski-Doo is \(3,000,000. In its most recent year, Ski-Doo reported net income of \)201,000 on revenues of $1,400,000.

Required 4. What is the average total amount of liabilities plus equity for Ski-Doo Company?

See all solutions

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