Need help with accounting homework

This is the first time use of this site. Please forgive my ignorance.

Need homework done for this Monday.

Please advise.

Thank you,

John

email address: import.quality.north@gmail.com

Name: _____________________________________

1.
Describe and explain the three major areas of accounting?

2.
What types of people or organizations are interested in financial information about a firm, and why are they interested in this information?

3.
What are the three types of business entities, and how do they differ?

4.
What is the function of the Securities and Exchange Commission, and what is the purpose of the Financial Accounting Standards Board?

5.
John Jones owns Acme Personnel Services. At the beginning of February, his firm’s financial records showed the following assets, liabilities, and owner’s equity:

Cash

$14,500
Accounts Payable
$12,000

Accounts Receivable
$ 9,000
John Jones, Capital
$16,000

Supplies

$ 1,600
Revenue
$ 8,500

Office Furniture
$ 7,500
Expenses
$ 4,250

Set up an equation using the balances given above. Record the effects of the following transactions in the equation. (Use plus, minus, and equals signs.) Record new balances after each transaction has been entered. Prove the equality of the two sides of the final equation in the space provided below.

6.
Sally McMillan is opening a tax preparation service on November 1, which will be called Sally’s Tax Service. Sally plan to open the business by depositing $6,000 cash into a business checking account. The following assets will also be owned by the business: Furniture (fair market value of $2,000), and a computer and printer (fair market value of $4,400). There are no outstanding debts of the business as it is formed.

Prepare a balance sheet for November 1, 2003, for Sally’s Tax Service by entering the correct balances in the appropriate accounts. (You will need to use the accounting equation to compute owner’s equity.) )

7. Indicate whether each of the following accounts normally has a debit balance or a credit balance: (circle the correct answer)

Accounts Payable

Debit
Credit

Fees Income

Debit
Credit

Cash

Debit
Credit

Joan of Ark, Capital

Debit
Credit

Equipment

Debit
Credit

Accounts Receivable

Debit
Credit

Salaries Expense

Debit
Credit

Supplies

Debit
Credit

8.
In each of the following sentences, fill in the blanks with the word debit or credit:

A.
Asset accounts normally have ______________ balances. These accounts increase on the ______________ side and decrease on the __________________ side.

B.
Liability accounts normally have __________________ balances. These accounts increase on the ___________________ side and decrease on the __________________ side.

C.
The owner’s capital account normally has a ___________________ balance. This account increases on the ____________________ side and decreases on the ______________________ side.

D.
Revenue accounts normally have _______________________ balances. These accounts increase on the _____________________ side and decrease on the _________________ side.

E.
Expense accounts normally have _____________________ balances. These accounts increase on the ______________________ side and decrease on the _________________ side.

9.
Betsy Ross decided to start a medical practice. The first five transactions for the business follow. For each transaction, a) determine which two accounts are affected, b) set up T accounts for the affected accounts, and c) enter the debit and credit amounts in the T accounts.

A. Betsy invested $50,000 cash in the business.

B. Paid $13,250 in cash for equipment.

C. Performed services for cash amounting to $8,000.

D. Paid $3,500 in cash for advertising expense.

E. Paid $2,550 in cash for supplies.

10.
Your friend has prepared financial statements for her business. She has asked you to review the statements for accuracy. The trial balance debit column totals $81,000 and the credit column totals $94,000. What steps would you take to find the error?

11.
Describe and illustrate what the accounting equation is?

12.
Describe the effects of each of the following business transactions on assets, liabilities, and owner’s equity.

A. Bought equipment on credit.

B. Paid salaries to employees.

C. Sold services for cash.

D. Paid cash to a creditor.

E. Bought furniture for cash.

F. Sold services on credit.

13.
Define the term “accounting”?

14.
Describe the process used to develop generally accepted accounting principles (GAAP)?

15.
Identify and discuss the career opportunities in accounting?

16.
You plan to open a business with two of your friends. You would like to form a corporation, but your friends prefer the partnership form of business. What are some of the advantages of the corporate form of business?

17.
Define and explain the relationship between assets, liabilities, and owner’s equity?

18.
Why are T accounts important in setting up assets, liabilities, and owner’s equity for a business? Explain your answer.

19.
What are some of the consequences of not recording financial data correctly?

20.
What are the advantages and disadvantages of sole proprietorships, partnerships, and corporations?