The role of an accountant?
Jesmiles92
ACC310Unit1IPTemplateStudentCopy2.xlsx"I Do" Example IP1
| Template | I DO | ||||||||||||||||||||||
| Categories | Assets | = | Liabilities | + | Owner's Equity | Balance Check | |||||||||||||||||
| Accounts | Accounts | Accounts | Notes | IN | OUT | Service | Expense | Total | Total | ||||||||||||||
| Date | Cash | + | Receivable | + | Supplies/Inventory | + | Equipment | = | Payable | + | Payable | + | Capital | - | Drawing | + | Revenue | - | Expenses | Titles | Assets | Liab + Equity | Difference |
| 1-Dec | 3,000 | 15,000 | = | 18,000 | 18,000 | 18,000 | 0 | ||||||||||||||||
| balance | 3,000 | - | - | 15,000 | = | - | - | 18,000 | - | - | 18,000 | 18,000 | 0 | ||||||||||
| 2 | (600) | 600 | = | - | - | 0 | |||||||||||||||||
| balance | 2,400 | - | 600 | 15,000 | = | - | - | 18,000 | - | - | - | 18,000 | 18,000 | 0 | |||||||||
| 3 | (500) | - | = | - | - | - | - | - | (500) | rent | (500) | (500) | 0 | ||||||||||
| balance | 1,900 | - | 600 | 15,000 | = | - | - | 18,000 | - | - | (500) | 17,500 | 17,500 | 0 | |||||||||
| 4 | 1,200 | = | 1,200 | 1,200 | 1,200 | 0 | |||||||||||||||||
| bal | 1,900 | - | 600 | 16,200 | = | 1,200 | - | 18,000 | - | - | (500) | 18,700 | 18,700 | 0 | |||||||||
| 15 | 825 | = | 825 | - | 825 | 825 | 0 | ||||||||||||||||
| bal | 2,725 | - | 600 | 16,200 | = | 1,200 | - | 18,000 | - | 825 | (500) | 19,525 | 19,525 | 0 | |||||||||
| 16 | 100 | = | 100 | - | 100 | 100 | 0 | ||||||||||||||||
| bal | 2,725 | 100 | 600 | 16,200 | = | 1,200 | - | 18,000 | - | 925 | (500) | 19,625 | 19,625 | 0 | |||||||||
| 17 | 100 | (100) | = | - | - | 0 | |||||||||||||||||
| bal | 2,825 | - | 600 | 16,200 | = | 1,200 | - | 18,000 | - | 925 | (500) | 19,625 | 19,625 | 0 | |||||||||
| 18 | (125) | = | (125) | salaries | (125) | (125) | 0 | ||||||||||||||||
| bal | 2,700 | - | 600 | 16,200 | = | 1,200 | - | 18,000 | - | 925 | (625) | 19,500 | 19,500 | 0 | |||||||||
| 31 | 930 | = | - | 930 | - | 930 | 930 | 0 | |||||||||||||||
| bal | 3,630 | - | 600 | 16,200 | = | 1,200 | - | 18,000 | - | 1,855 | (625) | 20,430 | 20,430 | 0 | |||||||||
| 31 | (400) | = | (400) | - | (400) | (400) | 0 | ||||||||||||||||
| bal | 3,230 | - | 600 | 16,200 | = | 800 | - | 18,000 | - | 1,855 | (625) | 20,030 | 20,030 | 0 | |||||||||
| 31 | (900) | = | - | (900) | - | - | (900) | (900) | 0 | ||||||||||||||
| bal | 2,330 | - | 600 | 16,200 | = | 800 | - | 18,000 | (900) | 1,855 | (625) | 19,130 | 19,130 | 0 | |||||||||
| - | = | - | - | - | - | - | |||||||||||||||||
| = | |||||||||||||||||||||||
| Net Income = Revenue minus Expenses | |||||||||||||||||||||||
| a. Dec. 1Worthy invested $3,000 cash and $15,000 of equipment in Expressions. | |||||||||||||||||||||||
| b. Dec. 2Expressions paid $600 cash for supplies for the shop. | Revenue | 1000 | 1000 | ||||||||||||||||||||
| c. Dec. 3Expressions paid $500 cash to rent space in a strip mall for December. | minus | Expense | 100 | 300 | |||||||||||||||||||
| d. Dec. 4Purchased $1,200 of equipment on credit (recorded as accounts payable). | = | Net Income | 900 | 700 | |||||||||||||||||||
| e. Dec. 15Expressions opened for business on December 5. Cash received from haircutting services in the first week and a half of business (ended December 15) was $825. | |||||||||||||||||||||||
| f. Dec. 16Expressions provided $100 of haircutting services on credit. | |||||||||||||||||||||||
| g. Dec. 17Expressions received a $100 check for services previously rendered on credit. | |||||||||||||||||||||||
| h. Dec. 18Expressions paid $125 cash to an assistant for hours worked for the grand opening. | |||||||||||||||||||||||
| i. Dec. 31Cash received from services provided during the second half of December was $930. | |||||||||||||||||||||||
| j. Dec. 31Expressions paid $400 cash toward the accounts payable from December 4. | |||||||||||||||||||||||
| k. Dec. 31Worthy made a $900 cash withdrawal from Expressions for personal use. |
"We Do" Example IP1
| Template | WE DO | ||||||||||||||||||||||
| Assets | = | Liabilities | + | Owner's Equity | Balance Check | ||||||||||||||||||
| Accounts | Accounts | Notes | Service | Expense | Total | Total | |||||||||||||||||
| Date | Cash | + | Receivable | + | Supplies | + | Equipment | = | Payable | + | Payable | + | Capital (IN) | - | Drawing (out) | + | Revenue | - | Expenses | Titles | Assets | Liab + Equity | Difference |
| d | 40,000 | = | 40,000 | 40,000 | 40,000 | 0.00 | |||||||||||||||||
| bal | 40,000 | - | - | - | = | - | - | 40,000 | - | - | 40,000 | 40,000 | 0.00 | ||||||||||
| a | (8,000) | 8,000 | = | - | - | 0.00 | |||||||||||||||||
| bal | 32,000 | - | - | 8,000 | = | - | - | 40,000 | - | - | - | 40,000 | 40,000 | 0.00 | |||||||||
| 3 | 40,000 | - | = | - | 40,000 | - | - | - | 40,000 | 40,000 | 0.00 | ||||||||||||
| bal | 72,000 | - | - | 8,000 | = | - | 40,000 | 40,000 | - | - | - | 80,000 | 80,000 | 0.00 | |||||||||
| 5 | 1,000 | = | 1,000 | 1,000 | 1,000 | 0.00 | |||||||||||||||||
| bal | 72,000 | - | - | 9,000 | = | - | 40,000 | 41,000 | - | - | - | 81,000 | 81,000 | 0.00 | |||||||||
| 9 | (2,000) | 3,000 | = | 1,000 | - | 1,000 | 1,000 | 0.00 | |||||||||||||||
| 70,000 | - | 3,000 | 9,000 | = | 1,000 | 40,000 | 41,000 | - | - | - | 82,000 | 82,000 | 0.00 | ||||||||||
| 12 | 6,000 | = | 6,000 | - | 6,000 | 6,000 | 0.00 | ||||||||||||||||
| bal | 70,000 | 6,000 | 3,000 | 9,000 | = | 1,000 | 40,000 | 41,000 | - | 6,000 | - | 88,000 | 88,000 | 0.00 | |||||||||
| 15 | 8,000 | = | 8,000 | - | 8,000 | 8,000 | 0.00 | ||||||||||||||||
| bal | 70,000 | 6,000 | 3,000 | 17,000 | = | 9,000 | 40,000 | 41,000 | - | 6,000 | - | 96,000 | 96,000 | 0.00 | |||||||||
| 17 | 1,000 | = | - | 1,000 | 1,000 | 1,000 | 0.00 | ||||||||||||||||
| bal | 71,000 | 6,000 | 3,000 | 17,000 | = | 9,000 | 40,000 | 41,000 | - | 7,000 | - | 97,000 | 97,000 | 0.00 | |||||||||
| 20 | 2,000 | 1,000 | = | 3,000 | - | 3,000 | 3,000 | 0.00 | |||||||||||||||
| bal | 73,000 | 7,000 | 3,000 | 17,000 | = | 9,000 | 40,000 | 41,000 | - | 10,000 | - | 100,000 | 100,000 | 0.00 | |||||||||
| 23 | 6000 | = | 6000 | 6,000 | 6,000 | 0.00 | |||||||||||||||||
| bal | 79,000 | 7,000 | 3,000 | 17,000 | = | 9,000 | 40,000 | 41,000 | - | 16,000 | - | 106,000 | 106,000 | 0.00 | |||||||||
| Example 2 | |||||||||||||||||||||||
| d.The owner invested $40,000 cash in the business. | Accounts Payable - We Owe | ||||||||||||||||||||||
| a.The company purchased equipment for $8,000 cash. | Accounts Receivable - Owed TO us | ||||||||||||||||||||||
| b.The company received $40,000 cash from a bank loan. | |||||||||||||||||||||||
| c.The owner invested $1,000 worth of equpment in the business. | |||||||||||||||||||||||
| e.The company purchased supplies worth $3,000 by paying $2,000 cash and putting $1,000 on credit. | |||||||||||||||||||||||
| f.The company billed a customer $6,000 for services provided. | |||||||||||||||||||||||
| g.The company purchased equipment worth $8,000 on credit. | |||||||||||||||||||||||
| h.The company provided services for $1,000 cash. | |||||||||||||||||||||||
| i. The company provided services for $3,000 and received $2,000 cash and but $1,000 on customer account | |||||||||||||||||||||||
| j.The company provided services for $6,000 cash. |
"You Do" IP1 Template
| Template | IP 1 | ||||||||||||||||||||||
| Assets | = | Liabilities | + | Owner's Equity | Balance Check | ||||||||||||||||||
| Accounts | Accounts | Notes | Maye, | Maye, | Service | Expense | Total | Total | |||||||||||||||
| Date | Cash | + | Receivable | + | Supplies | + | Equipment | = | Payable | + | Payable | + | Capital in | - | Drawing out | + | Revenue | - | Expenses | Titles | Assets | Liab + Equity | Difference |
| 1-May | = | - | - | - | 0.00 | 0.00 | 0 | ||||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | 0.00 | 0.00 | 0 | ||||||||||
| 2 | = | 0.00 | 0.00 | 0 | |||||||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 3 | - | = | - | - | - | - | 0.00 | 0.00 | 0 | ||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 5 | = | 0.00 | 0.00 | 0 | |||||||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 9 | = | - | 0.00 | 0.00 | 0 | ||||||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 12 | = | - | - | 0.00 | 0.00 | 0 | |||||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 15 | = | - | 0.00 | 0.00 | 0 | ||||||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 17 | = | 0.00 | 0.00 | 0 | |||||||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 20 | = | - | - | - | 0.00 | 0.00 | 0 | ||||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 23 | = | - | 0.00 | 0.00 | 0 | ||||||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 26 | = | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 29 | = | - | - | - | - | - | 0.00 | 0.00 | 0 | ||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 30 | = | 0.00 | 0.00 | 0 | |||||||||||||||||||
| bal | - | - | - | - | = | - | - | - | - | - | - | 0.00 | 0.00 | 0 | |||||||||
| 1-May | Owner, Suzie Maye, invested $7,000 in her business, Matrix Consulting. | ||||||||||||||||||||||
| 2-May | Company paid monthly rent, $900. | ||||||||||||||||||||||
| 3-May | Company bought supplies on account, $600. | ||||||||||||||||||||||
| 5-May | Company paid monthly advertising, $125. | ||||||||||||||||||||||
| 9-May | Company performed services, $4,000. | ||||||||||||||||||||||
| 12-May | Owner, Suzie Maye, withdrew $1,000 for personal use. | ||||||||||||||||||||||
| 15-May | Company performed services on account for $5,400. | ||||||||||||||||||||||
| 17-May | Company paid monthly salaries, $2,500. | ||||||||||||||||||||||
| 20-May | Company made a payment on account, $600. | ||||||||||||||||||||||
| 23-May | Company received $4,000 from a customer on account. | ||||||||||||||||||||||
| 26-May | Company borrowed $5,000 from local bank. | ||||||||||||||||||||||
| 29-May | Company bought equipment on account for $4,200. | ||||||||||||||||||||||
| 30-May | Company paid monthly utilities, $275. |
