complete exercise 3 from the pro tools 101 book

Jan 20 Purchased $2,000 in supplies on account. Jan 18 Performed services for customers and received cash immediately for $8,000.ĥ. Jan 15 Paid January rent of $2,400 for the office space ( hint: since this is for January, record as rent expense)Ĥ. Jan 10 Purchase equipment by paying cash for $25,000.ģ. Jan 5 Borrowed $50,000 from the bank by signing a notes payable.ģ. Jan 1 Issued $100,000 in stock to owners in exchange for cash to start the business.Ģ. Perez Company had the following transactions during January:ġ. Complete missing amounts in fundamental accounting equation for several businesses:Įxercise 4. Compute the totals that would appear in the corporation’s basic accounting equation (Assets = Liabilities + Stockholders’ Equity (Capital Stock)).Įxercise 3.

reports the following assets and liabilities. Applying Basic Accounting Equationĭan and Den, Inc. Compute the totals that would appear in the corporation’s basic accounting equation (Assets = Liabilities + Stockholders’ Equity (Capital Stock)).Įxercise 2. Identify the causes of increases and decreases in stockholders’ equityĮxercise 1.Decrease both an asset and retained earnings.Increase a liability and decrease retained earnings.Decrease both an asset and retained earnings.Increase both an asset and retained earnings.Decrease both a liability and an asset.Increase one asset and decrease another asset.Increase both an asset and a liability.Increase both an asset and capital stock.➢ Of what importance is the periodicity (time periods) concept to the preparation of financial statements? ➢ What effect does the going-concern (continuity) concept have on the amounts at which long-term assets are carried on the balance sheet? ➢ Of what significance is the exchange-price (or cost) concept? How is the cost to acquire an asset determined? At what amount should the equipment be recorded? The vendor stated that the equipment was worth $ 2,400. ➢ A company purchased equipment for $ 2,000 cash. What accounting information would the board need in deciding whether or not to go ahead? At the first meeting you attend, mention is made of building a new church. ➢ You have been elected to the governing board of your church. ➢ Give an example from your personal life that illustrates your use of accounting information in reaching a decision. ➢ What is the accounting equation? Why must it always balance? ➢ What is a transaction? What use does the accountant make of transactions? Why?

➢ Identify the three types of activities shown in a statement of cash flows. ➢ What information does the statement of retained earnings provide? ➢ What is an income statement? On what aspect of a business does this statement provide information? ➢ What is a balance sheet? On what aspect of a business does the balance sheet provide information? ➢ How do accounts payable and notes payable differ? How are they similar? ➢ How do liabilities and stockholders’ equity differ? How are they similar? ➢ Define asset, liability, and stockholders’ equity. In what respects would you agree with this description? How might you argue that this description is deficient? Cook has been a consultant for Avid for over 15 years, supporting the Avid Learning Partner program, and is the president of NextPoint Training, Inc.➢ Accounting has often been called the language of business. He has also authored four Pro Tools courses for /LinkedIn Learning. He has worked in publishing and education for almost 25 years and has authored numerous publications, including seven different titles on Pro Tools. Cook is a musician and longtime Pro Tools user. Making Your First MIDI RecordingĪppendix A: Course Completion InformationĪppendix B: AIR Effects and Instrument Plugins What's in the box?įrank D. Importing and Working with MediaĬhapter 7. Making Your First Audio RecordingĬhapter 6.

Complete exercise 3 from the pro tools 101 book