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Q1) Fifteen transactions or events affecting Computer Specialist, inc. are given below:

a. Made a yearend adjusting entry to accrue interest on note payable.
b. Liability classified for several years as long-term become due in next twelve months.
c. Recorded regular biweekly payroll, comprising payroll taxes, amounts withheld from employees, and insurance of paychecks.
d. Earned an amount previously recorded as unearned revenue.
e. Make arraignments to extend bank loan due in 60 days for another eighteen months.
f. Made monthly payment on a fully immortalizing installment note payable. (Suppose this note is classified as current liability).
g. Called bonds payable due in seven years at price above the carrying value of liability in accounting records.
h. Issued bonds payable at 97 on May 1, 2009. Bonds pay interest May 1st and November 1st.
i. Recorded November 1st 2009, interest expense and made semiannual interest payment on bonds referred to in h.
j. Recorded essential adjusting entry on December 31. 2009, for bonds referred to in h.
k. Issued bonds payable at 102 on July 31, 2009. Bonds pay interest July 31st and January 31.
l. Recorded essential adjusting entry on December 31, 2009 for bonds referred to in part K.
m. Recorded estimated liability for warranty claims.
n. Entered into two-year commitment to purchase all hard drives from particular supplier at price 10 percent below market.
o. Received notice that lawsuit has been filed against company for $7 million. Amount of company's liability, if any, cannot be reasonably evaluated at this time.

Instructions:

Point out the effects of each of these transactions upon following elements of company's financial statement. Organize answer in tabular form, using column headings given below. Use following code letters to point out the effects of each transaction on accounting element listed in column headings: I for increase, D for decrease and NE for no effect.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920647

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