Practice/Homework

Complete the following problem sets in Ch. 1 & 3 of Financial Accounting:

  • P1-3A (Page 35 – Worth 5 Points)
    • Retained earnings on June 1 should be zero since this is a new company.
    • Understand the relationships of the financial statements (see page 17 of textbook)
  • P3-5A (Page 147 – Worth 10 Points)
    • Understand the concept of debits and credits
    • Understand the concept of double-entry system
    • Debits and credits must balance
    • Understand the recording process (see page 116 and 117 of textbook)

You must use the provided Excel Answer Sheet to complete this assignment. After completing this assignment, please submit the assignment through the Assignment Manager. Problem sets not submitted on the Excel Answer Sheet provided will not be graded.