ACC557 Week 2 Homework

Exercise 2-6
a.

1.
2.
3.

Increase the asset Cash, increase the liability Notes Payable.
Increase the asset Equipment, decrease the asset Cash.
Increase the asset Supplies, increase the liability Accounts Payable.

b.

1.

Cash ………………………………………………………………....
Notes Payable .................................................................
Equipment ................................................................................
Cash .................................................................................
Supplies .....................................................................................
Accounts Payable……………………………………….

2.
3.
450

Exercise 2-9
a.

Aug.

1
10
31
Balance

Cash
5,000 Aug. 12
2,700
850
7,550

Aug. 25
Balance

Accounts Receivable
1,600 Aug. 31
750

Aug. 12

Equipment
5,000

1,000

850

Notes Payable
Aug. 12

4,000

Common Stock
Aug.1

5,000

5,000
5,000
2,500
2,500
450

............................................. Equipment ....................................... Accounts Receivable ............. Common Stock...................000 650 3................ (Received cash for services provided) 650 Cash.........................................................000 Cash. (Obtained loan from bank) 3..................... Notes Payable...................... INVESTMENT BROKER Trial Balance August 31............................................ Notes Payable................300 ROBERTA MENDEZ.........300 $13........................................................................................................ 500 5.............700 1........................................................................................................................Service Revenue Aug.. Service Revenue.... Oct........... (Issued shares of stock for cash) 5...000 Cash.................. Common Stock....... $ 7. 1 10 10 20 Cash...............600 4.300 Debit Credit Oct.......................550 750 5..................................... 2014 Debit Credit Cash...................................... Service Revenue....................000 5...............300 Exercise 2-11 $ 4...................... Oct...........................................................................................................................................................000 4.................................. Oct..........10 25 Balance (b) 2.................000 ..............................000 $13..............................

...................................... Notes Payable......... (Billed clients for services provided) 940 940 b.....000 ........................................... Sparks Co....................... Dividends ............................................................................................................................................................. 2014 Debit Credit Cash............... Common Stock.............. Rent Expense ............................................000 $ 3.................. Equipment .000 500 7............. Common Stock . Service Revenue.........................................Accounts Receivable ............................................................................ Trial Balance October 31....................890 Problems P2-2A (a) ....................................... May 1 2 Cash ................ (Issued shares of stock for cash) No entry—not a transaction... $ 8....................... (Received cash in payment of account) Oct....390 500 280 $12.... Salaries and Wages Expense ................................................................................................... Debit Credit 20.........................................................................................................170 1............................. Service Revenue........................................................ 20 500 Accounts Receivable ............................................................................ Accounts Payable ........... Supplies ...890 $12................240 400 2...............................................000 20.......000 300 2..................................................................... Accounts Receivable .......................................

...........500 X 40%) ........................................................................ (Paid office rent) 900 Accounts Receivable ...............500 1.......3 7 11 12 17 31 31 Supplies ................. (Purchased supplies on account) 1...........800 Cash ..................... Cash ...............100 22.....000 19................ Service Revenue ..............500 Rent Expense............................ Cash ................................................................................................................ Unearned Service Revenue ..........000 Accounts Payable ($1......800 3..........200 2..... (Paid creditor on account) 600 1..............................................000 Credit 900 3............................................... (Billed client for services provided) 2...................................200 Salaries and Wages Expense ..................500 Cash ............................................................ Accounts Payable .................600 ....000 600 (b) Cash Date May 1 7 12 Debit 20................ Cash .. Service Revenue ............................................................................500 Balance 20......................... (Received cash for services provided) 1..........500 900 2............ (Received cash for future services) 3.................... (Paid salaries) 2.............

800 4.500 Accounts Payable Date Explanation May 3 31 Debit Credit Balance 1.200 2.000 Credit Balance 2.500 3.000 20.000 600 Unearned Service Revenue Date Debit May 12 Common Stock Date May Debit 1 Service Revenue Date May 11 17 Debit .200 2.500 Balance 1.000 600 23.17 31 31 1.800 1.500 Credit Balance 20.800 Supplies Date May Debit 3 Credit 1.800 2.200 Credit Balance Accounts Receivable Date Debit May 11 2.800 21.500 1500 900 Credit Balance 3.800 21.

.........................000 from the bank by signing a note............................ Supplies .................. Trial Balance May 31........................................... Elvira Industries had the following transactions.................. Chapter 2 homework screenshot Exercise 2-6 Your answer is correct.......................................... $21...000 Credit Balance 2....... INC............ Unearned Service Revenue ...... Rent Expense .........200 2........................................................................ Salaries and Wages Expense .................000 2....800 1. 2014 Debit Credit Cash...... Accounts Receivable ...................................................000 900 $28..000 Rent Expense Date Debit May 7 (c) Credit 900 Balance 900 KARA SHIN............................Salaries and Wages Expense Date Debit May 31 2. 1... Common Stock.......................................... Paid $2.... Borrowed $5..............500 cash for a computer.................................................400 $28..........000 4.........................................500 20....400 ....................................................... Accounts Payable ............................ 2....500 $ 900 3......... Service Revenue...................................

Purchased $450 of supplies on account. Do not indent manually. Account Titles and Explanation 1. . Debit Analysis Credit Analysis 1 . Credit 2500 450 450 Question Attempts: 1 of 3 used .3. Increase the asset Equipment Decrease the asset Cash 3 . (a) Indicate what accounts are increased and decreased by each transaction. Cash Debit 5000 Notes Payable 2.) No. (Credit account titles are automatically indented when amount is entered. Increase the asset Supplies Increase the liability Accounts Pay (b) Journalize each transaction. Equipment Supplies Accounts Pay Click here if you would like to Show Work for this question 5000 2500 Cash 3. Increase the asset Cash Increase the liability Notes Payable 2 .

Date Account Titles and Explanation Aug.000 Notes Payable 4.600 Service Revenue 1.000 (Investment of cash for stock) 10 Cash 2. Debit Credit 5.700 Service Revenue 2.600 (Billed clients for services provided) 31 Cash 850 Accounts Receivable 850 (Receipt of cash on account) (a) Your answer is correct.Exercise 2-9 Selected transactions from the journal of Roberta Mendez.700 (Received cash for services provided) 12 Equipment 5.000 Cash 1.000 Common Stock 5.1 Cash Ref. (Post entries in the order displayed in the problem statement. investment broker. are presented below.) Cash .000 (Purchased office equipment for cash and notes payable) 25 Accounts Receivable 1. Post the transactions to T accounts.

12 4000 Common Stock Aug. 750 Aug. 31 850 Equipment Aug. 4300 Click here if you would like to Show Work for this question Attempts: 1 of 3 used (b) Your answer is correct.Aug. 7550 Aug. . 1 5000 Service Revenue Aug. 10 2700 Aug. 25 1600 Bal. 25 1600 Bal. 31 850 Bal. 12 5000 Notes Payable Aug. 12 1000 Accounts Receivable Aug. 10 2700 Aug. 1 5000 Aug.

ROBERTA MENDEZ. . 2014 Debit Cash $ 7550 Accounts Rec 750 Equipment 5000 Credit $ Notes Payable 4000 Common Stock 5000 Service Reven 4300 $ 13300 $ 13300 Click here if you would like to Show Work for this question Attempts: 1 of 3 used Exercise 2-11 Presented below is the ledger for Sparks Co. INVESTMENT BROKER Trial Balance August 31. 2014.Prepare a trial balance at August 31.

000 Accounts Payable No.000 Common Stock No. 400 10/6 800 10/10 650 10/20 940 Salaries and Wages Expense No.500 10/10 3.000 Balance Notes Payable No. 157 10/3 2.000 10/4 400 10/10 650 10/12 1. 200 10/10 3.500 10/3 2. 101 10/1 5.000 10/15 280 10/20 500 10/30 300 10/25 2.000 Dividends No.000 10/31 500 Accounts Receivable No.000 10/25 2. 726 10/31 500 . 201 10/12 1. 332 10/30 300 Service Revenue No.Cash No. 112 10/6 800 10/20 10/20 940 500 Supplies No. 126 10/4 400 Equipment No. 311 10/1 5.

20 Cash 500 Accounts Rec 500 (Received cash in payment of account) Oct. 10. 729 10/15 280 (a) Your answer is correct. 10 Cash 650 Service Reven 650 (Received cash for services provided) Oct. and 20 and provide explanations for each. 20 Accounts Rec Service Reven (Billed clients for services provided) 940 940 Click here if you would like to Show Work for this question . 10 Cash 3000 Notes Payable 3000 (Obtained loan from bank) Oct.Rent Expense No. Do not indent manually. 1 Account Titles and Explanation Cash Debit Credit 5000 Common Stock 5000 (Issued shares of stock for cash) Oct. Credit account titles are automatically indented when amount is entered. Reproduce the journal entries for the transactions that occurred on October 1. (Record entries in the order displayed in the T-Accounts.) Date Oct.

and prepare a trial balance at October 31. Trial Balance October 31.Attempts: 1 of 3 used (b) Your answer is correct. SPARKS CO. 2014. 2014 Debit Cash $ 8170 Accounts Rec 1240 Supplies 400 Equipment 2000 Credit $ Notes Payable 3000 Accounts Pay 500 Common Stock 7000 Dividends 300 Service Reven 2390 Salaries and W 500 Rent Expense 280 $ 12890 $ 12890 Click here if you would like to Show Work for this question . Determine the October 31 balance for each of the accounts above.

11 Completed a tax assignment and billed client $2. 400 Service Revenue.000 per month. 31 Paid secretary-receptionist $2. 729 Rent Expense. 201 Accounts Payable. Kara Shin. and No. 31 Paid 40% of balance due Hartig Supply Company. No. 101 Cash. 126 Supplies.200 for services completed for Lucille Co.. 726 Salaries and Wages Expense. 209 Unearned Service Revenue. No. No. 2 Hired a secretary-receptionist at a salary of $2. 112 Accounts Receivable. . May 1 Stockholders invested $20. No. Kara uses the following chart of accounts: No.500 advance on a management consulting engagement.800 for services provided.000 cash in exchange for common stock. No. 311 Common Stock. 17 Received cash of $1. Inc. 12 Received $3.500 of supplies on account from Hartig Supply Company. No. During the first month of operations of her business. 7 Paid office rent of $900 cash for the month. 3 Purchased $1. the following events and transactions occurred.Attempts: 1 of 3 used Problem 2-2A Kara Shin is a licensed CPA.000 salary for the month. No.

(a) Your answer is correct. If no entry is required. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Journalize the transactions.) Date May 1 Account Titles and Explanation Cash 20000 Common Stock May 2 No Entry 20000 0 No Entry May 3 Supplies 0 1500 Accounts Pay May 7 Rent Expense 1500 900 Cash May 11 Accounts Rec 900 2800 Service Reven May 12 Cash 2800 3500 Unearned Ser May 17 Cash 3500 1200 Service Reven May 31 Salaries and W 1200 2000 Cash May 31 Accounts Pay Cash Credit Debit 2000 600 600 Click here if you would like to Show Work for this question . select "No entry" for the account titles and enter 0 for the amounts. Do not indent manually.

) May 1 J1 May 7 J1 May 12 J1 3500 22600 May 17 J1 1200 23800 May 31 J1 2000 21800 May 31 J1 600 21200 20000 20000 900 19100 Accounts Receivable Date No. 101 in the order displayed in Part Balance 1.Attempts: 1 of 3 used (b) Your answer is correct. 126 Explanation Ref J1 May 3 Debit Credit 1500 Balance 1500 Accounts Payable Date No. 112 Explanation Ref J1 May 11 Debit Credit 2800 Balance 2800 Supplies Date No. Cash Date Explanation Ref Debit Credit Post to the ledger accounts. 209 Debit Credit Balance . (Post the entries into ledger No. 201 Explanation Ref May 3 J1 May 31 J1 Debit Credit 1500 600 Explanation Ref 1500 900 Unearned Service Revenue Date Balance No.

2014. Prepare a trial balance on May 31. Trial Balance May 31.J1 May 12 3500 3500 Common Stock Date Explanation Ref Debit J1 May 1 Credit 20000 Balance 20000 Service Revenue Date No. 400 Explanation Ref Debit Credit Balance May 11 J1 2800 2800 May 17 J1 1200 4000 Salaries and Wages Expense Date No. KARA SHIN. 311 question No. INC. 729 Explanation Ref J1 May 7 Debit Credit 900 900 Attempts: 3 of 3 used (c) Your answer is correct. 2014 Debit Balance Credit . 726 Explanation Ref J1 May 31 Debit Credit 2000 Balance 2000 Rent Expense Date Click here if you would like to Show Work for this No.

Cash $ 21200 Accounts Rec 2800 Supplies 1500 $ Accounts Pay 900 Unearned Ser 3500 Common Stock 20000 Service Reven 4000 Salaries and W 2000 Rent Expense 900 $ 28400 $ 28400 Click here if you would like to Show Work for this question Attempts: 2 of 3 used .

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