Instructions Instructions Assets Q1 Journal Entries 1) Answer the questions in each tab, Q1-Q3 2) For...

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Instructions Instructions Assets Q1 Journal Entries 1) Answer the questions in each tab, Q1-Q3 2) For the questions in Q1, first conduct a transaction analysis and indicate the dollar effects of the transaction on the accounting identity in the appropriate debit or credit column. Then prepare the journal entry, selecting the appropriate accounts from the dropdown menu. For example: Takes out a note from the bank in exchange for $10,000 in cash Describe the effects of this transaction on the accounting equation in terms of debits and credits Equity 10,000 Liabilities Prepare the appropriate journal entry for this transaction Account Name Cash Debit 10,000 10,000 Credit Q2 T-Accounts + 10,000 Notes Payable 3) In Q2, post the journal entries from Q1 to their appropriate T-Accounts and calculate the ending balances for each T-Account 4) In Q3, input the ending balances from Q2 into the appropriate cells to prepare an unadjsted trial balance. Q3 Work Instructions Instructions Assets Q1 Journal Entries 1) Answer the questions in each tab, Q1-Q3 2) For the questions in Q1, first conduct a transaction analysis and indicate the dollar effects of the transaction on the accounting identity in the appropriate debit or credit column. Then prepare the journal entry, selecting the appropriate accounts from the dropdown menu. For example: Takes out a note from the bank in exchange for $10,000 in cash Describe the effects of this transaction on the accounting equation in terms of debits and credits Equity 10,000 Liabilities Prepare the appropriate journal entry for this transaction Account Name Cash Debit 10,000 10,000 Credit Q2 T-Accounts + 10,000 Notes Payable 3) In Q2, post the journal entries from Q1 to their appropriate T-Accounts and calculate the ending balances for each T-Account 4) In Q3, input the ending balances from Q2 into the appropriate cells to prepare an unadjsted trial balance. Q3 Work Instructions Instructions Assets Q1 Journal Entries 1) Answer the questions in each tab, Q1-Q3 2) For the questions in Q1, first conduct a transaction analysis and indicate the dollar effects of the transaction on the accounting identity in the appropriate debit or credit column. Then prepare the journal entry, selecting the appropriate accounts from the dropdown menu. For example: Takes out a note from the bank in exchange for $10,000 in cash Describe the effects of this transaction on the accounting equation in terms of debits and credits Equity 10,000 Liabilities Prepare the appropriate journal entry for this transaction Account Name Cash Debit 10,000 10,000 Credit Q2 T-Accounts + 10,000 Notes Payable 3) In Q2, post the journal entries from Q1 to their appropriate T-Accounts and calculate the ending balances for each T-Account 4) In Q3, input the ending balances from Q2 into the appropriate cells to prepare an unadjsted trial balance. Q3 Work

Answer rating: 100% (QA)

ANSWER Q1 Journal Entries Sold merchandise for cash 5000 Transaction Analysis Assets Cash increa... View the full answer