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9 0 1 2 23 24 25 26 27 28 29 30 31 32 33 1. Identify the type of accounts (i.e., asset, liability, or equity), and its normal balance 'A' for asset, 'L' for liability, or 'E' for equity 'D' for debit, or 'C' for credit Account Cash 1. Accounts Payable 2. Accounts Receivable 3. Common Stock 4. Room Sales Revenue 5. Rent Expense 6. Rent Revenue 7. Salaries expense 8. Notes Payable 9. Utility Expense 10. Notes Receivable 11. Building 12. Land 13. Equipment 14. Mini Van 15. Interest Payable 16. Tax Payable 17. Tax Expense 18. Service Revenue 19. Furniture 20. Computer Equipment Example Type Asset liabilty cameron asset equity equity equity equity equity liabilty equity Asset Asset Asset Asset Asset liabilty liabilty equity equity Asset Asset Normal Balance Debit week ( B 4 5 6 7 8 9 00 01 02 03 04 05 06 107 108 109 110 112 113 114 6. Posting Post the journal entries in #1 to general ledger for each account. Be careful for 'Cash' and 'Accounts Payable. If the balance is wrong, I point will be deducted for each. Account Name: Cash ( a PLE b. d f g. h. i Leave this column blank Account Name: Room sales revenue Leave this column blank a Question #1 on Hints: When you calculate the final balance of the cash, please make sure whether you have increase or decrease. Because Cash is an Asset, increase of Cash is recorded on Debit, and decrease is recorded on Credit. Account Name: Rent expense Debit Leave this column blank Debit C. Hints: Room sales revenue belongs to the equity, which increases the total equity. Therefore, increase of revenue is recorded on Credit. Sheet1 Credit Debit b. Hints: Rent expense belongs to the equity, but expense decreases the equity. Therefore, increase in expense should be recorded on the debit. Credit Balance Credit Balance Balance 5193 48 49 50 51 52 53 54 55 58 60 70 A B F 5. Enter the transactions into the general journal showing debits and credits a Had room sales and received cash of $40,000 a Cash of $5,000 was paid for rent c. Had room sales and send a bill ($2,000) to customer d: Purchase of cleaning supplies for cash, $1,500 e. Purchase of office equipment on account from Bing's Office Equipment, $2,000 f Received cash ($3,000) by exchanging extra common stock g. Paid cash $2,000 for existing accounts payable to Bing's Office Equipment h. Received cash $1,000 for rent revenue i. Payment of wages with cash, $7,000 1 X fx Journal Entries Number D E Write account names in this column, and don't forget the indent G DR H CR 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 A C Account Name: Accounts receivable Leave this column blank B D Account Name: Cleaning supplies Leave this column blank e. Account Name: Office equipment Leave this column blank Hints: Accounts Receivable is an asset, meaning increase of A/R should be recorded on Debit e. Account Name: Accounts payable Leave this column blank Debit d Hints: Cleaning supplies are asset, meaning increase of cleaning supplies should be recorded on Debit. Account Name: Common stock Debit Leave this column blank Account Name: Rent revenue Debit G Credit Debit Credit Hints: Office equipment is an asset, meaning increase of office equipment should be recorded on Debit. Debit Credit Balance Credit Balance B. Question #2 on Homework #2-1 Hints: Accounts payable is a liability, meaning that increase of accounts payable should be recorded on Credit, and the decrease should be res Credit * Balance Balance Balance f Hints: Common Stock is an equity and an increase in common stock should be recorded on Credit. 4 5 6 7 8 59 50 51 52 53 64 65 66 67 68 69 70 171 172 173 174 175 Account Name: Rent revenue Leave this column blank h. Hints: Rent revenue belongs to equity, which increases the total equity. Therefore, an increase in rent revenue should be recorded on credit. Account Name: Wages expense Leave this column blank Debit Cash Question #3 on Homework #2-2 Debit Accounts receivable 7. Open T-accounts for each account Account name, single line to calculate balance, and double underline for balance I have explained this in class i Hints: Wages expense is an equity account, which decreases the total equity. Make sure you understand that wages expense is NOT a liability. An increase in Wages expertse, therefore, should be recora Credit Rent expense Credit Room sales revenue Balance Balance 95 96 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 8. Prepare Trial Balance considering previous balance Be careful about 'S' sign and double underline. Ready Accounts Cash Accounts Receivable Cleaning Supplies Office Equipment Accounts Payable Common Stock Room Sales Revenue Rent Revenue Wages Expense Rent Expense Total Assets Total Liabilities Total Equity Sheet1 Accessibility: Investigate AAA Trial Balance August 31, 2017 Debits Credits Question #4 on Homework #2-2 Question #5 on Homework #2-2 Hint: Common Stock + Room Sales Revenue + Rent Revenue - Wa And, you can infer Total Equity using the fundamental equation ( 9 0 1 2 23 24 25 26 27 28 29 30 31 32 33 1. Identify the type of accounts (i.e., asset, liability, or equity), and its normal balance 'A' for asset, 'L' for liability, or 'E' for equity 'D' for debit, or 'C' for credit Account Cash 1. Accounts Payable 2. Accounts Receivable 3. Common Stock 4. Room Sales Revenue 5. Rent Expense 6. Rent Revenue 7. Salaries expense 8. Notes Payable 9. Utility Expense 10. Notes Receivable 11. Building 12. Land 13. Equipment 14. Mini Van 15. Interest Payable 16. Tax Payable 17. Tax Expense 18. Service Revenue 19. Furniture 20. Computer Equipment Example Type Asset liabilty cameron asset equity equity equity equity equity liabilty equity Asset Asset Asset Asset Asset liabilty liabilty equity equity Asset Asset Normal Balance Debit week ( B 4 5 6 7 8 9 00 01 02 03 04 05 06 107 108 109 110 112 113 114 6. Posting Post the journal entries in #1 to general ledger for each account. Be careful for 'Cash' and 'Accounts Payable. If the balance is wrong, I point will be deducted for each. Account Name: Cash ( a PLE b. d f g. h. i Leave this column blank Account Name: Room sales revenue Leave this column blank a Question #1 on Hints: When you calculate the final balance of the cash, please make sure whether you have increase or decrease. Because Cash is an Asset, increase of Cash is recorded on Debit, and decrease is recorded on Credit. Account Name: Rent expense Debit Leave this column blank Debit C. Hints: Room sales revenue belongs to the equity, which increases the total equity. Therefore, increase of revenue is recorded on Credit. Sheet1 Credit Debit b. Hints: Rent expense belongs to the equity, but expense decreases the equity. Therefore, increase in expense should be recorded on the debit. Credit Balance Credit Balance Balance 5193 48 49 50 51 52 53 54 55 58 60 70 A B F 5. Enter the transactions into the general journal showing debits and credits a Had room sales and received cash of $40,000 a Cash of $5,000 was paid for rent c. Had room sales and send a bill ($2,000) to customer d: Purchase of cleaning supplies for cash, $1,500 e. Purchase of office equipment on account from Bing's Office Equipment, $2,000 f Received cash ($3,000) by exchanging extra common stock g. Paid cash $2,000 for existing accounts payable to Bing's Office Equipment h. Received cash $1,000 for rent revenue i. Payment of wages with cash, $7,000 1 X fx Journal Entries Number D E Write account names in this column, and don't forget the indent G DR H CR 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 A C Account Name: Accounts receivable Leave this column blank B D Account Name: Cleaning supplies Leave this column blank e. Account Name: Office equipment Leave this column blank Hints: Accounts Receivable is an asset, meaning increase of A/R should be recorded on Debit e. Account Name: Accounts payable Leave this column blank Debit d Hints: Cleaning supplies are asset, meaning increase of cleaning supplies should be recorded on Debit. Account Name: Common stock Debit Leave this column blank Account Name: Rent revenue Debit G Credit Debit Credit Hints: Office equipment is an asset, meaning increase of office equipment should be recorded on Debit. Debit Credit Balance Credit Balance B. Question #2 on Homework #2-1 Hints: Accounts payable is a liability, meaning that increase of accounts payable should be recorded on Credit, and the decrease should be res Credit * Balance Balance Balance f Hints: Common Stock is an equity and an increase in common stock should be recorded on Credit. 4 5 6 7 8 59 50 51 52 53 64 65 66 67 68 69 70 171 172 173 174 175 Account Name: Rent revenue Leave this column blank h. Hints: Rent revenue belongs to equity, which increases the total equity. Therefore, an increase in rent revenue should be recorded on credit. Account Name: Wages expense Leave this column blank Debit Cash Question #3 on Homework #2-2 Debit Accounts receivable 7. Open T-accounts for each account Account name, single line to calculate balance, and double underline for balance I have explained this in class i Hints: Wages expense is an equity account, which decreases the total equity. Make sure you understand that wages expense is NOT a liability. An increase in Wages expertse, therefore, should be recora Credit Rent expense Credit Room sales revenue Balance Balance 95 96 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 8. Prepare Trial Balance considering previous balance Be careful about 'S' sign and double underline. Ready Accounts Cash Accounts Receivable Cleaning Supplies Office Equipment Accounts Payable Common Stock Room Sales Revenue Rent Revenue Wages Expense Rent Expense Total Assets Total Liabilities Total Equity Sheet1 Accessibility: Investigate AAA Trial Balance August 31, 2017 Debits Credits Question #4 on Homework #2-2 Question #5 on Homework #2-2 Hint: Common Stock + Room Sales Revenue + Rent Revenue - Wa And, you can infer Total Equity using the fundamental equation (
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Answer Account Type Normal balance 1 Accounts payable Liability C 2 Accounts receivable Ass... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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