Accounts for recording transactions (assessmenttask)

Exercise 1

Use theT accounts to analyze the following transactions and indicatewhere they are affected and where they increase ordecrease:

• A security company bought office supplies for cash for $ 2,000.
• The security company bought a safe on credit for $ 2,500.
• The owner of the security company invested $ 35,000 in cash.
• During the security company's first month of operations, $ 1,000 in salary was paid to security guards.
• A customer paid $ 26,000 in cash for a security service.
• During the first month, $ 400 was paid for electric light service.

Exercise 2

Answer the following premises:

• Explain in your own words the concept ofdebitin accounting.
• Explain in your own words the concept ofcreditin accounting.
• Explain in your own words the difference betweenledgerandaccount.

Exercise 3

Analyze the following transactions into T accounts.Organize them as they should appear in thechart of accountsand indicate the number that corresponds to each account:

February Description

1 $18,000 in cash was invested to start the business.

3 A vehicle was purchased for the business for $19,000 on credit.

3 Office supplies were purchased for $800 in cash.

4 The rent for the business premises for the current month was paid for $2,000.

5 A service was performed to a customer (fee earned)in the amount of $5,000.

10 A computer was purchased for $ 1,500.

15 Employees were paid wages of $ 3,800.

16 A credit customer service was performed for $ 2,500.

18 A payment was made on the vehicle purchased on credit on February 3 for $450.

Exercise 4

Make a table in MS Excel to record the following transactions in the generaljournalusing the rules of the double-entry system:

February Description

2 Heavy equipment was purchased for $45,000.

3 $250 in gasoline was paid for heavy equipment.

4 Excavation work was done for $2,500.

6 Construction materials were purchased for $3,525.

9 Advertisingexpensewas paidfor $750.

11 A withdrawal was made for personal use in the amount of $800.

12 Employees were paid wages of $ 5,800.

Exercise 5

Indicate which is the normal balance of the following accounts:

• Rent paid in advance(Prepaid Rent)
• Accountspayable
• Joe Doe, withdrawal(withdraw)
• Cash(cash)
• Notespayable(notes payable)
• Materiales(supplies)
• Salaryexpense
• Ingreso unearned(unearned revenue)
• Income(revenue)
• Land