Ex. #1- Effects on Accounts (10 points8 / 1 point each)

Instructions- Increases and decreases on various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or credit and (b) whether the normal account balance is a debit or credit.

beads

The Account is registered as Dr. or Cr. Depending on the effect

normal account balance

Rise of D. Demsey,Capital

Rise of D. Demsey, Drawing

Decrease in accounts receivable

Increase in Note Payable

Increase in Accounts Payable

Supply Decrease

Decrease in Salary Expense

Increase in account receivable

cash increase

land decline

Ex.#2- Prepare a Trial Balance (5 points)

Instructions: Using the following list of accounts with their respective balances taken from the Jilson Consultants General Ledger as of June 30, 2021, prepare a trial balance as of June 30, 2021.

Accounts payable

$2,100

Rental costs

$10,500

accounts receivable

$1,450

salary expense

$13,000

Money

$5,375

Fees Earned

$46,600

Judy JilsonCapital

$15,800

supplies

$1,125

Judy Jilson Drawing

$13,500

supplies expenses

$1,400

Equipment

$13,500

Expenditure of public services

$4,400

Miscellaneous expenses

$250

Jilson Consultants

trial balance

June 30, 2008

beads

medical

cr

Total

Ex. #3- Merchandise with an invoice price of $4,000 is purchased on June 2 subject to terms of 2/10, n/30, destination FOB. The transportation costs paid by the seller amounted to $150. What is the cost of the merchandise if paid on June 12, assuming the discount is taken?

Requirements: You must show the calculations for your answer (2 points)

Ex.#4- Based on the following data presented, determine the cost of merchandise sold.

Requirements: You must show the calculations for your answer (3 points)

Data:

Goods Inventory October 1 $ 98,560

Merchandise inventory as of October 31 $102,330

Purchase$433,880

Purchases Returns and Allowances$12,760

Discounts on purchases$9,900

Transportation at $7,120

cost of goods sold

Cost of goods sold

Ex #5- Records the adjustment transactions required as of December 31, 2021.

(10 points / 2 each)

1. Services provided to clients, but not yet billed for $6,000.

2. The balance of the bill of materials as of December 31 is $6,200. Supplies available as of that date total $1,150.

3. Wages earned but not paid $4,600.

4. Depreciation on office equipment is $3,200.

5. Rent due for the year totals $9,300.

Date

account description

dr

chrome