Instructions

Part 1 Journal Entries

- Below each transaction on pages 3 & 4, write:

o The correct Journal Entry (please note that you do not need to include the date in your journal entry)

Part 2 T-Accounts

After you have completed the journal entries, fill in the provided T-Accounts based on the previous journal entries.

You can use the chart below to help you: Part 1 Journal Entries

- Below each transaction on pages 3 & 4, write:

o The correct Journal Entry (please note that you do not need to include the date in your journal entry)

Part 2 T-Accounts

After you have completed the journal entries, fill in the provided T-Accounts based on the previous journal entries.

You can use the chart below to help you:

.

Examples

Example Transaction

Stevins. issued shares for $100,000.

How the example would be written

Description Debit Credit

Cash $100,000

Share Capital $100,000

To record issuance of shares

Example Transaction #2

Stevins bought $350 of inventory on account with a supplier

Description Debit Credit

Inventory $350

Accounts Payable $350

To record purchase of inventory

Part 1 Journal Entries

Transaction #1 (1 point)

$4,700 of supplies purchased on account with a supplier in an earlier transaction were found to be defective. They were returned. Indicate the RETURN transaction only.

Description Debit Credit

Transaction #2 (1 point)

Smith Corporation used credit with a supplier to purchase $3,250 of equipment.

Description Debit Credit

Transaction #3 (1 point)

Matthew Corporation used $200 cash and $600 on supplier credit to purchase $800 of supplies.

Description Debit Credit

Transaction #4 (1 point)

Rossie invests $10,000 into her business, Rossies Desserts

Description Debit Credit

Transaction #5 (1 point)

Desserts opens for business on March 31st. Desmina makes $1500 that first day!

Description Debit Credit

Transaction 6 (1 point)

Alexandra Nail Salon paid $1750 for a one-year insurance policy

Description Debit Credit

Part 2 T-Accounts (6 points)

Enter Account Name Here

You can use the chart below to help you: Part 1-Journal Entries \begin{tabular}{|c|c|c|c|c|} \hline Account Type & Debit & & Credit & \\ \hline Asset & Increase & 1 & Decrease & 1 \\ \hline Liability & Decrease & 1 & Increase & 1 \\ \hline Capital & Decrease & 1 & Increase & t \\ \hline Dividends & Increase & & Decrease & i \\ \hline Revenue & Decrease & 1 & Increase & t \\ \hline Expense & Increase & & Decrease & 4 \\ \hline \end{tabular}