St. Johns Paul College of Engineering received the following fees from the students. Tuition fees $10,000 Library
Question:
St. Johns Paul College of Engineering received the following fees from the students.
- Tuition fees $10,000
- Library fees $500
- Special fees $1,000
The college paid $2,000 in examination fees to the Chicago University. Prepare the revenue account for the college.
Part 3
John David uses the following accounts in his business.
General Ledger: Cash at Bank, Accounts Receivable, Accounts Payable, Office Equipment, Sales Revenue, John David Capital, John David Withdrawals, Advertising Expenses, Rent Expenses, Salaries Expense and Utilities Expenses.
Identify the two accounts affected by each of the following transactions and indicate whether each account is debited or credited.
January 1: John David invested $50,000 in his business.
January 4: Billed a customer for goods supplied worth $7,000.
January 9: Issued a check for inventory purchased worth $10,000.
January 12: Salaries paid to the staff $5,000.
Part 4
A company had the following economic activity during an accounting period:
- Sales during the period = $50,000
- Expenses incurred:
- As salaries = $ 2,500
- As advertising expenses = $3,000
- Deposited a check from Owner’s Personal Savings Account $5,000.
- Mr. Nicholas removed an office computer for his son, at the cost of $750.
Determine the end balance of the Owner’s Capital Account.
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton