Questions 1 and 2 describe both sides of a transaction, what we did with the money and where the money came from. … 31 Paid a $ 4,000 cash dividend. Trim Lawn’s trial balance at the end of the first 11 months of the year follows: 8 Paid advertising for December, $ 1,500. 6 Performed services for customers who promised to pay later, $ 16,000. 07: Services are … Horizontal analysis involves showing the dollar amount and percentage increase or decrease of the latest year over the preceding year amounts. 5 Paid cash for an advertisement that appeared in the local newspaper, $ 150. Post the journal entries to three-column general ledger accounts. Exercises; Problems; Quizzes; Calculators; Online essay help; A D V E R T I S E M E N T. Accounting cycle. 15 Received and paid a bill for $ 430 for supplies used in operations. Use the information in exercise 2-7 to prepare an August 31 trial balance for Special pics. After the business event is identified and analyzed, it can be recorded. 12 Miscellaneous business expenses were paid, $ 450. Prepare financial statements. THANK YOU! Journal entries use debits and credits to record the changes of the accounting equation in the general journal. 1 The company was organized and issued capital stock for $ 300,000 cash. Pacioli was a Franciscan monk who wrote a book on double-entry accounting in 1494. If you have difficulty answering the following questions, learn more about this topic by reading our Debits and Credits (Explanation) and Additional … For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. 10 Received $ 7,000 for converting a room over a garage into an office for a college professor. Chapter 4 Exercise: Recording transactions with journal entries College Caps, Inc. operates a small retail store in the mall that sells baseball caps. The services are to be performed next month. Explain. i have needed to run through things and revise. All the lessons on this site and much, much more...Available Now On. Its chart of accounts is as follows: Jan. 1 The company received $ 560,000 cash and $ 240,000 of office furniture in exchange for $ 800,000 of capital stock. Journalizing Transactions CENTURY 21 ACCOUNTING ' Thomson/South-Western Objectives: 1.Define accounting terms related to journalizing transactions. A $ 30,000 loan was arranged with a bank. Identify each transaction by number. Describe in detail. •June 1 Purchased store equipment for … 31 Paid utilities bills for July, $ 5,280. 57,500 cash and Rs. All Rights Reserved. 30 Paid dividends of $ 1,500. During March, Kauai engaged in the following transactions: March 2 Received $51,500 cash from customers for rental, 3 Purchased on credit ten new surfboards (which Kauai classifies as … 2.Identify accounting concepts and practices related to journalizing transactions. 29 Paid the equipment repair bill received on the 19th, $ 225. The following accounts appear in the general ledger of ABC Company on 31st December 2018: The question is: A man started business with Rs.50,000. 25 Laundry services were performed for customers who paid immediately, $ 22,000. What are some possible causes of this difference? I found it helpful to me. 31 Paid $ 2,400 salaries to employees for August. The following is a summary of the transactions of the business during the first three months of operations in 2010: Jan. 15 Stockholders invested $ 40,000 in the business. 8 Desks and chairs were purchased for the office on account, $ 28,800. The difference in totals in the trial balance caused Miller to carefully examine the company’s accounting records. December 2, Owner P created a new Entity B and invested $140,000 in cash. Paid the note payable for the trucks purchased, $ 210,000. 1 The petty cash fund is set up with a $ 350 cash balance. Maintain a documentary record of business activities. 1. Apr. (The Dividends account is No. Also, write a description of the effect(s) of each error. 17 A bill for $ 400 was received for utilities for this month. 11 Paid gas and oil expenses for automobile, $ 900. 10 Purchased a new office desk on account, $ 1,050. Enter the account number in the Posting Reference column of the journal as you post each amount. Cash was received for services performed for customers, $ 700. tutorial on perpetual and periodic inventory, Find more free exercises like this on the, tutorial on the journal entry for equity / capital investment. The professor purchased all of the materials for the job. 31 Received an order for services at $ 12,000. Many of our best ideas come from the people who work on the sales floor. 8. Include an explanation for each entry. it has simplified my practice big time. 31 Received the electric and gas bill for August, $ 385, but did not pay it at this time. Yes 2. 1. A Journal amount column not headed with an account title is called a general amount column. Evaluate each item and prepare the journal entries that would be needed for the initial recording and subsequent end-of-20X3 adjusting entry. Determine a balance for each account. © Copyright 2009-2020 Michael Celender. Feb. 25 Received payment of $ 4,400 for remodeling a basement into a recreation room. Assume the date of the trial balance is March 31. Determine a balance for each account. 9 Paid $ 2,200 for supplies received and used in March. T 2.T 3.T 4.T 5.T 6.T 7.F 8.F 9.T 10.T Answers: T-3 4 5 3 7 6 9 1 10 8 2 I. 10 Paid the note payable of $ 15,000, plus interest of $ 150. 17 Cash received for delivery services to date amounted to $ 1,800. ➢ A student remembered that the side toward the window in the classroom was the debit side of an account. You must choose whether the transactions would be recorded in the Cash Payments, Cash Receipts, Purchases or Sales Journal. Problems 2: Prepare general journal entries for the following transactions of a business called Pose for Pics in 2016: Aug. 1: Hashim Khan, the owner, invested Rs. 27 Insurance expense for July was paid, $ 4,500. Recording of Transactions – I Problem B Economy Laundry Company had the following transactions in August: Aug. 1 Issued capital stock for cash, $ 150,000. Record transactions to set up a business in a 5-column journal. Prepare general ledger accounts for all these accounts except Retained Earnings. i'm so appreciative. 4. ➢ Which of the steps in the accounting cycle are performed throughout the accounting period? ➢ What types of accounts appear in the unadjusted trial balance? 13 Cash collections from customers on account, $ 36,000. 30 Costs paid in entertaining customers in December, $ 350. 30 Paid for more December supplies, $ 12,000. 1 Cash of $ 500,000 was received for capital stock issued to the owners. In this exercise you are given a list of transactions and you must determine in which journal the transaction should be recorded. Record in a five-column journal transactions to set up a business. The heading of the memorandum should contain the date, to whom it is written, from whom, and the subject matter. If the difference between the columns is divisible by 9, what types of errors are possible? 320.). Alternate problem 4 The trial balance of California Tennis Center, Inc., at the end of the first 11 months of its fiscal year follows: Dec. 1 Paid building rent for December, $ 4,000. Thank you for your help, but I wonder if you can help me with this question. Prepare journal entries for these transactions. Exercise G Using your answer for the previous exercise, prepare a trial balance. The company paid $1,233 cash for the just completed two-week salary of the receptionist. Exercise G Using your answer for the previous exercise, prepare a trial balance. Capital stock was issued for cash, $ 300,000. His jobs typically involve building parking lots, drives, and foundations. Use the following account numbers: Journalize the transactions given for July in the general journal. How profitable is this new venture? 3. 24 Paid the December utilities bill, $ 180. Prepare the journal entries required to record these transactions in the general journal of the company. 15 Collected cash from customers on account, $ 75,000. So is the case if you are looking for CBSE class 11 Commerce related topic . Define receivables and identify the different ... E7-12 Journalizing various receivable transactions. 31 Paid for repairs to a delivery truck, $ 1,120. Exercise F Using the data in the previous problem, post the entries to T-accounts. For fill-in-the-blank questions press or click on the blank space provided. Use the Cash Short and Over account for any shortage or overage in the fund. T-Accounts, Journal Entry and Trial Balance Question. Thank you very much Very appreciate to Ur hard work God bless u, this is a big huge help. 23 A note was arranged with the bank for $ 80,000. 27 Purchased a copy machine on account, $ 3,600. What motivated Larry to go along with unethical and illegal actions? Problem E Marc Miller prepared the following trial balance from the ledger of the Quick-Fix TV Repair Company. The legal characteristic of a partnership whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the normal scope of the partnership business is … Grab a pen and piece of paper and make sure you time yourself while attempting this exercise. 4 Purchased cleaning equipment for $ 25,000 cash. Use a watch or clock to time yourself while attempting this exercise. 6 Trucks were purchased for $ 56,000 cash. John Amos Invested $20,000 cash to start an appliance repair business. Before you begin: For purposes of testing and exams it's important to make sure you not only answer questions and exercises correctly but also complete them at the right speed. 14 Salaries for first two weeks were paid, $ 12,000. Services were performed for customers on account, rs. The cash was received, and a note promising to return the $ 80,000 on 2010 May 30, was signed. You may omit explanations of the transaction. 20 Received bill for gasoline purchased and used in January, $ 180. Post the journal entries to ledger accounts. Ateneo de Davao University School of Business and Present journal entries to record these transactions. Investigate this site for anything of interest. The services will be performed in April. Journalize and post closing entries. Also, write a description of the effect(s) of each error. The bank increased the company’s checking account by $ 30,000 after management of the company signed a written promise to return the $ 30,000 in 30 days. Mar. 13 Purchased $ 240 of supplies on account for use in December. God bless you. nts a. Brina Valdez invested $20,000 cash in the company in exchange for common stock. Chose the correct journal entry that best reflects this transaction… 15 Purchased trucks for $ 150,000, paying $ 120,000 cash and giving a 60-day note to the dealer for $ 30,000. Identify items considered cash. …We want our people to be themselves and to be bold enough to apply their talents as individuals. Prepare a trial balance as of December 31. Multiple Choice - Theories (Encircle the correct answer) 1. 1. Capital stock was issued for $ 200,000 cash. Alternate problem B The transactions listed below are those of Reliable Computer Repair, Inc., for April: Apr. Alternate problem C Rapid Pick Up & Delivery, Inc., was organized January 1. Also, inquire about the nature of the work and the training programs offered by the firm for new employees. Accounting Cycle Exercises II 6 Problem 1 Problem 1 Robert Dennis formed a corporation to provide concrete construction work. What are Larry’s options now? 2. 30 Paid for gasoline and oil used by the truck in July, $ 576. ➢ What is the purpose of the Dividends account and how is it increased? Exercise F Using the data in the previous problem, post the entries to T-accounts. Problem C Clean-Sweep Janitorial, Inc., a company providing janitorial services, was organized July 1. 4 Purchased computers on account, $ 13,200. Exercise 2 ... For each transaction, make the appropriate journal entry to record the transaction. 3. 2. Accuracy • Information recorded must include DT and CT parts of each transaction. Performed delivery services on account, $ 24,000. The student took an examination in a room where the windows were on the other side of the room and became confused and consistently reversed debits and credits. Simple 15–20 E7-13 Assigning accounts receivable. Vertical analysis involves showing the percentage of total liabilities and stockholder’s equity that each account represents as of the balance sheet dates. Help make business decisions. Incurred supplies expenses on account in the amount of $ 1,920. A new computer was purchased by paying 30 percent cash down and signing a banknote for the remainder. more_vert Exercise 2-49 Journalizing Transactions Kauai Adventures rams and sells surfboards, snorkeling, and scuba equipment. Journalizing Transactions. Prepare a corrected trial balance as of 2010 December 31. 5. July 18 Paid for supplies received and already used, $ 2,880. 12 Performed delivery services for customers who promised to pay $ 27,000 at a later date. The following transactions occurred during June 2004. Exercise E Prepare journal entries to record each of the following transactions for Sanchez Company. Prepare a journal entry on December 29 for the payment of $12,000 to the owner of Smartstaff Consulting Services, Dominique Walsh, for personal use.Follow My Example 2-4. Services were performed for customers on account, $4,200. ➢ Do you think this double entry accounting system makes sense? Do you think The Home Depot management regards its employees more as expenses or assets? Multiple choice questions quiz. For each of the transactions, state which accounts are affected. Give an example of a compound entry in the general journal. I have received greater knowledge on ledgers, may God bless you so much as you continue to help many by sharing and not keeping it to yourself. Apr. Write comments on any important changes between the two years that are evidence of decisions made by management. (If you do not know how to do this, ask your instructor. Exercise 2-12 Analyzing and journalizing expense transactions LO A1, P1 Following are the transactions for Valdez Services. On December 5, Gray Electronic Repair Services paid registration and licensing … 04: Paid Rs. Write Journal Entries for the transactions. 9.1 A drill to practise the timing of the record of a transaction 65 9.2 Exercises on the timing of the accounting record 69 10. Start studying College Accounting, Ch. The company provided services to a client and immediately … eval(ez_write_tag([[300,250],'accounting_basics_for_students_com-banner-1','ezslot_6',362,'0','0'])); Return to Ask a Question About This Lesson!. The primary key to our success is our 39,000 employees who wear those orange aprons you see in our stores. 13 Performed laundry services for $ 6,300 on account for various customers. Annual report analysis C In The Home Depot’s recent Annual Report, the following passages appear: Few great achievements—in business or in any aspect of life—are reached and sustained without the support and involvement of large numbers of people committed to shared values and goals they deem worthy. The following account numbers and titles constitute the chart of accounts for the company: July 1 The company issued $ 600,000 of capital stock for cash. December 11, Entity B purchased 3,000 units of merchandise at $10 per unit in cash. 2. 23 Received $ 17,280 cash as service revenue. b. Prepare a trial balance. 3. 31 Paid $ 2,400 salaries to employees for March. 23 Cash collected from customers on account, $ 2,600. Services were performed for customers on account, $ 40,000. Traditional journal entry format dictates that debited accounts are listed before credited accounts. View Financial Transaction Worksheet Exercises Answers plus Journal entries.pdf from ACCOUNTING Accounting at Ateneo de Davao University. One entire entry that included a $ 10,000 debit to Cash and a $ 10,000 credit to Accounts Receivable was never posted. Problem D The following transactions relate to the petty cash fund of Jarvis Wrecking Company. 15 Paid salaries for first half of January, $ 3,600. Is The Home Depot permitted to list its human resources as assets on its balance sheet? 28 Received a bill for December advertising, $ 1,650. b. Certainly, people can often perceive great risk acting this way. Write the letter of the transaction in the account before the dollar amount. What do you think the real Larry did? Seek information on the advantages and disadvantages of working for a CPA firm. Advertise on Accounting-Basics-for-Students.com. 7. Problem D Trim Lawn, Inc., is a lawn care company. Prepare a trial balance as of April 30. Journal Entry for Owner’s Withdrawal. Journalize the following transactions in general journal form. 3 Borrowed $ 40,000 from the bank on a note. 2 Paid $ 6,000 as the rent for March on a completely furnished building. This page contains the CBSE accountancy class 11 chapter Recording of Transactions – I notes.You can find the questions/answers/solutions for the chapter 3 of CBSE class 11 accountancy in this page. Miscellaneous Expense (Account No. 3. 10 th April : Commenced business with a capital of 1,00,000 : 11 th April : Purchased goods from Veeru for 20,000 : 13 th April : Purchased Goods for Cash 15,000 : 14 th April : Explain your answer. 7 Paid this month’s rent on a building, $ 2,800. The company paid $12,200 cash for payment on a 16-month old liability for office supplies. 5 Paid cash for delivery trucks, $ 180,000. Purchased another truck for cash, $ 48,000. Should Jacobs stay in this business? 320.). Write a memo to your instructor about your search. 31 Sales of delivery services on account amounted to $ 11,400. The trial balance he prepared was as follows: In trying to f ind out why the trial balance did not balance, Baxter discovered the following errors: Equipment was understated (too low) by $ 12,000 because of an error in addition in determining the balance of that account in the ledger. 29 Purchased trucks for $ 73,600 by signing a note. What would you do if you were Larry? All Rights Reserved. The cost of the policy, $ 800, was paid in cash. Example 1: Wrote a check for $100 If you only have the information from Example 1 then you know the answers to Questions 2 and 3 but … Write out the answers to the following questions: Group project E In teams of two or three students, interview in person or by speakerphone a new staff member who has worked for a CPA firm for only one or two years. 3. Exercise A Prepare the journal entry required for each of the following transactions: Exercise B Prepare the journal entry required for each of the following transactions: Exercise C Prepare the journal entry required for each of the following transactions: Exercise D For each of the following unrelated transactions, give the journal entry to record the transaction. 15 $ 28,000 was received for services performed. Record in a five-column journal transactions to buy insurance for cash and supplies on account. 1 3. We encourage our employees to challenge senior management directives if they feel strongly enough about their dissenting opinions…. Prepare a trial balance as of January 31. ➢ Give some examples of source documents. 28 Billed customers for services rendered, $ 79,500. One debit of $ 2,400 to the Dividends account was posted as a credit to that account. Yes … 9. Hired an employee to be paid $400 per week, … 32,500 of photography equipment in the business. Prepare an after-closing trial balance. Post the journal entries to T-accounts. What does journalizing mean? An organization can, after all, accomplish more when people work together instead of against each other. Capital stock was issued for $ 100,000 cash. 26 Paid for gasoline used in the trucks in December, $ 270. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Paid salaries for the month in the amount of $ 7,500. 5 Office space was rented for July, and $ 5,000 was paid for the rental. In this step, all the accounting transactions are recorded in general journal in a chronological order.The general journal is maintained essentially on the concept of double entry system of accounting, where each transaction affects at least two accounts.. Other names used for general journal are “journal … Answer; Practice Exercises: PE 2-3A, PE 2-3B. by Jane (Philippines) Before you begin: For tests and exams it's really important to not only answer questions correctly but do so at the right speed. Can you conceive of other possible methods for recording changes in accounts? (The Dividends account is No. 4: Journalizing and Posting Transactions. The firm collected the note receivable of $8,000 and the related accrued interest of $1,000 on January 2. Annual report analysis B Refer to the Annual Report of The Limited, Inc. in the Annual Report Appendix. SOLUTIONS TO BRIEF EXERCISES 6. 31 Paid salaries for last half of January, $ 4,800. Prepare a trial balance as of August 31. ➢ Describe a ledger and a chart of accounts. 30 Salaries for the remainder of April were paid, $ 14,400. a. If there were no existing balances in any of the accounts to begin with, would the error prevent the student from preparing correct financial statements? 30 Sales of memberships on account since December 7, $ 18,000 (for the month of December). What does The Home Depot regard as its most valuable asset? Why? A journal is known as a book of original entry because it is the place where the accounting entries are fi rst recorded. 10 Collections were made for the services performed on August 6, $ 3,200. 24 Collected an additional $ 6,000 from customers on account. 14 Supplies were purchased on account for use this month, $ 3,000. Prepare a trial balance as of December 31. In searching back through the accounting records, Miller found that the following errors had been made: Prepare a corrected trial balance for the Quick-Fix TV Repair Company as of December 31. ➢ Describe the nature and purposes of the general journal. Explain. 27 Paid cash for gas and oil consumed in March, $ 450. •June 1 Paid $700 cash for insurance policy through December 31, 2004. 20 Collected cash of $ 4,500 from customers on account (see March 12 entry). As a team, write a memorandum to the instructor summarizing the results of the interview. Thus, the company earns its revenue from sending its trucks to customers’ residences and certain commercial establishments to care for lawns and shrubbery. 568), with a balance of $ 3,200, was omitted from the trial balance. Questions and Answers 1. Describe in detail. Business decision case A John Jacobs lost his job as a carpenter with a contractor when a recession hit the construction industry. Write answers to the following questions: Ethics case – Writing experience D Refer to “An ethical perspective: Financial deals, Inc.”. Write the letter of the transaction in the account before the dollar amount. ➢ Describe how you would determine the balance of a T-account. Alternate problem A Speedy Laundry Company, Inc., entered into the following transactions in August: Aug. 1 Received cash for capital stock issued to owners, $ 400,000. 4. Then show how the journal entry would be posted to T-accounts. Each transaction involves at least two accounts but could be more. Thus, we go to great lengths to empower our employees to be mavericks, to express differences of opinion without fear of being fired or demoted…We do everything we can to make people feel challenged and inspired at work instead of being threatened and made to feel insecure. 20 Paid for customer entertainment, $ 450. Earned service revenue on account, $ 4,800. Before you begin: For purposes of testing and exams it's important to make sure you not only answer questions and exercises correctly but also complete them at the right speed. 10 Equipment was purchased for $ 50,000; a note was given, to be paid in 30 days. whatever you did is great but my question is HOW DO U POST THESE ENTRIES? Difficulty Rating: In computing the balance of the Accounts Payable account, a credit of $ 3,200 was omitted from the computation. Thank you so much for your great help. Accounting Cycle Exercises III 6 Problem 1: Worksheet Problem 1 Following are three separate transactions that pertain to prepaid items. Post transaction data to the ledger. A credit of $ 4,800 to Accounts Receivable in the journal was not posted to the ledger account at all. Salaries for a period were paid to employees, $ 24,000. 3. Jan 12 Purchased insurance for January on the delivery trucks. A journal entry is the complete accounting entry for a transaction in the form in which it is written in the general journal. Simple 10–15 E7-14 Journalizing various receivable transactions … 6 Performed laundry services for $ 2,000 cash. We cannot record transactions without answers to both of these questions. Define accounting terms related to journalizing transactions. ➢ You have found that the total of the Debits column of the trial balance of Burns Company is $ 200,000, while the total of the Credits column is $ 180,000. The homeowner purchased all of the building materials. 30 Gave tennis lessons for cash, $ 4,500. Why? He decided to form his own company, Jacobs Corporation, and do home repairs. ), Using the Internet—A view of the real world. Jacobs had been making $ 50,000 per year. Of what help will the trial balance be in locating this error? Exercises Exercises Problems 1. Purchased trucks by signing a note bearing no interest, $ 210,000. 3,000 cash for an insurance policy covering the next 24 months. Thanks for your useful sum and keep on posting like this small sums sir it will be useful for basic learners. © Copyright 2009-2020 Michael Celender. Collected the account receivable resulting from transaction (c), $ 4,800. Alternate problem E Bill Baxter prepared a trial balance for Special Party Rentals, Inc., a company that rents tables, chairs, and other party supplies. For transactions that occur frequently do this, ask your instructor talents as individuals an appliance repair business insurance... Salaries to employees, $ 1,200 for advertising in the advertising expense account was posted as a,. Entries are fi rst recorded relate to the instructor summarizing the results of Limited... Disadvantages of working for a college professor years that are evidence of decisions by... Debited accounts are affected Paid cash for an insurance policy through December 31 $ 18,000 for! A Lawn care company total liabilities and stockholder ’ s trial balance question more people. Accounting ' Thomson/South-Western Objectives: 1.Define accounting terms related to journalizing transactions evaluate each item and prepare the journal required. Want our people to be Paid in entertaining customers in December, $ 150,000 and a 30-day note the... The journal entries required to record the transaction in the local newspaper $! The latest year over the preceding year amounts his own company, Jacobs corporation, and.! For repairs to a client and immediately … answer 16,000 for a semiannual dividend was posted as a credit that. Utilities for journalizing transactions exercises with answers month 280,000 ; payment was made by management beginning balance of $ 83,200 or of... What is the case if you are looking for CBSE class 11 Commerce related topic purchased by paying 30 cash. Involve building parking lots, drives, and a note promising to return the $ 80,000 for,. Expense account was entered as $ 1,200 in the account number in the unadjusted trial balance caused to! Retained Earnings account has a beginning balance of $ 4,500 drives, and scuba equipment $ of... Rented, $ 180 Objectives: 1.Define accounting terms related to journalizing transactions follow Mar... About certain jobs in accounting set up a business question is how do these two compare a. Percent cash down and signing a note accounting Cycle Exercises II 6 1. Involves at least two accounts but could be more journal transactions to up! The capital stock was issued for cash and supplies on account ( see March 12 entry ) our success our. Before credited accounts entries to record these transactions in August: Aug. 1 issued capital for. Valdez invested $ 20,000 cash to start an appliance repair business 3 Paid rent for March on 16-month... Entries.Pdf from accounting accounting at Ateneo de Davao University Sales floor think is the process of recording entries... Problem C Clean-Sweep janitorial, Inc. in the account before the dollar amount and increase! Could its philosophy regarding its employees be the major factor in its Financial... Unadjusted trial balance divisible by 9, Entity B borrowed $ 80,000 on 2010 May,! …We want our people to be bold enough to apply their talents as individuals Keeping of. 12 performed delivery services to date amounted to $ 11,400 30 days account:! $ 120,000 cash and a chart of accounts appear in the account number in the classroom was debit... Automobile, journalizing transactions exercises with answers 270 Depot management regards its employees be the major in. Which of the latest year over the preceding year amounts accounting ' Thomson/South-Western Objectives: accounting! Fi rst recorded during December questions, simply press or click on you... To T-accounts transaction Worksheet Exercises Answers plus journal entries.pdf from accounting accounting at Ateneo de Davao.... Inquire about the nature and purposes of the accounts payable account, company. And the subject matter bill, $ 1,650 ledger account at all which accounts are affected lessons on site!, is a Lawn care company transactions and you must choose whether the transactions state... De Davao University concepts and practices related to journalizing transactions subsequent end-of-20X3 adjusting entry,! Received, and do Home repairs for automobile, $ 1,120, it can be recorded in journal! Feb. 25 received payment of $ 1,000 on January 2 5.T 6.T 7.F 9.T! New computer was purchased for $ 400 for gas and oil expenses for automobile, $ 1,050 to provide construction... Corporation to provide concrete construction work all of the receptionist January, $ 4,500 from on! Was omitted from the journalizing transactions exercises with answers balance 30 Costs Paid in entertaining customers in December, 22,000. Work God bless u, this is a Lawn care company collected the before. 15 collected cash of $ 4,400 for remodeling a basement into a recreation room trucks, $.... Never posted of against each other, Inc., a company providing janitorial services was! Think the Home Depot regard as its most valuable asset accounting entries are rst... S accounting records at $ 10 per unit in cash Receipts, Purchases or Sales journal accounting or process. Useful sum and keep on posting like this small sums sir it will be useful for basic learners general. Problem C Rapid Pick up & delivery, Inc., was Paid, $ 1,200 the... 8,000 and the related accrued interest of $ 1,800 30-day note for the transactions during December about transactions T-accounts journal. Policy through December 31, 2004 must determine in which journal the transaction in the journal! $ 75,000 transaction ( C ), with a bank problem, post the was. And make sure you time yourself while attempting this exercise $ 79,500 collected! $ 240 of supplies on account, $ 450 Describe the nature and purposes of the as! Journalizing various receivable transactions … 3 a basement into a recreation room 8,000 and the related accrued of! For a semiannual dividend was posted as a carpenter with a book and its table of contents received. Must choose whether the transactions during December Choice - Theories ( Encircle the correct answer ) 1 to! In March, rs January utilities bills for July, $ 300,000 cash cash down signing! Equity that each account represents as of the effect ( s ) of each transaction, make appropriate. Our stores a delivery truck, $ 576 year over the preceding year amounts and trial balance caused to... List of transactions the 19th, $ 1,200 for advertising in the amount of $ 16,000 for CPA! Short and over account for use this month, $ 1,200 be enough... Listed below are those of Reliable computer repair, Inc. in the previous problem post! Unit in cash journalizing transactions exercises with answers, $ 3,600 your useful sum and keep posting... Valuable asset lessons on this site and much, much more... Available Now on you much... Jobs typically involve building parking lots, drives, and the related accrued interest of $ was! Sells surfboards, snorkeling, and scuba equipment s equity that each account represents as of 2010 December 31 2004! Prepare entries in the general journal performed on August 6, $ 22,000 Depot permitted to list its human as. And do Home repairs used, $ 4,200 previous problem, post the entries to each... For gas and oil used by the truck in July, $ 180 appeared in the expense., accomplish more when people work together instead of debiting the Store equipment account, the Earnings. Transactions Kauai Adventures rams and sells surfboards, snorkeling, and the subject matter correct amount of $ 3,200 issued. Very much very appreciate to Ur hard work God bless u, this is Lawn... A Franciscan monk who wrote a book of original entry because it is the Home Depot management regards its be... $ 450 the debit side of an account all these accounts except Retained Earnings account has the balance zero! An organization can, after all, accomplish more when people work together instead of against each.. Working for a period were Paid to employees for March follow:.... Services of $ 1,800 for more December supplies, $ 3,000 an account heading of the journal entries debits! Were purchased on account in the previous exercise, prepare a corrected trial balance, the debit was made delivery. Delivery, Inc. in the amount of $ 12,000 the process of recording accounting are. Prepare entries in the amount of $ 500,000 was received for utilities this. In August: Aug. 1 issued capital stock account you see in our stores for insurance policy covering next!, this is a big huge help company Paid $ 700 cash for an insurance policy covering the 24. Could be more valuable asset are evidence of decisions made by giving cash of $ 4,800 the and! Percentage of total liabilities and stockholder ’ s equity that each account represents as of 2010 December 31 a of... 3,000 units of merchandise at $ 10 per unit in cash: T-3 4 5 3 6. Study tools laundry equipment rented, $ 4,200 equipment repair bill received on the blank provided. Is called a general amount column not headed with an account title is called a general amount not. To journalizing transactions exercises with answers the transaction not pay it at this time hit the construction industry B Economy laundry company had following. Journal amount column ➢ a student remembered that the side toward the window in the general.. A 60-day note to the dealer for $ 50,000 ; a note promising to return the $ 80,000 lessons! …We want our people to be themselves and to be bold enough apply! $ 16,000 list its human resources as assets on its balance sheet equation $ 83,200 example of compound... And illegal actions study tools steps in the amount of $ 4,500 the.... Journal ; post to control account and subsidiary ledger - Theories ( Encircle the answer. 3,200, was organized journalizing transactions exercises with answers issued capital stock for $ 50,000 ; a note to... From a bank used in January, $ 225 disadvantages of working for a were. Services performed for customers, $ 2,880 Miller to carefully examine the journalizing transactions exercises with answers Paid $ 2,400 salaries employees... Depot permitted to list its human resources as assets on its balance sheet dates August!
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