Financial Accounting Essay

675 words - 3 pages

| | Account Debited | | Account Credited |
| | | | | | | | | | | | | | | | |
Date | | (a)BasicType | | (b)SpecificAccount | | (c)Effect | | (d)NormalBalance | | (a)BasicType | | (b)SpecificAccount | | (c)Effect | | (d)NormalBalance |
| | | | | | | | | | | | | | | | |
Jan. 2 | | Asset | | Cash | | Increase | | Debit | | Stockholders’Equity | | CommonStock | | Increase | | Credit |
| | | | | | | | | | | | | | | | |
3 | | Asset | | Equipment | | Increase | | Debit | | Asset | | Cash | | Decrease | | Debit |
| | | | | | | | | | | | | | | | |
9 | | Asset | | Supplies | | ...view middle of the document...

+ + (Investment)
2. – – (Expense)
3. + + (Revenue)
4. – – (Dividends)

(b) 1. Cash 4,000
Common Stock 4,000
2. Rent Expense 1,100
Cash 1,100
3. Accounts Receivable 5,200
Consulting Revenue 5,200
4. Dividends 700
Cash 700























EXERCISE 2-10

(a) General Journal

Date | | Account Titles and Explanation | | Ref. | | Debit | | Credit |
Apr. 1 | | Cash Common Stock (Owner’s investment of cash in business) | | | | 15,000 | | 15,000 |
| | | | | | | | |
12 | | Cash Service Revenue (Received cash for services provided) | | | | 900 | | 900 |
| | | | | | | | |
15 | | Salaries Expense Cash (Paid salaries to date) | | | | 600 | | 600 |
| | | | | | | | |
25 | | Accounts Payable Cash (Paid creditors on account) | | | | 1,500 | | 1,500 |
| | | | | | | | |
29 | | Cash Accounts Receivable (Received cash in payment of account) | | | | 400 | | 400 |
| | | | | | | | |
30 | | Cash Unearned Revenue (Received cash for future services) | | | | 1,000 | | 1,000 |

EXERCISE 2-10 (Continued)

(b) SIMON LANDSCAPING COMPANY
Trial Balance
April 30, 2008


  Debit    Credit 
Cash $15,200
Accounts Receivable 2,800
Supplies 1,800
Accounts Payable $ 300
Unearned Revenue 1,000
Common Stock 15,000
Service Revenue 4,100
Salaries Expense 600              
$20,400 $20,400

PROBLEM 2-3A |

(a) & (c)
Cash |
Balance 8,000  | |
|  (1) 1,000 |
|  (3) 2,000 |
(4) 14,000  | |
|  (5) 15,000 |
(7) 6,000  | |
|  (8) 3,000 |
|  (9) 3,000 |
4,000  | |

Accounts Receivable |
Balance 15,000  | |
|  (4) 14,000 |
(7) 9,000  | |
10,000  | |

Parts Inventory |
Balance 13,000  | |
(2) 4,000  | |
|  (6) 4,000 |
13,000  | |

Prepaid Rent |
Balance 3,000  | |
3,000  | |

Shop Equipment |
Balance 21,000  | |
21,000  | |


Accounts Payable |
|  Balance 19,000 |
|  (2) 4,000 |
(5) ...

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