Accounting Excercises - Brief Exercise 2-1 Youransweriscorrect , DebitEffect CreditEffect NormalBalance 1 AccountsPayable Decrease Increase Credit 2

Accounting Excercises - Brief Exercise 2-1...

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Brief Exercise 2-1Your answer is correct. For each of the following accounts, indicate the effects of a debit and a credit on the accounts and the normal balance of the account. Debit Effect Credit Effect Normal Balance 1.  Accounts Payable 2.  Advertising Expense 3.  Service Revenue 4.  Accounts Receivable 5. Owner’s Capital 6.  Owner’s DrawingsIncreaseDecreaseDebitBrief Exercise 2-3Your answer is correct. Transactions for the George Lynch Company for the month of June are presented below.June 1George Lynch invests $5,000 cash in a small welding business of which he is the sole proprietor.2Purchases equipment on account for $2,100.3$800 cash is paid to landlord for June rent.12Sends a bill to M. Rodero for $300 for welding work performed on account.Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)     Date Account Titles and Explanation Debit Credit res_EAT_135297 June 1 Cash 5,000 Ow ner's Capital 5,000 res_EAT_135297 June 2 Equipment 2,100 Accounts Payabl 2,100 res_EAT_135297 June 3 Rent Expense 800 cash 800
res_EAT_135297 June 12 Accounts Receiv 300 Service Revenue 300 Don't show me this message again for the assignment Click if you would like to Show Work for this question: Open Show Work Post the transactions to T-accounts and determine each account’s ending balance.  (Post entries in the order presented in the problem statement.) Cash res_EAT_135297 5/12 2,400 res_EAT_135297 5/15 3,000 EAT_1356591333 Ending Bal. 5,400 Accounts Receivable res_EAT_135297 5/5 4,100 res_EAT_135297 5/12 2,400 EAT_1356591333 Ending Bal. 1,700 Service Revenue res_EAT_135297 4,100
5/5 res_EAT_135297 5/15 3,000 EAT_1356591333 Ending Bal. 7,100 Don't show me this message again for the assignment Brief Exercise 2-10Your answer is correct. An inexperienced bookkeeper prepared the following trial balance.HUEWITT COMPANYTrial BalanceDecember 31, 2014DebitCreditCash$10,800Prepaid Insurance$3,500Accounts Payable3,000Unearned Service Revenue2,200Owner’s Capital9,000Owner’s Drawings4,500Service Revenue25,600Salaries and Wages Expense18,600Rent Expense 2,400$31,600$48,000Prepare a correct trial balance, assuming all account balances are normal.     HUEWITT COMPANY Trial Balance December 31, 2014 Debit Credit
Cash $ 10,800 $ Prepaid Insurance 3,500 Accounts Payabl 3,000 Unearned Service 2,200 Ow ner's Capital 9,000 Ow ner's Draw ing 4500 Service Revenue 25,600 Salaries and Wag 18,600 Rent Expense 2,400     Total $ 39,800 $ 39,800 Don't show me this message again for the assignment Click if you would like to Show Work for this question: Open Show Work Show List of Accounts Show Answer Link to Text 

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