Week Two Assignment

Week Two Assignment - HARRISON/HORNGREN, FINANCIAL...

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HARRISON/HORNGREN, FINANCIAL ACCOUNTING 6E Exercise 2-7 Name Anthony Arostegui Section ACCT212 A B C D E F G H 5 Part 1. Account Titles and Explanations Debit Credit 6 August 1 Cash $19,500 7 Common Stock $19,500 8 Issued common stock to owner 9 10 August 2 Office Supplies $800 11 Accounts Payable $800 12 Purchased office supplies on account 13 14 August 4 Land $14,000 15 Cash $14,000 16 Paid cash for land 17 18 August 6 Accounts Receivable $2,000 19 Service Revenue $2,000 20 Performed services for cash 21 22 August 9 Account Payable $100 23 Cash $100 24 Paid cash on account 25 26 August 17 Account Receivable $1,200 27 Service Revenue $1,200 28 Performed service on account 29 30 August 23 Cash $900 31 Account Receivable $900 32 Received cash on account 33 34 August 31 Rent Expense $500 35 Salary Expense $1,000 36 Cash $1,500 37 Paid cash expenses 38 39 Part 2. 40 Ending cash balance $5,900 41 42 Cash collections from customers $2,000 43 44 Total liabilities $700 45 46 Net income (profit) $1,700 47 48 End of Problem
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This note was uploaded on 04/25/2008 for the course ACCT 212 taught by Professor Williamblix during the Spring '08 term at DeVry NY.

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Week Two Assignment - HARRISON/HORNGREN, FINANCIAL...

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