HW 2 - ACCT251 Financial Accounting Chapter 2 Exercises 4,...

ACCT251 Financial Accounting
Chapter 2
Exercises 4, 7, 8 and Problem 1A
Exercise 2-4
a Land- Asset/Dr.
a Cash- Asset/Dr.
a Legal Expense- Expense/Dr.
a Prepaid Insurance- Asset/Dr.
a Accounts Receivable- Asset/Dr.
a Dividends- Equity/Dr.
a License Fee Revenue- Revenue/Cr.
a Unearned Revenue- Liability/Cr.
a Fees Earned- Revenue/Cr.
a Equipment- Asset/Dr.
a Notes Payable- Liability/Cr.
a Common Stock- Equity/Cr.
Exercise 2-7
Date Account Title and
Explanation
PR Debit Credit
Aug. 1, 2015 Cash 6,500
Photography Equipment 33,500
40,000
Aug. 2, 2015 Cash 2,100
Prepaid insurance 2,100
Aug. 5, 2015 Office Supplies 880
Cash 880
Aug. 20, 2015 Cash 3,331
Photography fees earned 3,331
Aug. 31, 2015 Utilities Expense 675
Cash 675
Exercise 2-8
Account Debit Credit
Cash 13,486 13,486
Office Supplies 880 880
Prepaid Insurance 2,100 2,100
Photography Equipment 33,500 33,500
Common Stock
Photography Fees Earned 3,331 3,331
Utilities Expense 675 675

Totals 53,972 53,972
Problem 2-1A
General Journal Entries
Date General Journal Debit Credit
April 01 Cash 80,000