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

This preview shows page 1 - 3 out of 3 pages.

ACCT251 Financial AccountingChapter 2Exercises 4, 7, 8 and Problem 1AExercise 2-4aLand- Asset/Dr.aCash- Asset/Dr.aLegal Expense- Expense/Dr.aPrepaid Insurance- Asset/Dr.aAccounts Receivable- Asset/Dr.aDividends- Equity/Dr.aLicense Fee Revenue- Revenue/Cr.aUnearned Revenue- Liability/Cr.aFees Earned- Revenue/Cr.aEquipment- Asset/Dr.aNotes Payable- Liability/Cr.aCommon Stock- Equity/Cr.Exercise 2-7DateAccount Title and ExplanationPRDebitCreditAug. 1, 2015Cash6,500Photography Equipment33,50040,000Aug. 2, 2015Cash2,100Prepaid insurance2,100Aug. 5, 2015Office Supplies880Cash880Aug. 20, 2015Cash 3,331Photography fees earned3,331Aug. 31, 2015Utilities Expense675Cash675Exercise 2-8Account DebitCreditCash13,48613,486Office Supplies880880Prepaid Insurance2,1002,100Photography Equipment33,50033,500Common StockPhotography Fees Earned3,3313,331Utilities Expense675675
Totals53,97253,972Problem 2-1AGeneral Journal EntriesDateGeneral JournalDebitCreditApril 01Cash80,000
End of preview. Want to read all 3 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Summer
Professor
NoProfessor
Tags
Accounting, Dividends, Prepaid Insurance, office supplies, utilities expense

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture