Chapter 2 HW.xlsx - CH 2 E2-44 45 P2-57 58 CH 2 P2-67 68...

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Unformatted text preview: CH. 2: E2-44, 45, P2-57, 58 CH. 2: P2-67, 68 Cash Asset Transaction 1) receive 50000 in exchange 4 common stock + Balance Sheet Noncash = Liabilities Asset 50,000 Cash Debit Common Stock 50,000 Credit 50,000 Cash 50,000 50,000 - 2)borrow 10000 from bank 10,000 ### Cash Debit borrowed 10,000 Credit 10,000 Cash 10,000 10,000 3) purchase 2000 of supplies inventory on credit 2,000 Supplies Debit 2,000 Accounts Payable 2,000 Credit 2,000 supplies 2,000 2,000 4)receive 15000 cash from customers for services provided 15,000 cash from customers services provides + Debit 15,000 Credit 15,000 cash from customers 15,000 15,000 5) pay 2000 cash to supplier in trans. 3 2,000 ### Cash Accounts Payable 2,000 Debit Credit 2,000 cash 2,000 2,000 6) receive order for future services w 3500 advance payment 3,500 cash Debit ### advance payment 3,500 Credit 3,500 cash 3,500 3,500 7) pay 5000 cash dividend to shareholders (5,000) cash Debit retained earnings (5,000) Credit (5,000) cash (5,000) (5,000) 8) pay employees 6000 cash for compensation earned 6,000 cash wages expenses Debit 6,000 Credit 6,000 cash 6,000 6,000 9) pay 500 cash for interest on loan in transaction 2 500 ### cash accounts payable 500 Debit Credit 500 cash 500 500 P2-57 Transaction Cash Asset 1 Issued common stock $7,000. 7000 cash 2. Paid rent $750. 3. Received $500 invoice for advertising expense. -750 cash 4. Borrowed $15,000 cash from bank. 15000 cash 5. $1,200 cash received for services. 1200 cash 6. Billed clients $6,800 for services. + Balance Sheet Noncash = Liabilities Asset 500 accounts payable 15000 notes payable 6800 accts receivable 7. Paid $2,200 cash for salary. -2200 cash 8. Paid $370 cash for utilities. -370 cash 9. Paid $900 cash dividend. -900 cash 10. Acquired land for $13,000. -13000 cash 11. Paid $100 interest in cash. -100 cash 13000 land + Totals 5,880 15,500 Lambert Services Income Statement for the month of December 2015 P57 PART B Counseling Services Revenue expenses advertising expense salary expense utilities expense interest expense total expenses net income P58 1 2 3 4 5 6 7 8 9 10 11 P58 B 19,800 $8,000 750 500 2,200 370 100 cash (+A) common stock (+SE) Rent expense (+E, -SE) cash (-A) Advertising expense (+E, -SE) Accounts payable (+L) Cash (+A) Notes payable (+L) Cash (+A) Counseling services revenue (+R,+SE) Accounts receivable (+A) Counseling services revenue (+R,+SE) Salary expense (+E,-SE) Cash (-A) Utilities expense (+E,-SE) Cash (-A) Retained earnings (dividend paid) (-SE) Cash (-A) Land (+A) Cash (-A) Interest expense (+E,-SE) Cash (-A) $3,940 $4,080 7000 . 750 . 500 . 15000 . 1200 . 6800 . 2200 . 370 . 900 . 13000 . 100 . P2-67 B. Cash Asset Transaction 1 Issued common stock $7,000. 7000 cash 2.Received Paid rent $500 $750.invoice for -750 cash 3. advertising 4. Borrowedexpense. $15,000 cash from bank.cash received for 15000 cash 5. $1,200 services. 1200 cash 6. Billed clients $6,800 for services. 7. Paid $2,200 cash for salary. -2200 cash 8. Paid $370 cash for utilities. -370 cash 9. Paid $900 cash dividend. -900 cash 10. Acquired land for $13,000. -13000 cash + Balance Sheet Noncash = Liabilities Asset 500 accounts payablenotes 15000 payable 6800 accts receivable 13000 land + 11. Paid $100 interest in cash. Totals P2-68 -100 cash 5,880 1 2 3 4 5 6 7 8 9 10 19,800 15,500 Accounts payable (-L) Cash expense (-A) Rent (+E,-SE) Cash (-A) receivable (+A) Accounts Services revenue (+R,+SE) Advertising expense (+E, -SE) Accounts payable (+L) Cash (+A) Accounts receivable Wages expense (+E,(-A) -SE) Cash (-A) Utilities expense (+E, -SE) Accounts 8. Interestpayable expense(+L) (+E, -SE) Cash (-A)earnings (-SE) Retained Cash (-A) (+A) Equipment Cash (-A) eet Income Statement Contributed + Capital Earned Capital Revenues - Expenses 50,000 Common Stock 50,000 ### - borrowed 10,000 100,000 accounts payable 2,000 ### ### = Net income services provided 15,000 ### unts Payable accounts payable ### 2,000 advance payment 3,500 ### ### retained earnings (5,000) ### ### wages expenses 6,000 ### accounts payable ### 500 eet Income Statement Contributed + Capital 7000 common stock Earned Capital -750 retained earnings -500 retained earnings Revenues - Expenses = Net income 750 rent expense 500 advertising expense (750) (500) 1200 retained 1200 counseling earnings services rev. 1,200 6800 retained 6800 counseling earnings services rev. 6,800 -2200 retained earnings 2200 salary expense (2,200) -370 retained earnings 370 utilities expense (370) 100 interest expense (100) -900 retained earnings -100 retained earnings 7,000 7,000 750 500 15,000 1,200 6,800 2,200 370 900 13,000 100 3,180 8,000 3,920 4,080 eet Income Statement Contributed + Earned Revenues - Expenses = Net income Capital Capital 7000 common stock -750 retained 750 rent earnings expense (750) -500 retained 500 advertising earnings expense (500) 1200 retained 1200 counseling earnings rev. 1,200 6800 retained services 6800 counseling earnings services rev. 6,800 -2200 retained 2200 salary earnings expense (2,200) -370 retained 370 utilities earnings expense (370) -900 retained earnings 7,000 -100 retained earnings 3,180 600 .3600 .11500 .500 .10000 .2400 .680 .20 .900 .4000 . 8,000 600 3,600 11,500 500 10,000 2,400 680 20 900 4,000 100 interest expense 3,920 (100) 4,080 ...
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