Ch2 Smart Touch Learning Working Papers.xlsx - Ch 2 Smart...

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Ch. 2 Smart Touch Learning transactions Transactions Trans.1 Nov.1 The company received $30,000 cash from Sheena Bright and the business issued Trans.2 Nov.2 The company paid $20,000 cash for land. Trans.3 Nov.3 The company bought $500 of office Supplies on account. Trans.4 Nov.8 The company collected cash of $5,500 for service revenue that the business ear Trans.5 Nov.10 The company earned service revenue $3,000 on account. Trans.6 Nov.15 The company paid for the following: office rent $2,000 and employee salaries $1 Trans.7 Nov.21 The company paid $300 on the accounts payable created in transaction 3. Trans.8 Nov.22 The company collected $2,000 cash from a client in transaction 5. Trans.9 Nov.25 Sheena Bright withdrew $5,000. Trans.10 Dec.1 The company prepays three months' office rent of $3,000. Trans.11 Dec.1 The company paid employees $1,200. Trans.12 Dec.1 The company purchased a $60,000 building in exchange for a note payable. Trans.13 Dec.2 The company received from Sheena Bright a contribution of furniture with a fair Trans.14 Dec.15 The company received a telephone bill for $100 and will pay this next month. Trans.15 Dec.15 The company paid employees $1,200. Trans.16 Dec.21 A law firm engages Smart Touch Learning to provide services and agrees to pay Trans.17 Dec.28 The company collected cash of $8,000 for service revenue that the business ear
d capital to her. rned. 1,200 r market value of $18,000. $600 in advance. rned.
Equity Assets = Liabilities + Capital - Withdrawals + Revenue - Expenses D C D C D C D C D C D C + - - + - + + - - + + - Journalizing and posting process five steps (reference page 63) Step 1 Identify the accounts and the account type (asset, liability, or equity). Step 2 Decide whether the account increases or decreases, then apply the rules of debits and credits Step 3 Record the transaction in the journal Step 4 Post the journal entry to the ledger

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