Chapter 01 Additional Problem - A could be “I put in...

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Chapter 1 Additional Problem Problem 1-3 The Cash Bucket Accounting System This problem repeats the Cash Bucket transactions from Chapter 1. Print the forms on the next page and use them to complete this problem. Requirement 1 A. You will utilize the following four accounts: My Equity, Note Payable, Sister’s Equity, and Cash. Label the four “T” accounts using these account names. B. Put Dr and Cr Labels at the top of each “T” account. Also put “+” and “-“ signs above the Dr and Cr Labels. C. Because you are just starting your Cash Bucket system, put a beginning balance of zero in each account. Label these amounts as “Beg. Bal.” Requirement 2 For each of the following transactions make the required entries in the “T” accounts: (The description of the transaction that you write next to the “T” account should be very brief. For example the description for transaction

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Unformatted text preview: A. could be “I put in cash.” There are no right or wrong descriptions for the transactions. ) A. You put \$200 into the Cash Bucket. B. Your sister puts \$150 into the Cash Bucket. C. Your sister takes \$20 out of the Cash Bucket. D. You take \$15 out of the Cash Bucket. E. Your Dad loans \$100 to the Cash Bucket and you sign a Note for the loan. F. You take \$25 out of the Cash Bucket, to pay-off a portion of Dad’s loan. Requirement 3 Compute an ending balance for each account. Be sure to place a Total Line in each account and the label “End. Bal.” Requirement 4 Prepare a Trial Balance. Requirement 5 Prepare a Balance Sheet. Requirement 6 Compare your solutions for Requirements 1 through 5 to the “Debits and Credits” screen in the “1-Stuff & Claims-to-Stuff.xls” workbook. Chapter 1 Additional Problem-- SOLID FOOTING Problem 1-3 Forms...
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Chapter 01 Additional Problem - A could be “I put in...

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