E2-1 P2-3A - Name Jahde Goncalves Instructor Ufuoma Omosebi...

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Jahde Goncalves Date: October 17, 200 Instructor: Ufuoma Omosebi Course: ACC/362 Prepare written answers in 1 (one) Excel document to the following assignments from Chapter 2 of the text, Financial Accounting 5th ed and post document as attachment in the Assignments forum. Use the weblink on rEsource for a) Exercise E2-1 E2-1 Selected transactions for H. Burns, Inc., an interior decorating firm, in its first month of business, are as follows. Jan. 2 Invested $15,000 cash in business in exchange for common stock. 3 Purchased used car for $4,000 cash for use in business. 9 Purchased supplies on account for $500. 11 Billed customers $1,800 for services performed. 16 Paid $200 cash for advertising. 20 Received $700 cash from customers billed on January 11. 23 Paid creditor $300 cash on balance owed. 28 Declared and paid a $1,000 cash dividend. Instructions For each transaction indicate the following. (a) The basic type of account debited and credited (asset, liability, stockholders’ equity). (b) The specific account debited and credited (cash, rent expense, service revenue, etc.). (c) Whether the specific account is increased or decreased. (d) The normal balance of the specific account. Use the following format, in which the January 2 transaction is given as an example. a) Exercise E2-1: Answer Account Debited Account Cred (a) (b) (c) (d) (a) (b) Date Basic Type Specific Account Effect Basic Type Jan. 2 Asset Cash Increase Debit Jan. 3 Asset Motor Vehicles Increase Debit Asset Cash Jan. 9 Asset Supplies Increase Debit Liability Jan. 11 Asset Increase Debit Revenue Jan. 16 Increase Debit Asset Cash Jan. 20 Asset Cash Increase Debit Asset Jan. 23 Liability Accounts Payable Decrease Debit Asset Cash Jan. 28 Dividends Increase Debit Asset Cash Financial Accounting, 5th Edition, by Weygandt, Kieso, and Kimmel Due Day 5 (Sunday): Assignments from the Readings (50 points) Normal Balance Specific Account Stockholders' Equity Common Stock Accounts Payable Accounts Receivable Stockholders' Equity Stockholder's
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This note was uploaded on 11/23/2009 for the course BSAH0KSW88 ACC/362 taught by Professor Ufuomaomosebi during the Spring '09 term at University of Phoenix.

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E2-1 P2-3A - Name Jahde Goncalves Instructor Ufuoma Omosebi...

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