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Unformatted text preview: Brief 3.3 (a) Asset Accounts Liability and Owner's Equity Accounts Cash Account Notes Payable 18-Jan 30,000 23-Jan 100 22-Jan 20,000 22-Jan 20,000 25-Jan 1,000 Capital Stock 31-Jan 800 18-Jan 30,000 Accounts Receivable Service Revenue 26-Jan 2,000 31-Jan 800 25-Jan 1,000 26-Jan 2,000 Advertising Expense 23-Jan 100 Brief 3.3 (b) The Cash balance on January 31 was a debit balance of $51,700 Exercise 3.3 Avenson Insurance Company General Journal November 1 thorugh November 30 Date Account Title and Explanation Debit Credit 1-Nov Cash 120,000 Capital Stock. 120,000 Oweners invest cash in business ` 8-Nov Land 70,000 Building 58,600 Cash. 33,600 Notes Payable. 95,000 Purchase Land and Building. Part by cash; balance payable in future as notes payable. 15-Nov Office Equipment 3,200 Accounts Payable. 3,200 Purchased Office Equipment on account 21-Nov Office Equipment. 480 Accounts Payable 480 Returned part of Office Equipment on account before payment was made 25-Nov Notes Payable 12,000 Cash. 12,000 Paid part of Notes Payable owed to the bank...
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