SM_Ch.02_11th - CHAPTER 2 EXERCISES Ex. 21 Balance Sheet...

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Unformatted text preview: CHAPTER 2 EXERCISES Ex. 21 Balance Sheet Accounts Income Statement Accounts Assets Flight Equipment Purchase Deposits for Flight Equipment a Spare Parts and Supplies Liabilities Accounts Payable Air Traffic Liability b Owners Equity None Revenue Cargo and Mail Revenue Passenger Revenue Expenses Aircraft Fuel Expense Commissions c Landing Fees d a Advance payments on aircraft purchases b Passenger ticket sales not yet recognized as revenue c Commissions paid to travel agents d Fees paid to airports for landing rights Ex. 24 a. and b. Account Debited Account Credited Transaction Type Effect Type Effect (1) asset + owners equity + (2) asset + asset (3) asset + asset liability + (4) expense + asset (5) asset + revenue + (6) liability asset (7) asset + asset (8) expense + asset (9) drawing + asset Ex. 25 (1) Cash....................................................................... 25,000 Anita Rayle, Capital......................................... 25,000 (2) Supplies................................................................. 1,750 Cash.................................................................. 1,750 (3) Equipment............................................................. 18,000 Accounts Payable........................................... 14,400 Cash.................................................................. 3,600 (4) Operating Expenses............................................. 2,700 Cash.................................................................. 2,700 (5) Accounts Receivable........................................... 13,500 Service Revenue............................................. 13,500 (6) Accounts Payable................................................. 7,500 Cash.................................................................. 7,500 (7) Cash....................................................................... 10,000 Accounts Receivable...................................... 10,000 (8) Operating Expenses............................................. 1,050 Supplies........................................................... 1,050 (9) Anita Rayle, Drawing............................................ 2,500 Cash.................................................................. 2,500 Ex. 26 CYCLE TOURS CO. Unadjusted Trial Balance February 28, 2010 Debit Credit Balances Balances Cash...................................................................................... 16,950 Accounts Receivable.......................................................... 3,500 Supplies................................................................................ 700 Equipment............................................................................ 18,000 Accounts Payable................................................................Accounts Payable....
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SM_Ch.02_11th - CHAPTER 2 EXERCISES Ex. 21 Balance Sheet...

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