Stacyu02a2(1)(1) - Jennifer Stacy U2A2 BUS3060 Steinwall...

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Jennifer Stacy U2A2 - BUS3060 - Steinwall Template Instruction: Insert the proper account heading for each debit and credit. Insert account name in column A matching the debit of column B. Insert account name in column A matching the credit of column C. 1. Justine Malone invested $54,000 in cash to start the business. Cash Common Stock 2. Paid $3,000 for 3 month’s rent. Prepaid Rent Cash 3. Bought a used automobile for the firm for $16,000 in cash. Automobiles Cash 4. Performed services for $3,000 in cash. Cash Service Revenue 5. Paid $400 for automobile repairs. Automobile Expense Cash 6. Performed legal services for $3,750 on credit. Accounts Receivable Service Revenue 7. Borrowed $25,000 from the local bank to help expand his business. Cash Notes Payable 8. Purchased office chairs for $2,100 on credit. Office Equipment Cash 9. Received $1,800 from credit clients. Cash Accounts Receivable 10. Paid $1,000 on account to reduce the amount owed for the office chairs (purchased in #8). Accounts Payable Cash 11. Issued a check for $560 to pay the monthly utility bill. Utilities Expense Cash
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12. Purchased office equipment for $8,400. Paid half in cash; the remainder to be paid in 30 days. Office Equipment Notes Payable Cash 13. Issued a check for $5,680 to pay salaries.
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  • Fall '10
  • Steinwall
  • Generally Accepted Accounting Principles, Double-entry bookkeeping system, Justine Malone, Jennifer Stacy U2A2

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