Excercise_1_accounting_cycle_softbyte_solution

Excercise_1_accounting_cycle_softbyte_solution - ACCT615...

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ACCT615 – Class Exercise 1 In-class Exercise (1) – Solution -Accounting Cycle: Softbyte Inc.- Date: _________________ Name________________________________ Part 1: Journal Entries ( original entries, adjusting entries, closing entries) J You may omit . GENERAL JOURNAL Page 1 Date 2010 Account Title & Explanation Ref Debit Credit 1/1 Cash (Asset Ç ) 15,000 Common Stock (SE-PIC Ç ) 15,000 (1) (Issued common stocks for cash) 1/1 Cash (Asset Ç ) 5,000 Notes Payable (Liab Ç ) 5,000 (2) 1/5 Office Equipment (Asset Ç ) 6,500 Cash (Asset È ) 6,500 (3) 1/12 Supplies (Asset Ç ) 1,000 Accounts Payable – Sunny Supply (Liab Ç ) 1,000 (4) 1/15 No Entry (no effect on A, L, or E) (5) 1/23 Cash (Asset Ç ) 4,000 Unearned Service Revenue (Liab Ç ) 4,000 (6) 1/25 Retained Earnings (Equity È ) 200 Dividends Payable (Liab Ç ) 200 (7) 1/31 Rent Expense (Expense Ç ; Equity È ) 1,500 Salaries Expense 1,200 Utilities Expense 300 (8) Cash (Asset È ) 3,000
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ACCT615 – Class Exercise 2 GENERAL JOURNAL Page 2 Date 2010 Account Title & Explanation Ref Debit Credit 1/31 Adjusting Entries (a) Unearned Service Revenue (Liab È ) 3,200 Service Revenue (Rev. Ç ; Equity Ç ) 3,200 (b) Accounts Receivable – Mr. Adams (Asset Ç ) 1,300 Service Revenue (Rev. Ç ; Equity Ç ) 1,300 (c) Supplies Expense (Expense Ç ; Equity È ) 200 Supplies (Asset È ) 200
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This note was uploaded on 03/18/2011 for the course ACCT 601 taught by Professor O'connel during the Spring '10 term at New York Institute of Technology-Westbury.

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Excercise_1_accounting_cycle_softbyte_solution - ACCT615...

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