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Module 2.2 - Exercise 1 I Journal Entries lcome Jesus...

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Unformatted text preview: Exercise 1 I Journal Entries lcome. Jesus nlmanza Jr Mon Jan 10 2011 Please describe howthe following transaction affects the accounting equation: Paid cash cliviclenclsto owners Assets = _ + Owners Equity Select the appropriate efi'ect from the drop-down lists provided. Type your answers into each of the boxes. When done, click Check Answer. m Glou- E Walk mo throud'l a sllnllar motley / Fe e d ha r. is Check Answer B Journal Entries - Icome. Jesus nlmanza Jr Mon Jan 102011 a 2'1 3'1 4:1 5'1 all] H1 3'1] law / Exercise1 I Wally's Watch Company started business on January 1, mm. On that clay, the company issued common stock in exchange for $30,000. Prepare the journal entry forthis transaction. General Journal Account Title Cash E —- new a Walk mmmugh a similar motley / pg. Hum-+1 Check Answer B J urnal Entries l|:|:lmeI Jesus ntmanza Jr Mon Jan 10 2011 laLl Wally's Watch ISompany startecl business on January1,20}<}{. During the month, Wally's earned revenues of$30,DDDfor which the companyreceiued cash. Prepare the journal entryforthis transaction. a Close a Walk mo throud'l a slmllar problen/ Exercise 2 I General Journal Account. Title Cash E - Select the correct accounts in the drop-down lists, and type in the amounts for each account. When done, click Check Answer. / FHEHhHul-i Check Answer a ll:|:|meI Jesus nimanza Jr Mon Jan 10 2011 Exercise 3 Wally's Watch Company started business on January 1, EDXX. Atthe beginning ofJanuary, Wally's paid $2,000 forsupplies. Prepare the journal entryforthis transaction. a Close a Walk me through a similar ”my General Journal Account Title Supplies H Add Credit is Journal Entry, the number ofdebits and credits is not pre-set. You must ine the correct number ofdebits andthe correct number ofcredits. Rows IE added as needed by clicking the Add buttons. No blank rows are allowed final answer. the correct accounts in the drop-down lists, and type in the amounts h account. When done, click Check Answer. / Fe! Hrt ha [1k Check Answer B Journal Entries Icorne. Jesus nimanza Jr Mon Jan 10 2011 #1 2'1 m 51 a a a 9'1 / Emmq Wally's Watch Company started business on January 1, EDRX. During January, Wally's sold watches costingthe companya total of$25,DUDto produce. Prepare the journal entry to handle the reduction in inventory General Journal Account Title Debit Credit | Cost of Goods Sold H lzsooo —- 1d d ' dit B Journal Entry. the number ofdebits and credits is not pre-set. You must inethe correct numberofdebits and the correct number ofcredits. Rows = added as needed by clicking the Add buttons. No blank rows are allowed Inal answer. he correct accounts in the drop-clown listsI and type in the amounts accourlt.1-‘\I'r1en done, click Check Answer. a cm a walk me throud'l a similar motley / Fer-art m ck cum Answer g JDUITIEI Entries lcnme Jesus nimanza Jr Mon Jan 10 2011 1°] 2°] la'i q @ a «a a a] E_[m.ses Wally's Watch Company started business on January 1, 20}{><. Atthe beginning ofJanuary,Wally's paid $20,000 forthe next 5 months rent forthe building where it sells its watches. Prepare the journal entry forthis transaction. General Journal Account Title Pre-Paid Rent i —- Select the correct accounts in the drop-down lists, and type int e amounts for each accounttu'yhen done, click Check Answer. a Close a Walk mo throufll a similar “lay / Fe ed hack Check Answer B Journal Entries -II:I:ImeI Jesus almanza Jr Mon Jan 102011 [email protected]@[email protected]@II / E«erase-6| Wally's Watch Company startecl business on January 1, ZDXX. During January,Wally's employees earned $8,000 in wages. lWally's paicl its employees fullyin cash during the month. Prepare the journal entry forthis transaction. General Journal account Title Debit Credit Salaries Expense H BIJIJIJ —- Select the correct accounts in the drop-down lists, and type int e amounts for each account. When clone, click Check Answer. a Close a Walk me through a similar “daisy / Fe. a :1 ha (1 i: Check Answer @ w JDUITIEI Entries lcnme Jesus almanza Jr Mon Jan 10 2011 I 5'1 Exercise T Wally's Watch ICompany started business on Januanr1, 20}<}{. Atthe beginning ofJanuanr, Wally's purchased equipmentfor $12,000 in cash. Prepare the journal entnr forthis transaction. General Journal Account Title - Equipment - Select the correct accounts in the drop-down lists, and type in the amounts for each account. When done, click Check Answer. m cm a Walk mmmugh a slmlllrpwblan/ / F9. Ed haul-r cum Answer B 2'1 3'1 In SD] SE] 1'1 Exercises I Journal Entries >)> lcorne. Jesus almanza Jr Mon Jan 10 2011 I 1'1 / Wally's Watch Company started business on January 1, 20}<}{. During January, Wally's customers paid $5,000 forwatches thatwill not be delivered until February. Prepare the journal entry forthis transaction. General Journal Account Title I Cash H Ad d Debit - Unearned Revenue _ edit Forthis Journal Entry, the number ofdebits and credits is not pre-set. You must a Close a Walk rm thruud'l a almllar Manley / Fur-I. rt ha r'. In: ka Answer B Journal Entries Icome. Jesus lllmanza Jr Mon Jan 10 2011 Exercise 9 IIi'ttally's Watch Company started business on Januaw1,20}<}{. On January 1 5th. Wally's paid $2,000 in dividends. Prepare thejournal entryforthis transaction. General Journal Account Title I Dividends i Ad :21 Debit —- Forthis Journal Entry, the number ofdebits and credits is not pre-set. You must a Close 8 Wk m'll'lmud'l a almllar motley / Fee dback Check Answer @ Journal Entries -|I:ome. Jesus Ilmanza Jr Mon Jan 102011 first or on raw oi on a a Fit / —‘ IWally's Watch Company started business on Januanr1, EDXX. At the beginning ofJanuary,Wally's paid $20,000forthe next 5 months rentforthe building where it sells its watches. On Januanr 31 , you, as an accountantfor Wally's, have been asked to record the monthly adjusting entnrfor rent. Prepare the journal entnrforthis transaction. General Journal Account Title Debit Credit Rent Expense i 4'39" Pre-Paid Rent - 4|:||:||:| Select the correct accounts in the drop-down listsI and type in the amounts for each account. When done, click Check Answer. a Close a Walk rm throud'l a almllar motley / Fe! 9. d ha (1k Check Answer a Journal Entries lcnme. Jesus nimanza Jr Mon Jan 10 2011 '3 a raw m l—SIj l—lfi I—fi l—a l—au] Fm Exercisez I Wally's Watch Company started business on January 1, EDXX. During January, Iu'tl'ally's purchased supplies for $5,000. Atthe end ofthe month, Wally's takes inventory and finds outthe remaining supplies are worth $4,500. Prepare the adjusting journal entry to reflectthis information. General Journal account Title Debit Credit I Supplies Expense H 50” Supplies - SDI] Select the correct accounts in the drop-down lists, and type int e amounts for each account. When done, click Check Answer. a Close a Walk mothruufl'l a similar motley / Fur-Hi ha [1k Check Answer B JDUITIEI Entries lcnme Jesus almanza Jr Mon Jan 10 2011 1'1 2'1 . fl '5? la 'le 3'1 9'1 “'11 Exercises Wallv's Watch Company had a balance Uf$5,DDU in unearned revenue on Februarv 1 st. Atthe end dfFebruarv, the unearned revenue balance was $1,800. Prepare the adjusting jeurnal entrvtd reflectthis information. General Journal Account Title Unearned Revenue i - Revenue a Close 8 Wk mil-trout a slmllar “lay / Fe ed hack Check Answer B JDUITIEI Entries lcnme Jesus almanza Jr Mon Jan 10 2011 1'1 2'1 3'1 '5? la 'le 3'1 9'1 “'11 Exercisezi Wally's Watch Company started business on January1,20><}<. During January, Wally's employees earned $7,000 in wages. Wally's will not send outpaychecks until thefollowing month. Prepare the journal entryforthis transaction. General Journal Account Title Salaries Expense H Add Debit —- Ad d Credit Forthis Journal Ent the number ofdebits and credits is not re-set. You must a Close 8 Wk mil-trout a slmllar “lay / Fe ed hack Check Answer B ‘7 Journal Entries -ll:ome. Jesus nlmanza Jr Mon Jan 10 2011 BEEN-w Wally's Watch Company started business on January 1. EUXX. At the start of February, Wally's had salaries payable outstanding of$T,DDD. On February 4th, Wally's sent out paychecks to its employees yalued at $1 0,000. Prepare the journal entryforthis transaction. / Exercise 5 I General Journal Account Title Salaries Expense : Salaries Payable H Add Debit —- Add Credit a Close a Walk me tl'lmud'l a almllar motley / FHHth (1k Check AI'ISWBT B JDUITIEI Entries lcnme Jesus nlmanza Jr Mon Jan 10 2011 Exercise 6 Wally's Watch Company startecl business on Januanr1, 20}<}{. During January,Wally's hacl earnecl revenues of$45,DDD. The customers purchased the watches on account. Prepare the journal entry forthistransaction. General Journal Account Title Accounts Receivable : Add Debit —- Forthis Journal Ent the number ofclebits and credits is not re-set. You must m cm a Walk rue mrough a similar problarr/ / F9. Ed haul-r cum Answer B JDUITIBI Entries Icome. Jesus “Imam: Jr Mon Jan 10 2011 Exercise T Wally's Watch ICompany started business on January1, EDHX. During January,Wally's had earned revenues of$ED,DDD. The customers paid 50 percent cash and the remaining amount on account. Prepare thejournal entry forthis transaction General Journal Account Title Accounts Receivable ‘ Cash ‘ Add Debit —- Add Credit m Clo“ a Walk mmmugh a slmllarprohlay / Feedback cum Answer B JDUITIEI Entries lcome Jesus nimanza Jr Mon Jan 10 2011 fl 2'1 I37 4&1 5'1 3'1 7'1 9'1 101 Exercises Wally's Watch Company started business on Januanr1, 20}{><. On February 3rd, Wally's received a checkfor $20,000 from one ofits customers for purchases made on account. Prepare thejournal entntfortnis transaction. General Journal Account Title Cash E Add Debit —- Ad d Credit Fortnis Journal Ent the number ofdebits and credits is not re-set. You must a Close a Walk mo ll'lroud'l a sllnllar motley / Fe ed hack Check Answer B Journal Entries lcome Jesus almanza Jr Mon Jan 10 2011 fl '2? 3'1 a 5'1 3'1 fl 8'1 Exercises! Wally's Watch Company startecl business on February1,20}{><. During February,Wally's purchased supplies for $5,000. Wally's paid the supplier 80 percent in cash and the remaining balance on account. Prepare thejournal entryforthis transaction. General Journal Account Title Supplies i Ad :1 Debit Cash 2 Accounts Payable i a Close a Walk me il'lmud'l a sllnllar motley / Fe 9 d ha r. k Check Answer @ Journal Entries -|I:ome. Jesus llmanza Jr Mon Jan 10 2011 or rat a or raw raw er er a / —1 IWally's Watch Company started business on Januanr1,20}<}{. Atthe beginning ofJanuary, Wally's purchased equipmentfor $12,000. Wally's has decided to depreciate the equipment at$1 .200 per month. Prepare the adjusting journal entnrforthis transaction for depreciation on January 31 st. General Journal Account Title I Depreciation Expense H Add Debit Accumulated Depreciation Add Credit Forthis Journal Ent the number ofdepits and credits is not re-set. You must a Close a Walk mathmuj'l a sllnllal' Why / Fe mi ha (1k Check Answer B Journal Entries >)> Icome. Jesus fllrnanza Jr Mon Jan 10 2011 =1 3'1 the temporary accounts ID InE Income summary account. The CFO giyes youthe following information. Prepare the journal en riesto close the temporary accounts to the income summary account. Hint: You will need to combine the closing of revenue and expense into 1 journal entry so you just end up with1 debit or 1 creditto income summary. Ensure yourjournal entry balances (the total ofthe debit and the total ofthe credits mustequal). Wally's Watches December31, 20>{X Selected Account Information Reyenue 80,000 Common Stock 30,000 ISost ofGoods Sold 30,000 Supplies Expense 2,000 Accounts Payable 2,000 Salaries Expense 15,000 Rent Expense 1,000 Depreciation Expense 1,200 Accounts Receivable 10,000 a Close a Walk ma 'lhroud'l a sllnllat outlay General Journal Account Title —- Rent Expense ; Salaries Expense ; Supplies Expense ; Income Summary ; Exercise 1 Select the correct accounts in the drop-down lists, and type in the amounts for each account.When done, cliclc Check Answer. / FHHIHJHcl-t check Answerg Journal Entries Bali Wally's Watches had a credit balance of$30,BDD in its Income Summary account atthe end ofJanuary. This means the company had net income of$3IJ,BUU. Prepare the closingjournal entry for closing the income summary accountto retained earnings. a Close a Walk mo throud'l a slmllar ”by Icorne. JESUS fllrnanza Jr Mon Jan 10 2011 EIEICISE 2 General Journal Account Title Debit Credit Income Summary E 30300 Retained Earnings - 30300 Select the correct accounts in the drop-down lists, and type in the amounts for each account. When done, click Check Answer. / Feedhartk CHECK Al'lSW'Br 3 JDUITIEI Entries lcome Jesus almanza Jr Mon Jan 10 2011 1'1 2'1 Exercise 3 A trial balance information Wally's Watches is provided below. Prepare the journal entry for closing the dividend account to retained earnings. Trial Bali‘lce General Journal Account Title Debit Credit Debit Credit Cash 5m Retained Earnings i SDIJIJ Accounts lleceirabie um _ Wm, 2.5m Prepa'd Rent L511! Supplia 5m Equipment 4,31] Accum ulated Deqecidinn — En uipment 1.111] Aecaunts Payable 2,500 Uneanecl Revenue 40o Salaifi Parable mo Common Stock 1.1.,[III] Retained Eanir'gs 6,400 Dividends 5,IIIJ Totals: 2m 22ml] Select the correct accounts in the drop-down lists, and type in the amounts for each account. When done, click Check Answer. a Close 8 Wk mil-trout a similar “lay / Fe ed hack Check Answer B ...
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