Module 2.3 - .7 Welcome, Jesus Almanza Jr A. Journal...

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Unformatted text preview: .7 Welcome, Jesus Almanza Jr A. Journal Entries Tue Jan 11 2o11 @ l3 3 x 'I Exercise 1 EIirch Company started business on January 1, General Journal 20><}<. Atthe start ofFebruary, Birch had Salaries Account Title Debit med“ Payable outstanding of$1 1000. Salaries Expense LJ ?l]l]l] On February 4. Birch sent out paychecks to its employees yalued at $24,000. Prepare the journal Salaries payable LJ 1793'] entry forthis transaction. Cash V 24ooo Forthis Journal Entry, the number ofdebits and credits is not pre-set. You must determinethe correct numberofdebits andthe correct numberofcredits. Rows may be added as needed by clickingthe Add buttons. No blank rows are allowed in the final answer. Select the correct accounts in the drop-down lists, and type in the amounts for each account. When clone, click Check Answer. Close _= I Walk me through a similar problem -' I , " Check Answer ‘7 Welcome, Jesus Almanza Jr A. Journal Entries Tue Jan 11 2o11 3 a I z " Exercise 2 Wally's Watch Company started business on General Journal January 1. mm. Atthe beginning ofJanuary. Wally's Account Title Deb-n clean paid $15,DDDforthe next 8 months' rentforthe building where itsells its watches. Rent Expense v 2ooo On January 31 , you, as an accountantforWally's, “Dam have been asked to record the monthly adjusting _ - ZIJIJIJ entryforRent. Prepare thejournal entryforthis WIS transaction. Cratit Forthis Journal Entry, the number ofdebits and credits is notbre-set. You must determine the correctnumber ofdebits andthe correct number ofcredits. Rows may be added as needed by clicking the Add buttons. No blank rows are allowed in the final answer. Select the correct accounts in the drop-down listsI and type in the amounts for each account. When done, click Check Answer. Close _= I walk me through a similar problem. -' , 'I Check Answer Adjusted Trial Balance Icome, Jesus Mmanza Jr Tue Jan 11 2011 g 3 Exercise 1 I From the following list of accounts, select those forwhich the normal balance would be a debit. E Inventory E Depreciation Expense E Cash E Supplies Expense E Service Revenue E Equipment U Accumulated Depreciation E Prepaid Rent E Salaries Expense U Unearnecl Revenue fl Accounts Payable a Close a Walk m throud'l a similar wovth / Check Answer g Adjusted Trial Balance EQ From the following list ofaccounts. selectthose forvvhich the normal balance would be a credit. a Class E] Walk mu throng-I a similar puith lceme, Jesus nlmanza Jr TueJan112011 / ExerciseZ I [1| Unearnecl Revenue D Salaries Expense E Service Revenue U lnventorv fl Equipment fl Prepaid Rent E Salaries Pavable B Common Stock E Accumulated Depreciation D Cash E Depreciation Expense D Supplies Expense u Accounts Pa able / Check Answer B ‘7 Welcome. Jesus Allnanza JI C. Adjusted Tricrl Balance Tue Jan 11 2o11 E? entries have been recorded, and the CFO has asked you to prepare the lil adjusted trial balance. E i813 'I Please provide the totalsforthe debit column and the credit column in the boxes at right. Accounts Payable $ “LEI: Supplies Expense 5:: _ Accounts Receivable 25:: Deb” : $ 20800 Cash 55:: Depreciation Expense E2: Creel” = $ 20800 Equipment 3L2: Inventory 2L2: Prepaid Rent “LEI: Unearned Revenue I": E Service Revenue 10L: Salaries Expense “LEI: Accumulated Depreciation - Equipment 5:: Supplies I: Rent Expense 2: Salaries Payable II Common Stock I: Retained Earnings '— Cost of Goods Sold 3.52: a Clam.- I I Walk mr: through a similar problem Check Ar'fiwutr Debit Credit Cash $ FDDD Accounts Receivable 2,500 Inventory 5,000 Prepaid Rent 1,200 Supplies 1,DDD Equipment ?,DDD Accumulated Depreciation - Equipment $ EDD Accounts Payable 1,DDD Unearned Revenue 2,DDD Salaries Payable EDD Common Stock 1D,DDD Retained Earnings 3,300 Semice Revenlie 3D Dflfl Cost of Goods Sold 1D,DDD Supplies Expense EDD Depreciation Expense EDD Salaries Ex ense 2,DDD Rent Expense EDD TOTAL $ 3?,4IJI] $ 3,400 Accounts 3ayable $ 1,0000 Supplies Expense EDD. Accounts Receivable 2,500 0 Cash 5,500 o Depreciation Expense EDD 0 Equipmen 3,000 0 Inventory 2,000 o Prepaid Rent 1,000 o Unearned Revenue F'DD 0 Service Revenue 10,000 0 Salaries Expense 1,000 0 Accumula ed Depreciation - Equipment EDD. Supplies 1,0000 Rent Expense SUD. Salaries Payable EDD 0 Common Stock BEDS 0 Retained Earnings 2,300 0 Cost of Goods Sold 3,500 0 AccountName AccountType Accounts Payable Credit Supplies Expense Debit Cash Debit Service Revenue Credit Accumulated Depreciation Credit Unearned Revenue Credit Depreciation Expense Debit Equipment Debit Inventory Debit Prepaid Rent Debit Salaries Expense Debit fitccpunts F'avaple Prepaid Insurance Supplies Expense Unearned Revenue fltccpunts Receivable Service Revenue lSash Salaries Expense Depreciatipn Expense J-‘tccurnulated Depreciatipn Equipment Supplies Inventprfivr Salaries Pavaple Retained Earnings Dividends Insurance Expense Common Stock Cast at Goods Sold - Eduiprnent WWI] 5,000 “ 1,000! 800' 5,000 'I' 3,000. 35,000 It 12,000! £1,000. 1,500. 3,000 " 15,000! 1,600! 10,000' 1,000- 10,000. 2,600' 500. 20,000! 22,000. ...
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Module 2.3 - .7 Welcome, Jesus Almanza Jr A. Journal...

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