Week 2 Homework Accting-301

Week 2 Homework Accting-301 - Error 1. 2. 3. 4. 5. 6. (a)...

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Error (a) In Balance (b) Difference (c) Larger Column 1. No $400 Debit 2. yes - - 3. yes - - 4. No $300 Credit 5. yes - - 6. No $36 Credit
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FLINT HILLS TRAVEL AGENCY Assets Liabilities Accounts Office Accounts Common Cash + Receivable + Supplies + Equipment = Payable + Stock + 1. 25,000 25,000 2. (900) 3. (2,800) 2,800 4. 200 5. (500) 500 6. 1,000 9,000 7. (400) 8. (200) (200) 9. (1,200) 10. 9,000 (9,000) 29,000 - 500 2,800 - 25,000 Part (b) Service Revenue 10000 Expenses Salaries expenses 1200 Rent Expenses 900 Advertising Expenses 200 2300 Net Income 7700 OR Revenues 10000 Expenses 2300 Net Income 7700
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Stockholders' Equity Retained Earnings Revenues - Expenses - Dividends (900) Rent Expense (200) Advertising expenses 10,000 Service Revenue (400) Dividends (1,200) Salaries Expenses 10,000 (2,300) (400)
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Account Increase Side Decrease Side Normal Balance Common Stock Right/ Credit Left/Debit Credit Accounts Payable Right/ Credit Left/Debit Credit Accounts Receivable Left/Debit Right/ Credit Debit Selling, Marketing and Administrative expens Left/Debit Right/ Credit Debit Prepaid expenses
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Week 2 Homework Accting-301 - Error 1. 2. 3. 4. 5. 6. (a)...

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