Chapter 789 Homework Culley

Chapter 789 Homework Culley - GENERAL LEDGER ACCOUNT NO:...

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GENERAL LEDGER Account: DATE ITEM DEBIT CREDIT BALANCE DEBIT CREDIT 2011 Month ACCOUNT NO: POST. REF.
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GENERAL LEDGER Account: DATE ITEM DEBIT CREDIT BALANCE DEBIT CREDIT 2011 Month ACCOUNT NO: POST. REF.
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(PRACTICE ONLY) FILL IN THE PINK BOXES…NOTHING ELSE 1 ASSETS = LIABILITIES + OWNER'S EQUITY Cash Chateau Gas Company Office Equipment Aloe Medical Supply Company Because there was no entry at the X-ray Equipment Owner's Equity, you will need to find it. Laboratory Equipment Assets - Liabilities = Owner's Equity C.A. $0 = C.L. $0 + C.O.E. $0 Don't forget to carry this over to the Current Assets for number 2 set 2 ASSETS = LIABILITIES + OWNER'S EQUITY Current Assets $0 Current Liabilities $0 Current O.E. $0 Increase Assets Increased Liabilities Increased Owner's Equity $0 $0 $0 Again, the assets are carried down to set 3 and become current assets. 3 ASSETS = LIABILITIES + OWNER'S EQUITY Current Assets $0 Current Liabilities $0 Current O.E. $0 Decrease in Assets Increase in Liabilities Descrease in O.E. $0 TOTALS $0 = $0 $0
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(PRACTICE ONLY) FILL IN THE PINK BOXES…NOTHING ELSE ASSETS = LIABILITIES + OWNER'S EQUITY ASSETS = LIABILITIES + CAPITAL - DRAWING + REVENUES - EXPENSES a Cash Capital b supplies Supplies Payable Cash c Prepaid Insurance Cash d Cash Earned Acc. Rec. e Cash Payable f Prepaid Rent g Cash Withdrawl ASSETS Liabilities Capital Drawing Revenue Expenses $0 $0 $0 - $0 + $0 - $0 ASSETS = Liabilities + Owner's Equity $0 $0 $0 Balance: $0 = $0
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Chapter 7 Review Questions (5 - 11) 5 What are the most common reasons for differences between the book and bank cash balances? 6 What are the three steps to follow in preparing a bank reconciliation? 7 What two kinds of items on a bank reconciliation require journal entries? 8 Name five applications of electronic funds transfer in current use. 9 What is the purpose of a petty cash fund? 10 What should be prepared every time a petty cash payment is made? 11 At what times should the petty cash fund be replenished?
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Page 2 DATE ITEM DEBIT CREDIT 1 Closing Entries 2 January 31 Advising Fees 401 3,793 3 Income Summary 313 3,793 4 5 31 Income Summary 313 1,803 6 Wages Expense 511 800 7 Advertising Expense 512 80 8 Rent Expense 521 500 9 Supplies Expense 524 120 10 Telephone Expense 525 58 11 Electricity Expense 533 44 12 Insurance Expense 535 30 13 Gas and Oil Expense 538 38 14 Depr. Expense --- Office Equipment 541 100 15 Miscellaneous Expense 549 33 16 17 31 Income Summary 313 1,990 18 Bill Case, Capital 311 1,990 19 20 31 Bill Case Capital 311 800 21 Bill Case Drawing 312 800 22 POST. REF.
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This note was uploaded on 09/10/2011 for the course ACCOUNTING IS 160 taught by Professor Taylor during the Spring '11 term at Herzing.

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Chapter 789 Homework Culley - GENERAL LEDGER ACCOUNT NO:...

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