Week2_ch2_solutions [Uploaded]

Week2_ch2_solutions [Uploaded] - FB2100 Accounting I...

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FB2100 – Accounting I – Semester A 2010 Solutions to Assigned Questions – Week 2 – Chapter 2 Problem 2-2A (90 minutes) Part 1 Mar. 1 Cash. ............................................................ 101 150,000 Office Equipment . ....................................... 163 22,000 Common Stock . .................................. 307 172,000 Owner invested cash and equipment. 2 Prepaid Rent . .............................................. 131 6,000 Cash . .................................................... 101 6,000 Prepaid six months’ rent. 3 Office Equipment . ....................................... 163 3,000 Office Supplies . .......................................... 124 1,200 Accounts Payable . .............................. 201 4,200 Purchased equipment and supplies on credit. 6 Cash. ............................................................ 101 4,000 Services Revenue . .............................. 403 4,000 Received cash for services. 9 Accounts Receivable . ................................ 106 7,500 Services Revenue . .............................. 403 7,500 Billed client for completed work. 12 Accounts Payable . ..................................... 201 4,200 Cash . .................................................... 101 4,200 Paid balance due on account. 19 Prepaid Insurance . ..................................... 128 5,000 Cash . .................................................... 101 5,000 Paid premium for insurance. 22 Cash. ............................................................ 101 3,500 Accounts Receivable . ........................ 106 3,500 Collected part of amount owed by client. 25 Accounts Receivable . ................................ 106 3,820 Services Revenue . .............................. 403 3,820 Billed client for completed work. 29 Dividends . ................................................... 319 5,100 Cash . .................................................... 101 5,100 Paid cash for dividends. 30 Office Supplies . .......................................... 124 600 Accounts Payable . .............................. 201 600 Purchased supplies on account. 31 Utilities Expense . ........................................ 690 500 Cash . .................................................... 101 500 Paid monthly utility bill.
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FB2100 – Accounting I – Semester A 2010 Solutions to Assigned Questions – Week 2 – Chapter 2 Problem 2-2A (Continued) Part 2 Cash Acct. No. 101 Date Explanation PR Debit Credit Balance Mar. 1 G1 150,000 150,000 2 G1 6,000 144,000 6 G1 4,000 148,000 12 G1 4,200 143,800 19 G1 5,000 138,800 22 G1 3,500 142,300 29 G1 5,100 137,200 31 G1 500 136,700 Accounts Receivable Acct. No. 106 Date Explanation PR Debit Credit Balance Mar. 9 G1 7,500 7,500 22 G1 3,500 4,000 25 G1 3,820 7,820 Office Supplies Acct. No. 124 Date Explanation PR Debit Credit Balance Mar. 3 G1 1,200 1,200 30 G1 600 1,800 Prepaid Insurance Acct. No. 128 Date Explanation PR Debit Credit Balance Mar. 19 G1 5,000 5,000 Prepaid Rent Acct. No. 131
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This note was uploaded on 10/20/2011 for the course ACC fb200 taught by Professor Tony during the Spring '11 term at American University in Bulgaria.

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Week2_ch2_solutions [Uploaded] - FB2100 Accounting I...

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