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Unformatted text preview: OlLoy2tio CHAPTER ASSIGNMENTS Short Exercises LO 1 R ecognition d S E 1 . Which of the following events would be recognized and entered in the V accounting records of Kazuo Corporation? Why? Jan. 10 Kazuo Corporation places an order for office supplies. Feb. 15 Kazuo Corporation receives the office supplies and a bill for them . Mar. 1 Kazuo Corporation pays for the office supplies. LO1 L03 Recognition, Valuation, and Classification SE 2. Tell how the concepts of recognition, valuation, and classification apply to this transaction: Cash June 1 1,000 Supplies June 1 1,000 I LO1 Classification of Accounts V S E 3 . Tell whether each of the following accounts is an asset, a liability, a revenue, an expense, or none of these: a. Accounts Payable b. Supplies c. Dividends d. Fees Earned e. Rent Expense f. Accounts Receivable g. Unearned Revenue h. Equipment L02 N orm al Balances V SE 4. Tell whether the normal balance of each account in SE 3 is a debit or a credit. 1 . 03 Transaction A nalysis SE 5. For each transaction that follows, indicate which account is debited and which account is credited. May 2 Leon Bear started a computer programming business, Bear's Programming Service, Inc., by investing $5,000 in exchange for common stock. 5 Purchased a computer for $2,500 in cash. 7 Purchased supplies on credit for $300. 19 Received cash for programming services performed, $500. 22 Received cash for programming services to be performed, $600. 25 Paid the rent for May, $650. 31 Billed a customer for programming services performed, $250. Chapter Assignments 125 126 CHAPTER 2 Analyzing Business Transactions 103 Recording Transactions in T Accounts ./ SE 6. Set up T accounts and record each transaction in SE 5. Determine the bal- ance of each account. L04 Preparing a Trial Balance V SE 7. From the T accounts created in SE 6, prepare a trial balance dated May 31, 2010. L05 Timing and Cash Flows s t e SE 8. Use the T account for Cash below to record the portion of each of the fol- lowing transactions, if any, that affect cash. How do these transactions affect the company's liquidity? Cash Jan. 2 Provided services for cash, $1,200 4 Paid expenses in cash, $700 8 Provided services on credit, $1,100 9 Incurred expenses on credit, $800 506 Recording Transactions in the General Journal SE 9. Prepare a general journal form like the one in Exhibit 2-4 and label it Page 4. Record the following transactions in the journal: Sept. 6 Billed a customer for services performed, $3,800. 16 Received partial payment from the customer billed on Sept, 6, $1,800. S06 Posting to the Ledger Accounts SE 10. Prepare ledger account forms like the ones in Exhibit 2-5 for the following accounts: Cash (111), Accounts Receivable (113), and Service Revenue (411)....
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- Spring '12