ACC1010_Principles of Accounting I_SerialProblem Ch 8.xlsx...

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Baker CollegeACC 1010 Principles of Accounting IKate's Cards Serial Problem Ch. 2aGeneral JournalDescriptionDebit1 Deposited $10,000 into business checking account.10,000Received $10,000 in common stockDepsited cash in exchange for common stock, $10,0002 No entry necessary3 Consulting Fee50CashPayment to employee Fred for critique of $504 Equipment4,800CashPurchas of iMac computer tablet, graphic arts software and commerical print5 Supplies350Accounts Payablepurchase of paper, ink and supplies on accountfor $3506 No entry required7 No entry required8 Supplies inventory1,500Accounts PayablePurchase of additional supplies on account for $15009 Cash5,000sales revenueProvided services for cash payment $500010 cost of goods sold1,750supplies inventoryCost of goods sold, $175011 Accounts Payable1,850CashPaid account payable in full $1850Postingreference
12 Prepaid Insurance1,100Insurance expense100to record advance payment of insurance13 Depreciation expense 1/48th100accumulated depreciation 1/48thLife of equipment 48 months14 Wages expense1,000CashPaid employee wages (kate), $100015 Paid Rent1,200CashPaid monthly rent, $1200
bT-accountsCreditPRCashPRPRSupplies I110,000503535010,00095,0004,800481,5001,85011$1001,200121,000141,20015Equip$4,90044,80050Accounts payableCommo111,85035054,8001,5008ter for $4800$-Cost of goods soldConsulting350101,750350Depreciation expenseWages e13100141,0001,500cKate's CardsTrial BalanceSeptember 30, 20195,000DebitCash4,900Accounts Payable-supplies inventory1001,750prepaid insurance1,100Equipment4,800Depreciation of equipmentAccounts payable1,850Common stocksales revenue
cost of goods sold1,750consulting expense501,200Insurance expense100depreciation expense100wage expense1,000Rent expense1,200100Retained earningTotals$15,1001,0001,200
InventoryPRPRPrepaid InsurancePR1,75010121,100pmentAccumulated Depreciation -- Equipment10013on stockSales revenue10,000(1)5,0009g expenseInsurance expense12100expenseRent expense151,200Credit100-10,0005,000
-$15,100
Baker CollegeACC 1010 Principles of Accounting IKate's Cards Serial Problem Ch. 3aGeneral JournalDescriptionDebit1 No entry necessary2 Cash450Sales revenueTeaches class to aspiring designersis paid -$4503 Accounts receivable3,500Sales revenueDelivers cards to new customers bills -$35004 Utility250CashPays utility bills- $2505 Cash500Unearned revenueadvance deposit from new customer for new designs- $5006 Wage expense200Cashpay new employee for work done this month -$2007 Wage expense100wages payabledetermines new employee has worked 10 hours that has not been paidsupplies inventory1,000Cash8paid for supplies- $10009 cost of goods sold800inventoryPrevious inventory balance $100+$1000 purchase-$300 remaining= $10 Depreciationand insurance expense200accumulated depreciation and prepaid insurancePostingreference

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Term
Fall
Professor
Ashley Harper
Tags
Balance Sheet, Generally Accepted Accounting Principles, Kate

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