10.1.07 - Jeremy Liebman 950929750 Accounting 211 Homework...

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Jeremy Liebman 950929750 Accounting 211 Homework Tuesday/Thursday 10:00 – 11:50 E2- 1, 2, 6, 8, 9, 10, 11, 12, 15, 17, 19 P2- 1A, 3A, 4A 1. A. Accounts Payable: 1) Liability 2) Credit 3) Credit B. Postage Expense: 1) Expense 2) Debit 3) Debit C. Prepaid Insurance: 1) Asset 2) Debit 3) Debit D. Land: 1) Asset 2) Debit 3) Debit E: Common Stock: 1) Equity 2) Credit 3) Credit F: Accounts Receivable: 1) Asset 3) Debit 3) Debit G: Dividends: 1) Equity 2) Debit 3) Debit H: Cash: 1) Asset 2) Debit 3) Debit I: Equipment: 1) Asset 2) Debit 3) Debit J: Fees Earned: 1) Revenue 2) Credit 3) Credit K: Wages Expense: 1) Expense 2) Debit 3) Debit L: Unearned Revenue: 1) Liability 2) Credit 3) Credit 2. A. $19,250 B. $89,390 C. $300,500 6.
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8. Transactions that made revenues: Accounts receivable (b) 2,300 Cash (c) 39,000 Transactions that did not make revenue (and why): A. It is an owner’s investment D. The services have not yet occurred, thus the money that has come in cannot be counted as revenue. E. Accounts receivable is already considered an asset, so therefore total assets were not increased, the money was just switched from accounts receivable to cash. F. Although signing a note brings in cash, it also brings in a new liability, so there were
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This note was uploaded on 04/07/2008 for the course ACCTG 213 taught by Professor Tomcal during the Spring '08 term at University of Oregon.

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10.1.07 - Jeremy Liebman 950929750 Accounting 211 Homework...

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