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Tutorial 4, Week 5 (Homework)[1]

Tutorial 4, Week 5 (Homework)[1] - BUSS1030 Accounting...

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BUSS1030 Accounting, Business & Society Semester 2, 2012 Tutorial 4 (Week 5) – Business Transactions – Part 2 Tutorial homework questions Problems P2-5 P2-6 P4-1
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Homework P2-5 Recording transactions; using four-column accounts; preparing a T.B. (Obj. 2, 3, 5) Vince Serrano started Serrano Carpet Installers in Melbourne, and during the first month of operations (January 20X0) he completed the following selected transactions: 1. Open the following four-column accounts: Cash at Bank; Accounts Receivable; Supplies; Equipment; Van; Accounts Payable; Vince Serrano, Capital; Vince Serrano, Drawings; Service Revenue; Salary Expense; Rent Expense; Advertising Expense; Insurance Expense. (refer to part 3 following) 2. Record the transactions in the journal. Use the letters to identify the transactions. Date Accounts $ $ a. Cash at Bank 40,000 Van 20,000 Vince Serrano, Capital 60,000 (Received investment by owner) b. Equipment 32,000 Cash at Bank 32,000 (Purchased equipment) c. Supplies 400 Accounts Payable 400 (Purchased supplies on credit) d. Salary Expense 1,300 Cash at Bank 1,300 (Paid salary)
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