Common Stock 101 311 10000 10000 5 Equipment Cash Accounts Payable 157 101 201

Common stock 101 311 10000 10000 5 equipment cash

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Common Stock .......................... 101 311 10,000 10,000 5 Equipment .......................................... Cash ............................................ Accounts Payable ...................... 157 101 201 12,000 4,000 8,000 25 Accounts Payable .............................. Cash ............................................ 201 101 2,400 2,400 30 Dividends ........................................... Cash ............................................ 332 101 500 500 EXERCISE 2-12 (Continued) (b) Cash No. 101 Date Explanation Ref. Debit Credit Balance Sept. 1 J1 10,000 10,000 5 J1 4,000 6,000 25 J1 2,400 3,600 30 J1    500 3,100 Equipment No. 157 Date Explanation Ref. Debit Credit Balance Sept. 5 J1 12,000 12,000 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance Sept. 5 J1 8,000 8,000        25 J1 2,400 5,600                                                                                                                                         2-11
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Common Stock No. 311 Date Explanation Ref. Debit Credit Balance Sept. 1 J1 10,000 10,000 Dividends No. 332 Date Explanation Ref. Debit Credit Balance Sept. 30 J1 500      500 EXERCISE 2-14 TEMPUS FUGIT DELIVERY SERVICE Trial Balance July 31, 2014                                                                                                                              Debit             Cr edit       Cash ($90,907 – Debit total without Cash     $69,340) .................................................................... $21,567 Accounts Receivable .................................................. 10,642 Prepaid Insurance ....................................................... 1,968 Equipment .................................................................... 49,360 Notes Payable .............................................................. $26,450 Accounts Payable ....................................................... 8,396 Salaries and Wages Payable ...................................... 815 Common Stock ............................................................ 40,000 Retained Earnings ....................................................... 4,636 Dividends ..................................................................... 700 Service Revenue ......................................................... 10,610 Salaries and Wages Expense ..................................... 4,428 Maintenance and Repairs Expense ........................... 961 Gasoline Expense ....................................................... 758                                                                                                                                         2-12
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Utilities Expense .........................................................             523                           $90,907 $90,907 EXERCISE 2-15 Transactions 4, 5, and 7 are operating activities Transaction 3 is an investing activity Transactions 1, 2 and 6 are financing  activities.                                                                                                                                         2-13
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PROBLEM 2-2A (a) J1 Date Account Titles and Explanation Ref. Debit Credit May 1 Cash ......................................................... 101 20,000 Common Stock ............................... 311 20,000     (Issued shares of stock      for cash) 2 No entry—not a transaction. 3 Supplies .................................................. 126 1,500 Accounts Payable .......................... 201 1,500     (Purchased supplies on      account) 7 Rent Expense .......................................... 729    900 Cash ................................................ 101    900     (Paid office rent) 11 Accounts Receivable ............................. 112 2,800 Service Revenue ............................ 400 2,800     (Billed client for services      provided) 12 Cash ......................................................... 101 3,500 Unearned Service Revenue ........... 209 3,500     (Received cash for future      services) 17 Cash ......................................................... 101 1,200 Service Revenue ............................ 400 1,200     (Received cash for services      provided) 31 Salaries and Wages Expense ................ 726 2,000
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