View the step-by-step solution to:

Question

--------


a)IMG_3718.jpg

b)

src="/qa/attachment/10699244/" alt="IMG_3719.jpg" />

IMG_3720.jpg

IMG_3718.jpg

P2-9A Prepare trial balance.
(LO 4) AP
The following is an alphabetical list of accounts and balances for J. Saggit, proprietorship,
at June 30, 2017:
Accounts Payable
$12,500 Notes Payable
$30,000
Accounts Receivable 10,250 Prepaid Expenses 3,000
Cash
8,000 Rent Expense
4,500
Equipment
18,250 Service Revenue
63,050
Interest Expense
500 Supplies
5,000
J. Saggit, Capital
28,000 Utilities Expense
550
J. Saggit, Drawings
12,000 Salaries Expense
7,500
Land
64,000
Instructions
Prepare a trial balance at June 30, sorting each account into the debit or the credit
column.
TAKING IT FURTHER J. Saggit believes that once the trial balance is prepared, if the
debits equal the credits, then his financial statements will be
error free. Advise J. Saggit if he is correct in his belief.

IMG_3719.jpg

BE3-2 Calculate missing data for supplies.
(LO 2) AP
Calculate the missing information in each of the following independent situations:
Red Co. Blue Co. Green Co.
Supplies on hand, May 31, 2016
$ 795
$ 985
$1,325
Supplies purchased during the year
3,830
3,070
2,395
Supplies on hand, May 31, 2017
665
?
1,700
Supplies used during the year
?
2,750
?

IMG_3720.jpg

E2-4 Identify accounts and determine debits and credits.
(LO 1) C
In the first month of business, Jakmak Interior Design Company had the following
transactions:
Mar. 5 The owner, Jackie Mackenzie, invested $10,220 cash in the business.
7 Paid $350 cash for advertising the launch of the business.
9 Purchased supplies on account for $1,050.
11 Purchased a used car for $8,770 cash, for use in the business.
13 Billed customers $1,520 for services performed.
25 Borrowed $10,880 from the bank and signed a note payable.
26 Received $1,140 cash from customers billed on March 13.
29 Paid for the supplies purchased on March 9.
30 Received $800 cash from a customer for services to be performed in April.
31 Paid Jackie Mackenzie $1,720 cash for her personal use.
Instructions
For each transaction, indicate:
(a) the basic type of account debited and credited (asset, liability, or owner's equity);
(b) the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.);
and
(c) whether each account is increased (+) or decreased (-), and by what amount.
Use the following format to complete the exercise; the first one has been done for you
as an example:
Account Debited
Account Credited
(a)
(b)
(c)
(a)
(b)
(c)
Date Basic Type Specific Account Effect
Basic Type Specific Account
Effect
Mar.
Asset
Cash
+$10,220
Owner's
J. Mackenzie,
+$10,220
5
Equity
Capital
E2-5 Record transactions.
(LO 2) AP
Using the data in E2-4 for Jakmak Interior Design Company, journalize the transactions.

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes