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Accounting_ExercisesnoII.xlsx
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EXERCISE II

Balance Sheet on Nov. 30, 2014
Assets Equities
Equipment 6,000 Paid-in Capital 5,000
Office Supplies Inventory 1,000 Retained Earnings 3,600
Account Receivables 1,000 Tax Payable 1,000
Cash, Bank 8,600 Accounts payable 7,000
Total assets 16,600 Total equities 16,600
EQUIPMENT PAID IN CAPITAL
Dt Ct Dt CT
OP. BAL. OP. BAL.
OFFICE SUPPLY INVENTORY REATINED EARNINGS
Dt Ct Dt Ct
OP. BAL. OP. BAL.
ACCOUNT RECEIVABLES TAX PAYABLES
Dt Ct Dt Ct
OP. BAL. € 1,000 OP. BAL.
CASH, BANK ACCOUNTS PAYABLES
Dt Ct Dt Ct
OP. BAL. OP. BAL.
transactions
1. Performed consulting services, for which we received € 2,000 cash immediately
Dt Ct Dt Ct
2. Received an invoice for a series of advertisements, € 600, that appeared in the local news during December and will be paid in January
Dt Ct Dt Ct
3. Performed additional consulting work, € 2 500 on credit.
Dt Ct Dt Ct
4. Issued a check for € 800 for rent of shop space for December
Dt Ct Dt Ct
5. Performed advertisement services, for which we received € 1,000 cash immediately.
Dt Ct Dt Ct
6. Paid salaries to employees of € 2,000 for December.
Dt Ct Dt Ct
7. Paid outstanding tax € 1 000
Dt Ct Dt Ct
8. Paid creditors € 2,800.
CASH ACCOUNTS PAYABLES
Dt Ct Dt Ct
9. The cost of office supplies used during December is € 450
Dt Ct Dt Ct
10. Depreciation of equipment for December amounts to € 150
Dt Ct Dt Ct
closing the temporary accounts
Dt Ct Dt Ct
Dt Ct Dt Ct
Dt Ct
SALARY EXPENSES
DEPRECIATION EXPENSES
EXPENSES REVENUES
TOTAL € 0 € 0
€ 0
Closing the permament accounts
EQUIPMENT PAID IN CAPITAL
Dt Ct Dt CT
CASH RETAINED EARNINGS
Dt Ct Dt Ct
TAX PAYABLES
Dt Ct
INVENTORY
Dt Ct
ACCOUNTS PAYABLES
Dt Ct
ACCOUNTS RECEIVABLES
Dt Ct
Balance Sheet on Dec. 2014
Assets Equities
Equipment Paid-in Capital
Office Supplies Inventory Retained Earnings
Accounts Reeceivables Tax Payables
Cash, Bank Accounts payable
Total assets - 0 Total equities - 0