Accounting Homework

Chapter02.Exercises.xlsx

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EX2-17

Financial Accounting
E2-17 Describing transactions, posting to T-accounts, and preparing a trial balance
LO 2,3,4,5 [20-30 minutes]
		Students please fill-in areas that are shaded
Student Name
Course Name
Student ID:
Date:
The journal of Ward Technology Solutions,includes the following entries for
May, 2018:
May 1	The business received cash of $75,000 and and gave capital to the owner.
2	Purchased supplies of $500 on account.
4	Paid $53,000 cash for a building.
6	Performed service for customers and received cash, $2,600.
9	Paid $400 on accounts payable.
17	Performed service for customers on account, $2,500.
23	Received $1,900 cash on account from a customer.
31	Paid the following expenses: salary, $1,100; rent, $900.
Requirements
1.	Describe each transaction. For example, the May 4 transaction description could
	be “Paid cash for building.”
2.	Open T-accounts.
3.	Post to the accounts. Write dates and journal references in the accounts.
	Compute the balance of each account after posting.
4.	Prepare the trial balance of Ward Technology Solutions at May 31, 2018.
Test Your Knowledge
E2-17
Req. 1
May 1
2
4
6
9
17
23
31
Req. 2 & 3
	Cash
	May 1	75,000
	May 31	75,000
	Accounts Receivable
	May 31	- 0
	Supplies
	May 31	- 0
	Building
	May 31	- 0
	Accounts Payable
			May 31	- 0
	Ward, capital
			May 31	- 0
	Service revenue
			May 31	- 0
	Rent expense
	May 31	- 0
	Salary expense
	May 31	- 0
Req. 4
	Ward Technology Solutions
	Trial Balance
	May 31, 2018
	ACCOUNT		DEBIT	CREDIT
	Cash		75,000
	Accounts Receivable		- 0
	Supplies		- 0
	Building		- 0
	Accounts payable			- 0
	Ward, capital			- 0
	Service revenue			- 0
	Salary expense		- 0
	Rent expense		- 0
	Total		$ 75,000	$ - 0

Jennie Mitchell 4-06-2011

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P2-29A

Financial Accounting
P2-29A Analyzing and journalizing transactions, posting, and preparing a trial balance
LO 2,3,4,5 [45-60 minutes]
		Students please fill-in areas that are shaded
Student Name
Course Name
Student ID:
Date:
Vernon Yung practices medicine under the business title Vernon Yung, M.D.,
During July, the medical practice completed the following transactions:
Jul 1	Yung deposited $68,000 cash in the business bank account.
	The business gave capital to Yung.
5	Paid monthly rent on medical equipment, $560.
9	Paid $16,000 cash to purchase land for an office site.
10	Purchased supplies on account, $1,600.
19	Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank
	in the name of the business.
22	Paid $1,300 on account.
31	Revenues earned during the month included $6,500 cash and $5,00 on account.
31	Paid employees’ salaries $2,500, office rent $1,100, and utilities $400.
	Make a single compound entry.
31	Yung withdrew cash of $7,000.
The business uses the following accounts: Cash, Accounts receivable, Supplies, Land,
Accounts payable, Notes payable,Yung, capital; Yung, drawing; Service revenue,
Salary expense, Rent expense, and Utilities expense.
Requirements
1.	Journalize each transaction, as shown for July 1. Explanations are not required.
	Jul 1	Cash		68000
		Yung, capital			68000
2.	Post the transactions to the T-accounts, using transaction dates as posting references
	in the ledger accounts. Label the balance of each account Bal, as shown in
	the chapter.
3.	Prepare the trial balance of Vernon Yung, M.D., at July 31, 2018.
Test Your Knowledge
P2-29A
Req. 1
Journal
DATE	ACCOUNTS AND EXPLANATIONS			POST.REF.	DEBIT	CREDIT
July 1	Cash				68,000
	Yung, capital					68,000
5
9
10
19	Cash				23,000
22
	Cash					1,300
31	Cash				6,500
31
31
	Cash					7,000
Req. 2
	Cash
	July 1	68,000	July 5	- 0
	19	23,000	9	- 0
	31	6,500	22	1,300
			31	- 0
			31	7,000
	Bal.	89,200
	Accounts Receivable
	Bal.	- 0
	Supplies
	Bal.	- 0
	Land
	Bal.	- 0
	Accounts payable
			Bal.	- 0
	Notes payable
			Bal.	- 0
	Yung, capital

			Bal.	- 0
	Yung, drawing
	Bal.	- 0
	Service revenue
			July 31
			Bal.	- 0
	Rent expense - equipment
	Bal.	- 0
	Rent expense - office
	Bal.	- 0
	Salary expense
	Bal.	- 0
	Utility expense
	Bal.	- 0
Req. 3
	Vernon Yung, M.D.
	Trial Balance
	July 31, 2018
	ACCOUNT		DEBIT	CREDIT
	Cash		89,200
	Accounts Receivable		- 0
			- 0
			- 0
				- 0
				- 0
				- 0
	Yung, drawing		- 0
				- 0
			- 0
			- 0
			- 0
			- 0
	Total		$ 89,200	$ - 0

Students please fill-in areas that are shaded

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P2-32A

Financial Accounting
P2-32A	Journalizing transactions, posting to accounts in four-column format, and preparing a trial balance
LO 4,5 [45-60 minutes]
			Students please fill-in areas that are shaded
Student Name
Course Name
Student ID:
Date:
	The trial balance of Sam Mitchell, CPA, P.C., is dated January 31, 2018:
		SAM MITCHELL, CPA
		Trial Balance
		January 31, 2018
		Acct. No.	Account	Debit	Credit
			Cash	$7,000
			Accounts receivable	10,500
			Supplies	600
			Land	17,000
			Accounts payable		4,700
			Mitchell, capital		30,400
			Mitchell, drawing
			Service revenue
			Salary expense
			Rent expense
			Total	$35,100	$35,100
During February, Mitchell or his business completed the following transactions:
		Feb 4	Collected $4,000 cash from a client on account.
		8	Performed tax services for a client on account, $4,600.00
		13	Paid business debt on account, $2,400.
		18	Purchased office supplies on account, $900.
		20	Mitchell withdrew cash of $2,200.
		21	Mitchell paid for a deck for his private residence
			personal funds, $8,000.
		22	Received $2,300 cash for consulting work just completed.
		27	Paid office rent, $500.
		29	Paid employee salary, $1,600.
Requirements
1.	Record the February transactions in the journal. Include an explanation for
	each entry.
2.	Post the transactions to four-column accounts in the ledger, using dates,
	account numbers, journal references, and posting references. Open the ledger
	accounts listed in the trial balance, together with their balances at January 31.
3.	Prepare the trial balance of Sam Mitchell, CPA,at February 29, 2018.
Test Your Knowledge
P2-32A
Req. 1
Journal
DATE		ACCOUNTS AND EXPLANATIONS		POST. REF.	DEBIT	CREDIT
FEB	4	Cash			4,000
		Received on account.
	8
		Performed service on account
	13
	18
		Purchased supplies on account.
	20
	21
	22
		Performed services for cash.
	27
	29

Req. 2
ACCOUNT		CASH
					BALANCE
DATE	ITEM	JRNL. REF.	DEBIT	CREDIT	DEBIT	CREDIT
Jan 31	Bal.				7,000
Feb 4
13
20
22
27
29
ACCOUNT		ACCOUNTS RECEIVABLE
					BALANCE
DATE	ITEM	JRNL. REF.	DEBIT	CREDIT	DEBIT	CREDIT
Jan 31	Bal.				10,500
ACCOUNT		SUPPLIES
					BALANCE
DATE	ITEM	JRNL. REF.	DEBIT	CREDIT	DEBIT	CREDIT
Jan 31	Bal.				600
ACCOUNT		LAND
					BALANCE
DATE	ITEM	JRNL. REF.	DEBIT	CREDIT	DEBIT	CREDIT
Jan 31	Bal.				17,000
ACCOUNT		ACCOUNTS PAYABLE
					BALANCE
DATE	ITEM	JRNL. REF.	DEBIT	CREDIT	DEBIT	CREDIT
Jan 31	Bal.					4,700
ACCOUNT		MITCHELL, CAPITAL
					BALANCE
DATE	ITEM	JRNL. REF.	DEBIT	CREDIT	DEBIT	CREDIT
Jan 31	Bal.
ACCOUNT		MITCHELL, DRAWING
					BALANCE
DATE	ITEM	JRNL. REF.	DEBIT	CREDIT	DEBIT	CREDIT
Feb 20
ACCOUNT		SERVICE REVENUE
					BALANCE
DATE	ITEM	JRNL. REF.	DEBIT	CREDIT	DEBIT	CREDIT
ACCOUNT		SALARY EXPENSE
					BALANCE
DATE	ITEM	JRNL. REF.	DEBIT	CREDIT	DEBIT	CREDIT
ACCOUNT		RENT EXPENSE
					BALANCE
DATE	ITEM	JRNL. REF.	DEBIT	CREDIT	DEBIT	CREDIT
Req. 3
	SAM MITCHELL, CPA
	Trial Balance
	February 29, 2018
	Acct No.	ACCOUNT		DEBIT	CREDIT
	11	Cash		$ - 0
				- 0
				- 0
				17,000
					$ - 0
					- 0
	32	Mitchell, drawing		- 0
					- 0
				- 0
				- 0
		Total		$ 17,000	$ - 0

Jennie Mitchell APRIL 22, 2011

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P2-47B

Financial Accounting
P2-47B	Journalizing transactions, posting to T-accounts, and preparing a trial balance
LO 4,5 [45-60 minutes]
		Students please fill-in areas that are shaded
Student Name
Course Name
Student ID:
Date:
Beth Yung started her practice as a design consultant on November 1, 2018. During
the first month of operations, the business completed the following transactions:
Nov 1	Received $34,000 cash and issued capital to Yung.
4	Purchased supplies, $500, and furniture, $1,900, on account.
6	Performed services for a law firm and received $1,200 cash.
7	Paid $25,000 cash to acquire land for a future office site.
10	Performed service for a hotel and received its promise to pay the $1,200 within
	one week.
14	Paid for the furniture purchased November 4 on account.
15	Paid secretary’s bi-monthly salary, $540.
17	Received cash on account, $500.
20	Prepared a design for a school on account, $800.
28	Received $2,200 cash for consulting with Plummer & Gorden.
30	Paid secretary’s bi-monthly salary, $540.
30	Paid rent expense, $830.
30	Yung withdrew cash of $2,700.
Requirements
1.	Open the following T-accounts: Cash, Accounts receivable, Supplies, Furniture,
	Land, Accounts payable, Yung, Capital; Yung, drawing; Service revenue, Salary
	expense, and Rent expense.
2.	Record each transaction in the journal, using the account titles given. Key each
	transaction by date. Explanations are not required.
3.	Post the transactions to the T-accounts, using transaction dates as posting references
	in the ledger accounts. Label the balance of each account Bal, as shown in
	the chapter.
4.	Prepare the trial balance of Beth Yung, Designer, at November 30, 2018.
Test Your Knowledge
P2-47B
Req. 1
Journal
DATE	ACCOUNTS AND EXPLANATIONS			POST.REF.	DEBIT	CREDIT
Nov 1
4
6
7
10
14
15
17
20
28

30
30
30
Req. 2
	Cash
	Nov 1		Nov. 7
	6
	17
	28
	Bal.	- 0
	Accounts Receivable
	Nov. 10
	Bal.	- 0
	Supplies
	Bal.	- 0
	Furniture
	Bal.	- 0
	Land
	Bal.	- 0
	Accounts payable
			Bal.	- 0
	Yung, capital

			Bal.	- 0
	Yung, drawing
	Bal.	- 0
	Service revenue
			Nov. 6	1,200
			Bal.	1,200
	Salary expense
	Bal.	- 0
	Rent expense
	Bal.	- 0
Req. 3
	Beth Yung, Designer
	Trial Balance
	November 30, 2018
	ACCOUNT		DEBIT	CREDIT
	Cash		- 0
	Accounts Receivable		- 0
	Supplies		- 0
	Furniture		- 0
	Land		- 0
	Accounts payable			- 0
	Yung, capital			- 0
	Yung, drawing		- 0
	Service revenue			1,200
	Salary expense		- 0
	Rent expense		- 0
	Total		$ - 0	$ 1,200

J. Mitchell April 22, 2011

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E2-17 Describing transactions, posting to T-accounts, and preparing a trial balance

LO 2,3,4,5 [20-30 minutes]

Students please fill-in areas that are shaded

Financial Accounting