Accounting Principles, 11e- Brief Exercises

LBM2014

wiley_plus_brief_exercise.docx

Home >Business & Finance homework help >Accounting homework help > Accounting Principles, 11e- Brief Exercises

Brief Exercise 2-7

Selected transactions for the Joel Berges Company are presented in journal form below.


Date	Account Titles and Explanation	Ref.	Debit	Credit
May 5	Accounts Receivable		4,100
	Service Revenue			4,100
	(Billed for services performed)
12	Cash		2,400
	Accounts Receivable			2,400
	(Received cash in payment of account)
15	Cash		3,000
	Service Revenue			3,000
	(Received cash for services performed)

Post the transactions to T-accounts and determine each account’s ending balance. (Post entries in the order presented in the problem statement.)

Cash



Accounts Receivable


Service Revenue

Brief Exercise 2-10

An inexperienced bookkeeper prepared the following trial balance.

HUEWITT COMPANY Trial Balance December 31, 2014
	Debit	Credit
Cash	$10,800
Prepaid Insurance		$3,500
Accounts Payable		3,000
Unearned Service Revenue	2,200
Owner’s Capital		9,000
Owner’s Drawings		4,500
Service Revenue		25,600
Salaries and Wages Expense	18,600
Rent Expense		2,400
	$31,600	$48,000

Prepare a correct trial balance, assuming all account balances are normal.

HUEWITT COMPANY Trial Balance December 31, 2014
	Debit	Credit
	$	$








Total	$	$

Exercise 2-7 (Part Level Submission)

Kahl Enterprises had the following selected transactions.

1.		Jo Kahl invested $4,000 cash in the business.
2.		Paid office rent of $950.
3.		Performed consulting services and billed a client $5,200.
4.		Jo Kahl withdrew $750 cash for personal use.

Warning

Don't show me this message again for the assignment

Cancel

(a)

Indicate the effect each transaction has on the accounting equation, using plus and minus signs.

	Assets	=	Liabilities + Owner’s Equity
1.		=
2.		=
3.		=
4.		=

Exercise 2-8

Janet Miyoshi has prepared the following list of statements about the general ledger. Identify each statement as true or false.

1.		The general ledger contains all the asset and liability accounts but no owner’s equity accounts.

2.		The general ledger is sometimes referred to as simply the ledger.

3.		The accounts in the general ledger are arranged in alphabetical order.

4.		Each account in the general ledger is numbered for easier identification.

5.		The general ledger is a book of original entry.

Exercise 2-8

Janet Miyoshi has prepared the following list of statements about the general ledger. Identify each statement as true or false.

1.		The general ledger contains all the asset and liability accounts but no owner’s equity accounts.

2.		The general ledger is sometimes referred to as simply the ledger.

3.		The accounts in the general ledger are arranged in alphabetical order.

4.		Each account in the general ledger is numbered for easier identification.

5.		The general ledger is a book of original entry.

Exercise 2-10 (Part Level Submission)

The T-accounts below summarize the ledger of Zimmer Landscaping Company at the end of the first month of operations.

Cash
No. 101
4/1	12,000	4/15	1,300
4/12	900	4/25	1,500
4/29	400
4/30	1,000
Accounts Receivable
No. 112
4/7	3,200	4/29	400
Supplies
No. 126
4/4	1,800
Accounts Payable
No. 201
4/25	1,500	4/4	1,800
Unearned Service Revenue
No. 209
		4/30	1,000
Owner’s Capital
No. 301
		4/1	12,000
Service Revenue
No. 400
		4/7	3,200
		4/12	900
Salaries and Wages Expense
No. 726
4/15	1,300

Warning

Don't show me this message again for the assignment

Cancel

(a)

Prepare the complete general journal from which the postings to Cash were made. (Record entries in the order presented in the T-Accounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit