Homework
yvehol
part_week_2.pdf
Print by: Alfear Holmes ACC557065VA016-1146-001: Financial Accounting / Week 2 Homework: Chapter 02
*Exercise 2-11 (Part Level Submission) Presented below is the ledger for Sparks Co.
Cash
No. 101
10/1 5,000 10/4 400
10/10 650 10/12 1,500
10/10 3,000 10/15 280 10/20 500 10/30 300
10/25 2,000 10/31 500 Accounts Receivable
No. 112
10/6 800 10/20 500
10/20 940 Supplies
No. 126
10/4 400 Equipment
No. 157
10/3 2,000 Balance
Notes Payable
No. 200
10/10 3,000 Accounts Payable
No. 201
10/12 1,500 10/3 2,000
Common Stock No. 311
10/1 5,000 10/25 2,000
Dividends
No. 332
10/30 300
Service Revenue
No. 400
10/6 800 10/10 650
10/20 940 Salaries and Wages Expense
Page 1 of 3Exercise 2-11 (Part Level Submission)
7/13/2014http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni
Date Account Titles and Explanation Debit Credit
(Issued shares of stock for cash)
(Received cash for services provided)
(Obtained loan from bank)
(Received cash in payment of account)
(Billed clients for services provided)
Attempts: 1 of 3 used
No. 726
10/31 500
Rent Expense
No. 729
10/15 280
*(a)
Your answer is correct. Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20 and provide explanations for each. (Record entries in the order displayed in the T-Accounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
*(b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2014.
SPARKS CO. Trial Balance
October 31, 2014
Debit Credit
$ $
Oct. 1 Cash 5000
Common Stock 5000
Oct. 10 Cash 650
Service Revenue 650
Oct. 10 Cash 3000
Notes Payable 3000
Oct. 20 Cash 500
Accounts Receivable 500
Oct. 20 Accounts Receivable 940
Service Revenue 940
Page 2 of 3Exercise 2-11 (Part Level Submission)
7/13/2014http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni
Attempts: 0 of 3 used
$ $
Copyright © 2000-2014 by John Wiley & Sons, Inc. or related companies. All rights reserved.
Page 3 of 3Exercise 2-11 (Part Level Submission)
7/13/2014http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni
