accounting 1 home work

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Problem 2-62A

Financial Accounting
Problem 2-62A, Obj. 1, 2, 3					Students: Please fill-in areas that are shaded. This template uses drop-down menus to select accounts.
Analyze the impact of business transactions on accounts;
record (journalize and post) transactions in the books
	Student Name
	Course Name
	Student ID:
	Date:
During October 2016, Rodriguez Computing completed the following transactions:
		a.	The business received cash of $3,800 and issued common stock to the stockholders.
		b.	Performed services for a cutomer and received cash of $6,000
		c.	Paid $4,300 on accounts payable. purchase land for an office site.
		d.	Purchased supplies on account, $500.
		e.	Collected cash from a customer on account, $2,000.
		f.	Consulted on the design of a computer system and billed the customer for services renderes, $4,000. signed a note payable to the bank in the name of the business.
		g.	Recorded the following business expenses for the month: (1) paid office rent - $1,300; (2) paid advertising - $700. cash and $6,000 on account.
		h.	Declared and paid a cash dividend of $2,800.
Rodriguez’s business uses the following accounts:
	Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Rent Expense, and Advertising Expense.
Test Your Knowledge
Problem 2-62A
Instructions
1	Journalize the October transactions of Rodriguez Computing, Inc.. Explanations are not required.							Cash
								Accounts Receivable
2	Prepare T-Accounts for each account. Insert in each T-account its September 30 balance as given (example: Cash $2,200). Then, post the October transactions to the T-accounts.							Supplies
								Land
3	Compute the balance in each account.							Accounts Payable
								Notes Payable
								Common Stock
DATE			ACCOUNT TITLES AND EXPLANATION		DEBIT		CREDIT	Dividends
								Service Revenue
	a.	Choose account from drop-down list			3,800			Salary Expense
			Choose account from drop down list					Rent Expense
								Advertising Expense
	b.	Choose account from drop-down list						Utilities Expense
			Choose account from drop down list				- 0	Accounts Payable
								Service Revenue
	c.	Choose account from drop-down list
			Choose account from drop down list
	d.	Choose account from drop-down list
			Choose account from drop down list				500
	e.	Choose account from drop-down list
			Choose account from drop down list
	f.	Choose account from drop-down list
			Choose account from drop down list				- 0
	g.	Choose account from drop-down list			1,300
		Choose account from drop-down list			700
			Choose account from drop down list
	h.	Choose account from drop-down list
			Choose account from drop down list				- 0
Requirement 2: Chart of Accounts				Cash
See listing above				2,200
				Accounts Receivable
				Supplies
				Equipment
				Accounts Payable
						- 0
						500
				Common Stock
						- 0
				Retained Earnings
				Dividends
				Service Revenue
						- 0
				Rent Expense
Requirement 3: Determine balance in Accounts				Advertising Expense
		How much Cash?
		Total amount owed?