Presented below is the ledger for Shumway Co.
Instructions
- Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
- Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2020.
The following information relates to Sanculi Real Estate Agency:
| Oct. 1 | Alan Sanculi begins business as a real estate agent with a cash investment of $15,000 |
| 2 | Hires an administrative assistant. |
| 3 | Purchases office furniture for $1,900, on account. |
| 6 | Sells a house and lot for R. Craig; bills R. Craig $3,800 for realty services performed. |
| 27 | Pays $1,100 on the balance related to the transaction of October 3. |
| 30 | Pays the administrative assistant $2,500 in salary for October. |
Instructions
Prepare the debit-credit analysis for each transaction.
Marx Industries had the following transactions:
- Borrowed $5,000 from the bank by signing a note.
- Paid $3,100 cash for a computer.
- Purchased $850 of supplies on account.
Instructions
- Indicate what accounts are increased and decreased by each transaction.
- Journalize each transaction. (Omit explanations.)
Halladay Enterprises had the following selected transactions:
| 1 | Bo Halladay invested $4,000 cash in the business. |
| 2 | Paid office rent of $840. |
| 3 | Performed consulting services and billed a client $5,200 |
| 4 | Bo Halladay withdrew $750 cash for personal use |
Instructions
- Indicate the effect each transaction has on the accounting equation (Assets = Liabilities + Owner's Equity). using plus and minus signs.
- Journalize each transaction.
Teresa Alvarez has prepared the following list of statements about the general ledger:
- The general ledger contains all the asset and liability accounts but no owner's equity accounts.
- The general ledger is sometimes referred to as simply the ledger.
- The accounts in the general ledger are arranged in alphabetical order.
- Each account in the general ledger is numbered for easier identification
- The general ledger is a book of original entry.
Instructions
Identify each statement as true or false. If false, indicate how to correct the statement.
Selected transactions from the journal of June Feldman, Investment broker, are presented below.
Instructions
- Post the transactions to T-accounts.
- Prepare a trial balance at August 31, 2020.
The T-accounts below summarize the ledger of Daggett Landscaping Company at the end of the first month of operations.
Instructions
- Prepare the complete general journal (including explanations) from which postings to Cash were made.
- Prepare a trial balance at April 30, 2018.
The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2019
| Accounts Receivable | $7,642 | Prepaid Insurance | $1,968 |
| Accounts Payable | 8,396 | Maintenance and Repairs Expense | 961 |
| Cash | ? | Service Revenue | 10,610 |
| Equipment | 49,360 | Owner's Drawings | 700 |
| Gasoline Expense | 758 | Owner's Capital | 42,000 |
| Utilities Expense | 523 | Salaries and Wages Expense | 4,428 |
| Notes Payable | 17,000 | Salaries and Wages Payable | 815 |
Instructions
Prepare a trial balance with the accounts and fill in the missing amount for Cash.
Transaction data for Sanculi Real Estate Agency are presented as follows:
| Oct. 1 | Alan Sanculi begins business as a real estate agent with a cash investment of $15,000 |
| 2 | Hires an administrative assistant. |
| 3 | Purchases office furniture for $1,900, on account. |
| 6 | Sells a house and lot for R. Craig; bills R. Craig $3,800 for realty services performed. |
| 27 | Pays $1,100 on the balance related to the transaction of October 3. |
| 30 | Pays the administrative assistant $2,500 in salary for October. |
Instructions
Journalize the transactions. (You may omit explanations.)
Selected transactions for A. Mane, an interior decorator, in her first month of business, are as follows:
| Jan. 2 | Invested $10,000 cash in the business |
| 3 | Purchased used car for $3,000 cash for use in business. |
| 9 | Purchased supplies on account for $500. |
| 11 | Billed customers $2,400 for services performed. |
| 16 | Paid $350 cash for advertising. |
| 20 | Received $700 cash from customers billed on January 11 |
| 23 | Paid creditor $300 cash on balance owed. |
| 28 | Withdrew $1,000 cash for personal use by owner. |
Instructions
Journalize the transactions using journal page J1. (You may omit explanations.)