Acc 205 Week 1 Assignment

901 words - 4 pages

1. Recognition of normal balances
a. Amounts paid to a mall for rent -expense
b. Amounts to be paid in 10 days- liability
c. A new fax machine purchases for office use- assets
d. Land held as an investment - assets
e. Amounts due from customers -assets
f. Daily sales of merchandise sold - revenue
g. Promotional costs to publicize a concert - expense
h. A long-term loan owed to Citizens Bank -liability
i. The albums, tapes, and CDs held for sale to customers –assets

Normal balance for:
liability = credit
revenue = credit
asset = debit
expense = debit

2. Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
General Journal
Date ...view middle of the document...

/beg/bal $2100 $1800 $5000 $1800 $32000 $300

Services for cash

Services on acct

Collect acct (-800) (-1050)

Record use of supp

Buy supp on acct

Pay on acct (-650)

Addtl investment

Buy land with
Cash and loan
Pay wages

Dividends

Ending balance (-800) 1050 1800 5000 1150 32000 300

Total Assets= $7050 Total Liability=$1150 Total Equity=$300

C. (1)The company owes $1150 to its creditors at the month’s end. This information would be found on the Accounts Payable financial statements.
(2) They did not have a good month because they did not get fully paid for their service and they only had one client.

5. Transaction analysis and statement preparation

Assets Liability Owners’ Equity
Cash A/R Land Equipment A/P CS Revenues Div. Expenses
$20000 $2400 $6000 $9000 $2000 $2400 (-600) 200
(-6000) (-500) (-1500) 300 125
+500 600
(-200)
(-7000)
+300
(-1500)
(-125)
(-600)

End. Bal. 5375 1900 6000 9000 500 0 2700 (-600) 925
Total Assets= 22275 Total Liability= 500 Total Owners’ Equity= 1175

B.
Income Statement
Burton Enterprises
March 31, 20X1
Revenues
Service to Customers 2700
Expenses
Wages 600
Advertising 200
Total Expense 800
Net Income 1900

Statement of Retained Earnings
Burton Enterprises
March 31, 20X1
Assumed Beg. Balance March 1, 20X1 $20000
Plus: Net Income $1900
$21900
Less: Dividends ($600)
Ending Balance March 31, 20X1 $21300

Balance Sheet
Burton Enterprises
March 31, 20X1
Assets
Cash 5375
A/R 1900
Land 6000
Equipment 9000
Total Assets 22275

Liabilities
A/P 500
Total Liabilities 500

Owners’ Equity
Common Stock 0
Revenues 2700
Dividends (600)
Expenses (925)
Total Owners’ Equity 1175
Total Liabilities and Equity 22275

6. Entry and Trial Balance preparation.
General Journal Pg. 2
Date Account Debit Credit
6/2 Cash 3000
A/R 3000
Collected money from customer on account.
6/7 Cash 700
Equipment 700
Sold 25% of equip and supplies.
6/10 ...

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