T.J. Carlin has the following transactions during August of the current year.

Journalize the transactions based on the data below. Opens an office as a financial advisor, investing $8,000 in cash. 4 Pays insurance in advance for 6 months, $1,800 cash. 16 Receives $800 from clients for service provided. 27 Pays secretary $1,000 salary. Date Account/Description Debit Aug 1 Aug. 1

Credit

16

27

Selected transactions for the Finney Company are presented in journal from below. Post the transactions to T accounts. Determine each account's ending balance. (If there is no transaction, enter No entry as the date and 0 for the amount. Do not leave any fields blank. List multiple entries in order of date.) Date Account Titles and Explanation May Accounts Receivable 5 Service Revenue (Billed for services provided) 12 Cash Accounts Receivable (Received cash in payment of account) 15 Cash Service Revenue (Received cash for service provided) Cash Ref. Debit 5,000 5,000 2,400 2,400 Credit

3,000 3,000

Accounts Receivable Service Revenue

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From the ledger balances given below, prepare a trial balance for the Cleland Company at June 30, 2010. All account balances are normal. Accounts Payable $9,000, Cash $8,800, Cleland, Capital $20,000, Cleland, Drawing $1,200, Equipment $17,000, Service Revenue $8,000, Accounts Receivable $3,000, Salaries Expenses $6,000, and Rent Expense $1,000. (If answer is zero, please enter 0. Do not leave any fields blank.) CLELAND COMPANY Trial Balance June 30, 2010 Debit Cash Accounts Receivable Equipment Accounts Payable Cleland, Capital Cleland, Drawing Service Revenue Salaries Expense Rent Expense $ $ $ $

Credit

Selected transactions for D. Reyes, an interior decorator in her first month of business, are as follows. Jan. 2 3 9 11 16 Invested $10,000 cash in business. Purchased used car for $4,000 cash for use in business. Purchased supplies on account for $500. Billed customers $1,800 for services performed. Paid $200 cash for advertising. Received $700 cash from customers billed on January 20 11. 23 Paid creditor $300 cash on balance owed. 28 Withdrew $1,000 cash for personal use of owner.

Instructions For each transaction indicate the following. (a) The basic type of account debited and credited (asset, liability, owner's equity). (b) The specific account debited and credited (cash, rent expense, service revenue, etc.). (c) Whether the specific account is increased or decreased. (d) The normal balance of the specific account. Account Debited (b) Specific Account

Date Jan. 2 3 9 11 16

(a) Basic Type

(c) Effect

(d) Normal Balance

(a) Basic Type

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Konerko Industries had the following transactions. 1. 2. 3. Borrowed $5,000 from the bank by signing a note. Paid $2,500 cash for a computer. Purchased $700 of supplies on account.

Instructions (a) Indicate what accounts are increased, decreased or has no effect by each transaction. (No effect is used when the account is not debited or credited.) Assets 1. 2. 3. (b) Journalize each transaction. Account/Description 1. Debit Credit = Liabilities + Owners Equity

2.

3.

Presented below is the ledger for Heerey Co. Cash 5,000 10/4 650 10/12 4,000 10/15 500 10/30 2,000 10/31 Accounts Receivable 800 10/20 940 Supplies 400 Furniture 2,000 Notes Payable 10/10 Accounts Payable 1,500 10/3 Heerey, Capital 10/1 10/25 Service Revenue 10/6 10/10 10/20 Heerey, Drawing 300 No. 101 400 1,500 250 300 500 No. 112 500 No. 126 No. 149 No. 200 4,000 No. 201 2,000 No. 301 5,000 2,000 No. 407 800 650 940 No. 306 To get help on assignment related to accounting or any other topics please click here

10/1 10/10 10/10 10/20 10/25 10/6 10/20 10/4 10/3

10/12

10/30

Store Wages Expense 10/31 10/15 Instructions

No. 628 500 Rent Expense 250 No. 729

(a) Reproduce the journal entries for the transactions that occurred on Oct 1, 10, and 20. Date Account/Description Oct. 1 Debit Credit

(Owner's investment of cash in business.) 10

(Received Cash for services provided.) 10

(Obtained loan from bank.) 20

(Received cash in payment of account.) 20

(Billed clients for services provided.)

(b) Determine the October 31 balance for each of the accounts above, and complete the trial balance at October 31, 2010. (If answer is zero, please enter 0. Do not leave any fields blank.) HEEREY CO. Trial Balance October 31, 2010 Debit Cash Accounts Receivable Supplies Furniture Notes Payable Accounts Payable Heerey, Capital Heerey, Drawing Service Revenue Store Wages Expense Rent Expense $ $ $ $ Credit

Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2009 (the end of its fiscal year). BYTE REPAIR SERVICE Trial Balance December 31, 2009 Cash $8,000 Accounts Receivable 15,000 Parts Inventory 13,000 Prepaid Rent 3,000 Shop Equipment 21,000 Accounts Payable Jack Shellenkamp, Capital $60,000 Summarized transactions for January 2010 were as follows: 1. 2. 3. 4. 5. 6. 7. 8. 9. Advertising costs, paid in cash, $1,000. Additional Repair Parts Inventory acquired on account $4,000. Miscellaneous expenses, paid in cash, $2,000. Cash collected from customers in payment of accounts receivable $14,000. Cash paid to creditors for accounts payable due $15,000. Repair parts used during January $4,000. (Hint: Debit this to Repair Parts Expense.) Repair services performed during January: for cash $6,000; on account $9,000. Wages for January, paid in cash, $3,000. Jack's drawings during January were $3,000.

$19,000 41,000 $60,000

Instructions (a) Prepare journal entries to record each of the January transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Account/Description 1. Debit Credit

2.

3.

4.

5.

6.

7.

8.

9.

(b) Open T accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2010. Post the journal entries to the accounts in the ledger. Determine the ending balance for each account.

Account Cash Accounts Receivable Parts Inventory Prepaid Rent Shop Equipment Accounts Payable Jack Shellenkamp, Capital Jack Shellenkamp, Drawing Repair Services Revenue Advertising Expense Miscellaneous Expense Repair Parts Expense Wage Expense

Balance

(c) Complete the trial balance as of January 31, 2010. (If answer is zero, please enter 0. Do not leave any fields blank.) BYTE REPAIR SERVICE Trial Balance January 31, 2010 Cash Accounts Receivable Parts Inventory Prepaid Rent Shop Equipment Accounts Payable Jack Shellenkamp, Capital Jack Shellenkamp, Drawing Repair Services Revenue Advertising Expense Miscellaneous Expense Repair Parts Expense Wage Expense $ $ $ $

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