Assignment No.7 Accounting
Assignment No.7 Accounting
Assignment No.7 Accounting
FINANCIAL ACCOUNTING
Assignment No.7
20-ARID-684
PROBLEMS -B
3.1-B
Answer: a.
NORTH ENTERPRISES
General Journal
b.
3.2-B
Answer:
a.
1. (a) The asset Accounts Receivable was increased. Increases in
assets are recorded by debits. Debit Accounts Receivable,
$5,000.
(b) Revenue has been earned. Revenue increases owners’
equity. Increases in owners’ equity are recorded by credits.
Credit Consulting
Revenue $ 5,000.
2. (a) The asset Office Supplies was increased. Increases in assets
are recorded by debits. Debit Office Supplies, $3,200.
(b) The asset Cash was decreased. Decreases in assets are
recorded by credits. Credit Cash, $800.
(c) The liability Accounts Payable was increased. Increases in
liabilities are recorded by credits. Credit Accounts Payable,
$2,400.
3. (a) The liability Accounts Payable was decreased. Decreases in
liabilities are recorded by debits. Debit Accounts Payable, $100.
(b) The asset Office Supplies was decreased. Decreases in
assets are recorded by credits. Credit Office Supplies, $100.
4. (a) The asset Cash was increased. Increases in assets are
recorded by debits. Debit Cash, $5,000.
(b) The owners’ equity account Capital Stock was increased.
Increases in owners’ equity are recorded by credits. Credit
Capital Stock,
$ 5,000.
5. (a) The asset Cash was increased. Increases in assets are
recorded by debits. Debit Cash, $1,200.
(b) The asset Accounts Receivable was decreased. Decreases in
assets are recorded by credits. Credit Accounts Receivable,
$1,200.
6. (a) The liability Accounts Payable was decreased. Decreases in
liabilities are recorded by debits. Debit Accounts Payable, $2,300
($2,400- $100).
(b) The asset Cash was decreased. Decreases in assets are
recorded by credits. Credit Cash, $2,300.
b.
LYONS, INC.
General Journal
3.3-B
Answer:
a.
DANA, INC.
INCOME STATEMENT:
DANA, INC.
BALANCE SHEET:
b.
DANA, INC.
General Journal