ACC 290T Wk 2 - Apply: Homework

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ACC 290T Wk 2 - Apply: Homework

QS 2-6 Analyzing transactions and preparing journal entries LO P1

For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696).

1.  On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing \$82,000 in cash along with equipment having a \$42,000 value.
2.  On May 21, Elegant Lawns purchases office supplies on credit for \$520.
3.  On May 25, Elegant Lawns receives \$9,000 cash for performing landscaping services.
4.  On May 30, Elegant Lawns receives \$2,200 cash in advance of providing landscaping services to a customer.

QS 2-10 Computing T-account balance LO C4

Determine the ending balance of each of the following T-accounts.

Exercise 2-7 Preparing general journal entries LO P1

Following are the transactions of a new company called Pose-for-Pics.

 1 Madison Harris, the owner, invested \$10,500 cash and \$45,150 of photography equipment in the company. 2 The company paid \$2,700 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for \$1,995 cash. 20 The company received \$3,500 cash in photography fees earned. 31 The company paid \$878 cash for August utilities.

Prepare general journal entries for the above transactions.

Exercise 2-9 Recording effects of transactions in T-accounts LO A1

The transactions of Spade Company appear below.

1.  Kacy Spade, owner, invested \$17,250 cash in the company.
2.  The company purchased office supplies for \$500 cash.
3.  The company purchased \$9,539 of office equipment on credit.
4.  The company received \$2,035 cash as fees for services provided to a customer.
5.  The company paid \$9,539 cash to settle the payable for the office equipment purchased in transaction c.
6.  The company billed a customer \$3,657 as fees for services provided.
7.  The company paid \$520 cash for the monthly rent.
8.  The company collected \$1,536 cash as partial payment for the account receivable created in transaction f.
9.  Kacy Spade withdrew \$1,000 cash from the company for personal use.

Required: 1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries.2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.

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