п»їChapter 2 physical exercises

1 . В The following can be described as list of accounts and identification letters A through L for Shannon Management Co.:

Utilize the form under to identify the type of account and its particular normal stability. The first item is filled in as an example.

2 . Saving following deals using T-accounts and put together the diary entries for the orders a. Company A paid out $2, 500 cash to meet a previously recorded consideration payable. b. Mr A, one owner of the company withdrew bucks 100 to pay to company Times for his personal use. c. On 12 , 3, the Matador Organization paid $5, 400 money in salaries to office employees. d. On February your five, Textron Stores purchased a van that cost $35, 000, but is not paid to the supplier. elizabeth. Company Times bought $ 5000 arrays by money.

3. Bacteria Accounting Companies completed these kinds of transactions in February: a. Purchased business office supplies upon account, $300.

b. Completed work for a customer on credit, $500.

c. Paid money for school supplies purchased in (a).

d. Accomplished work for a client and received $800 cash.

e. Received $500 funds for the job described in (b).

farrenheit. Received $1, 000 via a client intended for accounting services to be performed in Mar. Prepare journal entries to record the above mentioned transactions.

four. В Josephine's Food handling business had the following assets and liabilities in the beginning and end of the current year:

a. If perhaps Josephine made no purchases of the business and withdrew not any assets during the year, what was the amount of net income gained by Josephine's Bakery? В b. In the event Josephine invested an additional $12, 000 available during the year, nevertheless withdrew simply no assets during the year, what was the number of net income attained by Josephine's Bakery? В 5. В Maria Sanchez started out business since Sanchez Law practice on Nov 1 . Record the following The fall of transactions by making entries directly to the T-accounts provided. a) Sanchez spent $15, 500 cash and a rules library appreciated at $6, 000. b) Purchased $7, 500 of office gear from...


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