On your own 2-2Analyzing transactions into debit and credit partɔexplained in Lesson 2-3.Brian Helfrey, CapitalBrian Helfrey, DrawingCashAccts. Rec.-Theo MosesSuppliesPrepaid InsuranceAccts. Pay-Plumbing WorldSalesAdvertising ExpenseRent ExpenseTransactions:June 2. Received cash from owner as an investment, $3,500.00.4. Paid cash for insurance, $105.00.5. Paid cash for supplies, $60.00.8. Bought supplies on account from Plumbing World, $800.00.9. Paid cash on account to Plumbing World, $500.00.1. Prepare two T accounts for each transaction. On each T account, write theaccount title of one of the accounts affected by the transaction.2. Write the debit or credit amount in each Taccount to show the transaction's effect.ANDICE CUSACK, ISTOCK * CENGAGE MINDTAPWorking Papers 2-2Jun. 2Jun. 4Jun. 5Jun. 8Juin, 9

T accounts are prepared after the journal entry has been passed by the company.

Answered: Analyzin Taccounts are given in the…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section2.2: Analyzing How Transactions Affect Accounts

Problem 1OYO

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Brief Exercise 2-31 Debit and Credit Procedures Refer to the accounts listed below. Accounts Receivable Accounts Payable Cash Equipment Notes Payable Rent Expense Salaries Expense Service Revenue Required: For each of the accounts, indicate the normal balance of the account and the effect of a debit or a credit on the account.
Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a. Accounts Payable e. Equipment b. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns.
ANALYSIS OF T ACCOUNTS Richard Gibbs began a business called Richards Shoe Repair. 1. Create T accounts for Cash; Supplies; Richard Gibbs, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts: (a) Invested cash in the business, 6,500. (b) Purchased supplies for cash, 700. (c) Paid utility bill, 2,700. 2. Foot the T account for cash and enter the ending balance.
ANALYSIS OF T ACCOUNTS Roberto Alvarez began a business called Robertos Fix-It Shop. 1. Create T accounts for Cash; Supplies; Roberto Alvarez, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts: (a) Invested cash in the business, 6,000. (b) Purchased supplies for cash, 51,200. (c) Paid utility bill, 900. 2. Foot the T account for cash and enter the ending balance.
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 5. Received cash from clients on account, 2,450. 9. Paid cash for a newspaper advertisement, 225. 13. Paid Office Station Co. for part of the debt incurred on April 5, 640. 15. Provided services on account for the period May 115, 9,180. 16. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, 750. 17. Received cash from cash clients for fees earned during the period May 116, 8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, 735. 21. Provided services on account for the period May 1620, 4,820. 25. Received cash from cash clients for fees earned for the period May 1723, 7,900. 27. Received cash from clients on account, 9,520. 28. Paid part-time receptionist for two weeks' salary, 750. 30. Paid telephone bill for May, 260. 31. Paid electricity bill for May, 810. 31. Received cash from cash clients for fees earned for the period May 2631, 3,300. 31. Provided services on account for the remainder of May, 2,650. 31. Kelly withdrew 10,500 for personal use. Instructions 1.The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2019, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2019, and place a check mark () in the Posting Reference column Journalize each of the May transactions in a two column Journal starting on Page 5 of the journal and using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the journal at this time.) 2.Post the journal to a ledger of four-column accounts. 3Prepare an unadjusted trial balance. 4.At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a.Insurance expired during May is 275. b.Supplies on hand on May 3 1 are 715. c.Depreciation of office equipment for May is 330. d.Accrued receptionist salary on May 31 is 325. e.Rent expired during May is 1,600. f.Unearned fees on May 31 are 3,210. 5.(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6.Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of owner's equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.
On your own 2-2 Analyzing transaction into debit and credit parts T accounts are given in the Working Papers .Work this problem independently. Plumbing Solution uses the following accounts. Some of the accounts will be explained in Lesson2-3 Chapter 2.2, Problem 1OYO, On your own 2-2 Analyzing transaction into debit and credit parts T accounts are given in the Transaction: June, 2. Received cash from owner as an investment, $3,500.00. 4. Paid cash for insurance, $105.00. 5. Paid cash for supplies, $60.00. 8. Bought supplies on accoount from Plumbing World, $800.00. 9. Paid cash on account to Plumbing World, $500.00. 1. Prepare two T accounts for each transaction.On each T account, write the amountbin each T…

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Analyzin Taccounts are given in the Work Plumbing Solutions uses the following accounts. explained in Lesson 2-3. Brian Helfrey, Capital Brian Helfrey, Drawing Cash Accts. Rec.-Theo Moses Supplies Prepaid Insurance Accts. Pay.-Plumbing World Sales Advertising Expense Rent Expense tions