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Accounting Assignment

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Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling and grammar.;Part A (30 points);Record the following transactions in the basic accounting equation;a. Brian invests $10,000 cash to begin an accounting service.;b. The company buys office furniture for cash, $600.;c. The company buys additional office furniture on account, $300.;d. The company makes a payment on the office furniture, $200.;Brian's Accounting Service;ASSETS = LIABILITIES + OWNER'S EQUITY;Cash + Office Furniture = Accounts Payable + Brian's Capital;a.;b.;c.;d.;Part B (40 points);The following is a list of accounts and their balances for Benson Company for the month ended June 30, 20xx. Prepare a trial balance in good form.;Cash $1,370 Benson, Withdrawals $ 500;Accounts Payable 770 Accounts Receivable 1,600;Office Equipment 900 Service Fees 2,730;Benson, Capital 1,500 Salaries Expense 630;Part C (30 points);The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate.;a. Tyler invested $6,500 in the bike service from his personal savings account.;b. Bought office equipment for cash, $900.;c. Performed bike service for a customer on account, $1,000.;d. Company cell phone bill received, but not paid, $80.;e. Collected $500 from customer in transaction c.;f. Tyler withdrew $300 for personal use.;Part E;Prepare in proper form journal entries for the following transactions. Omit explanations.;October;2 Owner made a cash investment into the company $5,000;8 Bought supplies on account $100.;10 Paid salaries, $700;15 Paid for supplies purchased on October 8;21 Received company telephone bill, to be paid later, $30;Part F;Record the following selected transactions for January in a two-column journal, identifying each entry by letter;(a) Earned $7,000 fees, customer will pay later.;(b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit;(c) Paid $3,000 for rent for January.;(d) Purchased $2,500 of supplies on account.;(e) A. Allen $1,000 investment in the company.;(f) Received $7,000 in cash for fees earned previously.;(g) Paid $1,200 to creditors on account.;(h) Paid wages of $6,250.;(i) Received $7,150 from customers on account.;(j) A. Allen withdrawal of $1,750.;(1) (10 points) From the following items in the income statement columns of the worksheet of Friend's Tutoring at December 31, prepare the closing entries without explanation, assuming that a $1,000 withdrawal was made during the period.;Income Statement;Account Debit Credit;Tutoring Fees 3,450;Wages Expense 700;Rent Expense 600;Supplies Expense 450;Insurance Expense 250;2,000 3,450;Net Income 1,450;$3,450 $3,450;(2) (5 points each for a possible total of 20 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year.;Answer the following questions.;a. What was the total amount of withdrawals for the year?;b. What was the net income?;c. What was the total revenue?;d. What were the total expenses?

 

Paper#80416 | Written in 18-Jul-2015

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