ACCOUNTING HW
Recognition, Valuation, and Classification
SE2.ConCept▶ Tell how the concepts of recognition, valuation, and classification apply to the transaction that follows.
Supplies
Dr.
June 1,000
Cr.
Normal Balances
SE4.Tell whether the normal balance of each accounts in SE1is a debit or a credit.
Transaction Analysis
SE5. Shawn Michael started a computer programming business, Michael’s Programming Service. For each transaction that follows, indicate which account is debited and which account is credited.
May 2) Shawn Michael invested $10,000.
5) Purchased a computer for $5,000 in cash.
7) Purchased supplies on credit for $600.
19) Received cash for programming services performed, $1,000.
22) Received cash for programming services to be performed, $1,200.
25) paid the rent for May, $1,300.
31) Billed a customer for programming services performed, $500.
Recording Transactions in T Accounts
E6A. Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; C. Ferdinand, Capital; Withdrawals; Repair Fees Earned; Salaries Expense; and Rent Expense. Record the following transactions for the month of June directly in the T accounts; use the letters to identify the transactions in your T accounts. Determine the balance in each account.
A. Collin Ferdinand opened Ferdinand Repair Service by investing $8,600 in cash and $3,200 in repair equipment.
B. Paid $800 for the current month’s rent.
C. Purchased repair supplies on credit, $1,000.
D. Purchased additional repair equipment for cash, $600.
E. Paid salary to an employee, $900.
F. Paid $400 of amount purchased on credit in c
G. Accepted cash for repairs completed, $3,720.
H. Withdrew $1,200 in cash.
Trial Balance
E9A. After recording the transactions in E6A, prepare a trial balance in proper sequence for Ferdinand Repair Service as of June 30, 2014.
SE2.ConCept▶ Tell how the concepts of recognition, valuation, and classification apply to the transaction that follows.
Supplies
Dr.
June 1,000
Cr.
Normal Balances
SE4.Tell whether the normal balance of each accounts in SE1is a debit or a credit.
Transaction Analysis
SE5. Shawn Michael started a computer programming business, Michael’s Programming Service. For each transaction that follows, indicate which account is debited and which account is credited.
May 2) Shawn Michael invested $10,000.
5) Purchased a computer for $5,000 in cash.
7) Purchased supplies on credit for $600.
19) Received cash for programming services performed, $1,000.
22) Received cash for programming services to be performed, $1,200.
25) paid the rent for May, $1,300.
31) Billed a customer for programming services performed, $500.
Recording Transactions in T Accounts
E6A. Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; C. Ferdinand, Capital; Withdrawals; Repair Fees Earned; Salaries Expense; and Rent Expense. Record the following transactions for the month of June directly in the T accounts; use the letters to identify the transactions in your T accounts. Determine the balance in each account.
A. Collin Ferdinand opened Ferdinand Repair Service by investing $8,600 in cash and $3,200 in repair equipment.
B. Paid $800 for the current month’s rent.
C. Purchased repair supplies on credit, $1,000.
D. Purchased additional repair equipment for cash, $600.
E. Paid salary to an employee, $900.
F. Paid $400 of amount purchased on credit in c
G. Accepted cash for repairs completed, $3,720.
H. Withdrew $1,200 in cash.
Trial Balance
E9A. After recording the transactions in E6A, prepare a trial balance in proper sequence for Ferdinand Repair Service as of June 30, 2014.