Determine what accounts are affected Coursework Example

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Category:
Maths Statistics
Level:
College
Type:
GCSE
Pages:
1
Words:
275

Free Determine what accounts are affected Coursework Example

Name Instructor Course Date Week 2 Assignment Question 1 Determine what accounts are affected by what amounts and indicate whether it is an increase (+), decrease (-), or there is no effect (0) in each of the following cases. Sept. 6: Invested $35,000 cash and $2,000 of supplies into the start-up of the business Sept. 8: Received $21,000 cash for lawn care services provided to customers Sept. 10: Purchased machinery on account for $18,500 from Sears Corporation Sept. 12: Paid $3,750 for supplies bought Sept. 15: Paid $17,500 for land acquired Sept. 17: Paid $10,000 on account for the machinery previously purchased from Sears Sept. 19: Paid telephone bill for $1,000 Sept. 21: Paid $1,500 for supplies Sept. 21: Paid $3,500 for additional machinery Sept. 22: Received $23,500 for services rendered Sept. 26: Withdrew $10,000 cash for personal use Sept. 30: The inventory of supplies showed a balance of $3,000 on hand Instructions: You are required to record the effect of each transaction in the table provided below. Question 1 (Worksheet) Record the effect of each transaction in the following table: Cash Supplies Equipment Land Accounts Payable Capital Sept. 6 +35,000 +2,000 0 0 0 +37,000 Sept. 8 +21,000 0 0 0 0 +21,000 Sept. 10 0 0 +18,500 0 +18,500 0 Sept. 12 -3,750 +3,750 0 0 0 0 Sept. 15 -17,500 0 0 17,500 0 0 Sept. 17 -10,000 0 0 0 -10,000 0 Sept. 19 -1,000 0 0 0 0 -1000 Sept. 21 -1,500 1,500 0 0 0 0 Sept. 21 -3,500 0 3,500 0 0 0 Sept. 22 +23,500 0 0 0 0 +23,500 Sept. 26 -10,000 0 0 0 0 -10,000 Sept. 30 0 -4,250 0 0 0 -4,250 Calculation 2,000+3,750+1,500-3,000= 4,250 Question 2 You have been recently appointed as the accountant for Gone Clear Company. Prepare an income statement based on the following transactions: Service Revenue$190,000 Supplies Expense$ 80,000 Salary & Wage$ 60,000 Administrative Expense$ 30,000 Miscellaneous Expense$ 5,000 The Income statement for Gone Clear Company Service Revenue………...
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