Homework Answers
The T accounts will be prepared in the following manner:
| Cash | Accounts Receivables | Bank Loan | |||||||||||
| Date | Dr | Date | Cr | Date | Dr | Date | Cr | Date | Dr | Date | Cr | ||
| Sep-01 | $ 18,500 | Sep-04 | $ 5,400 | Sep-02 | $ 8,200 | Sep-30 | $ 4,700 | Sep-04 | $ 5,800 | ||||
| Sep-25 | $ 4,900 | Sep-30 | $ 276 | ||||||||||
| Sep-30 | $ 4,700 | ||||||||||||
| Total | $ 28,100 | Total | $ 5,676 | Total | $ 8,200 | Total | $ 4,700 | Total | $ - | Total | $ 5,800 | ||
| Sep 30 Balance | $ 22,424 | Sep 30 Balance | $ 3,500 | Sep 30 Balance | $ 5,800 | ||||||||
| Supplies | Equipment | Common Shares | |||||||||||
| Date | Dr | Date | Cr | Date | Dr | Date | Cr | Date | Dr | Date | Cr | ||
| Sep-10 | $ 460 | Sep-04 | $ 11,200 | Sep-01 | $ 18,500 | ||||||||
| Total | $ 460 | Total | $ - | Total | $ 11,200 | Total | $ - | Total | $ - | Total | $ 18,500 | ||
| Sep 30 Balance | $ 460 | Sep 30 Balance | $ 11,200 | Sep 30 Balance | $ 18,500 | ||||||||
| Accounts Payable | Unearned Revenues | Service Revenue | |||||||||||
| Date | Dr | Date | Cr | Date | Dr | Date | Cr | Date | Dr | Date | Cr | ||
| Sep-30 | $ 276 | Sep-10 | $ 460 | Sep-25 | $ 4,900 | Sep-02 | $ 8,200 | ||||||
| Total | $ 276 | Total | $ 460 | Total | $ - | Total | $ 4,900 | Total | $ - | Total | $ 8,200 | ||
| Sep 30 Balance | $ 184 | Sep 30 Balance | $ 4,900 | Sep 30 Balance | $ 8,200 | ||||||||
Notes
1. When shares are issued for cash, cash and common stock both increases too hence debited and credited respectively.
2. Services provided on account will increase accounts receivables and service revenues debited and credited respectively.
3. Purchase of equipment will increase equipment, decrease cash and increase bank loan payable liability.
4.Supplies purchased on account will increase supplies and increase accounts payable liability.
5. Cash received in advance would result in increase in cash and increase in Unearned revenues liability
6. Payment of cash towards payable would result in decrease in cash and payables.
7. Collection cash against receivables would result in increase in cash and decrease in accounts receivables.
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Question 7A
Selected transactions for Crane Corporation during September
2018, its first month in business, are presented below:
Sept.
1
Issued common shares in exchange for $18,000 cash.
2
Paid $1,600 cash for rent for the month of September.
5
Purchased equipment for $9,800, paying $1,800 in cash and the
balance on account.
8
Earned $7,300 in revenue, receiving $900 cash and $6,400 on
account of services provided.
12
Incurred $600 in advertising expenses on account.
20
Paid $3,000 for...
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Question 7A
Selected transactions for Crane Corporation during September
2018, its first month in business, are presented below:
Sept.
1
Issued common shares in exchange for $18,000 cash.
2
Paid $1,600 cash for rent for the month of September.
5
Purchased equipment for $9,800, paying $1,800 in cash and the
balance on account.
8
Earned $7,300 in revenue, receiving $900 cash and $6,400 on
account of services provided.
12
Incurred $600 in advertising expenses on account.
20
Paid $3,000 for...
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
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