Homework Answers
Answer-1-
| Journal Entry | |||
| Date | Particulars | Dr. Amt. | Cr. Amt. |
| 1-Nov | Cash | 58,000.00 | |
| Tools | 2,300.00 | ||
| Ryan O'Malley, Capital | 60,300.00 | ||
| (To Record the capital introduced) | |||
| 2-Nov | Equipment | 1,920.00 | |
| Office Supplies | 420.00 | ||
| Cash | 570.00 | ||
| Accounts Payable | 1,770.00 | ||
| (To record the equipment & office supplies purchased) | |||
| 10-Nov | Cash | 1,150.00 | |
| Accounts Receivable | 2,050.00 | ||
| Fees Income | 3,200.00 | ||
| (To record the fees earned) | |||
| 20-Nov | Machinery | 4,300.00 | |
| Cash | 1,650.00 | ||
| Accounts Payable | 2,650.00 | ||
| (To record the Machinery purchased) | |||
| Answer 2. | ||||||||||||||||
| Cash | Accounts Receivable | Office Supplies | ||||||||||||||
| Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | |||||
| 1-Nov | 58,000.00 | 58,000.00 | Dr. | 10-Nov | 2,050.00 | 2,050.00 | Dr. | 2-Nov | 420.00 | 420.00 | Dr. | |||||
| 2-Nov | 570.00 | 57,430.00 | Dr. | |||||||||||||
| 10-Nov | 1,150.00 | 58,580.00 | Dr. | |||||||||||||
| 20-Nov | 1,650.00 | 56,930.00 | Dr. | |||||||||||||
| Tools | Machinery | Equipment | ||||||||||||||
| Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | |||||
| 1-Nov | 2,300.00 | 2,300.00 | Dr. | 20-Nov | 4,300.00 | 4,300.00 | Dr. | 2-Nov | 1,920.00 | 1,920.00 | Dr. | |||||
| Accounts Payable | Ryan O'Malley, Capital | Fees Income | ||||||||||||||
| Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | |||||
| 2-Nov | 1,770.00 | 1,770.00 | Cr. | 1-Nov | 60,300.00 | 60,300.00 | Cr. | 10-Nov | 3,200.00 | 3,200.00 | Cr. | |||||
| 20-Nov | 2,650.00 | 4,420.00 | Cr. | |||||||||||||
| Answer 3. | ||||||||||||||||
| Liabilities as on Nov -30 | ||||||||||||||||
| Accounts Payable = $4,420 | ||||||||||||||||
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