Homework Answers
 a |
Adjusting Entries: | Debit | Credit |
| 1 | Cash A/c | $ 20,000.00 | |
| Owner's Equity A/c | $ 20,000.00 | ||
| 2 | Cash A/c | $ 500.00 | |
| Accounts receivable A/c | $ 500.00 | ||
| 3 | Cash A/c | $ 2,300.00 | |
| Revenue A/c | $ 2,300.00 | ||
| 4 | Credit Card Payable A/c | $ 2,000.00 | |
| Accounts Payable A/c | $ 500.00 | ||
| Cash A/c | $ 2,500.00 | ||
| 5 | Accounts receivable A/c | $ 1,500.00 | |
| Revenue A/c | $ 1,500.00 | ||
| 6 | Equipment A/c | $ 2,000.00 | |
| Credit Card Payable A/c | $ 2,000.00 | ||
| 7 | Prepaid Rent A/c | $ 12,000.00 | |
| Cash A/c | $ 12,000.00 | ||
| 8 | Travel Expenses A/c | $ 400.00 | |
| Credit Card Payable A/c | $ 400.00 | ||
| 9 | Coffee Expenses A/c | $ 700.00 | |
| Credit Card Payable A/c | $ 700.00 | ||
| 10 | Owner's Equity A/c | $ 7,000.00 | |
| Cash A/c | $ 7,000.00 | ||
| 11 | Cash A/c | $ 1,500.00 | |
| Accounts Receivable A/c | $ 1,500.00 | ||
| b | Particulars | Debit | Credit |
| Owner's Equity Account | |||
| Opening Balance | $ 13,000 | ||
| Cash A/c | $ 20,000 | ||
| Cash A/c | $ 7,000 | ||
| Bal c/f | $ 26,000 | ||
| Cash A/c | |||
| Opening balance | $ 11,000 | ||
| Owner's Equity Account | $ 20,000 | ||
| Accounts receivable | $ 500 | ||
| Revenue Account | $ 2,300 | ||
| Accounts payable | $ 500 | ||
| Credit card payable | $ 2,000 | ||
| Prepaid Rent | $ 12,000 | ||
| Owner's Equity Account | $ 7,000 | ||
| Accounts receivable | $ 1,500 | ||
| Bal c/f | $ 13,800 | ||
| Accounts receivable | |||
| Opening balance | $ 6,000 | ||
| Cash A/c | $ 500 | ||
| Revenue A/c | $ 1,500 | ||
| Cash A/c | $ 1,500 | ||
| Bal c/f | $ 5,500 | ||
| Revenue A/c | |||
| Cash A/c | $ 2,300 | ||
| Accounts Receivable | $ 1,500 | ||
| Total | $ 3,800 | ||
| Accounts payable | |||
| Opening balance | $ 500 | ||
| Cash A/c | $ 500 | ||
| Bal c/f | $ - | ||
| Credit Card payable | $ 2,000 | ||
| Cash A/c | $ 2,000 | ||
| Equipment A/c | $ 2,000 | ||
| Travel Expenses | $ 400 | ||
| Coffee Expenses | $ 700 | ||
| Bal c/f | $ 3,100 | ||
| Prepaid Rent | |||
| To Cash A/c | $ 12,000 | ||
| Bal c/f | $ 12,000 | ||
| Travel Expenses | |||
| Credit Card Payable | $ 400 | ||
| Total | $ 400 | ||
| Coffee Expenses | |||
| Credit Card payable | $ 700 | ||
| Total |
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