Homework Answers
a and b.
| Date | Account title | Debit | Credit |
| Nov. 1 | Cash | 8,000 | |
| Barbie Riley, Capital | 8,000 | ||
| Nov. 1 | Prapaid rent | 2,800 | |
| Cash | 2,800 | ||
| Nov. 3 | Equipment | 1,200 | |
| Accounts payable | 1,200 | ||
| Nov. 5 | Cash | 900 | |
| Art Fees earned | 900 | ||
| Nov. 8 | Art supplies | 450 | |
| Cash | 450 | ||
| Nov. 9 | Accounts receivable | 2,500 | |
| Art Fees earned | 2,500 | ||
| Nov. 10 | Salaries expense | 1,300 | |
| Cash | 1,300 | ||
| Nov. 15 | Barbie Riley, Withdrawal | 100 | |
| Cash | 100 | ||
| Nov. 28 | Electrical expense | 110 | |
| Cash | 110 | ||
| Nov. 29 | Telephone expense | 140 | |
| Cash | 140 |
c.
| Barbie's Art Studio | ||
| Trial Balance | ||
| At November 30, 201X | ||
| Particulars | Debit | Credit |
| Cash | 4,000 | |
| Accounts receivable | 2,500 | |
| Prepaid rent | 2,800 | |
| Art supplies | 450 | |
| Equipment | 1200 | |
| Accounts payable | 1200 | |
| Barbie Riley, Capital | 8000 | |
| Barbie Riley, Withdrawals | 100 | |
| Art Fees earned | 3400 | |
| Electrical expense | 110 | |
| Salaries expense | 1300 | |
| Telephone expense | 140 | |
| Totals | 12,600 | 12,600 |
Add Answer to:
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Part A
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Ajayi Art, Inc. opened for business on April 1st.
Listed below are the transactions for Ajayi Art, Inc. for the month
of April:
April 1 Issued common stock in exchange for $250,000 cash.
April 1 Purchased office equipment for $17,500 cash.
April 1 Borrowed $20,000 from Novus Bank and signed a 10% note.
Interest and principal to be paid in 12 months.
April 5 Paid $4,000 rent in advance for the art gallery for the
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Part A
Ajayi Art, Inc. opened for business on April 1st.
Listed below are the transactions for Ajayi Art, Inc. for the month
of April:
April 1 Issued common stock in exchange for $250,000 cash.
April 1 Purchased office equipment for $17,500 cash.
April 1 Borrowed $20,000 from Novus Bank and signed a 10% note.
Interest and principal to be paid in 12 months.
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