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Question # 00005114 Posted By: paul911 Updated on: 12/10/2013 02:49 PM Due on: 12/12/2013
Subject Accounting Topic Accounting Tutorials:
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Below is a Chart of Accounts with a corresponding letter. For each transaction below:
Chart of Accounts:
A. Accounts Payable
B. Accounts Receivable
C. Owner's Capital
D. Cash
E. Computer Equipment
F. Cost of Goods Sold
G. Owner's Drawing
H. Merchandise Inventory (Perpetual)
I. Prepaid Insurance
J. Sales
K. Service Revenue
L. Telecommunication Expense
M. Sales Discount
1. Following the General Journal entry format, place the letter of the account to be debited in the first line for each transaction and the letter of the account to be credited next.
2. Using the following abbreviations, indicate for each entry which special journal the entry would go in if the company used special journals:
CR – Cash Receipts Journal
CP – Cash Payments Journal
S – Sales Journal
P – Purchases Journal
GJ – General Journal

Jan.1 Owner invested $10,000 of computer equipment to start the business.
Jan. 3 Purchased $5,000 of software for resale to clients on account.

Jan. 5 Sold $1,500 of software to a client on account, terms 2/10, n/30, costing $650.
Jan. 7 Performed $2,000 of consulting services for a client and billed the client.
Jan. 9 Purchased a 12-month insurance policy by paying $9,000 cash.
Jan. 11 Collected payment in full from the customer related to the transaction on Jan. 5th.
Jan. 13 Purchased a new computer costing $1,500 by paying $500 down and the balance due in 30 days.
Jan. 15 Owner withdrew $750.
Jan. 17 Paid the month’s telecommunication bill, which was $550.
Jan. 19 Performed $3,000 of consulting services. Half was paid on this day, and half is to be paid in 15 days.

2- Using the Adjusted Trial Balance below, properly and in good form, complete a Multiple Step Income Statement, Statement of Owner's Equity, and Classified Balance Sheet.
ABC Company
Adjusted Trial Balance
Debit Credit
Cash 94000
Accounts Receivable 21010
Merchandise Inventory 181900
Office Supplies 540
Land 25000
Equipment 200000
Accumulated Depreciation, Equipment 13000
Accounts Payable 18100
Salaries Payable 2400
Loan Payable 85000
D. Panther, Capital 228750
D. Panther, Withdrawals 43000
Sales 1311000
Sales Returns & Allowances 2200
Cost of Goods Sold 800000
Sales Salaries Expense 180000
Advertising Expense 10000
Office Salaries Expense 70000
Office Supplies Expense 1400
Rent Expense – Store 14000
Utilities Expense - Store 5000
Telecommunication Expense - Admin. 4500
Interest Expense 5700
Totals 1658250 1658250

3- Partners Audrey, Betty, and Charles have capital account balances of $120,000 each. The income and loss ratio is 5:3:2, respectively. In the process of liquidating the partnership, noncash assets with a book value of $100,000 are sold for $40,000. The balance of Charles's Capital account after the sale is:




None of these is correct

The partnership agreement of Amos, Baker, and Collins provides for the following income ratio: (a) Amos, the managing partner, receives a salary allowance of $36,000, (b) each partner receives 10% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Amos $200,000, Baker $400,000, and Collins $600,000. If partnership net income is $240,000, the amount distributed to Baker should be:




None of these is correct

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Tutorials for this Question
  1. Tutorial # 00004908 Posted By: mac123 Posted on: 12/10/2013 02:50 PM
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