strayer acc100 week 1 ch 2 homework
Brief Exercise 2-1
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Your answer is correct. |
For each of the following accounts, indicate the effects of a debit and a credit on the accounts and the normal balance of the account.
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Debit Effect |
Credit Effect |
Normal Balance |
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1. |
Accounts Payable |
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2. |
Advertising Expense |
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3. |
Service Revenue |
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4. |
Accounts Receivable |
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5. |
Owner’s Capital |
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6. |
Owner’s Drawings |
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SHOW ANSWER |
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LINK TO TEXT |
Brief Exercise 2-3
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Your answer is correct. |
Transactions for the George Lynch Company for the month of June are presented below.
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June 1 |
George Lynch invests $5,000 cash in a small welding business of which he is the sole proprietor. |
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2 |
Purchases equipment on account for $2,100. |
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3 |
$800 cash is paid to landlord for June rent. |
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12 |
Sends a bill to M. Rodero for $300 for welding work performed on account. |
Journalize the transactions.(Record journal entries in the order presented in the problem. Credit
account titles are automatically indented when amount is entered. Do not indent
manually.)
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Date |
Account Titles and Explanation |
Debit |
Credit |
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SHOW LIST OF ACCOUNTS SHOW ANSWER |
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LINK TO TEXT |
Brief Exercise 2-7
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Your answer is correct. |
Selected transactions for the Joel Berges Company are presented in journal form below.
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Date |
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Account Titles and Explanation |
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Ref. |
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Debit |
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Credit |
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May 5 |
Accounts Receivable |
4,100 |
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Service Revenue |
4,100 |
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(Billed for services performed) |
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12 |
Cash |
2,400 |
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Accounts Receivable |
2,400 |
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(Received cash in payment of account) |
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15 |
Cash |
3,000 |
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Service Revenue |
3,000 |
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(Received cash for services performed) |
Post the transactions to T-accounts and determine each account’s ending
balance.(Post entries in the order presented in
the problem statement.)
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SHOW LIST OF ACCOUNTS SHOW ANSWER |
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LINK TO TEXT |
Brief Exercise 2-10
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Your answer is correct. |
An inexperienced bookkeeper prepared the following trial balance.
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HUEWITT COMPANY |
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Debit |
Credit |
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Cash |
$10,800 |
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Prepaid Insurance |
$3,500 |
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Accounts Payable |
3,000 |
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Unearned Service Revenue |
2,200 |
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Owner’s Capital |
9,000 |
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Owner’s Drawings |
4,500 |
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Service Revenue |
25,600 |
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Salaries and Wages Expense |
18,600 |
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Rent Expense |
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2,400 |
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$31,600 |
$48,000 |
Prepare a correct trial balance, assuming all account balances are normal.
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SHOW LIST OF ACCOUNTS SHOW ANSWER |
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LINK TO TEXT |
Exercise 2-7 (Part Level Submission)Kahl Enterprises had the following selected transactions.
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(a)
Indicate the effect each transaction has on the accounting equation, using plus and minus signs.
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Exercise 2-7 (Part Level Submission)Kahl Enterprises had the following selected transactions.
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(b)
Journalize each transaction.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) Student did not submit Show Work for this attempt
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Exercise 2-10 (Part Level Submission)The T-accounts below summarize the ledger of Zimmer Landscaping Company at the end of the first month of operations.
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(a)
Prepare the complete general journal from which the postings to Cash were made.(Record entries in the order presented in the T-Accounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Exercise 2-10 (Part Level Submission)The T-accounts below summarize the ledger of Zimmer Landscaping Company at the end of the first month of operations.
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(b)
Prepare a trial balance at April 30, 2014.
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Solution: strayer acc100 week 1 ch 2 homework