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ACC 100 Homework Chapter 2

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ACC 100 Homework Chapter 2 -

Brief Exercise 2-1

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.

 

Brief Exercise 2-3

Transactions for the George Lynch Company for the month of June are presented below.

June 1

 

George Lynch invests $5,000 cash in a small welding business of which he is the sole proprietor.

2

 

Purchases equipment on account for $2,100.

3

 

$800 cash is paid to landlord for June rent.

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.)

 

Brief Exercise 2-7

Selected transactions for the Joel Berges Company are presented in journal form below.

Date

 

Account Titles and Explanation

 

Ref.

 

Debit

 

Credit

May 5

 

Accounts Receivable

     

4,100

   
   

     Service Revenue

         

4,100

   

       (Billed for services performed)

           

12

 

Cash

     

2,400

   
   

    Accounts Receivable

         

2,400

   

      (Received cash in payment of account)

           

15

 

Cash

     

3,000

   
   

    Service Revenue

         

3,000

   

       (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.)

Brief Exercise 2-10

An inexperienced bookkeeper prepared the following trial balance.

HUEWITT COMPANY
Trial Balance
December 31, 2014

   

Debit

 

Credit

Cash

 

$10,800

   

Prepaid Insurance

     

$3,500

Accounts Payable

     

3,000

Unearned Service Revenue

 

2,200

   

Owner’s Capital

     

9,000

Owner’s Drawings

     

4,500

Service Revenue

     

25,600

Salaries and Wages Expense

 

18,600

   

Rent Expense

 

 

 

2,400

   

$31,600

 

$48,000

 

Prepare a correct trial balance, assuming all account balances are normal.

 

Exercise 2-7 (Part Level Submission)

Indicate the effect each transaction has on the accounting equation, using plus and minus signs.

 

Exercise 2-8

Janet Miyoshi has prepared the following list of statements about the general ledger.

Identify each statement as true or false.

 

 

 

 

Exercise 2-10 (Part Level Submission)

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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