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ACC557 Week 2 E2-6 E2-9 E2-11 P2-2A

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ACC557 Week 2 E2-6 E2-9 E2-11 P2-2A

E2-6 Elvira Industries had the following transactions.
1. Borrowed $5,000 from the bank by signing a note.
2. Paid $2,500 cash for a computer.
3. Purchased $450 of supplies on account.
(a) Indicate what accounts are increased and decreased by each transaction.
(b) Journalize each transaction. (Omit explanations.)

E2-9 Selected transactions from the journal of Roberta Mendez, investment broker, are
presented below.

(a) Post the transactions to T-accounts.
(b) Prepare a trial balance at August 31, 2014.

E2-11 Presented below is the ledger for Sparks Co.

(a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and
20, and provide explanations for each.
(b) Determine the October 31 balance for each of the accounts above, and prepare a trial
balance at October 31, 2014.

P2-2A Kara Shin is a licensed CPA. During the first month of operations of her business,
Kara Shin, Inc., the following events and transactions occurred.

Kara uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable,
No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311
Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and
No. 729 Rent Expense.

(a) Journalize the transactions.
(b) Post to the ledger accounts.
(c) Prepare a trial balance on May 31, 2014.

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