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Deanne Tammy 5 questions Part 1

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Part 1

Q1. Given the following information, show the increase or decrease in the
accounting equation:
A. Deanne invests $45,000 and $10,000 of office equipment into the
business.
B. Furniture is purchased for $8,000 cash.
C. Supplies are purchased on credit for $2,300.
D. The month’s electric bill of $775 was paid.
E. The month’s cash sales were $5,000.

Q2. Journalize the following transactions and include the explanations.
A. Tammy invested $40,000 into her corporation on June 11.
B. Tammy purchased inventory for $95,000, of which $70,000 was on
account on June 14.
C. Tammy paid one month’s rent of $2,400 on June 16.
D. Tammy had sales of $15,000 on account on June 19.
E. Tammy had paid $2,500 on her payables account on June 21.

Q3. Prepare a trial balance from the following information for Computer
Systems, Inc. for December 31, 2012:
Accounts payable $4,298
Common stock $4,073
Sales $8,302
Cash $1,902
Notes payable $888
Wages expense $777
Supplies expense $1,028
Equipment $5,183
Accounts receivable $1,733
Inventory $6,938

Q4. Compute the missing information from this post-closing trial balance:
Cash $38,502
Accounts Receivable 14,372
Prepaid Rent 18,229
Prepaid Insurance 4,583
Supplies (A)
Accounts Payable (B)
Wages Payable 29,428
Common Stock 30,049
Retained Earnings 18,423
_______ _______
Total $80,436 $80,436

Q5. Journalize the following transactions using the perpetual inventory
method:
Nov. 1 Purchased $3,600 of merchandise from Hilltop, terms 2/10, n/30.
Nov. 5 Purchased $1,750 of merchandise for cash from Owen’s Supply.
Nov. 7 Purchased $3,400 of merchandise from Seaside, terms 1/15, n/30.
Nov. 10 Returned $500 of merchandise to Seaside. Credit Memo #131.
Nov. 11 Paid the invoice from Hilltop.

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