基础会计_Ch002练习题.pdf

1 1 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin Chapter 1 Exercise Accounting in Business The McGraw Hill Companies Inc 2007 McGraw Hill Irwin Exercise 2 1 Identifying type and normal balances of accounts For each of the following 1 identify the type of account as an asset liability equity revenue or expense 2 enter debit Dr or credit Cr to identify the kind of entry that would increase the account balance and 3 identify the normal balance of the account 1 2 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin a Accounts Payable e Owner Capital i Equipment b Postage Expense f Accounts Receivable j Fees Earned c Prepaid Insurance g Owner Withdrawals k Wages Expense d Land h Cash l Unearned Revenue The McGraw Hill Companies Inc 2007 McGraw Hill Irwin Exercise 2 2 Recording effects of transactions in T accounts Record the transactions below for Amena Company by recording the debit and credit entries directly in the following T accounts Cash Accounts Receivable Office Supplies Office Equipment Accounts Payable A Amena Capital A Amena Withdrawals Fees Earned and Rent Expense Use the letters beside each transaction to identify entries Determine the ending balance of each T account 1 3 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin a Ahmad Amena owner invested 13 325 cash in the business b Purchased office supplies for 475 cash c Purchased 6 235 of office equipment on credit d Received 2 000 cash as fees for services provided to a customer e Paid 6 235 cash to settle the payable for the office equipment purchased in transaction c The McGraw Hill Companies Inc 2007 McGraw Hill Irwin f Billed a customer 3 300 as fees for services provided g Paid 775 cash for the monthly rent h Collected 2 300 cash toward the account receivable created in transaction f i Ahmad Amena withdrew 800 cash for personal use 1 4 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin Cash Accounts Payable a 13 325 b 475 e 6 235 c 6 235 d 2 000 e 6 235 Balance 0 h 2 300 g 775 i 800 Balance 9 340 A Amena Capital a 13 325 Balance 13 325 Accounts Receivable A Amena Withdrawals f 3 300 h 2 300 i 800 Balance 1 000 Balance 800 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin Office Supplies Fees Earned b 475 d 2 000 Balance 475 f 3 300 Balance 5 300 Office Equipment Rent Expense c 6 235 g 775 Balance 6 235 Balance 775 1 5 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin After recording the transactions of Exercise 2 2 in T accounts and calculating the balance of each account prepare a trial balance Use May 31 2008 as its report date Exercise 2 3 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin AMENA COMPANY Trial Balance May 31 2008 Debit Credit Cash 9 340 Accounts receivable 1 000 Office supplies 475 Office equipment 6 235 Accounts payable A Amena Capital A Amena Withdrawals 8000 Fees earned 13 325 Rent expense 775 5 300 Totals 18 625 18 625 1 6 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin Aracel Engineering completed the following transactions in the month of June a Jenna Aracel the owner invested 100 000 cash office equipment with a value of 5 000 and 60 000 of drafting equipment to launch the business b Purchased land worth 49 000 for an office by paying 6 300 cash and signing a long term note payable for 42 700 Exercise 2 4 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin c Purchased a portable building with 55 000 cash and moved it onto the land acquired in b d Paid 3 000 cash for the premium on an 18 month insurance policy e Completed and delivered a set of plans for a client and collected 6 200 cash 1 7 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin f Purchased 20 000 of additional drafting equipment by paying 9 500 cash and signing a long term note payable for 10 500 g Completed 14 000 of engineering services for a client This amount is to be received in 30 days h Purchased 1 150 of additional office equipment on credit i Completed engineering services for 22 000 on credit The McGraw Hill Companies Inc 2007 McGraw Hill Irwin j Received a bill for rent of equipment that was used on a recently completed job The 1 333 rent cost must be paid within 30 days k Collected 7 000 cash in partial payment from the client described in transaction g l Paid 1 200 cash for wages to a drafting assistant m Paid 1 150 cash to settle the account payable created in transaction h 1 8 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin n Paid 925 cash for minor repairs to its drafting equipment o Jenna Aracel withdrew 9 480 cash for personal use p Paid 1 200 cash for wages to a drafting assistant q Paid 2 500 cash for dvertisements in the local newspaper during June The McGraw Hill Companies Inc 2007 McGraw Hill Irwin SERIAL PROBLEM The serial problem starts in this chapter and continues throughout most chapters of the book It is most readily solved if you use the Working Papers that accompany this book 1 9 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin On October 1 2007 Adriana Lopez launched a computer services company called Success Systems which provides consulting services computer system installations and custom program development Lopez adopts the calendar year for reporting purposes and expects to prepare the company s first set of financial statements on December 31 2007 The company s initial chart of accounts follows The McGraw Hill Companies Inc 2007 McGraw Hill Irwin 1 10 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin Required 1 Prepare journal entries to record each of the following transactions for Success Systems Oct 1 Lopez invested 75 000 cash a 25 000 computer system and 10 000 of office equipment in the business 2 Paid 3 500 cash for four months rent Hint Debit Prepaid Rent for 3 500 3 Purchased 1 600 of computer supplies on credit from Corvina Office Products The McGraw Hill Companies Inc 2007 McGraw Hill Irwin 5 Paid 2 400 cash for one year s premium on a property and liability insurance policy Hint Debit Prepaid Insurance for 2 400 6 Billed Easy Leasing 6 200 for services performed in installing a new Web server 8 Paid 1 600 cash for the computer supplies purchased from Corvina Office Products on October 3 10 Hired Michelle Jones as a part time assistant for 150 per day as needed 1 11 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin 12 Billed Easy Leasing another 1 950 for services performed 15 Received 6 200 cash from Easy Leasing on its account 17 Paid 900 cash to repair computer equipment that was damaged when moving it 20 Paid 1 790 cash for an advertisement in the local newspaper The McGraw Hill Companies Inc 2007 McGraw Hill Irwin 22 Received 1 950 cash from Easy Leasing on its account 28 Billed Clark Company 7 300 for services performed 31 Paid 1 050 cash for Michelle Jones s wages for seven days work 31 Lopez withdrew 4 000 cash for personal use 1 12 The McGraw Hill Companies Inc 2007 McGraw Hill Irwin Nov 1 Reimbursed Lopez in cash for business automobile mileage allowance Lopez logged 1 200 miles at 0 32 per mile 2 Received 3 600 cash from Edge Corporation for computer services performed 5 Purchased computer supplies for 1 750 cash from Corvina Office Products 8 Billed Gomez Co 6 500 for services performed The McGraw Hill Companies Inc 2007 McGraw Hill Irwin 13 Received notification from Alex s Engineering Co that S