Ch 2 Transactions in Excel-blank

xlsx

School

University of Texas, Dallas *

*We aren’t endorsed by this school

Course

2130

Subject

Finance

Date

Apr 3, 2024

Type

xlsx

Pages

2

Uploaded by CorporalComputer2888

Report
See next tab for page 2 , please print both pages for use in class Ch 2 LO2 Alladin Travel Assets = Liabilities Stockholders Equity Description of Transaction Cash A/R Supplies Land = A/P Common Stock Retained Earnings 1 50,000 50,000 Starr Williams invests $50,000 in Alladin Travel 2 (40,000) 40,000 Alladin buys land using cash of $40,000 3 3,700 3,700 Alladin purchased $3,700 of supplies on account 4 7,000 7,000 5 3,000 3,000 Performed $3,000 of service revenue on account 6a (1,100) (1,100) Alladin pays rent of $1,100 6b (1,200) (1,200) Alladin pays salaries of $1,200 6c (400) (400) Alladin pays utilities of $400 7 (1,900) (1,900) Alladin pays off $1,900 of accounts payable 8 9 1,000 (1,000) Alladin collects $1,000 from a customer 10 22,000 (22,000) Alladin sells land for $22,000 11 (2,100) 2,100 Alladin declares and pays dividend of $2,100 Total 33,300 2,000 3,700 18,000 = 1,800 50,000 9,400 57,000 = 61,200 How to record the impact of an accounting transaction: 1. Identify the two accounts impacted 2. Determine whether each account should increase or decrease 3. Classify each account by type ( Asset, Liability, Stockholders Equity) 4. Determine (based on #2 and #3) whether the account is debited or credited Task: Evaluate how each transaction impacts the related account Transaction # Alladin earned $7,000 of service revenue, the customer paid in cash at the time of service Starr Williams pays $30,000 from her personal bank account
Ch 2 LO 4 Journal Account Debit Credit Description 1 2 Alladin buys land using cash of $40,000 3 4 5 6 7 Alladin pays off $1,900 of Accounts Payable 8 9 Alladin collects $1,000 from a customer 10 Alladin Sells land for $22,000 11 Alladin declares and pays dividend of $2,100 Cash Accounts Payable Dividends Accounts Receivable Common Stock Rent Expense Supplies Service Revenue Salary Expense Land Utilities Expense Task: Journalize the transactions described at Alladin Travel. Transaction # Starr Williams invests $50,000 in Alladin Travel Alladin purchases $3,700 of supplies on acccount Alladin earned $7,000 of service revenue, the customer paid in cash at the time of service Performed $3,000 of service revenue on account Alladin pays rent of $1,100 Alladin pays salaries of $1,200 Alladin pays utilities of $400 Starr Williams pays $30,000 from her personal bank account
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help