Homework Help is Here – Start Your Trial Now!
Business
Accounting
2-C Challenge Problem: Analyzing transactions recorded in T accounts LO 4,5 The following T accounts show the current financial situation for Sunshine Cleaners. Write the answers for the following problem in the Working Papers. Cash (1) (5) (8) (9) (13) (4) (10) (11) (12) 25. Sold ser 26. Paid cash to owner for personal use, $500.00. 30. Received cash on account from Ginger McCure, $300.00. 1 Trans. No. 1 3,000.00 (2) 350.00 (3) 200.00 (6) 54 450.00 (7) (10) (11) (12) Accounts Receivable-Ellie Morgan 115.00 Supplies 550.00 300.00 Accounts Payable-Tri State Supplies 275.00 (4) Kelsey Guerrero, Capital (1) Kelsey Guerrero, Drawing 250.00 Chapter 2 2 Accounts Affected Cash Kelsey Guerrero, Capital 50.00 35.00 40.00 450.00 300.00 275.00 250.00 550.00 3,000.00 3 Account Classification Asset Owner's Equity (6) (3) (7) (2) Sales 4 Analyzing Transactions into Debit and Credit Parts Advertising Expense 40.00 (5) (8) (9) (13) Miscellaneous Expense 35.00 Rent Expense 450.00 5 Entered in Account as a Debit Credit Utilities Expense 50.00 ✓ 6 Instructions: 1. Analyze each numbered transaction in the T accounts. Write the titles of accounts affected in Column 2. For each account, write the classification of the account in Column 3. 2. For each account, place a check mark in either Column 4 or 5 to indicate if the account is affected by a debit or a credit. 3. For each transaction, write a brief statement in column 6 describing the transaction. Information for Transaction 1 is given as an example. Description of Transaction 350.00 200.00 450.00 115.00 Received cash from owner as an investment Skills: ICT Litera Entrepreneurs Franchising is a to sell the proc Franchises redi already pavedi rules are set br Before consid researched. E a condition is name. Anoth APPLIC 1. Use the Int and royalt obtain the 2. Imagine t start a ne Auditin The bookke Transacti Transact Transac Revie 1. Whic 2. What Anal The Com shareh to the c INS Find th the for debt, c prefer

2-C Challenge Problem: Analyzing transactions recorded in T accounts LO 4,5 The following T accounts show the current financial situation for Sunshine Cleaners. Write the answers for the following problem in the Working Papers. Cash (1) (5) (8) (9) (13) (4) (10) (11) (12) 25. Sold ser 26. Paid cash to owner for personal use, $500.00. 30. Received cash on account from Ginger McCure, $300.00. 1 Trans. No. 1 3,000.00 (2) 350.00 (3) 200.00 (6) 54 450.00 (7) (10) (11) (12) Accounts Receivable-Ellie Morgan 115.00 Supplies 550.00 300.00 Accounts Payable-Tri State Supplies 275.00 (4) Kelsey Guerrero, Capital (1) Kelsey Guerrero, Drawing 250.00 Chapter 2 2 Accounts Affected Cash Kelsey Guerrero, Capital 50.00 35.00 40.00 450.00 300.00 275.00 250.00 550.00 3,000.00 3 Account Classification Asset Owner's Equity (6) (3) (7) (2) Sales 4 Analyzing Transactions into Debit and Credit Parts Advertising Expense 40.00 (5) (8) (9) (13) Miscellaneous Expense 35.00 Rent Expense 450.00 5 Entered in Account as a Debit Credit Utilities Expense 50.00 ✓ 6 Instructions: 1. Analyze each numbered transaction in the T accounts. Write the titles of accounts affected in Column 2. For each account, write the classification of the account in Column 3. 2. For each account, place a check mark in either Column 4 or 5 to indicate if the account is affected by a debit or a credit. 3. For each transaction, write a brief statement in column 6 describing the transaction. Information for Transaction 1 is given as an example. Description of Transaction 350.00 200.00 450.00 115.00 Received cash from owner as an investment Skills: ICT Litera Entrepreneurs Franchising is a to sell the proc Franchises redi already pavedi rules are set br Before consid researched. E a condition is name. Anoth APPLIC 1. Use the Int and royalt obtain the 2. Imagine t start a ne Auditin The bookke Transacti Transact Transac Revie 1. Whic 2. What Anal The Com shareh to the c INS Find th the for debt, c prefer

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question
2-C Challenge Problem: Analyzing transactions recorded in T accounts LO 4,5 The following T accounts show the current financial situation for Sunshine Cleaners. Write the answers for the following problem in the Working Papers. Cash (1) (5) (8) (9) (13) (4) (10) (11) (12) 25. Sold services 26. Paid cash to owner for personal use, $500.00. 30. Received cash on account from Ginger McCure, $300.00. 1 Trans. No. 1 3,000.00 (2) 350.00 (3) 200.00 (6) 450.00 (7) (10) (11) (12) Accounts Receivable-Ellie Morgan 54 115.00 Supplies 550.00 300.00 Accounts Payable-Tri State Supplies 275.00 (4) Kelsey Guerrero, Capital (1) Kelsey Guerrero, Drawing 250.00 2 Chapter 2 Accounts Affected Cash Kelsey Guerrero, Capital 50.00 35.00 40.00 450.00 300.00 275.00 250.00 550.00 3,000.00 3 Account Classification Asset Owner's Equity (6) (3) (7) (2) Sales 4 Analyzing Transactions into Debit and Credit Parts (5) (8) Advertising Expense 40.00 (9) (13) Miscellaneous Expense 35.00 5 Entered in Account as a Debit Credit Rent Expense 450.00 Utilities Expense 50.00 ✓ 6 Instructions: 1. Analyze each numbered transaction in the T accounts. Write the titles of accounts affected in Column 2. For each account, write the classification of the account in Column 3. 2. For each account, place a check mark in either Column 4 or 5 to indicate if the account is affected by a debit or a credit. 3. For each transaction, write a brief statement in column 6 describing the transaction. Information for Transaction 1 is given as an example. Description of Transaction 350.00 200.00 450.00 115.00 Received cash from owner as an investment Skills: ICT Litera Entrepreneurs Franchising is a to sell the proc Franchises red already paved rules are set b Before consid researched. E a condition is name. Anoth APPLIC. 1. Use the Ins and royalt obtain the 2. Imagine to start a ne Auditin The bookke Transacti Transact Transact Revie 1. Whicl 2. What Anal The Com shareho to the c INS Find th the for debt, c preferm
Transcribed Image Text:2-C Challenge Problem: Analyzing transactions recorded in T accounts LO 4,5 The following T accounts show the current financial situation for Sunshine Cleaners. Write the answers for the following problem in the Working Papers. Cash (1) (5) (8) (9) (13) (4) (10) (11) (12) 25. Sold services 26. Paid cash to owner for personal use, $500.00. 30. Received cash on account from Ginger McCure, $300.00. 1 Trans. No. 1 3,000.00 (2) 350.00 (3) 200.00 (6) 450.00 (7) (10) (11) (12) Accounts Receivable-Ellie Morgan 54 115.00 Supplies 550.00 300.00 Accounts Payable-Tri State Supplies 275.00 (4) Kelsey Guerrero, Capital (1) Kelsey Guerrero, Drawing 250.00 2 Chapter 2 Accounts Affected Cash Kelsey Guerrero, Capital 50.00 35.00 40.00 450.00 300.00 275.00 250.00 550.00 3,000.00 3 Account Classification Asset Owner's Equity (6) (3) (7) (2) Sales 4 Analyzing Transactions into Debit and Credit Parts (5) (8) Advertising Expense 40.00 (9) (13) Miscellaneous Expense 35.00 5 Entered in Account as a Debit Credit Rent Expense 450.00 Utilities Expense 50.00 ✓ 6 Instructions: 1. Analyze each numbered transaction in the T accounts. Write the titles of accounts affected in Column 2. For each account, write the classification of the account in Column 3. 2. For each account, place a check mark in either Column 4 or 5 to indicate if the account is affected by a debit or a credit. 3. For each transaction, write a brief statement in column 6 describing the transaction. Information for Transaction 1 is given as an example. Description of Transaction 350.00 200.00 450.00 115.00 Received cash from owner as an investment Skills: ICT Litera Entrepreneurs Franchising is a to sell the proc Franchises red already paved rules are set b Before consid researched. E a condition is name. Anoth APPLIC. 1. Use the Ins and royalt obtain the 2. Imagine to start a ne Auditin The bookke Transacti Transact Transact Revie 1. Whicl 2. What Anal The Com shareho to the c INS Find th the for debt, c preferm
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS