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3. Prepare a 4. Determin- a. Amou: b. Amou: C. Amou 5. Determin PR 2-3A Jc On Novembe the month, L Nov. 1. Lexi com 1. Paid 6. Purc 8. Purc rem- 10. Purc 12. Rece 15. Paid 23. Rece

3. Prepare a 4. Determin- a. Amou: b. Amou: C. Amou 5. Determin PR 2-3A Jc On Novembe the month, L Nov. 1. Lexi com 1. Paid 6. Purc 8. Purc rem- 10. Purc 12. Rece 15. Paid 23. Rece

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PR 2-2A only questions 3-5
Chapter 2 Analyzing Transactions 97 3. Prepare an unadjusted trial balance as of October 31, 20Y6. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for October. 5. Determine the increase or decrease in retained earnings for October. PR 2-3A Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business: Obj. 1, 2, 3, 4 amn: ,550 Nov. 1. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $50,000. 1. Paid rent for period of November 1 to end of month, $4,000. 6. Purchased office equipment on account, $15,000. ATE 8. Purchased a truck for $38,500 paying $5,0000 cash and giving a note payable for the remainder. 10. Purchased supplies for cash, $1,750. 12. Received cash for job completed, $11,500. 15. Paid annual premiums on property and casualty insurance, $2,400. 23. Recorded jobs completed on account and sent invoices to customers, $22,300. 24. Received an invoice for truck expenses, to be paid in November, $1,250. Enter the following transactions on Page 2 of the two-column journal: 29. Paid utilities expense, $4,500. 29. Paid miscellaneous expenses, $1,000.
Transcribed Image Text:Chapter 2 Analyzing Transactions 97 3. Prepare an unadjusted trial balance as of October 31, 20Y6. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for October. 5. Determine the increase or decrease in retained earnings for October. PR 2-3A Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business: Obj. 1, 2, 3, 4 amn: ,550 Nov. 1. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $50,000. 1. Paid rent for period of November 1 to end of month, $4,000. 6. Purchased office equipment on account, $15,000. ATE 8. Purchased a truck for $38,500 paying $5,0000 cash and giving a note payable for the remainder. 10. Purchased supplies for cash, $1,750. 12. Received cash for job completed, $11,500. 15. Paid annual premiums on property and casualty insurance, $2,400. 23. Recorded jobs completed on account and sent invoices to customers, $22,300. 24. Received an invoice for truck expenses, to be paid in November, $1,250. Enter the following transactions on Page 2 of the two-column journal: 29. Paid utilities expense, $4,500. 29. Paid miscellaneous expenses, $1,000.
4. Determine the net income or net loss for January. PR 2-2A Journal entries and trial balance Obj. 1, 2, 3, 4 0. On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: a. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $40,000. b. Paid rent on office and equipment for the month, $4,800. C. Purchased supplies on account, $2,150. d. Paid creditor on account, $1,100. e. Earned sales commissions, receiving cash, $18,750. Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800. f. g. Paid office salaries, $3,5000. h. Determined that the cost of supplies used was $1,300. i. Paid dividends, $1,500. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Sup- plies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanations may be omitted. 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances after all posting is complete. Accounts containing only a single entry do not need a balance.
Transcribed Image Text:4. Determine the net income or net loss for January. PR 2-2A Journal entries and trial balance Obj. 1, 2, 3, 4 0. On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: a. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $40,000. b. Paid rent on office and equipment for the month, $4,800. C. Purchased supplies on account, $2,150. d. Paid creditor on account, $1,100. e. Earned sales commissions, receiving cash, $18,750. Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800. f. g. Paid office salaries, $3,5000. h. Determined that the cost of supplies used was $1,300. i. Paid dividends, $1,500. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Sup- plies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanations may be omitted. 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances after all posting is complete. Accounts containing only a single entry do not need a balance.
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