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c. For transactions that change owner's equity, write in parentheses a description of the transaction to the right of the amount. d. Calculate a new balance for each transaction in the accounting equation. e. Before going on to the next transaction, determine that the accounting equation is still in balance. Transactions: 1. Paid cash for rent, $400.00. 2. Owner withdrew equity in the form of cash, $150.00. 3. Received cash from sales, $900.00. 4. Paid cash for camera repairs, $100.00. 5. Sold services on account to Eden Wedding Planners, $400.00. 6. Received cash from sales, $650.00. 7. Paid cash for charitable contributions, $35.00. 8. Received cash on account from Eden Wedding Planners, $300.00.

c. For transactions that change owner's equity, write in parentheses a description of the transaction to the right of the amount. d. Calculate a new balance for each transaction in the accounting equation. e. Before going on to the next transaction, determine that the accounting equation is still in balance. Transactions: 1. Paid cash for rent, $400.00. 2. Owner withdrew equity in the form of cash, $150.00. 3. Received cash from sales, $900.00. 4. Paid cash for camera repairs, $100.00. 5. Sold services on account to Eden Wedding Planners, $400.00. 6. Received cash from sales, $650.00. 7. Paid cash for charitable contributions, $35.00. 8. Received cash on account from Eden Wedding Planners, $300.00.

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section: Chapter Questions
Problem 3AP
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Read the instructions properly then as you read the transactions fill the column with appropriate numbers
c. Calculate a new balance d. Before going on to the next transaction, del Transactions: 1. Received cash from owner as an investment, $5,000.00. 2. Paid cash for insurance, $1,800.00. 3. Bought supplies on account from Hickman Mowing, $700.00. 4. Bought supplies on account from Knapp Co., $200.00. S. Paid cash on account to Hickman Mowing, $300.00. 6 Paid cash for supplies, $100.00. 7. Paid cash on account to Knapp Co., $100.00. 8 Received cash from owner as an investment, $1,000.00. 26 1-4 Application Problem: Determining how revenue, expense, and withdrawal transactions change an accounting equation L04, 5, 6 Shannon O'Bryan operates a service business called Edgecliff Photography. Edgecliff Photography uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem. + Owner's Equity Trans. No. Beg. Bal 1 New Bal 2 Chapter 1 Cash 725 325 Assets Accts. Rec.- Eden Wedding Planners 0 0 + Supplies + 200 200 Liabilities Accts. Pay.- Prepaid Insurance = Shutter Supplies + 300 300 200 200 Instructions: For each transaction, complete the following. Transaction 1 is given as an example. a. Analyze the transaction to determine which accounts in the accounting equation are affected. Shannon O'Bryan, Capital 1,025 -400 (expense) 625 1-M Mastery Problem: Determin equation 104, 6,8 b. Write the amount in the appropriate columns using a plus sign (+) if the account increases or a minus sign (-) if the account decreases. Starting a Proprietorship: Changes That Affect the Accounting Equation Peter Gentry operates a service business ca accounts shown in the following accounti problem. Trans No. Beg Bat New Bat Cash 2.500 500 2,000 Accts Dr. S Instructions: For each transaction, complete t a. Analyze the transaction to d b. Write the amount in the ap the account decreases. c. For transactions that cha the amount. d. Calculate the new balac e. Before going on to the Transactions: 1. Paid cash for rent, $5 2. Received cash from 3. Paid cash for telep 4. Received cash fro 5. Bought supplies 6. Sold services or 7. Paid cash for a 8. Paid cash for
Transcribed Image Text:c. Calculate a new balance d. Before going on to the next transaction, del Transactions: 1. Received cash from owner as an investment, $5,000.00. 2. Paid cash for insurance, $1,800.00. 3. Bought supplies on account from Hickman Mowing, $700.00. 4. Bought supplies on account from Knapp Co., $200.00. S. Paid cash on account to Hickman Mowing, $300.00. 6 Paid cash for supplies, $100.00. 7. Paid cash on account to Knapp Co., $100.00. 8 Received cash from owner as an investment, $1,000.00. 26 1-4 Application Problem: Determining how revenue, expense, and withdrawal transactions change an accounting equation L04, 5, 6 Shannon O'Bryan operates a service business called Edgecliff Photography. Edgecliff Photography uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem. + Owner's Equity Trans. No. Beg. Bal 1 New Bal 2 Chapter 1 Cash 725 325 Assets Accts. Rec.- Eden Wedding Planners 0 0 + Supplies + 200 200 Liabilities Accts. Pay.- Prepaid Insurance = Shutter Supplies + 300 300 200 200 Instructions: For each transaction, complete the following. Transaction 1 is given as an example. a. Analyze the transaction to determine which accounts in the accounting equation are affected. Shannon O'Bryan, Capital 1,025 -400 (expense) 625 1-M Mastery Problem: Determin equation 104, 6,8 b. Write the amount in the appropriate columns using a plus sign (+) if the account increases or a minus sign (-) if the account decreases. Starting a Proprietorship: Changes That Affect the Accounting Equation Peter Gentry operates a service business ca accounts shown in the following accounti problem. Trans No. Beg Bat New Bat Cash 2.500 500 2,000 Accts Dr. S Instructions: For each transaction, complete t a. Analyze the transaction to d b. Write the amount in the ap the account decreases. c. For transactions that cha the amount. d. Calculate the new balac e. Before going on to the Transactions: 1. Paid cash for rent, $5 2. Received cash from 3. Paid cash for telep 4. Received cash fro 5. Bought supplies 6. Sold services or 7. Paid cash for a 8. Paid cash for
c. For transactions that change owner's equity, write in parentheses a description of the transaction to the right of the amount. d. Calculate a new balance for each transaction in the accounting equation. e. Before going on to the next transaction, determine that the accounting equation is still in balance. Transactions: 1. Paid cash for rent, $400.00. 2. Owner withdrew equity in the form of cash, $150.00. 3. Received cash from sales, $900.00. 4. Paid cash for camera repairs, $100.00. 5. Sold services on account to Eden Wedding Planners, $400.00. 6. Received cash from sales, $650.00. 7. Paid cash for charitable contributions, $35.00. 8. Received cash on account from Eden Wedding Planners, $300.00. 1-M Mastery Problem: Determining how transactions change an accou equation 104, 5, 8 eter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites use counts shown in the following accounting equation. Use the form in your Working Papers to co oblem. Trans. Assets Liabilities Accts. Pay.- + Owner's
Transcribed Image Text:c. For transactions that change owner's equity, write in parentheses a description of the transaction to the right of the amount. d. Calculate a new balance for each transaction in the accounting equation. e. Before going on to the next transaction, determine that the accounting equation is still in balance. Transactions: 1. Paid cash for rent, $400.00. 2. Owner withdrew equity in the form of cash, $150.00. 3. Received cash from sales, $900.00. 4. Paid cash for camera repairs, $100.00. 5. Sold services on account to Eden Wedding Planners, $400.00. 6. Received cash from sales, $650.00. 7. Paid cash for charitable contributions, $35.00. 8. Received cash on account from Eden Wedding Planners, $300.00. 1-M Mastery Problem: Determining how transactions change an accou equation 104, 5, 8 eter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites use counts shown in the following accounting equation. Use the form in your Working Papers to co oblem. Trans. Assets Liabilities Accts. Pay.- + Owner's
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