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E24 (LO 1) The following information relates to Royale Real Estate Agency. Oct. ! James Royale begins business as a real estate agent with a cash investment of $17,(00. 2 Hires an administrative assistant. Purchases office furniture for S1,900, on account. Sells a house and lot for C. Rouse; bills C. Rouse S3S00 for realty services performed. 27 Pays S1,30 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $2.500 in salary for October. 6 Instructions Prepare the debit-credit analysis for each transaction as illustrated in the textbook.

E24 (LO 1) The following information relates to Royale Real Estate Agency. Oct. ! James Royale begins business as a real estate agent with a cash investment of $17,(00. 2 Hires an administrative assistant. Purchases office furniture for S1,900, on account. Sells a house and lot for C. Rouse; bills C. Rouse S3S00 for realty services performed. 27 Pays S1,30 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $2.500 in salary for October. 6 Instructions Prepare the debit-credit analysis for each transaction as illustrated in the textbook.

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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8:01 113.0B/s A 0.0B/s V @ au 73%i JuI ee E u s ung a age a. u ay uL CApna s. Anvalye traactions and deterine their effect on accownts. E24 (LO 1) The following information relates to Royale Real Estate Agency. Oct. 1 James Royale begins business as a real estate agent with a cash imvestment of $17,000. 2 Hires an administrative assistant. 3 6 Sells a house and lot for C. Rouse; bills C. Rouse $3,800 for realty services performed. Pays $1,300 on the balance related to the transaction of October 3. Purchases office furniture for S1.900, on account. 27 . 30 Pays the administrative assistant $2.500 in salary for October. Instructions Prepare the debit-credit analysis for each transaction as illustrated in the textbook. E25 (LO 2) Transaction data for Royale Real Estate Agency are presented in E2.4. Journalige tranakns Instructions Journalize the transactions. (You may omit explanations.) E26 (LO 1, 2) Lennon Industries had the following transactions. Analyoe t actions and joarnalige Borrowed $5.000 from the bank by signing a note. 2. Paid $3,900 cash for a computer. 3. Purchased S650 of supplies on account. . Instructions a. Indicate what accounts are increased and decreased by each transaction. b. Journalize each transaction. (Omit explanations.) 2-36 CHAPTER 2 The Recording Process E2.7 (LO 1, 2) Halladay Enterprises had the following selected transactions. 1. Bo Halladay invested $4,000 cash in the business. Analye Iransactiovns and joarnalize. 2. Paid office rent of $840. 3. Performed consulting services and billed a client $5.200. 4. Bo Halladay withdrew $750 cash for personal use. Instructions a. Indicate the effect each transaction has on the accounting equation (Assets Liabilities + Owner's Equity), using plus and minus signs. b. Journalize each transaction. (Omit explanations.) Journalize a series of ronsactions. E28 (LO 2) Selected transactions for Sophie's Dog Care are as follows during the month of March. March 1 Paid monthly rent of S1,200. 3 Performed services for $160 on account. 5 Performed services for cash of $75. 8 Purchased equipment for $600. The company paid cash of S90 and the balance was on account. 12 Received cash from customers billed on March 3. Paid salaries and wages to employees of S525. 22 Paid utilities of $72. 14 24 Borrowed S1,500 from Grafton State Bank by signing a note. 27 Paid $220 to repair service for plumbing repairs. 28 Paid balance amount owed from equipment purchase on March 8. 30 Paid $1,800 for six months of insurance. Instructions Journalize the transactions. (Omit explanations.) Record journal entries. E29 (LO 2) On April 1, Adventures Travel Agency began operations. The following transactions were completed during the month. 1. Owner invested S24,000 in the business. 2. Obtained a bank loan for $7,000 by issuing a note payable 3. Paid S11,000 cash to buy equipment. 4. Paid S1,200 cash for April office rent. 5. Paid S1,450 for supplies. 6. Purchased S600 of advertising in the Daily Herald, on account. 7. Performed services for $18,000: cash of S2,000 was received from customers, and the balance of S16,000 was billed to customers on account. 8. Cash withdrawal of S400 by owner for personal use. 9. Paid the utility bill for the month, $2.000. 10. Paid Daily Herald the amount due in transaction (6) 11. Paid S40 of interest on the bank loan obtained in transaction (2). 12. Paid employees' salaries and wages, $6,400. 13. Received SI2,000 cash from customers billed in transaction (7) Instructions Journalize the transactions. (Omit explanations). Analyze statements abour the ledlger. E2.10 (LO 3) Alma Ortiz has prepared the following list of statements about the general ledger. 1. The general ledger contains all the asset and liability accounts but no owner's equity accounts. 2. The general ledger is sometimes referred to as simply the ledger. 3. The accounts in the general ledger are arranged in alphabetical order 4. Each account in the general ledger is numbered for easier identification. 5. The general ledger is a book of original entry. 37 Instructions II
Transcribed Image Text:8:01 113.0B/s A 0.0B/s V @ au 73%i JuI ee E u s ung a age a. u ay uL CApna s. Anvalye traactions and deterine their effect on accownts. E24 (LO 1) The following information relates to Royale Real Estate Agency. Oct. 1 James Royale begins business as a real estate agent with a cash imvestment of $17,000. 2 Hires an administrative assistant. 3 6 Sells a house and lot for C. Rouse; bills C. Rouse $3,800 for realty services performed. Pays $1,300 on the balance related to the transaction of October 3. Purchases office furniture for S1.900, on account. 27 . 30 Pays the administrative assistant $2.500 in salary for October. Instructions Prepare the debit-credit analysis for each transaction as illustrated in the textbook. E25 (LO 2) Transaction data for Royale Real Estate Agency are presented in E2.4. Journalige tranakns Instructions Journalize the transactions. (You may omit explanations.) E26 (LO 1, 2) Lennon Industries had the following transactions. Analyoe t actions and joarnalige Borrowed $5.000 from the bank by signing a note. 2. Paid $3,900 cash for a computer. 3. Purchased S650 of supplies on account. . Instructions a. Indicate what accounts are increased and decreased by each transaction. b. Journalize each transaction. (Omit explanations.) 2-36 CHAPTER 2 The Recording Process E2.7 (LO 1, 2) Halladay Enterprises had the following selected transactions. 1. Bo Halladay invested $4,000 cash in the business. Analye Iransactiovns and joarnalize. 2. Paid office rent of $840. 3. Performed consulting services and billed a client $5.200. 4. Bo Halladay withdrew $750 cash for personal use. Instructions a. Indicate the effect each transaction has on the accounting equation (Assets Liabilities + Owner's Equity), using plus and minus signs. b. Journalize each transaction. (Omit explanations.) Journalize a series of ronsactions. E28 (LO 2) Selected transactions for Sophie's Dog Care are as follows during the month of March. March 1 Paid monthly rent of S1,200. 3 Performed services for $160 on account. 5 Performed services for cash of $75. 8 Purchased equipment for $600. The company paid cash of S90 and the balance was on account. 12 Received cash from customers billed on March 3. Paid salaries and wages to employees of S525. 22 Paid utilities of $72. 14 24 Borrowed S1,500 from Grafton State Bank by signing a note. 27 Paid $220 to repair service for plumbing repairs. 28 Paid balance amount owed from equipment purchase on March 8. 30 Paid $1,800 for six months of insurance. Instructions Journalize the transactions. (Omit explanations.) Record journal entries. E29 (LO 2) On April 1, Adventures Travel Agency began operations. The following transactions were completed during the month. 1. Owner invested S24,000 in the business. 2. Obtained a bank loan for $7,000 by issuing a note payable 3. Paid S11,000 cash to buy equipment. 4. Paid S1,200 cash for April office rent. 5. Paid S1,450 for supplies. 6. Purchased S600 of advertising in the Daily Herald, on account. 7. Performed services for $18,000: cash of S2,000 was received from customers, and the balance of S16,000 was billed to customers on account. 8. Cash withdrawal of S400 by owner for personal use. 9. Paid the utility bill for the month, $2.000. 10. Paid Daily Herald the amount due in transaction (6) 11. Paid S40 of interest on the bank loan obtained in transaction (2). 12. Paid employees' salaries and wages, $6,400. 13. Received SI2,000 cash from customers billed in transaction (7) Instructions Journalize the transactions. (Omit explanations). Analyze statements abour the ledlger. E2.10 (LO 3) Alma Ortiz has prepared the following list of statements about the general ledger. 1. The general ledger contains all the asset and liability accounts but no owner's equity accounts. 2. The general ledger is sometimes referred to as simply the ledger. 3. The accounts in the general ledger are arranged in alphabetical order 4. Each account in the general ledger is numbered for easier identification. 5. The general ledger is a book of original entry. 37 Instructions II
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