Question
Ac counting Assignment #1 (3%) 6 points Financial Office Management (FOM) OADM28823 Fall 2023 Instructions - Open and resave this file o Name the file
Accounting Assignment #1 (3%) 6 points
Financial Office Management(FOM)OADM28823 Fall 2023
Instructions
e.g.FOM_Assignment_1_JaneDoe
This is the file you will submit for your assignment once it iscompleted
You can use the chartbelowto help you (remember, not all accounts are listedbelow)
Assets
| Liabilities | Owners Equity |
Cash | Accounts Payable | Sales Revenue |
Accounts Receivable | Notes Payable | Service Revenue |
Supplies | Salaries Payable | Rent Expense |
Prepaid Insurance | Unearned Revenue | Utilities Expense |
Inventory | Mortgage Payable | AdvertisingExpense |
Equipment | Capital | |
Buildings | Drawing | |
Land | Retained Earnings |
You can use resources from class tohelp you with this assignment.
Please clearly mark the transaction # in youranswerfile.
Make sure to submit to SLATE before the due date indicated by your professor.
2examplesare belowto help you. These are examples only. Do not repeat the examples in your final assignment file.
ExampleTransaction #1
DesminasDesserts pays rent of $2200 for the month.
How the examplewould be writtenin yourassignment:
Account AffectedAmount Affected (+/-)
Rent Expense(+$2200)
Cash(-$2200)
ExampleTransaction #2
NorthstarCorp. issued shares for $100,000.
How the examplewould be writtenin yourassignment:
Account AffectedAmount Affected (+/-)
Cash(+$100,000)
Share Capital(+$100,000)
Transaction #1 (1 point)
$4,700 of supplies purchased on credit in an earlier transaction were found to be defective. They were returned.
Transaction #2(1 point)
Dylex Corporation usedcreditto purchase $3,250 of equipment.
Transaction #3(1 point)
Segura Corporation used $200 cash and $600 credit to purchase $800 of supplies.
Transaction #4(1 point)
Laura invests $10,000 into her business, LaurasDesserts
Transaction #5 (1 point)
DesminasDesserts opens for business on March 31st.Desminamakes $1500 that first day!
Transaction#6 (1 point)
Lanas Nail Salon paid $1500 for a one-year insurancepolicy
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