Analysis of Transactions

Please record the following 5 transactions. For each transaction, please write down: (1) which accounts are affected by the transaction, (2) the direction of the change (+ or -), and (3) the amount of the change. For example:

Cash Retained Earnings

+100 +100 (Sales)

(1) Auto Detailing, Inc. had the following transactions on August 1: The company sold $2,100 of inventory on open account, costing $1,400. How should the firm record this sales transaction on August 1?

(2) Vivy Manufacturing received 600 in advance on January 1 from Zing Company for services to be performed over the next 3 months. If the $600 received from Zing Company was placed into the Unearned Revenue account, and Vivy had completed 20% of the work as of the end of the month, what adjusting entry would Vivy Manufacturing make on January 31?

(3) Nazi Technology paid $7,200 for 4 months' rent in advance on October 1, 2018. The entire amount was placed into Prepaid Rent. What adjusting entry is necessary for Nazi Technology on December 31, 2018?

(4) At March 31, SMMS Corporate owes $4,400 for wages to be paid on April 7. What adjusting entry is needed on March 31?

(5) On January 1, 2010, JGP Bank acquired 10 cars for company use. The cost of each car was $15,000 and the estimated useful life for each car is 4 years. The estimated residual value of $2,000. JGP Bank uses straight-line depreciation method. On December 31, 2011, four cars were sold for a total of $18,500. How should JGP Bank record the disposal of these 4 cars on December 31, 2011?