BUS $211-$ INTRODUCTION TO ACCOUNTING $/$ HANDOUT $2$

Q$1.$ Tell whether each of the following accounts is an asset, a liability, a revenue, an expense or none of

these.

a$)$ Accounts Payable

b$)$ Supplies

c$)$ Withdrawals

d$)$ Fees Earned

e$)$ Land

f$)$ Supplies Expense

g$)$ Accounts Receivable

h$)$ Unearned Revenue

i$)$ Equipment

j$)$ Prepaid Rent

k$)$ Rent Expense

Q$2.$ The following accounts are applicable to Omega Pool Service, a company that maintains swimming pools:$1.$ Cash

$2.$ Accounts Receivable $($A$/$R$)3.$ Supplies

$4.$ Prepaid Insurance

$5.$ Equipment

$6.$ Accounts Payable $($A$/$P$)$

$7.$ Capital

$8.$ Withdrawals

$9.$ Pool Services Revenue $10.$ Wages Expense

$11.$ Rent Expense

$12.$ Utilities Expense$$a$.$ Received cash from customers billed last month.

b$.$ Made a payment on accounts payable.

c$.$ Purchased a new one$-$year insurance policy in advance.

d$.$ Purchased supplies on credit.

e$.$ Billed a client for pool services.

f$.$ Made a rent payment for the current month

g$.$ Received cash from customers for pool services.

h$.$ Paid wages for the staff.

i$.$ Ordered equipment

j$.$ Paid the current month's utility bill.

k$.$ Received and paid for the equipment ordered in $($i$).$

l$.$ Returned for full credit some of the supplies purchased in $($d$)$ because they were defective.

m$.$ Paid for supplies purchased in $($d$),$ less the return in $($l$).$

n$.$ Withdrew cash for personal expenses.

o$.$ Hired a part$-$time assistant to help out on weekends.

Debit

Cash $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$\_\_\_\_\_\_\_\_$

$\_\_\_\_\_\_\_\_$

$\_\_\_\_\_\_\_\_$

Credit

A$/$R $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$\_\_\_\_\_\_\_\_$

$\_\_\_\_\_\_\_\_$

$\_\_\_\_\_\_\_\_$

Required: Analyze each transaction and debit$/$credit the related accounts as shown in transaction $($a$).$ Indicate no entry if appropriate.