Class 3 Activities:

CDE1. For the following, foot and balance each account: Two T accounts CDE2. Lawrence Services Co. has the following accounts: For each account, state whether it is an asset, liability, owners equity, revenue, or expense, and whether the normal balance is a debit or a credit. Accounts Receivable Accounts Payable S. Lawrence, Capital S. Lawrence, Withdrawals Cash Fees Earned Wages Expense Supplies Office Equipment Insurance Expense CDE3. Record the following transaction in the transaction analysis chart: Provided bookkeeping services for $2,500, receiving $600 cash with the remainder to be paid next month. (Please note that we list the debit transactions first.) A blank chart for recording transactions has columns for account affected, category, increase or decrease, rules of debit and credit, and T account. CDE4. As of January 1, L. Moore, Capital had a credit balance of $24,100. During the year, withdrawals totalled $2,500 and the business had a net income of $10,500. Calculate the balance of S. Lawrence, Capital, as of the end of the year. CDE5. During the year, Davies Construction received $320,550 in cash and paid out $257,250 in cash. Does the data indicate that Davies Construction earned $63,300? If the balance of the cash account is $82,750 at the end of the year, what was the cash balance at the beginning of the year? CDE6. Rearrange the following titles into the order in which they would appear in a trial balance. (Note that expenses should be listed in alphabetical order.) A table lists the titles that would appear on a balance sheet. CDE7. For the following trial balance, identify the financial statement from the following list in which each title will appear (you may have more than one answer): Income Statement (IS) Statement of Owners Equity (OE) Balance Sheet (BS) Bernie Co. Trial Balance November 20, 2021 A table lists the choices that are to be identified for the financial statement. Fill in the blanks with the correct terms from the list below.

1. A table lists the choices for filling in the blanks. An entry on the left side of a T Account is known as a(n) ............................ .

2. A(n) ........................... lists the ending balances of each account.

3. The separate record for each asset and liability and the owners equity is called a(n) ....................................... .

4. A(n) ........................... appears on the right side of a T Account.

5. A group of accounts that record data from business transactions are recorded in a(n) ...........................

6. the ................... is used for demonstration purposes to show the effects of entries on a standard account.

7. The difference between the footings in a T Account is called .........................................

8. An ........................ is a transaction involving more than one debit or credit.

9. A numbering system of accounts is used in the .........................................

. 10. When adding each side of the T account, the balance of each side is the ........................................................