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Print Assignment: Week 2 Homework ::true http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numb... Week 2 Homework Start Date: 2 May 2011 at 10:00 AM Due Date: Unlimited Yes. Attempts after Due Date will be Marked Late Student Access after Due Date: Graded: Yes *Question 1 The T accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations. Cash 4/1 4/12 4/29 4/30 14,909 842 420 1,330 4/15 4/25 Accounts Receivable 4/7 3,490 4/4 No. 101 523 1,390 No. 112 1,650 4/29 Supplies Accounts Payable 4/25 1,390 4/4 Unearned Revenue 4/30 J. Simon, Capital 420 No. 126 No. 201 1,650 No. 205 1,330 No. 301 4/1 14,909 Service Revenue No. 400 4/7 4/12 Salaries Expense 4/15 3,490 842 No. 726 523 Instructions (a) Prepare the complete general journal from which the postings to Cash were made. Date Apr. 1 Account/Description Debit Credit (Owner's investment of cash in business.) Apr. 12 (Received cash for services provided.) Apr. 15 (Paid salaries to date.) Apr. 25 (Paid creditors on account.) Apr. 29 (Received cash in payment of account.) Apr. 30 1 of 4 5/9/2011 10:52 PM Print Assignment: Week 2 Homework ::true http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numb... (Received cash for future services.) (b) Complete the trial balance at April 30, 2010. (If answer is zero, please enter 0. Do not leave any fields blank.) Cash Accounts Receivable Supplies Accounts Payable Unearned Revenue J. Simon, Capital Service Revenue SIMON LANDSCAPING COMPANY Trial Balance April 30, 2010 Debit $ $ Credit Salaries Expense $ $ Question 2 At September 1, 2010, Crews Co. reported owner's equity of $136,000. During the month, Crews generated revenues of $20,000, incurred expenses of $12,000, purchased equipment for $5,000 and withdrew cash of $2,000. What is the amount of owner's equity at September 30, 2010? $137,000 $8,000 $142,000 $136,000 Question 3 Sternberg Company purchases equipment for $1,200 and supplies for $400 from Tran Co. for $1,600 cash. The entry for this transaction will include a credit to Accounts Payable for Sternberg. debit to Equipment $1,200 and a debit to Supplies $400 for Sternberg. debit to Equipment $1,200 and a debit to Supplies Expense $400 for Tran. credit to Cash for Tran. *Question 4 Konerko Industries had the following transactions. 1. Borrowed $5,717 from the bank by signing a note. 2 of 4 5/9/2011 10:52 PM Print Assignment: Week 2 Homework ::true http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numb... 2. Paid $2,438 cash for a computer. 3. Purchased $668 of supplies on account. Instructions (a) I ndicate what accounts are increased, decreased or has no effect on each transaction. (No effect is used when the account is not debited or credited.) Assets = Liabilities + Owners Equity 1. 2. 3. (b) J ournalize each transaction. Debit Account/Description Credit 1. 2. 3. *Question 5 Selected journal entries for the Finney company are presented below. Post the transactions using the standard form of account. (If answer is zero, please enter 0. Do not leave any fields blank.) Date Account Titles and Explanation Ref. Debit Credit May 5 Accounts Receivable 5,023 Service Revenue 5,023 (Billed for services provided) 12 Cash 2,516 Accounts Receivable 2,516 (Received cash in payment of account) 15 Cash 3,045 Service Revenue 3,045 (Received cash for service provided) General Ledger Cash Date May 12 15 Ref. J1 J1 Debit Credit Balance Accounts Receivable Date Explanation May 5 12 Ref. J1 J1 Debit Credit Balance Service Revenue Date Explanation May 5 15 3 of 4 Explanation Ref. J1 J1 Debit Credit Balance 5/9/2011 10:52 PM Print Assignment: Week 2 Homework ::true http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numb... *Question 6 T.J. Carlin has the following transactions during August of the current year. Journalize the transactions based on the data below. Aug. 1 4 16 27 Opens an office as a financial advisor, investing $8,410 in cash. Pays insurance in advance for 6 months, $2,119 cash. Receives $702 from clients for service provided. Pays secretary $1,053 salary. Date Account/Description Aug 1 Debit Credit 4 16 27 4 of 4 5/9/2011 10:52 PM