Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

must use the headings from this list. needs to answered soon thanks! Question 2 [25 points] Below are individual unrelated transactions from Benson Inc. Record

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed must use the headings from this list. needs to answered soon thanks!
Question 2 [25 points] Below are individual unrelated transactions from Benson Inc. Record each transaction in the General Journal directly below it. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie, January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and - for decrease. For example, if an account decreases equity, choose 'Equity a) On May 1, 2014 Benson Inc. provided teaching services to a group of school children and immediately collected cash of $1,380. General Journal Page Gj1 Effect On Date Account/Explanation F Debit Credit Balance Sheet b) The shareholders of Benson Inc. invested $860 in the company on May 2, 2014 General Journal Page Gj1 Effect on Date Account/Explanation F Debit Credit Balance Sheet c) Benson Inc. had a credit balance of $3,800 in its Income Summary account on May 31, 2014, the company's year-end. Record the journal entry to close income summary to retained earnings General Journal Page Gj1 Effect On Date Account/Explanation Balance Sheet F Debit Credit + d) Interest of $32 had accrued on Benson Inc.'s note payable on May 31, 2014 General Journal Page Gj1 Effect On Date Account Explanation F Debit Credit Balance Sheet e) On May 31, 2014, one month's insurance coverage was used, causing a portion of the asset prepaid insurance to become an expense. This expense was $86. General Journal Page GUT Effect On Account/Explanation F Debit Credit Balance Shoot Date + Choose an Account or Heading ategories: Accounts and Headings: 1 Accounts Payable ssets Accounts Receivable abilities Accumulated Depreciation, Automobiles quity Accumulated Depreciation, Boats Equity Accumulated Depreciation, Building Revenues Accumulated Depreciation, Equipment Expenses Accumulated Depreciation, Furniture Other Accumulated Depreciation, Land Improvements Accumulated Depreciation, Machinery Accumulated Depreciation, Trucks Advertising Expense Advertising Payable Automobiles Boats Bonds Payable Building Cash Commissions Earned Search: Erase Cancel Choose an Account or Heading ategories: Accounts and Headings: II Commissions Earned ssets Consulting Revenue Earned abilities Depreciation Expense, Automobiles quity Depreciation Expense, Boats Equity Depreciation Expense, Building Revenues Depreciation Expense, Equipment Expenses Depreciation Expense, Furniture Other Depreciation Expense, Machinery Depreciation Expense, Trucks Dividends Equipment Furniture Income Summary Insurance Expense Interest Earned Interest Expense Interest Payable Interest Doccivabla Search: Erase Cancel Choose an Account or Heading Categories: Accounts and Headings: All Interest Receivable Assets Investment in Bonds Liabilities Land Equity Land Improvements Equity Long-Term Notes Payable Revenues Long-term Investment in Shares Expenses Machinery Other Mortgage Payable Notes Receivable Office Supplies Expense Prepaid Advertising Prepaid Insurance Prepaid Interest Prepaid Rent Property Taxes Expense Property Taxes Payable Rent Earned Rent Expense Search: w Erase Cancel Choose an Account or Heading Categories: Accounts and Headings: All Prepaid Rent Assets Property Taxes Expense Liabilities Property Taxes Payable Equity Rent Earned Equity Rent Expense Revenues Rent Payable Expenses Rent Receivable Other Retained Earnings Salaries Expense Salaries Payable Share Capital Short-Term Notes Payable Supplies Supplies Expense Trucks Unearned Consulting Revenue Unearned Rent Utilities Expense Search

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting A Practical Approach

Authors: Jeffrey Slater, Debra Good

14th Canadian Edition

0135222419, 978-0135222416

More Books

Students also viewed these Accounting questions